OMG Network (OMG) Price, Market Cap and Information

OmiseGo (OMG) is a public Ethereum-based financial technology designed for mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services. Back at the very beginning of 2017, the well-known financial company Omise revealed its plans to create OmiseGo crypto currency platform. The list of project’s advisors is very impressive, including Vitaliy Buterin, Vlad Zamfir (the creators of the Etherium), Julian Zavistovsky (the developer of Golem), Iye Kwon (creator of Cosmos), Roger Ver (developer of Bitcoin Com) and others. During ICO in early June 2017, the project raised $ 19 million, and after the release of tokens on the crypto-exchanges, its price began to increase dramatically. A little later in August, Vitaly Buterin and Joseph Pun announced the announcement of their new Plasma project, and OmiseGo developers added to the statement that their platform would be based on "plasma". In many respects it was this news that made it possible to raise the project's capitalization to a record $ 1 billion, and the cost of OMG tokens from their release date increased more than 25 times.

There are several features that give OmiseGo considerable advantages over other crypto currency platforms: wide availability of the platform (you do not need to have an account with the bank, and the company itself has a certain reserve in several national currencies); scalability of the system (all transactions are carried out as quickly and efficiently as possible, regardless of how badly the network is loaded); high standards of safety; independence of the system from states or banking structures of the world; availability of a mechanism that is responsible for the liquidity indicators of the project’s cash.

OMG Network (first developed as OmiseGO) is a non-custodial, Layer 2 scaling solution for transferring value on Ethereum. How the protocol processes transactions is centralized, but its Plasma-based design aims to decentralize network security. It also relies on Ethereum at its final arbitration layer. Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience. The project's team believes these are barriers that need to be overcome before businesses and developers will adopt blockchain for real-world applications, leading them to develop the OMG Network.

The core security proposition of Plasma revolves around honest users being able to exit the child chain (in other words, withdraw funds to the root chain) at any time. To exit the child chain, a user submits an exit transaction – along with an exit bond – to the root chain. The exit is subject to a "challenge period," during which any user can prove, if applicable, that the exit is invalid. If successfully shown to be invalid, the exit is not processed, and the challenger is awarded the exit bond. This exit game is solely dependent on the root chain.

As the child chain relies on the root chain to be its ultimate arbiter, it must periodically commit a hashed version of its state changes to the root chain by way of a smart contract. As opposed to submitting individual transaction data onto the root chain, the child chain bundles transactions into a Merkle tree and submits the root hash. Beyond these core elements, there is no prescribed configuration for a Plasma chain. They can take on different consensus protocols, block validation mechanisms, or fraud proofs. The design is adaptable to the use case. OMG Network is based on the Plasma MoreVP design, an extension of Minimum Viable Plasma optimized for the settlement of payments and value exchange between users and exchanges.

The original OMG Network team (under the OmiseGO name) co-authored the original Plasma white paper with Joseph Poon and was also the first project to perform an airdrop, a way to more widely share ownership of our token with the existing Ethereum community.