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“Unbank the banked“. It could come straight from Satoshi’s paper. With this slogan saw OMG Network (OMG) (first developed as OmiseGO), from Bangkok after an ICO, the light of day in July 2017. The ICO raised a phenomenal $25 million within one month. The company behind the crypto is called Omise, which was founded in 2013 by Jun Hasegawa.
OMG is a cryptocurrency and also a decentralised exchange, liquidity mechanism, clearing house and asset supporting blockchain based on Ethereum. Unlike almost all other decentralised exchanges, OMG Network makes decentralised exchanges of other blockchains and between multiple blockchains, directly possible without a trusted gateway token. The blockchain is scalable, fully public and permissionless of which the Proof-of-Stake consensus is tied to the activities of the chain itself. Scalability is achieved through the use of Plasma, Ethereum’s scalability solution. The plasma construction not only ensures scalability, but also cheap security and settlement for all financial applications that will run on the OMG network.
When Vitalik Buterin, founder of Ethereum, published the whitepaper for the plasma platform, the project team immediately announced that their solution would be built on Plasma.
As a result of this news, OMG’s share price rose by 250% in just a few hours and OMG Network became the largest project on the Ethereum blockchain with a record market capitalization of more than a billion dollars.
The team highlights the following three main functions for both the wallet and the blockchain:
Access: To get access to the exchange, there is no bank account required and OMG Network has national fiat currencies in reserve.
Scalability: Direct calculations and low costs are the main features of the platform.
Security: OMG Network offers a decentralized crypto and its storage.