The majority of blockchains are difficult to scale. The transactions are costly and need a hefty charge to be completed. OMG network works as a layer 2 solution for the Ethereum network. This happens when the transactions are on the same blockchain so users can carry them out faster and cheaper.
A way to process the transactions in a batch instead of individually is through the use of MoreViable technology that allows this process According to the OMG project, this technology has the ability to significantly enhance the current number of transactions on the Ethereum Network which at the moment is around 10-14.
The OMG Network
The OMG network currently has approximately 50 members. According to the organization, excessive congestion and transaction costs must be addressed before firms transition to blockchain. The project’s purpose is to overcome this barrier by utilizing MoreViable Plasma technology. This method has the potential to reduce power consumption and costs by up to 95 percent and two-thirds, respectively.
During the ICO (initial coin offering), OMG raised around $25 million, which will be utilized to finance the project’s operations.
Approximately 65.1 percent of tokens were distributed to investors, 29.9 percent were held by the team, and the remaining 5 percent were distributed to users via airdrop. There are 140 million coins in total supply. The current circulating supply has reached its limit.
At the time of writing, OMG is trading at $5.98, down around 1% in the previous 24 hours. The trade volume has dropped by nearly 19.32 percent. It is featured on coinmarketcap and is 96th in terms of market dominance and total market capital.
Long Term Investment – OMG Network (OMG)
OMG coin is considered a sound investment. According to the wallet investor, in a year the price is expected to go to around $10.619. In a five-year plan, the price is expected to reach a level of $31.610.
In the future If Ethereum becomes mainstream, we are going to see a lot of traffic on the network. As such we can expect the price of OMG to show reasonable growth because at that time OMG will surely help in keeping the traffic at low by allowing cheaper and faster transactions. OMG has its All-Time High around the price of $28.48 which it created this month in January 2018.