What is OMG Network?
OMG Network (OMG) is a cryptocurrency running on the Ethereum blockchain. It was created in 2013 by Japanese Jun Hasegawa and Isaradorn Harinsut, who is Thai. The two met in Japan where OMG Network had the phrase “Unbank the Banked.” OMG Network was originally called "OmiseGo", but, in 2020, rebranded itself as "OMG Network.”
OMG Network is operated on the Ethereum blockchain technology, and is designed using Plasma architecture that provides high speed and security, to allow users to transfer ETH and ERC-20 standard coins through the OMG Network faster and cheaper than transacting directly through the Ethereum network.
The OMG Network uses the Proof-of-Stake (PoS) consensus algorithm and fixes the OMG token with a maximum supply of 140 million. Additionally, the OMG Network was created to provide online payment services, allowing users to access financial services, investment and spend digital assets with OMG tokens, which supports a wide range of payments including credit card, True Money Wallet, Internet Banking, Rabbit Line Pay, Alipay, WeChat Pay, etc.
Pros of OMG Network
1. Fast transaction
OMG Network is recognized as a platform with high transaction speed, mainly deriving from its use of the Plasma architecture developed on the Ethereum blockchain that constructs a subnetwork to reduce congestion on its main network. Afterwards, transactions would be collected to be sent back to its main network for verification and put them into blocks.
2. Low fees
If you want to pay for international goods, there is no need to pay different fees according to its rate like normal payments as it is possible for users to pay for goods or services with minimum costs.
3. Supports a variety of payments
As you know, Omise Network is an online payment service platform supporting a variety of payment channels and is popular with users.
The Plasma architecture is a network scaling solution to the Ethereum Blockchain. The OMG Network creates a separate subnetwork that supports internal transactions, which makes it faster and more responsive without affecting the main network similar to Bitcoin's Lightning Network. After using Plasma to develop the network, OMG Network named it “Tesuji.”