OMGBUSD
OMG Network / Binance USD
crypto

OMG Network is a Layer-2 scaling protocol for Ethereum. What this protocol aims to achieve is a higher transaction throughput at a lower cost while leveraging the security guarantees of its underlying layer. OMG Network is predicated on the creation of a child chain that batches transactions before committing them to the root chain, which, in this case, is Ethereum. The child chain relies on the root chain as the trust and arbitration layer. With this type of relationship, if something goes wrong with the child chain, users' funds should remain safe. The protocol's token, OMG, is the primary method by which users can pay for transaction fees and interact with the network. OMG Network is a Layer 2 scaling solution for Ethereum built using the plasma protocol. Plasma is a technology that hopes to allow developers to create a series of smart contracts that run on top of the main Ethereum blockchain. OMG Network is currently operating as a PoA (Proof of Authority) network. It aims to offer a higher transaction throughput and lower execution fees than its underlying network (i.e., Ethereum). It is backed by a decentralized security model provided by Ethereum and a network of watcher nodes. OMG Network is made up of three components interacting together to ensure funds in the network are secure: The OMG Network Smart Contracts, deployed to Ethereum, provide the interface through which users can move funds into and out of the network. The Child Chain Application, run by the OMG Network team, receives users' transactions, encapsulates them in blocks, and publishes those blocks to the OMG Network Smart Contracts. The Watcher application continuously observes the Child Chain application, validates its behavior, and reports any misdoing to the users who are subscribed. Watchers can be run by anyone, and the more are running, the safer the network is.