OMG cryptocurrency overview and its rate forecast
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January 19th, 2023
OmiseGo, which became the background of the OMG Network project, was originally an offshoot of the Thai payment system Omise (currently called Synqa). In 2015, the company set up the Omise Blockchain Lab to see if it could use blockchain to process payments.
Vansa Chatikavanij, a founder of the project, has gotten a Master of Science degree from Columbia University in New York. After that, Chatikavanyi held several advisory positions with prominent financial institutions, including the International Finance Corporation (the IFC) and the World Bank, before taking the helm of OMG Network (previously called OmiseGo) in 2017.
OMG Network has its native token, the OMG cryptocurrency, based on the Ethereum protocol. The transaction speed is up to 4,000 transactions per second. The main functions of the token in the network are as follows:
- Rewarding value-added nodes as part of the Proof-of-Stake (PoS) algorithm.
- Acting as an intermediary for currency conversion.
- Protection against spamming transactions (double transactions).
The token is afterward sent to nodes, or validators, that enforce smart contracts according to the rules of the network. These nodes tie the OMG coin to the smart contract. If you create your contract, you can earn revenue from staking your tokens. Coins can be withdrawn if the contract is not fulfilled or rules are broken. This system helps limit the number of tokens in circulation, preserving their value and protecting them from spam.
OMG Network’s main objective is to overcome the speed limits on the Ethereum network and reduce the cost of transactions to help make this blockchain more attractive to businesses and projects that want to scale their operations while reducing the harmful emissions to the atmosphere.
The OMG Network uses a modified version of the Plasma system, which allows users to exchange ERC-20 and ETH tokens faster and cheaper than on the ether network itself. The OMG Network runs on the Ethereum blockchain. It uses the Proof-of-Stake (PoS) algorithm, which helps with the clearing and reconciliation of asset movements between wallets in the context of OMG.
At launch in July 2017, OMG cryptocurrency was worth around $0.32. It was a popular investment and by early September it had crossed the $11 barrier, growing up about 3,337% in less than two months. But this rise was followed by a sharp fall. By the end of 2018, the price had fallen to $1.42. OMG could not hold that price either by mid-December 2019 it had fallen to below $0.6.
Late 2020 and early 2021 were marked by the growth of the entire crypto market. OMG rate also increased: by the end of 2020 it was worth around $2.43, and in mid-February 2021 it passed the $10 mark for the first time. After rising to $14, it collapsed 75% in May and traded back below $5 at $3.7. The OMG Network token has been traded between $3.7 and $6.8 since December 2021. At the time of writing, the coin rate equals $1.12.
DigitalCoin believes that the OMG price will peak at $2.86 by mid-2023. The OMG price prediction for 2030 averages $15.61. CoinArbitrageBot foresees that the Omg Network could be priced at $5.94075 at the end of 2023 and $17.1076 in 2025. Gov Capital estimates that OMG will rise to $6.7846066019695 in 2023 and $27.106 in 5 years.
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The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.