How To Buy OMG Network (OMG)?

A common question you often see on social media from crypto beginners is “Where can I buy OMG Network?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy OMG Network on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports OMG Network (OMG)

First, you will need to open an account on a cryptocurrency exchange that supports OMG Network (OMG).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase OMG Network (OMG) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy OMG Network (OMG)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for OMG Network (OMG) or OMG Network (OMG) trading pairs. Look for the section that will allow you to buy OMG Network (OMG), and enter the amount of the cryptocurrency that you want to spend for OMG Network (OMG) or the amount of fiat currency that you want to spend towards buying OMG Network (OMG). The exchange will then calculate the equivalent amount of OMG Network (OMG) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of OMG Network (OMG) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is OMG Network (OMG)?

The OMG Network is a permissionless and trustless network for transferring value. It makes it possible to move assets directly from blockchain to blockchain without having to rely on third parties such as banks. It operates based on its own native cryptocurrency, OMG.

The OMG Network was initially developed by the Omise company as OmiseGO and later rebranded to OMG Network. After a successful ICO in 2017, OMG’s platform for cheap and unmediated transfers of assets across crypto networks was launched.

While traditional payment systems, such as Visa or PayPal can boast with considerably higher transaction rates than most blockchain-based cryptocurrencies, including Ethereum, they face a problem: centralization. Unlimited control over financial transactions in the hands of a single authority has been seen as one of the main problems that cryptocurrencies were created to solve in the first place. The OMG Network aims to bring the efficiency of traditional payment platforms onto the blockchain while reaping the benefits of both.

But to make quick and efficient blockchain transactions possible, the OMG Network would need to be able to facilitate a higher transaction throughput than offered by Ethereum’s base technology. For this reason, its design implements Plasma, a second-layer scaling solution on top of Ethereum, which brings a substantial boost to transaction throughput compared to its base layer.

Through Plasma, OMG can facilitate high transaction rates, but still maintain all the benefits of the base blockchain. The reason lies in the fact that all final transaction states on the second-layer network are validated by the base-layer blockchain, which grants them the same level of transparency and security that is enjoyed by regular on-chain Ethereum transactions.

What is the OMG token?

At the heart of the OMG Network is its own native cryptocurrency, OMG, which fuels the platform’s essential features and makes it possible to transfer assets seamlessly. OMG is based on proof of stake: it is generated through minting and earned by network validators who stake their coins in order to earn the right to validate blocks and keep the network running.

Any user can participate in OMG staking by locking some OMG on the network. This makes you eligible to receive rewards whenever minting a new block. Bitstamp will soon be adding staking support for OMG to give users a chance to earn by simply keeping your coins in your account.

Transactions of OMG also incur a fee which is distributed proportionately to how many coins the users have staked in the network. OMG follows the Ethereum ERC-20 standard, guaranteeing its fungibility and making it possible to store it in any regular Ethereum-based wallet.

Who Are the Founders of OMG Network?

The OMG Network currently consists of a team of more than 50 employees scattered across the world. It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm that was formerly known as Omise Holdings.

As the projector founder, Vansa Chatikavanij received a master’s degree in earth and environmental sciences at New York’s Columbia University. Following this, Chatikavanij held several consulting roles at prominent financial institutions including the International Finance Corporation (IFC) and World Bank Group, before founding OMG Network (then OmiseGo) in 2017.

Chatikavanij held the role of managing director at the company until 2019, before transitioning to the role of CEO, which she still holds to this day. Beyond this, Stephen McNamara — former head of blockchain R&D strategy at Huawei Technologies — is OMG Network’s COO, whereas Kasima Tharnpipitchai, a heavily experienced engineer and consultant, is its CTO.

What Makes OMG Network Unique?

OMG Network believes that Ethereum’s significant speed and cost barriers will need to be overcome before mainstream businesses will consider building their products and applications on the network.

As such, the OMG Network project is built to help make Ethereum more attractive to businesses and projects that want to scale while simultaneously cutting down on their carbon footprint. It achieves this with its plasma-based sidechain solution, which can help reduce electricity usage by up to 99% compared to Ethereum and cut fees by around two thirds, while ensuring assets remain secured by the underlying Ethereum network.

The platform itself is supported by $25 million in funding obtained during its 2017 initial coin offering (ICO). Moreover, OMG Network parent firm SYNQA recently raised a further $80 million in Series C funding — and was supported by several major investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation. 

OMG Network development updates in 2023

OMG Network, formerly known as OmiseGo, has been actively evolving in 2023, with several key developments and updates that have significantly impacted its role as an Ethereum layer 2 scaling solution. Here’s a detailed overview of these advancements:

• Quasar Mechanism Launch: One of the major developments for OMG Network in 2023 is the launch of its Quasar mechanism. This is particularly notable as it addresses the issue of slow exits back to Ethereum’s layer 1. Quasar provides a more efficient solution for transferring assets from side chains back to the Ethereum mainnet, which traditionally takes up to 14 days due to the application of fraud-proof mechanisms. The introduction of Quasar is a step towards resolving this delay, enhancing the user experience on the OMG Network​​​​.

• Partnership with Web3API: OMG Network announced a significant partnership with Web3API, aimed at enabling developers to build decentralized finance (DeFi) applications more swiftly and conveniently. This partnership is expected to simplify the integration of Web3 protocols with apps developed in various programming languages, leading to an improved and more inclusive Ethereum ecosystem on the OMG platform​​.

• Engineering Updates and Improvements: The network has continued to innovate with its 4th engineering update, including testing of OMGX Rinkeby, enhancement of cross-chain liquidity pools, and other technical improvements. These updates are crucial for maintaining the network’s efficiency and competitiveness in the rapidly evolving DeFi sector​​.

• Staking and Incentivized Platform: OMG Network has emphasized its role as an incentivized platform, where users can earn rewards by providing liquidity through staking. This approach not only adds to the network’s sustainability but also offers an attractive proposition for users looking to generate passive income while contributing to the network’s liquidity​​​​.

• Community Growth and Participation: The OMG Network’s community has been growing steadily, with the network fostering a decentralized and open system that encourages fair and equitable participation. The platform’s governance allows users to participate actively, rather than leaving decision-making solely to the development team. The recent developments like the Quasar mechanism also empower users to become liquidity providers as assets are ported to layer 1​​.

• Market Performance and Predictions: The OMG token, which powers the OMG Network, has been fluctuating in price but has generally exceeded many predictions for the year. As of the latest updates, OMG was trading around $8.509, with bullish investors aiming to push the token above $10 in the coming months. This performance reflects a significant recovery from its low point and indicates potential for further growth​​​​.

• Positioning in the Layer 2 Space: Amid the ongoing debate about Ethereum 2.0 and its potential impact on layer 2 solutions like OMG Network, the platform continues to position itself as a key player in the Ethereum scaling solution space. The rise of ETH 2.0 is seen not as a threat, but rather as a complementary development that, along with OMG Network’s solutions, will contribute to a more efficient and scalable Ethereum ecosystem​​​​.

OMG Network’s developments in 2023 illustrate its commitment to improving scalability and efficiency on the Ethereum network while fostering an inclusive and participatory community. These efforts are essential in maintaining OMG Network’s relevance and competitiveness in the evolving landscape of blockchain technology and DeFi.

Official website: https://omg.network/

Best cryptocurrency wallet for OMG Network (OMG)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for OMG Network (OMG)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).