OMG Network — formerly known as OmiseGO — offers infrastructure that allows "extremely efficient applications" to be built on top of the Ethereum network. The project claims to allow transactions to take place with high throughput and in a peer-to-peer fashion while spanning applications, geographies and asset classes.
OMG Network serves as a Layer-2 scaling solution, meaning that its infrastructure sits on top of Ethereum. The architecture aims to combine transactions and to validate them through a smaller child-chain before returning them to the main Ethereum network for validation. This approach enables thousands of transactions to be processed per second — and OMG Network claims the costs associated with these payments end up being two-thirds cheaper than using the Ethereum blockchain outright. According to developers, this isn't at the expense of security either, since that's offered by the Ethereum network.
OMG, which is the token associated with the protocol, is used to pay for transaction fees.
A token sale was held for OMG in 2017, raising $25 million. A total of 140,245,398 tokens were created — all of which are in circulation.
A high point for OMG's price came in January 2018, when a single token was worth $28.35. Although the cryptocurrency traded at a lower level in the years that followed, it has experienced spikes when the markets have turned bullish. The services provided by OMG Network also came into sharp focus in 2021, when transaction fees on the Ethereum blockchain hit record highs — prompting users to seek cheaper alternatives and more scalable solutions.
OMG Network was the brainchild of Omise, a company that provides a payment gateway focused on markets in Thailand, Japan and Singapore. The blockchain protocol was founded by Jun Hasegawa and Donnie Harinsut.
Jun is no stranger to the startup world. He’s a deep thinker and entrepreneur who has involved in founding LIFEmee and has come to establish Omise, a Thailand-based payment gateway in late 2014. Besides holding a dynamic professional background, he brings over 16 years of experience in web &amp;amp;amp;amp;amp;amp;amp;amp;amp; product design, proficiency in marketing, and great appreciation of what it takes to truly make the payment industry in Thailand continue on a path of progress. With a remarkable vision, he looks to expand Omise beyond its existing borders to countries across Asia Pacific.
OmiseGO COO and co-founder Donnie Harinsut is a trade veteran with over 12 years of Fintech experience. He has served as international Trade Coordinator and International Trade Manager. Highlights of his career include working for NTT, one of the world's largest telecommunications companies, which is based in Japan. Given his experience in international business and financial technology, his primary responsibility at OmiseGO is to oversee the company's development and international expansion. Don and Jun form a strong team and have been working together on different projects for the past 15 years.