Exchange OMG Network
If you're looking to swap OMG Network, SwapSpace is your one-stop-shop. We have some light reading for you - in case you'd want a refresher on what is OMG Network or some fresh information about omg’s price movements. And, of course, we provide you with the multiple OMG Network exchange options so that you can choose the offer with the best rates and lowest OMG Network fees, as well as other parameters that suit you.
OMG Network Price Stats
OMG Network Price Chart
Here you can see the current price of OMG Network, as well as OMG Network price history.
What is OMG Network?
OMG is a utility token on the OMG Network — a Layer 2 Plasma-based Ethereum scaling solution. The project has been known as OmiseGo from the time it was founded in 2017 and until it was rebranded in 2020. OMG Network has turned into OMG Foundation since then, and there are more projects in the works.
OMG Network uses Layer 2 childchains in the implementation of Plasma called More Viable Plasma. This architecture is built around the Proof-of-Authority (PoA) consensus mechanism. It uses just one known and verified node called Operator as a block producer, although there is also a so-called Watcher network that monitors the childchain and reports abnormalities.
This step towards centralization is a tradeoff: the childchain architecture doesn’t make Layer 2 chains either custodial or completely independent — which in this case is a good thing. The funds will not be lost or “stuck” on the childchain if it goes out of service. The other implementations of Plasma (i.e. sidechains), while more flexible, have more inherent risks.
OMG Network can be used to scale transactions (it boasts the ability to process up to 5,000 transactions per second), although it cannot handle smart contracts since Plasma isn’t designed for this. Enya, which is a principal developer of OMG Foundation, is working on Boba Network for this purpose (it will use Optimistic Rollups instead of Plasma).
Note that soon to be issued BOBA token will be automatically distributed to OMG token holders. OMG coin is also used to pay transaction fees and is needed for staking.
A Simple Way To Exchange OMG Network Here At SwapSpace
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