I was looking through the CoinGecko list of tokens and came across "OMG". I thought to myself, "this has to be a joke token right?'. Turns out I was wrong. I wanted to dig into this token and let you all know of yet another cryptocurrency that is out in the world.

Token Stats:

Token Basics:

The OMG Network used to be called OmiseGO but was rebranded to OMG Network.

The goal of OMG is to "transfer value globally without restrictions:.

Since there is a 60% global internet penetration, the ability to move assets digitally will only become more needed.

OMG Goals:

Like most tokens created now there are 3 goals the OMG Network has. 

1) To create FAST transactions

2) To create CHEAP transactions

3) To create SECURE transactions

I feel like as a blockchain based company you have to say those 3 things or your not to be taken seriously. They are the magic words to gain a little trust right out of the gate.

The Protocol:

Now the Ethereum Network handles 14 transactions per second. The OMG Network can handle thousands of transactions per second. The way they do this is with their protocol called "More Viable Plasma".

• It puts transactions into blocks and then sends those blocked transactions to the Ethereum Network for confirmation
• Because of the compression of those transactions into blocks the OMG Network can have super-fast and also still secure transactions.
• The way the OMG Network describes it is just like driving a car. Say you have 50 employees in your neighborhood all trying to get to work at 9am. If you all drove your own cars then the traffic would create a bottleneck and each of you would have to pay for gas from your neighborhood to the office. But since you are all going to the same place you all get into 10 cars with 5 people in each and then there is less traffic because there are less cars. Which means the cars can go quicker. Also gas only needs to be paid per car so the cost is cheaper per transaction/person.

Gas Fees:

We all hate the gas fees on Ethereum. I mean CoinGecko literally has it plastered on their front page for you to see.

Because of this idea of 'carpooling' the transactions. You can greatly reduce the overall number of transactions you need on the ETH Network. So OMG states they reduce the gas fees by 3 times the Ethereum Network. Think about each block being 3 transactions so you only pay 1/3 the gas fee.

Clean Energy?

Another claim is directly tied to the Gas and protocol. Because they bundle transactions it reduces the mining capacity needed and basing that off of Ethereum they claim they are reducing Energy costs by 99%. That is a bold claim and one that I don't quite frankly believe. 

Use Cases:

The Network seems to me to be designed for business in mind. They are gearing everything towards business and how to conduct business in a decentralized world that has 100% internet penetration. Maybe that day will come soon and this token will explode. But until then, I don't see this token rising in value any great deal anytime soon. That doesn't mean it's not a great token or network. But it is just not for me. 

I hope you all liked my quick run down of the OMG Network. I liked it and will find another token to research next.