We present a complete guide to understanding OMG Network Crypto and it’s technology in the field of cryptocurrency development. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market
OMG Network Cryptocurrency
The OMG Network is an Ethereum based Blockchain that uses the OMG Token as a cryptocurrency. The Network itself was mainly created and developed by Thailand based payment company SYQNA (Formerly named Omise Holdings).
The OMG Network was meant to be a Layer 2 solution to Ethereum’s gas fee and once low TPS (Transactions Per Second) challenges. As an early blockchain, the network launched in 2017 and was the first blockchain established out of Thailand.
Key Points of OMG Network
- Formerly Called OmiseGo
- Rebranded multiple times, with new sister-blockchain Boba Network
- Ethereum-based ERC-20 Token
- Originally founded by Thai-Based Payments company Omise
See OMG Network Official Website
See OMG Network Official Whitepaper
OMG Network Price Chart
OMG Network Historical Price Chart
History of OMG Network
The first blockchain prototypes for the OMG Network were brought up in 2015 in R&D projects presented by Omise Go Pte Ltd. under the name OmiseGo. The company later gathered fundraising to launch the project publicly in 2017 on the Ethereum Network.
The network was first called OmiseGo, then was purchased by Genesis Block Ventures in 2020 and rebranded to the OMG Network. Another rebranding came to the OMG Network in 2021 to the name OMG Foundation. The OMG token remained the same, however the website renamed to the OMG Foundation and some members of the development team pursued a new project named Boba Network.
A public testnet for OMG was in early beta in 2021, and the network as a whole remains under development. Most recent updates can be found on their blog.
OMG Network FAQ
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Image Source: Understanding OMG Network – Holdex.io