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OMG Price
$0.64412
+4.99%
Market Cap
$90.34M
24H Volume
$17.12M
Circ Supply
140.25M

OMG Market Stats

  • Price $0.64412
  • 1H Change +2.74%
  • 24H Change +4.99%
  • 7 Day Change -32.24%
  • 30 Day Change -35.6%
  • 1 Year Change -52.57%
  • All-Time High $28.3519
  • % From ATH -97.73%
  • ATH Date Jan 8, 2018

OMG Explorer

OMG Network Info

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.

OMG Network Technical Info

  • Blockchain
  • Hash Algorithm None
  • Org. Structure Centralized
  • Development Status On-going development
  • Open Source Yes
  • Hard Wallet Support Yes

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Omise is a payment solution that suit new ventures just getting started, and scale to support the most demanding needs of regional and global brands..

All images, branding and wording is copyright of OMG Network. All content on this page is used for informational purposes only. CryptoSlate has no affiliation or relationship with the coins, projects or people mentioned on this page. Data is provided by CoinMarketCap and TradingView.