OMG Network

What is OMG Network?

The OMG Network stands as a decentralized public network, enabling efficient, cost-effective peer-to-peer transactions with high throughput. Through the OMG Network, individuals gain the ability to exchange value seamlessly across various geographies, asset classes, and applications.

Utilizing Layer-2 Plasma architecture, the OMG Network ensures robust safety guarantees and elevated throughput, making it an ideal choice for third parties aiming to develop scalable, decentralized payment applications on the Ethereum Network.

This network grants users the capability to securely access, manage, and transact with digital assets stored on the blockchain.

Using OMG Network for Community Points Engine (CPE)

The primary objective of the Community Points Engine (CPE) is to enable communities to establish scalable and trustless points and rewards systems. Due to technical constraints, widely-used public blockchain platforms such as Ethereum struggle to manage the demands of contemporary points applications, necessitating a scaling solution. The CPE serves as a functional proof of concept application, leveraging the OMG Network as a trustless and high-throughput settlement platform for community points transactions. The comprehensive demonstration includes a functional application, and this document provides insights into implementing special claim, burn, and subscription transactions on the network. The showcase illustrates how end-users can truly own community points, conducting fast, fee-less, trustless, and usable transactions while benefiting from the security guarantees of the Ethereum blockchain.

Security

The OMG Network utilizes Layer 2 Plasma architecture to offer high throughput and robust safety assurances for third parties interested in constructing scalable, decentralized payment applications. Though no technology is flawless, the team believes in the significant role played by skilled security researchers and hackers worldwide in uncovering vulnerabilities and enhancing the network's security posture.

A bug bounty program has been established to encourage participants to identify and report potential vulnerabilities that could have adverse effects on OMG Network users. Successful submissions may be considered for a bounty reward, with the program's scope and bounty levels outlined in greater detail below.

To facilitate participation, a dedicated environment has been established for the bug bounty program, providing participants with access to all services without the need for installation, setup, or configuration. This environment is entirely isolated from production services, ensuring there is no risk of inadvertently causing disruptions. The bug bounty environment has a shorter finalization time compared to the production environment, enhancing the ability to thoroughly test exit flows.

OMG Network Team Background

The current workforce of the OMG Network comprises over 50 employees situated globally. The network was established by Vansa Chatikavanij, who hails from Thailand, and functions as a subsidiary of SYNQA, a fintech firm based in Thailand, formerly known as Omise Holdings.

Vansa Chatikavanij, the founder and former managing director, earned a master's degree in earth and environmental sciences from Columbia University in New York. Prior to founding OMG Network (then OmiseGo) in 2017, she held consulting roles at prominent financial institutions such as the International Finance Corporation (IFC) and World Bank Group.

In 2019, Chatikavanij transitioned from the role of managing director to become the CEO, a position she continues to hold. Stephen McNamara, the former head of blockchain R&D strategy at Huawei Technologies, serves as the COO of OMG Network. Additionally, Kasima Tharnpipitchai, a seasoned engineer and consultant, holds the position of CTO within the organization.

OMG Network Price Analysis

As of December 25 2024 OMG Network has a marketcap of $52M. This is {{percentagefromath}} from its all time high of $25.62. In terms of its tokenomics, there's a total supply of 140M with 100% currently outstanding. Keep in mind OMG Network has a fully diluted value of $52M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude