OMG Network (OMG)
OMG Network, originally known as OmiseGo, is a non-custodial, layer-2 scaling solution specifically designed for the Ethereum blockchain. This innovative platform aims to enhance the speed and reduce the cost of transactions involving ETH and ERC20 tokens by addressing Ethereum's current limitations.
History and development
Founding and leadership
OMG Network was founded by Vansa Chatikavanij, a Thai-born entrepreneur with a master’s degree in earth and environmental sciences from Columbia University in New York. Before establishing OMG Network in 2017, Chatikavanij gained experience through consulting roles at significant financial institutions such as the International Finance Corporation (IFC) and the World Bank Group. Initially serving as the managing director, Chatikavanij transitioned to the role of CEO in 2019, a position she continues to hold. Alongside her, Stephen McNamara, former head of blockchain R&D strategy at Huawei Technologies, acts as COO, and Kasima Tharnpipitchai, a seasoned engineer and consultant, serves as CTO.
| Ticker | OMG |
| Category | Smart Contract Platform |
| Website | https://omg.network/ |
| @omgnetworkhq | |
| https://www.reddit.com/r/OMGnetwork/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0xd2...07 Copied! |
| boba | 0xe1...deCopied! |
Role of SYNQA
OMG Network operates as a subsidiary of SYNQA, a fintech company based in Thailand, previously known as Omise Holdings. This connection supports OMG Network's operations and growth initiatives.
How OMG Network works
MoreViable Plasma and sidechain architecture
OMG Network utilizes a unique scaling solution known as MoreViable Plasma. This technology employs a sidechain architecture to aggregate multiple transactions off-chain into a batch. These batched transactions are then verified as a single transaction on the Ethereum root chain. This method has the potential to scale Ethereum from its current capability of 10 to 14 transactions per second (TPS) to thousands of TPS, significantly enhancing its efficiency.
Utility and staking
The network is powered by the OMG utility token, which serves as a payment method for transaction fees on the platform. In the future, the OMG token will also be stakable, contributing to network security and offering rewards to participants.
Vision and environmental impact
OMG Network aims to overcome Ethereum's existing speed and cost barriers, making it more appealing to businesses and projects seeking scalability. The platform's plasma-based sidechain solution not only reduces transaction fees by approximately two-thirds but also diminishes electricity usage by up to 99% compared to Ethereum, thereby minimizing the carbon footprint. Despite these enhancements, assets remain secured by Ethereum's robust underlying network.
Funding and support
OMG Network's development and expansion are supported by significant financial backing. The platform secured $25 million through its initial coin offering (ICO) in 2017. Additionally, SYNQA, its parent company, raised $80 million in Series C funding, with contributions from major investment entities such as Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation. This funding underscores the confidence of investors in OMG Network's potential to revolutionize Ethereum's scalability and efficiency.