The Former Layer-2 Open Financial Infrastructure Developed for Ethereum.

OMG Network (OMG) Fact Sheet

OMG Network was formerly known as OmiseGo and had the primary goal of building a financial infrastructure that leverages the Proof-of-Stake (PoS) and Proof-of-Authority (PoA) consensus mechanism.
The project was an Ethereum Layer-2 scaling solution and features the Plasma engine that can execute smart contracts but broadcast only the completed transactions to the public blockchain.
OMG Network used the Plasma Childchain architecture, MoreViable Plasma.
OMG Network was created by Omise Go Pte Ltd., a subsidiary of Omise, which is a payment processor founded in 2013 in Thailand.
OmiseGo rebranded to OMG Network on June 1, 2021; OMG Network became Boba Network. This means that OMG Network is currently not an active project.

OMG Historical Data Price Chart in the US Dollars (USD)

OMG Historical Data Price Chart in the US Dollars (USD). Source: TradingView

What is OMG Network (OMG)?

OMG Network, which was formerly known as OmiseGo, is a network that has the primary goal of using the OMG cryptocurrency to make it easier for electronic wallets to issue and exchange assets among one another. It achieves this by operating as a non-custodial, Layer-2 scaling solution that has been built for the Ethereum (ETH) blockchain.

The OMG Network stands out specifically primarily due to the fact that it operates as a single block producer through what is known as a Proof-of-Authority (PoA) chain. Additionally, OMG creates a transfer layer on top of Ethereum, and this layer has the responsibility of bundling together Ethereum transactions, validating them through a child chain that is optimized for speed, prior to sending them back to the Ethereum mainnet for confirmation.

This results in the ability for transactions to get verified in batches rather than having each one gets individually verified. This results in heightened speed and lower-cost transactions when compared to directly using the Ethereum mainnet.

It is also important to note that the project is headed by the OMG Foundation, which rebranded and partnered with Enya to build the Boba Network, which is a new Ethereum Layer-Two Optimistic rollup that helps develop and scale decentralized applications (dApps).

As such, The OMG Network no longer exists, and instead, Boba Network inherited the OMG Network community throughout the transition.

This occurred due to the fact that OMG Network was considered to be a project that was failing or dying by community members, as other Ethereum Layer-tWo scaling solutions, such as Arbitrum and Polygon, were drawing in more demand and building a better ecosystem.

This fusion or takeover by Boba Network was an attempt to salvage the project's community and give it an additional level of utility.

However, it is always important to look back on projects and see how they worked, how they were used, and what they did right or wrong so that future projects do not make the same mistake. Today, we are not looking at Boba Network; we are looking at what OMG Network was and what kind of legacy it left behind.

How is OMG Network (OMG) Used?

OMG Network utilizes what is known as the Plasma Childchain Architecture, MoreViable Plasma.

This is an architecture that operates through the procedure of grouping transactions off-chain within a Merkle tree. They then periodically send what is known as a root hash, which contains the transactions that are sent to the Ethereum mainnet.

There is a set of watchers that are decentralized and share the role of observing the child chain, as well as the block producer, to make all of this operate in an efficient way. They need to ensure that they accurately confirm network transactions.

These watchers can check that the child chain does indeed follow the protocol and does not withhold any blocks. Additionally, they check if the chain has tampered with the transaction order, which results in the safe facilitation of assets across all OMG users.

OMG is the native cryptocurrency used across the network. It is a utility token, as well as one of the main methods through which the fees are paid on top of the OMG network. It is also used for staking in OMG's Proof-of-Stake (PoS) system, which lets users secure the network in return for rewards.

Use-Cases of OMG Network (OMG)

OMG Network, as a Proof-of-Stake (PoS) network, can clear and settle the movement of assets across a variety of different e-wallets, all without these wallets needing to trust each other.

Furthermore, the network has a built-in trading engine, one in which the e-wallet providers can publish orders and get matched with other parties that aim to trade various assets.

Each of these orders can be programmed to complete within a specific block on the network or can be left open-ended, which means that it is based on available asset pricing. The OMG Network is interoperable with the Ethereum (ETH) blockchain.

When it comes to the use case of the OMG token specifically, users were required to essentially buy the OMG cryptocurrency as a means of paying for the work completed by the blockchain.

What this means is that every time anyone aimed to use an OMG Network Contract, they needed to pay in OMG. This would then distribute the nodes on the network, which enforce the contracts based on the pre-defined rules by the network.

The OMG Network is maintained by a network of nodes known as validators, and they can stake their OMG cryptocurrency, a procedure done by locking the token in a smart contract for a specific time frame.

Any users that create contracts can also lock OMG in the contracts directly, and if a user breaks the rules or fails to deliver on the requirements, the OMG can be taken away from them and sent to an address where it cannot be spent.

This had the primary objective of essentially reducing the total supply of the OMG cryptocurrency and aiding in making the token a scarce resource. New OMG is not distributed through mining, as this is a Proof-of-Stake (PoS) network, which means that only the 140 million OMG tokens made available will remain.

Usability & Primary Features of OMG Network (OMG)

In terms of how Ethereum specifically uses the OMG Network, it utilizes the technical features designed to make it compatible with the network.

All of the nodes that validate transactions on the blockchain are set up as nodes on the Ethereum blockchain, and e-wallet providers can create new assets backed by Ether (ETH) or can create a new smart contract that locks on Ethereum, pending conditions on the OMG Network.

At the point in time when these contracts execute, the funds can be unlocked and returned to the original owners. The main goal here is that the trading that occurs between e-wallets can take place at a much larger volume on the OMG Network while the final transaction is settled on top of the Ethereum network.

Protocol

The Plasma-based design through which OMG Network operates aims to decentralize the network security and relies on Ethereum at its final arbitration layer.

Ledger

OMG Network is primarily developed to be a non-custodial, Layer-2 scaling solution built for the Ethereum blockchain. It is based on Proof-of-Stake (PoS) and uses a single block producer that uses Proof-of-Authority (PoA). It is meant to clear and settle the moments of cryptocurrencies across a variety of different e-wallets.

Smart-Contract Support

OMG Network features its own engine, known as the Plasma Engine, and it can execute smart contracts just like Ethereum can. However, it broadcasts only the completed transactions to the public blockchain, which results in lesser processing power requirements from the mainnet.

Tokenomics & Supply Distribution

The OMG token is the native cryptocurrency used across the OMG network. It has the primary role of allowing users to move a valuable asset from one network to another network without needing to use a traditional exchange.

It originally launched in 2018, when it had a total supply of $25 million. A total of 140 million tokens were created, and the total supply was divided across a total of two pools. Based on the Crowdfunding Whitepaper, first, there was the public pool, and the second was the private pool.

When we take a look at the public pool, its role was to serve the general Initial Coin Offering (ICO) procedure, where 65.1% was allocated towards that role, and 5% was an airdrop, where it went to anyone holding up to 0.1 ETH.

However, it is important to note the second private pool also held a reserve of 20% of the tokens for the OMG Network, and another remaining 9.9% went to the team.

Team & History

When it comes to the history of OMG Network, it is important to begin with the original creators.

OMG Network was developed by Omise Go Pte Ltd., a subsidiary of Omise, which by itself is a payments processor company that was founded in 2013 in Thailand.

At launch, it was known as OmiseGo. However, it was rebranded on June 1, 2020, to OMG Network.

In the beginning, the company set out to figure out how it could apply blockchain to its business, and this occurred for the first time in 2015 when the Omise Blockchain Lab was launched to conduct the research as well as the testing requirements.

As we move forward to 2017, there was a new company that raised $25 million to fund the development, out of which 65.1% of the supply of OMG was sold.

When it comes to the team itself, the current Chief Executive Officer (CEO) at the company is Vansa Chatikavanij, and OMG operates as a subsidiary of SYNQA now, which is a rebrand of the aforementioned Omise Holdings.

Chatikavanij was originally the managing director at the company up until 2019, after which he received a promotion and became the CEO.

Other team members included Stephen McNamara, who was the former head of blockchain research and development at Huawei Technologies, and currently fills the role of the Chief Operating Officer at OMG Network.

Kasima Tharnpipitchai was an engineer, a consultant, and the current Chief Technology Officer at the OMG Network.

Then in 2021, the OMG Network rebranded again and partnered with Enya and Boba Network. To reflect the change in governance, OMG Network holders received an airdrop on November 19, 2021.

All OMG tokens were replaced 1:1 by BOBA tokens, and the airdrop snapshot took place on the first Ethereum (Layer-1) block with a timestamp greater or equal to 2021/11/12 00:00 AM (UTC).

The takeover by Boba caused the OMG token to surge in value in anticipation of the revival of the project under a different name and different leadership.

Alan Chiu is the founder of Boba Network, which founded the network in 2018.

Activities & Community

When we take a look at the OMG Network (OMG) community, we need to go over its social media channels.

First, we need to look at the OMG Foundation’s Twitter page. This page features 2,984 followers and an active community.
Next, there is the old OMG Network Chart on Telegram, which features 2,804 members.
Now, there is also the Boba Network Official Telegram, with over 6,677 members.
There’s also the Boba Network Twitter Page, which has over 353,8 followers.
The Boba Network Discord Page has over 13,644 members.

It is clear that OMG Network had a solid community, and, now, Boba Network has a healthy community.

Development Activity and GitHub Repositories

Due to the fact that the project is currently not in active development, there isn’t anything new going on with the project.

However, there is an archive on GitHub that gives us an in-depth look at what was possible when it was active. Some of these GitHub repositories are categorized as Public Archives.

On-Chain Activity

Etherscan does have data on the native cryptocurrency surrounding the OMG Network, known as OMG.

OMG is a cryptocurrency that follows the ERC-20 token standard.

Based on the public data there are 689,942 holders of the cryptocurrency with 3,785,797 transfers and a total circulating supply market cap of 140,245,398 OMG.

Activities and Partners

Throughout its history, OMG Network had numerous activities, as well as partners. However, one of the most notable developments and activities that occurred was when they conducted a strategic partnership with Enya, a company that creates decentralized infrastructure solutions and is the creator of the Boba Network.

Binance Will Support the Boba Token (BOBA) Airdrop Program for OMG Network (OMG) Holders - On October 25, 2022, Binance announced that it would support the Boba Token (BOBA) Airdrop Program for OMG Network (OMG) Holders.

All OMG tokens were replaced 1:1 by BOBA tokens, and the airdrop snapshot took place afterward.

The value of OMG crashed after the BOBA airdrop snapshot. It saw a decrease of 33% from a daily high of $19.35 down to around $13 immediately after the completion of the snapshot for an airdrop from the Boba Network.

OMG Network (OMG)