OMG NetworkOMG to DOGE

What is OMG Network (OMG)?

It is a decentralized platform launched in 2017 by Vansa Chatikavanij who is the current CEO of the network. At the time of its launch it was named OmiseGo. It was backed by a payment gateway provider company called Omise which was co-founded by Jun Hasegawa and Ezra Don Harinsut. It is a layer-2 scaling protocol built with the intention to solve the scaling problem of Ethereum. Layer-2 is a protocol mechanism built on an existing blockchain. It focuses on solving the scaling problem of the network and to provide fast transaction speed. 

Being built on Ethereum blockchain this network enables a quick and low-Cost transfer of ETH and ERC20 tokens on Ethereum network. It works on a technology known as MoreViable Plasma. This technology uses the sidechain mechanism to clump several transactions off-chain in one single batch.

OMG is the native token of this network. This utility token is used for fees payments on the network or for staking which is then rewarded. This token is the main operating token of the system.

What Makes OMG Network Unique?

This platform was specifically created to solve the scaling problem faced by Ethereum and to make it look more efficient to organizations. To achieve its goal this network uses a Plasma-based sidechain mechanism that helps to minimize the energy consumption nearly to 99% as compared to Ethereum. This inturn reduces the fees and even guarantees assets security. 

The main elements of this network are as follows:

• Smart Contracts 

This network uses smart contracts of Ethereum. This helps the users to remove and deposit funds in the network. This is a better and efficient manner of transactions in the cryptoworld. 

• Child Chain Application 

The digital currency controls a Child Chain application that is used to get user's transactions. They merge them into blocks and then share the block to the network’s smart contracts. 

• Watcher Application 

This digital coin uses the Watcher application. Its work is to monitor child chain applications. It studies the working of child chain applications and notifies the users about any mistakes that might occur on the system. 

How Secure is the OMG Network?

At present this network uses Proof-of-authority consensus mechanism. This mechanism is the simple version of the proof-of-stake mechanism. This network even provides users with some unique features which are.

• Scalability 

The digital currency uses MoreViable Plasma which is a layer-2 scaling solution. This enables the network to make sure that the transactions are fast and low-cost.

• DEX 

The network supports decentralized exchange which allows peer-to-peer transfer of digital assets. This exchangr eliminates the need of financial intermediaries like banks and other financial institutions. 

• Interoperability 

The system of the digital coin supports interoperability. This feature allows an  effortless transfer of assets and data with different blockchains across various networks. 

• Better Mechanism in the Future 

In the future this network will use the Proof-of-Stake consensus mechanism. This mechanism is very effective because it enables the users to stake their tokens and helps them to secure the network while simultaneously earning rewards on the staking.

Where to Buy OMG Network (OMG) Tokens?

This token is available on Coinbase Pro and Binance. There are some easy steps to buy this token which are given below: 

• Wallet Creation 

The first and foremost step is to create a wallet that supports Ethereum based tokens. Since it is an ERC-20 token. 

• Crypto Currency Exchange Search

Second search for a reliable cryptocurrency exchange that supports this token.some of which are mentioned above. 

• Account Creation 

Create your account on this exchange by following the onscreen guidelines. 

• Account Setup 

Complete the necessary verification process and set up your account. 

• Fund Deposit 

Deposit funds into your account and place your purchase order for the desired quantity of coins. 

• Account Credit 

As soon as the purchase order gets confirmed your coins will be credited into your account. 

• Coins Transfer 

Transfer the coins into safety wallets to avoid any kind of threats. 

Future of the OMG Network 

As being a decentralized scaling solution of Ethereum blockchain this network can achieve great heights in the future. The three prime causes of it are as follows: 

• Smart Contract Usage 

Built on Ethereum blockchain it uses its smart contract that enables quick, low-cost and secure transactions. 

• Robust Technologies

Apart from that this network even has some efficient technologies that help it to achieve its goal of being a digital coin to look upto in the future. 

• Active Member Participation 

It allows token staking and rewards the stakeholders to encourage active participation in the coin staking. This helps to secure the network. With all such advancements this coin network can prove to be a good investment decision. 

Conclusion 

Every cryptocurrency has some sort of challenges and risks involved with it. Risks like volatility, regulatory challenges, widespread adoption, competition etc are unavoidable. Apart from this cryptocurrencies are on its way to change the financial systems completely. Speaking about this network it has some of the best features and since it is built on Ethereum blockchain it can enjoy the benefits of Ethereum. Its main work is to provide users with effortless peer-to-peer transfer of digital assets. It even uses a layer-2 scaling solution called MoreViable Plasma to achieve its goal. This network will achieve a considerable amount of traction in the future thus making it a great choice for investments.