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What is OMG Network?

What is OMG Network?

OMG Network


What is OMG Network (OMG)?

OMG network, formerly OmiseGo, is a decentralized payment and exchange platform on the Ethereum blockchain. The network was created by Omise, a popular payment processor in South-East Asia. It aims to solve the long-standing scalability trilemma, allowing users to process transactions way faster and cheaper. 

Due to Ethereum’s slow processing time and ridiculously high gas fees, OMG devised a novel solution that uses Plasma, a side chain network, to move transactions off-chain to group them in a batch, which can be removed back to be verified as a single transaction. While the solution itself poses some issues, the developers say it could scale Ethereum transaction speed significantly, potentially processing more than 1000 transactions per second. 

OMG network uses a proof-of-stake consensus model to validate transactions. Users acquire OMG and stake them on the validity of blocks to be added. As a reward for validating blocks, they earn a percentage of transaction fees on the network.

What is OMG price?

OmiseGo’s price is constantly changing. Hence, following an accurate chart is essential to make sure your portfolio is protected. Thankfully, YouHodler aggregates numbers from the leading exchanges to provide the most accurate price and chart possible.  

Where to buy OMG?

The cheapest way to buy is to deposit your stablecoins like USDC and convert them to OMG. You can also buy directly with your credit card, debit card or bank wire deposits.

How to earn interest on OMG?

Earn passive returns on your OMG by depositing it to your YouHodler wallet. Create an account with YouHodler, buy and deposit OMG, and earn up to 7% APR with compounding interest. 

How to take a loan with OMG?

Take a loan in stablecoins by using your OMG as collateral. Interest rate is ridiculously cheap and you can get up to 90% of your collateral.

How to trade OMG?

You can do more than just hodling. Multiply your OMG bag by using our Multi HODL strategy at YouHodler. 

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