OMG Network

What is OMG Network (OMG)?

The OMG Network, previously referred to as OmiseGo, is a layer-2, non-custodial scaling approach designed for the Ethereum blockchain. It aims to enable users to transfer ETH and ERC20 tokens at a significantly faster and more cost-effective rate than on the Ethereum network itself.

OMG Network is based on an innovative scaling solution called MoreViable Plasma. This solution employs sidechain architecture to group multiple off-chain transactions into a single batch, which can then be verified as one transaction on the Ethereum root chain. With the potential to scale Ethereum to thousands of transactions per second (TPS), OMG Network surpasses the 10-14 TPS currently possible with Ethereum 1.0.

The OMG utility token powers the network, serving as a payment method for fees and eventually allowing staking to help secure the network and earn rewards.

If you'd like to add OMG Tokens to your own portfolio, you can find the current OMG price at Binance, OKX, Deepcoin, Bitrue, and CoinW.

OMG Network Founders

OMG Network is composed of over 50 employees worldwide and was founded by Thai-born Vansa Chatikavanij. Operating under the umbrella of SYNQA, a fintech company based in Thailand formerly recognized as Omise Holdings, the network functions as a subsidiary.

Vansa Chatikavanij, who has a background in consulting for major financial institutions, now serves as OMG Network's CEO. Other key team members include Stephen McNamara, COO, and Kasima Tharnpipitchai, CTO.

What Sets OMG Network Apart?

OMG Network's primary goal is to make Ethereum more appealing to businesses and projects by improving scalability while reducing the carbon footprint. The plasma-based sidechain approach reduces energy consumption by as much as 99% in comparison to Ethereum, while also slashing fees by nearly two-thirds. The underlying Ethereum network ensures the security of assets on the platform.

OMG Network has raised $25 million in funding through its 2017 initial coin offering (ICO) and continues to receive support from its parent company, SYNQA. Recently, SYNQA secured an additional $80 million in Series C funding, backed by prominent investment firms such as Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

OMG Network Pros and Cons

Pros:

• Faster and more cost-effective transfers of ETH and ERC20 tokens.
• Layer-2 scaling solution to overcome Ethereum's speed and cost limitations.
• Environmentally friendly, reducing electricity usage by up to 99% compared to Ethereum.
• Strong backing from parent company SYNQA and other prominent investors.
• Future transition to proof-of-stake consensus for increased security and decentralization.

Cons:

• Still dependent on the Ethereum network for security.
• The transition to proof-of-stake has not yet been completed.
• Mint function is detected on one of its contracts.

OMG Network Review

OMG Network offers an innovative layer-2 scaling solution for the Ethereum blockchain, aiming to improve the transaction experience for users. The platform has a solid team and strong financial backing, positioning it well for future development.

It's also worth pointing out that our security analysis has revealed a mint function on one of its contracts. This allows the contract owner to mint tokens at will which can be a potential risk. This is the only potential risk we've seen after the review.

Is OMG Network a Scam?

There seems to be no evidence to suggest that OMG Network is a scam. The project has a transparent team with a proven track record and strong financial backing. Furthermore, its technology has been implemented in real-world applications, demonstrating its legitimacy.

As always, potential investors should conduct thorough research before making any investment decisions. Scams will be here to stay, and it's always best to DYOR and keep yourself updated on the latest developments and news.

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