What is the OMG cryptocurrency?

Before talking about OMG or the OMG coin price, let’s first talk about the blockchain trilemma, one of the central problems of our industry. The blockchain trilemma is a name coined by Vitalik Buterin that proposes a set of three main issues that developers encounter when building blockchains.

More often than not, developers are forced to choose two out of three:

• Decentralization. Rather than being managed by a single entity, blockchains distribute control over the network equally to all participants.
• Security. Blockchain networks should have ironclad defenses that prevent malicious entities from taking over.
• Scalability. Blockchains should support an enormous number of transactions and users without faltering by increasing fees and transaction times.

In a single sentence, the OMG network is a non-custodial scaling solution for Layer-2 which is developed over the Ethereum blockchain. What this means is that OMG is designed to help users transfer tokens faster and at significantly cheaper rates than on the Ethereum Network itself.

The OMG Network, previously known as OmiseGo, brings its value using a separate child-chain, which is optimized for transaction speed. It is worth mentioning that the OMG network was built by Omise, a company with expertise in cross-border payments inside Southeast Asia.

OMG is also the native coin of the OMG Network and can be used to pay fees on the network, further helping secure its processing power.

 

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REGARD.KOMAL SINGH