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The OMG Foundation (previously known as the OMG Network and OmiseGO) or OMG Token is a value transfer network for Ethereum and any ERC-20 token. It bills itself as the first production-grade layer-2 Ethereum scaling solution, with the goal of allowing people to move money and other digital values on the blockchain more quickly, cheaply, and securely.
OMG Key Characteristics
OMG Foundation, founded by the well-known payments company Omise, now seeks to use the OMG cryptocurrency to streamline how electronic wallets issue and exchange assets. The OMG Foundation System is a proof-of-stake blockchain designed to clear and settle asset transfers between various e-wallets without requiring those e-wallets to trust each other. The Foundation also includes an integrated trading engine through which e-wallet providers can open orders and be matched with other parties looking to trade various assets. These orders can be programmed to execute within a specific block on the OMG blockchain or left open-ended based on asset pricing. Because the OMG Foundation is interoperable with both the Ethereum blockchain and the Lightning Network, not all payments must take place within the Foundation's decentralized exchange (Bitcoin payments). OMG Token is listed on MEXC Global.
How the OMG Foundation interacts with Ethereum
The OMG Foundation has a number of technical features that have been developed to make it compatible with the Ethereum blockchain. As a result, all nodes validating transactions on the blockchain must be configured as Ethereum nodes. E-wallet providers can also create new assets backed by ether, or smart contracts that lock ether on Ethereum, subject to certain OMG Foundation conditions. If contracts are fulfilled, these funds can be unlocked and returned to their original owners. The idea is that high-volume trading between e-wallets can take place on OMG Foundation, with final transactions being settled on Ethereum.
OMG Key Characteristics
OMG Foundation, founded by the well-known payments company Omise, now seeks to use the OMG cryptocurrency to streamline how electronic wallets issue and exchange assets. The OMG Foundation System is a proof-of-stake blockchain designed to clear and settle asset transfers between various e-wallets without requiring those e-wallets to trust each other. The Foundation also includes an integrated trading engine through which e-wallet providers can open orders and be matched with other parties looking to trade various assets. These orders can be programmed to execute within a specific block on the OMG blockchain or left open-ended based on asset pricing. Because the OMG Foundation is interoperable with both the Ethereum blockchain and the Lightning Network, not all payments must take place within the Foundation's decentralized exchange (Bitcoin payments). OMG Token is listed on MEXC Global.
How the OMG Foundation interacts with Ethereum
The OMG Foundation has a number of technical features that have been developed to make it compatible with the Ethereum blockchain. As a result, all nodes validating transactions on the blockchain must be configured as Ethereum nodes. E-wallet providers can also create new assets backed by ether, or smart contracts that lock ether on Ethereum, subject to certain OMG Foundation conditions. If contracts are fulfilled, these funds can be unlocked and returned to their original owners. The idea is that high-volume trading between e-wallets can take place on OMG Foundation, with final transactions being settled on Ethereum.
