OmiseGo Network (until June 2020 – OmiseGo) is a second-level non-custodial solution based on the Ethereum blockchain. The platform was created to improve the scalability of Ethereum. The transfer of ETH and other ERC-20 standard tokens through the OmiseGo Network is faster and cheaper than when performing similar transactions in the main network.
OMG Network Features
OmiseGo Network is based on MoreViable Plasma. This is a new scaling solution that uses a sidechain architecture. The idea is to form batches of transactions, and each such batch will be verified in the Ethereum root chain as one transaction.
This technology has the potential to increase the scalability of Ethereum to 4,000 transactions per second. The throughput of the current blockchain does not exceed 14 transactions per second, and the Ethereum network systematically suffers from congestion.
How OMG Network is secured
The network operates on the basis of the Proof-of-Authority (PoA) consensus algorithm, which is a simplified version of Proof of Stake, but controlled by the network itself. In the foreseeable future, it is planned to move to a full-fledged Proof of Stake, and then users will be able to stake the network tokens.
The Network internal token was launched in 2017. The issue of tokens is set at 140,245,398 OmiseGo coins, and the entire supply of coins has already been mined and most of them are in circulation.
OMG is used for settlements between the Network users. In addition, the token performs other functions:
- Serves as an intermediary in the conversion of currencies.
- Used to protect against double transactions.
- In the future – as a reward for validating nodes.
OMG Token Price Analysis
At launch in 2017, the token was worth $0.39. In the next six months, the price rose to an all-time high of $25.62 on January 13, 2018, after which a correction followed. The correction turned into a downtrend and in March 2019, the price reached an all-time low at $0.35.
After bouncing off the bottom, OMG began to slowly recover. In the second half of August 2020, the token was already trading slightly above $6. In early May 2021, the coin set a local high at $12.97. In the following months, the price repeated general market trends with a decline in July to a local low at $3.17.
From that moment, a period of growth began to $19.12 in early November 2021. After reaching the next local maximum, the price began to decline and at the time of writing, the token is traded below $4. It is possible that in the near future the price will update the seven-month low.
OMG Price Prediction
In OMG Network price prediction, it is important to take into account several fundamental factors. First of all, the project is aimed at the huge market of Southeast Asia, one of the most densely populated regions of the planet. The OMG token is inherently a deflationary asset. Despite the current uncertainty and the continued possibility of a crypto winter, OmiseGo is able to show good growth in the long term. The further fate of the token largely depends on the further promotion of the project and the introduction of cryptocurrencies in general.
OmiseGo Price Prediction for 2022
According to DigitalCoinPrice forecasts, during the first half of 2022, an increase to $5.7 is possible. The most likely sideways move is between $5.7 and $4.9.
In the event of a bullish reversal, the price could reach $7.50 with a possible breakout to $15 in the second half of the year.
OMG Price Prediction for 2023
According to DigitalCoinPrice experts, OMG expects a slow growth to $6.54 in 2023.
A more dynamic growth of the asset with a maximum of $17.5 is not excluded.
OMG Price Prediction for 2025
In the long term, OMG will continue to grow. The forecast of DigitalCoinPrice remains moderately optimistic. The price of OMG is likely to fluctuate between $7 and $9, with a possible maximum of $9.54.
However, if the market is bullish by then, we can expect a rise to $36-41 per coin.
OMG Price Prediction for 2026-27
It is rather difficult to take into account all the possible factors provoking a violent reaction of the market in a rather distant future. If the main current trend continues by 2027, the price of OMG could reach $12.
However, the world is on the verge of adopting cryptocurrencies. Already, the cryptocurrency market is showing signs of ever deeper integration into the global economy. It is difficult to say now how this will affect the price of OMG, perhaps the project will develop intensively and the price of the coin will exceed the wildest expectations.