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OMG Network (OMG)

$5.1500 -0.04%
Rank

#100

Market Cap

$720,166,876.00

Volume

$218,172,061.00

24h High / 24h Low

$5.4700 / $5.0700

24h 7D 1M 1Y MAX
Mining Rate: 100%
Circulating Supply: 140,245,398.25
Total Supply: 140,245,398.25

What is OMG Network (OMG)

OMG Network (OMG), which was known as OmiseGO, is a Layer 2 scaling solution for value transfer on Ethereum network. According to its website, the OMG Network is the quickest and the most affordable way to transfer ETH and ERC 20 tokens globally, without restrictions. ERC 20 protocol projects on the OMG Network supposedly run faster and cheaper without compromising the security of Ethereum. This can be done through one of a kind plasma technology that OMG network have created.

By using the OMG Network, ‘individuals and businesses can transact on a financial infrastructure that is several times faster, 1/3rd the cost, and as secure as the Ethereum network while retaining full autonomy over their funds and keys’. With OMG Network, transferring ETH and ERC 20 tokens with a throughput of thousands of transactions per seconds is supposedly possible and the electricity usage reduces 99% per transaction compared to Ethereum.

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