Remember OmiseGO?
On June 1, OmiseGo rebranded to OMG Network. In 2017’s OmiseGo had raised $25 million and its native token OMG(ERC20) hit an all time high of $28 in Jan 2018
Below is the Tweet by the official Twitter account of OMG Network about the re-brand.
https://twitter.com/omgnetworkhq/status/1267291782728974338
What is the OMG Network and What does it do?
OMG Network is basically a Layer-2 scaling protocol for Ethereum that aims to:
(1) Increase Ethereum's 14 Transactions per second(tps) to thousands of tps (2) It plans to do this at 1/3 cost helping to reducing high gas fees (3) It does so by processing transactions on a separate child chain that clubs multiple transactions into batches and then pushes it on to the main ethereum network thereby improving efficiency and congestion(aka plasma technology).
The original OMG Network team (under the OmiseGO name) co-authored the original Plasma white paper with Joseph Poon
A statement by the OMG Network CTO explains the functionality “MoreVP trustlessly scales Ether and ERC20 transactions by grouping them together and sending them through a set of Ethereum smart contracts. These grouped transactions are then verified and validated by a decentralized network of watchers. Processing batched transactions enables a high throughput of thousands of tps and results in 1/3rd the transaction cost for the end user – all with Ethereum-level security.”
Here is short video explaining what OMG Network does:
https://www.youtube.com/watch?time_continue=56&v=w-tKyhA4QzE&feature=emb_logo
OMG Network launched its V1 Mainnet Beta on June 1
https://twitter.com/omgnetworkhq/status/1267383339419222017
The protocol's token, OMG, is the primary method by which users can pay for transaction fees and interact with the network.
Even Vitalik Buterin is of the view that Layer2 solutions like OMG will help scale Ethereum and solve the problem of high gas fees
https://twitter.com/VitalikButerin/status/1300707752335962113
Recently Tether Stable Coin(USDt) moved to OMG Network and this move alone could reduce congestion on Ethereum by 15% and bring down gas fees, as USDt is responsible for one-third of all ERC-20 transfers on Ethereum, or 24% of total network activity.
Also, since more than 60% of Tether transactions are interactions between exchanges and their users this move will also benefit Bitfinex and all exchanges that chose to use OMG for settlement of Tether.
https://twitter.com/Tether_to/status/1296075479427014656
The move by Tether to OMG network sparked a huge rally in the OMG Token with its price rising from about $2.50 to $10 in a matter of days. Below is a chart attached of the tokens recent price performance
A look at the total number of holders of the OMG Token on etherscan reveals about 673,662 addresses which is quite impressive.
It is listed on major exchanges such as Binance, Bitfinex, Kraken and Coinbase Pro
**Links for reference: **
OMG Network Official Webstie: https://omg.network/ OMG Network Twitter Account: https://twitter.com/omgnetworkhq OMG Network Facebook Account: https://www.facebook.com/omgnetworkhq OMG Network Github: https://github.com/omgnetwork OMG Network Telegram: https://t.me/omgnetwork
Thank you for taking out time to read. Remember, this is not financial advice.
Regards Yellow @yellowdoodle
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