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OMG is a cryptocurrency that powers The OMG Network (formerly known as OmiseGo). The OMG Network is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.

It is a non-custodial, layer-2 scaling solution built for the Ethereum 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 to thousands of transactions per second (TPS) — instead of the 10 to 14 tps Ethereum 1.0 is currently capable of.

What Makes OMG Network Different?

OMG Network believes that Ethereum’s significant speed and cost barriers will need to be overcome before mainstream businesses will consider building their products and applications on the network.

As such, the OMG Network project is built to help make Ethereum more attractive to businesses and projects that want to scale while simultaneously cutting down on their carbon footprint. It achieves this with its plasma-based sidechain solution, which can help reduce electricity usage by up to 99% compared to Ethereum and cut fees by around two thirds, while ensuring assets remain secured by the underlying Ethereum network.

The platform itself is supported by $25 million in funding obtained during its 2017 initial coin offering (ICO). Moreover, OMG Network parent firm SYNQA recently raised a further $80 million in Series C funding — and was supported by several major investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

Where Can You Buy OMG Tokens?

OMG tokens are highly liquid and can be purchased or traded on well over 200 different exchange platforms, including several top 10 exchanges. Some of the most popular trading pairs include OMG/USDT, OMG/BTC and OMG/ETH.

OMG can also be traded against several fiat currencies, including U.S. dollars (USD), British pound sterling (GBP) and Euros (EUR).

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