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OMG Network

OMG

  • Layer2
  • Infra
Established Year
2017
Headquarter
Hong Kong
Operating Status
Inactive
Ecosystem
Ethereum
OMG Network is a Layer-2 scaling protocol for Ethereum. What this protocol aims to achieve is a higher transaction throughput at a lower cost while leveraging the security guarantees of its underlying layer. In 2021, the OMG network project team launched Boba Network and airdropped Boba tokens 1:1 to OMG holders. However, OMG Network is now considered to be a dead project with no utility.

Financial Portfolio

Funding

ICO
0 Investors
$25 M

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    Frequently Asked Questions

    What Is OMG Network (OMG)?

    OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain). As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network. The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain. According to OMG Network, this technology has the potential to scale [Ethereum](https://www.coinlive.com/coin/ethereum) to thousands of transactions per second (TPS) — instead of the 10 to 14 tps Ethereum 1.0 is currently capable of. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stakable — helping to secure the network in return for rewards.