Formally known as OmiseGo, OMG is a layer-2 Ethereum scaling solution designed to be integrated into mainstream wallets. It works on top of the Ethereum blockchain to allow users to transfer Ethereum tokens faster and more cheaply than transferring them on the Ethereum blockchain directly.
OMG holders can also stake some of their tokens, which helps the network stay secure. When you stake some OMG, you earn a percentage of the overall fees that the OMG Network generates from end users.
OMG claims to be “currency agnostic.” Fees remain the same no matter which currencies are and blockchains are involved in a given transaction. This feature could be particularly useful for payment processors and financial institutions.
Released: July 2017