Review on OMG Network by Saleh Bayramli

The OMG network (formerly OmiseGO) is a value transfer network for Ethereum and any ERC20 tokens. It describes itself as the first production-level Ethereum layer2 scaling solution, which aims to enable people to transfer funds and various digital securities on the blockchain faster, cheaper, and without compromising security. The

OMG network uses the Plasma sub-chain architecture MoreViable Plasma. Its working principle is to group off-chain transactions into a Merkel tree, and then periodically send a "root hash" containing the transaction to the Ethereum main network.

A group of decentralized observers observe secondary chains and block producers to ensure that they accurately confirm network transactions. The observer verifies that the secondary chain complies with the protocol, does not hold locks or manipulate the transaction sequence, and ensures the safe provision of assets for OMG users.

OMG network uses OMG utility tokens as one of the payment methods of OMG network fees, and will be used to stake OMG's ProofofStake system, allowing users to help protect the network in exchange for rewards. The

OMG network currently consists of more than 50 employees distributed around the world. The current CEO is Vansa Chatikavanij, OMG is a subsidiary of SYNQA, a financial technology company headquartered in Thailand, formerly known as Omise Holdings.

Chatikavanij served as the company's CEO until he was promoted to CEO until 2019 and to this day. Stephen McNamara, the former head of blockchain R&D strategy at Huawei Technologies, is the COO of OMG Network. Kasima Tharnpipitchai is a seasoned engineer and consultant, and the CTO of OMG Network. The

OMG platform is backed by US $ 25 million in funding raised by founders Jun Hasegawa and Donnie Harinsut through the sale of OMG tokens during the initial coin offering (ICO) in 2017. OMG Network's parent company, SYNQA, raised another $ 80 million in Series C financing and was supported by several major investment companies, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation. The maximum supply of

OMG network tokens is set at 140,245,398 OMG and will never exceed this point.

65.1% of the tokens were allocated to investors. 5% will be distributed by airdrop.

The last 29.9% is in the hands of the project and the team. Among them, 20% is locked into the OMG network reservation smart contract to finance future development and verification of the network, and the remaining 9.9% is reserved for the founding team.