OMG Network
Current price
$0.0542
+1.23%24h
LiveUpdated 37s ago
TodayOMG Network edges up 1.2%, while the market falls.
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View as table
| Time | Price |
|---|
Change by period
- 1 hour−2.22%
- 24 hours+1.23%
- 7 days+10.70%
- 30 days+20.80%
- 1 year−60.45%
OMG Network's move in context
Beating the market today
+1.23% today against −3.26% for the market as a whole, a gap of 4.5 points. A gap this wide suggests something specific to OMG Network may be moving it, not just the market mood.
Part of a climb
+10.7% over 7 days and +20.8% over 30 days: the recent move continues the monthly direction.
This is analysis of past prices, not a prediction or financial advice.
About OMG Network
Overview
OMG Network, formerly known as OmiseGO, is a layer-2 scaling solution aimed at enhancing transaction speeds and reducing costs on the Ethereum blockchain. Its core mission is to promote financial inclusion by enabling seamless, secure, and efficient transactions, particularly designed for businesses and developers looking to build decentralized applications (dApps). OMG Network distinguishes itself with its unique approach to addressing the scalability trilemma, focusing on high throughput and low latency while maintaining security and decentralization. It operates under the principle of empowering users globally, providing services that enhance their everyday financial transactions.
Technical Features
OMG Network utilizes a modified version of the Plasma framework as its underlying technology, allowing it to process a high number of transactions off-chain while ensuring security through the Ethereum mainnet. The consensus mechanism employed is the Proof-of-Authority (PoA), which enhances the speed of transaction confirmation and overall network efficiency. This architecture allows for the bundling of multiple transactions, enabling a significant reduction in on-chain data, thus lowering gas fees and increasing transaction throughput to thousands of transactions per second.
Additionally, the network features a robust security model that includes features like fraud proofs and exit mechanisms, ensuring users’ assets are protected against potential vulnerabilities. Through these technical capabilities, OMG Network positions itself as a cost-effective alternative to standard Ethereum transactions, facilitating quick and cheap transfers of assets.
Use Cases
OMG Network primarily serves a variety of use cases, primarily focusing on enhancing decentralized finance (DeFi) applications. It enables users to engage in efficient trading, lending, and borrowing of digital assets. It also plays a vital role in cross-border payments, allowing for cost-effective transfers that are important for individuals and businesses operating on a global scale. Moreover, the network supports the use of non-fungible tokens (NFTs), enabling artists and creators to tokenize their work securely. The integration of smart contract functionality provides developers with a versatile framework to build a wide array of dApps, broadening the network's applicability across various sectors.
Development Background
OMG Network was launched in 2017 by Omise, a leading payments company in Southeast Asia, as part of its vision to create a more inclusive financial ecosystem. The project garnered significant attention, particularly during the wave of interest in Ethereum-based solutions. After developing and testing the original concept, the network was rebranded as OMG Network in 2020. Over the years, it has undergone various upgrades and improvements to enhance scalability and security, positioning itself favorably in the competitive landscape of blockchain solutions.
Community and Ecosystem
The OMG Network boasts a vibrant ecosystem supported by an active community of developers, users, and strategic partners. The network has established various collaborations with notable organizations and blockchain projects, enhancing its utility and reach. A thriving developer community contributes to ongoing enhancements and applications built on the network, ensuring diverse use cases from payment solutions to DeFi platforms. Furthermore, education and outreach initiatives foster a wider understanding and adoption of the technology among potential users and developers.
Future Potential
The future potential of OMG Network is remarkable, with its technology poised to revolutionize how transactions are conducted in decentralized environments. The ongoing development roadmap includes enhancements aimed at increasing scalability further, integrating with more blockchains, and improving user experience. As decentralized finance and blockchain technology continue to gain traction, OMG Network's capacity to facilitate low-cost, high-speed transactions positions it well for future growth and adoption. Its strategic partnerships and focus on delivering value through innovation suggest a promising trajectory, making it a cryptocurrency to watch in the evolving landscape of blockchain solutions.
OMG Network market
- Position by market cap among the coins we track.
- #370
- Position by market cap among the coins we track.
- Price × coins in circulation. It measures a coin's size, not its quality.
- $7.6M
- Price × coins in circulation. It measures a coin's size, not its quality.
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- Low $0.0509High $0.0623
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- $25.62
- Now 0% of itReached 13 Jan 2018 · Needs +47,161% to get back
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- Coins that exist now and can be traded.
- 140.25M OMG
- 100% of max
- Coins that exist now and can be traded.
- The most coins that can ever exist. Some coins have no limit.
- 140.25M OMG
- The most coins that can ever exist. Some coins have no limit.
OMG Network converter
1 OMG Network = $0.0542
