OMG Network has soared in price by over 300% in 2021 to an all time high of $17.96.
The cryptocurrency aims to bridge the gap between payment providers, currencies and assets, through the use of blockchain technology.
Here’s everything you need to know.
What is OMG Network?
OMG Network, formerly known as OmiseGo, is a decentralised Ethereum-based peer-to-peer network.
It is used for the quick and easy transfer of assets between two separate parties.
Banks and financial institutions use the network as an intermediary that allows them to make transactions with one another securely.
Their aim is for anyone to be able to pay for goods or services with their choice of digital currency or fiat, even ones that work on other blockchains, such as Bitcoin.
OMG Network also wants to be a real force for social change by providing over 1 billion people globally without a bank with access to things like shops and healthcare.
Who founded OMG Network?
It was created by the Thai financial platform Omise in 2017 and is underpinned by an ERC20 token, OMG.
Omise is like the PayPal of South-East Asia and is already accepted by tens of thousands of merchants, including McDonald’s.
There is also an Omise plug-in for users to accept payments over Facebook messenger.
But despite creating the network and having the core developer team as a subsidiary, Omise doesn’t own OMG Network as it’s decentralised.
By being a decentralised protocol, it stops banks and financial institutions having to put trust into one entity.
The network is reliant on a team of validators who get paid in OMG tokens to confirm transactions.
It also currently has the potential to process up to one million transactions per second.
OMG tokens were all pre-mined and sold in a private sale with the total supply being capped at 140million tokens.
Buyers first had to pass AML/KYC checks before being able to purchase OMG.
A small number of tokens were also released to Ethereum holders in July 2017.
What are OMG tokens used for?
OMG token can be used for payments, but are mainly used for the validation process.
Network fees and transaction costs are paid in OMG tokens, which are used to pay people who confirm transactions.
Validators have to stake their coins, so they will be accurate record keepers.
OMG Network (OMG) price predictions
Forecasting site WalletInvestor predicts OMG Network will reach between $11.36 and $15.60 by the end of 2021.
By the end of 2022, they predict OMG will reach between $15.69 and $20.15, between $20.05 and $24.44 by the end of 2023, $24.56 and $28.99 by the end of 2024 and by December 31, 2025, WalletInvestor predicts OMG Network will reach between $29.03 and $33.21.
Meanwhile, DigitalCoin predict OMG will reach $25.45 by the end of 2021, $27.7 by the end of 2022, $35.69 by the end of 2023, $42.87 by the end of 2024 and $49.55 by the end of 2025.
