OMG Network, OMG

$1.01 ( 0.06% )

Market Cap

$142 112 606

24 Hour Volume

$7 209 697

Available Supply

140 245 398

OMG Network / US Dollar Chart, OMG/USD ()

Open price: 0.0
High price: 0.0
Average price: 0.0
Close price: 0.0
Low price: 0.0
Change: 0.0%

Volume (%)

About OMG Network

OMG Network is a network designed to accelerate transactions in the Ethereum blockchain and make them cheaper. It is an overlay based on Plasma that allows sending ethers and any ERC-20 tokens with a throughput of up to 3 thousand transactions per second. Not only does such a solution scale Ethereum but also reduces operational expenses (by 66%) and total energy consumption (by 99%) in its network.

The network’s security is ensured by three elements: a second-level child chain working on top of the Ethereum blockchain; a set of Plasma contracts deployed in Ethereum; the Watcher interface for everyone willing to monitor the validity of operation of the child chain and its concordance with the root chain. The project provides developers with tools for the execution of their smart contracts via its network, while fintech business gets corporate solutions to accept payments and make large-scale payouts in various tokens.

OmiseGO project history

Establishment: 2015, Singapore. At first, it was the Omise Blockchain Lab, a division in the fintech company.
Founders: entrepreneurs Jun Hasegawa and Ezra Don Harinsut.
Previous experience: Mr Hasegawa had been a Director of Internet agency Alpha-do in Japan for 16 years. At the same time, he co-founded startup LIFEmee and had been its CEO. Mr Harinsut had worked as a manager for 13 years also in Alpha-do.

Assistant: Joseph Poon — author of white paper.
Advisers: Vitalik Buterin, Joseph Poon, Gavin Wood, Vlad Zamfir.

First company (fintech): Omise Co., Ltd.; 2013, Bangkok (Thailand). It has branches in Japan, Indonesia, Malaysia, and Singapore.
Executives: Ezra Don Harinsut is CEO, Anuchit Chitpirom is COO, Robin Clart is CTO.

Second company (blockchain): OmiseGo Pte. Ltd.; 2017, Singapore.
Executives: Vansa Chatikavanij is CEO, Stephen McNamara is COO, Kasima Tharnpipitchai is CTO.

Parent company: SYNQA Pte. Ltd. (former Omise Holdings Pte. Ltd.); 2015, Bangkok (Thailand).
Executives: Jun Hasegawa is group CEO, SoonHee Kim is CIO.

Public launch: in June 2017, under the name of OmiseGO.
Renaming of the project: in June 2020, the new name — OMG Network.

Investment in the startup

Only the first company, Omise Co., Ltd., received seed and venture investments. In the period from 2014 till 2020, it attracted $100.4 million in the course of eight rounds of financing.

OmiseGo Pte. Ltd., in its turn, being the owner of a blockchain project, separately raised $25 million over a presale that took place in June 2017.

OMG Network cryptocurrency attributes

Primarily, OMG Network is beneficial for Ethereum because it increases the value of ethers. Its throughput increases from 15 to 3000 TPS thanks to the overlay network. With a reduction of delays due to increased speed, the ETH coin will be more often and widely used, which will also be beneficial for the OMG token.

The project’s tokens are required for those who plan on executing operations via OMG Network. They are used to pay the commission for ether transactions or execution of smart contracts. OMG allows performing operations 200 times faster and two-thirds cheaper than in native Ethereum.

Besides Watcher, the project offers two applications for general users — Web wallet and Block explorer. The wallet is required to use the network as intended — for an instant transaction of ETH and ERC-20 tokens, as well as for their transfer back to Ethereum if necessary. The explorer allows verifying data on operations, addresses, and blocks in its child chain (not in the Ethereum root blockchain).

The commission that users pay, which is on average 0.0787 OMG, goes to current validators that maintain nodes and confirm transactions. By the end of 2020, the Proof-of-Stake consensus algorithm must start its operation. Then validators will get an opportunity to additionally mine tokens by staking. OMG holders will be able to get rewards according to their stakes for maintaining the mainnet with their nodes. At the same time, they will continue earning commission for confirming transactions.

OMG has been and stays the ERC-20 standard token. In summer 2020, the team presented the second-level blockchain—OMGchain—and also launched the mainnet. It is possible that the standard will soon change to a more advanced one.

OmiseGO token sale and OMG distribution

The project planned on conducting a crowdsale in two stages: a presale from 7 to 23 June 2017, and then a month of a token sale until 23 July. But in the course of the first stage, major investors sent so much that it was enough to reach the total hard cap. Then the heads decided that it was enough for the development and implementation of all plans and did not conduct the public token sale.

The team issued 140,245,398 OMG and set this number as an issue limit. After the presale, they were distributed the following way:

Recipients of tokens Amount of OMG Share of the total issue
Investors involved in presale 91,299,754 65.1%
Recipients awarded with airdrop 7,012,270 5%
Project reserve (unblocked in July 2018) 28,049,080 20%
Development team (received tokens in July 2018) 13,884,294 9.9%
Total: 140,245,398 100%


Investors received tokens according to the exchange rate of 1000 OMG for 1 ETH. Thus, the team raised 91,300 ETH. According to official data and the hard cap, the total amount in the fiat equivalent was $25,000,000. If we divide this amount in the number of tokens for investors, the assigned cost of OMG equals $0.2738.

Later, from 4 to 24 September 2017, the project also conducted an airdrop. The team sent out 5% of tokens for free to everyone whose balance was over 0.1 ETH on 7 July at the moment of creation of block No. 3 988 888. There were 450 thousand of such addressees in Ethereum, so the public was not deprived after the cancellation of the token sale.

OMG Network price dynamics

Exchanges started listing the token on 14 July 2017 at the price of 0.5825 USD. Two days later, it set an all-time low of 0.3849 USD. Presale participants who held OMG until 31 December could have sold it for 19.89 USD — this was a high of 2017.

OHLC prices of 2018:

  • open — 19.33 USD;
  • all-time high — 25.72 USD (13 January);
  • low — 1.11 USD (14-15 December);
  • close — 1.35 USD.

OMG price change in 2019

Let’s list only uptrends and downtrends with price extremes and highs and lows that are noticeable on the 2019 OMG Network chart:

  1. 📉 Fall from 9 January to 6 February: 1.53 USD ⤵ 1.02 USD.
  2. 📈 Rise from 8 March to 5 April: 1.26 USD ⤴ 2.47 USD.
  3. 📉 Fall from 7 to 29 April: 2.35 USD ⤵ 1.48 USD.
  4. 📈 Rise from 13 May to 29 June: 1.76 USD ⤴ 2.85 USD — a high of the year.
  5. 📉 Fall from 8 July to 24 September: 2.58 USD ⤵ 0.7951 USD.
  6. 📉 Fall from 16 November to 17 December: 1.05 USD ⤵ 0.5919 USD — a low of the year.

OMG Network predictions for 2020 and prospects

Due to the fact that OMG Network was designed to scale Ethereum, it is not shocking that the OMG token has always correlated to the ETH coin. Their close bond had been always obvious through dynamics but only until summer 2020.

The OMG price started the year from 0.6216 US dollars and started growing along with ETH. This uptrend went on till 14 February and ended at the mark of 1.37 US dollars. The growth amounted to 120.4% (ETH increased by 117.3% over the same period).

Due to correction from 15 February to 8 March, the price went down from 1.29 to 0.7718 US dollars. A collapse on 9–12 March crashed the price from 0.7811 to 0.4268 US dollars, which is a year’s low for now. As a result, the downtrend from 15 February to 12 March showed the fall by 66.9% (ETH lost 57.6% for the same period).

During the first market recovery in April, OMG was still in flat, while ETH was already growing from 1 to 29 April. The token’s recovery period was short: from 23 to 29 April, its price went up from 0.5969 to 0.7690 US dollars. Then both cryptocurrencies were in flat for almost half a month.

But OMG showed zeal in the course of May’s recovery. From 12 to 24 May, the price jumped from 0.6660 to 1.87 US dollars, which became the year’s high. Almost at the same time, from 12 to 31 May, ETH also grew but significantly weaker. As a result, the overall strengthening trend showed a 195.4% growth of OMG and 79.2% for ETH if we take the time frame from 1 April to 31 May.

Thanks to the launch of the mainnet, the token managed to fix the price above the 1.30 dollar threshold. In June and July, the prices of OMG and ETH have been in the flat and continue to correlate. At the same time, the dependent token is now in an elevated wide range. Taking into account the upcoming updates in both crypto projects, OMG can either independently or under the influence of Ethereum overcome the 2 dollar threshold.

OMG Network roadmap

The project does not have an official roadmap. The team publishes only monthly and annual reports on a blog. Let’s create our own roadmap to predict the events that can influence the OMG Network price:

  • 15 January 2018: the creation of Minimum VP and its upload to GitHub.
  • 2 March 2018: omisego.network website redesign (since 2020 it has become a mirror of a newer one).
  • 28 April 2018: the release of OmiseGO eWallet SDK; in January 2019, it was improved and renamed eWallet Suite.
  • 11 October 2018: security audit of MVP by Quantstamp auditors.
  • 25 June 2019: launch of GO.Exchange (a working title was ODEX); in January 2020, it was shut down.
  • 16 August 2019: launch of a new website on omisego.co domain (since 2020 it redirects to a newer one).
  • 1 September 2019: launch of the P2P network (a testnet prototype).
  • 18 September 2019: the creation of MoreVP (improved MVP).
  • 16 October 2019: joining the Universal Protocol Alliance.
  • 3 January 2020: audit of MoreVP by specialists from ConsenSys Diligence.
  • 10 January 2020: audit of MoreVP and smart contracts by Quantstamp auditors.
  • 2 March 2020: launch of the testnet in Ropsten of Ethereum; update of the web wallet.
  • 1 June 2020: renaming OmiseGO into OMG Network and moving to omg.network domain; the launch of the mainnet and the second-level blockchain working on top of Ethereum via the Plasma framework.
  • 10 June 2020: launch of the block explorer.
  • 17 June 2020: start of the Bug Bounty program with rewards varying from $100 to $25,000.
  • Q4 2020: possibility of OMG staking; speeding up the transfer back of any tokens to Ethereum.

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