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OMG Network, originally known as OmiseGo, is a layer-2 scaling solution for the Ethereum blockchain non-custodial. OMG Network is an Ethereum scaling solution that allows users to send ETH and ERC20 tokens quicker and cheaper than they could if they did it directly on the Ethereum network.
The network is built on MoreViable Plasma, a unique scaling solution that uses a sidechain architecture to aggregate many off-chain transactions into a batch that can be verified as a single transaction on the Ethereum root chain. According to OMG Network, this technology can expand Ethereum to thousands of transactions per second (TPS), rather than the 10 to 14 tps Ethereum 1.0 can currently handle.
The OMG utility token, which can be used as one of the payment methods for OMG Network costs and will ultimately be stakable ” helping to protect the network in exchange for incentives ” powers the network.
Who are The OMG Network’s Founders?
The OMG Network now has a staff of more than 50 people located all over the world. Vansa Chatikavanij, a Thai native, created the company, a subsidiary of SYNQA, a Thailand-based fintech corporation previously known as Omise Holdings.
Vansa Chatikavanij, the projector’s creator, earned a master’s degree in earth and environmental sciences from Columbia University in New York. Chatikavanij then worked as a consultant for a number of important financial organisations, including the International Finance Corporation (IFC) and the World Bank Group, before launching OMG Network (formerly OmiseGo) in 2017.
Chatikavanij served as the company’s managing director until 2019, when she was promoted to CEO, a position she still occupies today. OMG Network’s COO is Stephen McNamara, a former Huawei Technologies head of blockchain R&D strategy, and its CTO is Kasima Tharnpipitchai, a highly skilled engineer and consultant.
What Makes OMG Network Unique?
According to OMG Network before mainstream businesses consider developing their goods and apps on Ethereum, the network’s substantial speed and cost obstacles must be addressed.
As a result, the OMG Network project is designed to make Ethereum more appealing to enterprises and projects looking to expand while reducing their carbon footprint. It does this using its plasma-based sidechain solution, which can help decrease costs by two-thirds and reduce power use by up to 99 percent when compared to Ethereum, while guaranteeing assets are secured by the underlying Ethereum network.
The network is backed by $25 million in funds raised during its initial coin offering in 2017. (ICO). SYNQA, the parent company of OMG Network, has secured an additional $80 million in Series C funding, backed by many prominent investors, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.