What is omg network

what is omg network

let’s Understand what is OMG Network ? what would be its price Prediction in near Future.

Introduction.

OMG Network is a new cryptocurrency that has been created by a group of developers with a passion for technology. It’s a network that has been built to offer a decentralized system of peer-to-peer transactions and transfers. It’s a platform that aims to offer a complete solution for the cryptocurrency market. The goal of OMG Network is to be a complete and secure cryptocurrency, which will have the capability to be used as a medium of exchange for all types of applications. The platform is expected to be able to offer more than 100 million users, with a maximum capacity of over 1000 transactions per second.

Individual Token Payment

OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway.

Clearing house Messaging network.

As it’s a core function for this decentralized network to do eWallet interchange, a blockchain ledger on OmiseGO is necessary to hold the general balance of funds per eWallet service (or any user/node).

Blockchain Gateway

For individual token payments on blockchains, there is a need to scale the underlying blockchain activity which does not affect the underlying chain to reduce computational pressure of validating/mining nodes.

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Additionally, with untrusted execution venues, it’s not possible to create a ticker for use externally with smart contracts -a necessary function of this network.

Chain

A transaction tracks the activity of the OMG chain, and needs some level of maturity confirmations before payment is delivered on the Ethereum chain.

Necessary

In an non-adversarial environment, a Lightning-like construction is available where a user can provide a payment directly without proof, and if the payment is not disputed after a certain amount of block maturity, is paid out without needing blockchain proof/computation.

Supply

Like most Cryptos , OMG Network tokens have a fixed maximum supply. This is set at exactly 140,245,398 OMG and will never increase beyond this point. Unlike many other cryptocurrencies, this total supply has already been fully minted, with the majority already in active circulation.

Of the total supply, 65.1% of tokens were distributed to investors and 5% were distributed in an airdrop, whereas the last 29.9% is held by the project and team. Of this 29.9%, 20% is locked in the OMG Network reserve smart contract for funding future developments and network validation, and the remaining 9.9% is reserved for the founding team.

Both the OMG reserve and team allocation were locked for one year, but this has since elapsed.

Price

Currently it is around $2.7 and it may face first Resistance around $ 7.8 and second Resistance around $ 13. Crossover above it may get $ 20 to $ 30.

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