OMG Network, formerly known as OmiseGo, aims to become a public decentralized financial network that can quickly transfer money and assets worldwide. OMG is an offspring of Omise, a payment service company (comparable to PayPal) founded by Jun Hasegawa in 2013. Omise operates in Thailand, Singapore, and other Asian nations.
As the crypto revolution began to take over the world, Omise commissioned Vansa Chatikavanij, a water resource specialist by profession, to create, on Ethereum codebase, and collaborate with Ethereum founder Vitalik Buterin, a smart-contract capable platform that enables fast, cheap, secure transactions across multiple blockchains.
Compared to conventional means of financial transaction (think Visa, Mastercard, etc.), blockchain technology is a slow and inefficient beast. While Visa and Mastercard can process thousands of transactions per second, Ethereum processes less than twenty.
Any cryptocurrency network that hopes to compete with these established institutions must scale up its operations a hundredfold without vitiating security or acquiring undesirable centralization. Among various proposed means to scale itself up, OMG Network chose the “Plasma protocol:” a proof-of-stake consensus mechanism to validate transactions in batches rather than individually.
OMG Network has entered into many partnerships in the Southeast Asian region, including McDonald's in Thailand. Genesis Block, a Hong Kong-based venture firm, recently acquired an OMG network in a bid to develop it into a decentralized finance (DeFi) platform.
OMG Network Historical Price Analysis
Current Price, Market Cap, & Supply Details
The price history of OMG has been a volatile one. Soon after its launch in July 2017, the price shot up and fluctuated between $12 and $25 during the summer of 2018. After holding steady below $2 for much of 2019, it crashed, at the beginning of 2020, below the $1 threshold. Since December 2020, it has increased slightly and settled just above $3.
At the time of writing, OMG is up by 4.25% and is trading at $3.25. It has a market cap of $456.02 million, with 140.25 million of OMG in circulation.
OMG Future Price Forecast Predictions
Using past trends as a guide, keeping the current historical context in mind, and considering anticipated events, the analyst can project the future with accuracy. Also, to complete data and the right analytical tools, the analyst here benefits from a tranquil frame of mind that can strike the right balance between “irrational exuberance” on the one hand and undue pessimism on the other.
However, the real world of unknown unknowns, unanticipated events, and unintended consequence is always off stage, waiting to ambush upon the projections of our mind; there is a chance that the future's very uncertainty will ultimately defeat the analyst. And yet, with all these caveats, a reasonable forecast is warranted.
Short Term Forecast
Long Term Forecast
*This price prediction is based on the data collected from various sources meant strictly for educational purposes only and not taken as investment advice. Users should do their own research before investing.
OMG Network Price Prediction 2021
OMG network may prove to be popular among the unbanked citizens of Southeast Asia, who will be glad to rid themselves of exorbitant transaction fees. For those untold millions, OMG might be the solution they need. As per the forecast and algorithmic analysis, the OMG token price could potentially be around $3.00 in 2021.
OMG Network Price Prediction 2022
OMG Network will have a somewhat promising future if it successfully expands partnerships across corporations and reaches more and more of the unbanked, even while expanding its DeFi capabilities. As per the forecast and algorithmic analysis, the price of OMG could potentially be around $8.47 in 2022.
OMG Network Price Prediction 2025
By 2025, it is expected that rapid advances in blockchain technology will cause cryptocurrency to experience a sustained bull run, the likes of which can perhaps be compared only to the dot-com boom of the late 90s. By that time, it is estimated that Ethereum and its assorted apps will be a trillion-dollar asset. As a secondary chain of Ethereum, it can be foreseen that Plasma, along with OMG, will benefit from sustained growth. As per the forecast and algorithmic analysis, the 1 OMG token price could potentially be around $21.85 in 2025.
Is OMG a Good Investment?
The age of DeFi (decentralized finance) is on the horizon as blockchain technology undergoes rapid evolution. It is not just about mining bitcoin anymore; rather, based on the first or generation blockchain codebase (Bitcoin and Ethereum), hundreds of new and innovative alternatives are being developed, threatening to give traditional financial institutions (banks, credit cards, Paypal, etc.) a run for their money.
In this exciting environment, where does OMG Network fit in? Here, the reality is hard and simple: competition is fierce, and others are much ahead in their DeFi functionalities. Alternatives to Plasma protocol such as zkRollup (immune, unlike Plasma, to hot wallet key exploits and crypto-economic attacks) are widely used in the industry.
Cosmos, which bills itself “internet of blockchains,” is well on its way to offering a scaled and interoperable ecosystem that enables users to transact business across blockchains. REN, using Republic Protocol, enables traders to place stealth orders in crypto dark pools. To prove itself a good investment, OMG Network needs to move fast to catch up to its competitors such as these.
How to Buy OMG?
OMG can be bought in most mainstream exchanges such as Coinbase, Binance, Kraken, and others. In many of these exchanges, you first have to open an account and secure it with two-factor authentication. Before any trade can be made, one needs to purchase bitcoin or ethereum, which one can exchange for OMG, according to the going market rate.
More Information About OMG Network
Jun Hasegawa, the founder of Omise, commissioned Vansa Chatikavanij to create OmiseGo, which was later branded as OMG Network. The duo recruited Vitalik Buterin, the founder of Ethereum, to collaborate on the project. The team and Joseph Poon, Ethereum developer, wrote a whitepaper regarding the project in June 2017. The team then proceeded to create the program on adapted Plasma protocol. OMG was recently acquired by Genesis Block, whereas Buterin and Poon have drifted into other projects.
Decentralized Finance is upon us, and many blockchain firms are competing with each other to provide the platform to transact business across real and virtual boundaries. However, in comparison to conventional financial institutions, blockchain such as Ethereum is slow and inefficient. OMG Network attempts to scale up Ethereum so that more transactions can be conducted and recorded on the platform without sacrificing security or decentralization.
OMG, here offers an ingenious solution. It uses Plasma to move the transactions to the secondary chain, where, without clogging up the main chain, they can be recorded and validated in batches. To be sure, to scale Ethereum up in this way, one has to either sacrifice security or decentralization; developers may choose to emphasize one over the other according to their preference.
OMG Network, therefore, is a promising technology. However, to determine whether it is truly the future of blockchain, one must look at its competitors who also wish to conduct transactions across blockchains. Options abound Chainlink, Synthetix, Cosmos, Ren, and more. Will OMG able to keep up with the competition?
What does it offer that others don't? Does it have the same room for growth as others do? These are all the questions that investors have to grapple with if they wish to evaluate the particular niche in the exciting new landscape of decentralized finance. It is as yet an open question which of these will open the widest door to the future, or else they all do to an equal degree in different ways. This question will be evermore acute as cryptocurrencies penetrate deeper into society.