Unique crypto projects have been created to solve different real-world problems, and their underlying blockchain technologies show great promise. However, the mass adoption of these projects has been slow due to a combination of technological immaturity and bad press. The OMG network is one project that is striving to change this by providing a decentralized exchange platform that is built on top of the Ethereum blockchain.
OmiseGo is not just any payment management service; it has made quite a few partners with large companies over the years. One of these large companies is McDonald’s in Thailand, for example. On June 6, 2020, OmiseGo rebranded and transitioned to the mainnet. From that moment on, it was called the OMG Network.
Here’s food for thought: Unlike fiat money, most cryptocurrencies have a limited supply, capped by mathematical algorithms. This makes it impossible for any political body or government agency to dilute its value through inflation. So, let’s dive in and devote some time to OMG price prediction, bearing in mind, that OMG might be a reliable, long-term store of value.
Today’s OMG Network price is $1.77 with a 24-hour trading volume of $24,913,547. OMG Network is up 1.38% in the last 24 hours. The current CoinMarketCap ranking is #122, with a live market cap of $247,982,933. It has a circulating supply of 140,245,398 OMG coins and a max. supply of 140,245,399 OMG coins.
The OMG Network is a blockchain-based organization that aims to provide secure financial access to users. The platform’s OMG token allows consumers to make transactions on the network. The OMG Network is designed to help users avoid the fees and delays associated with centralized exchanges.
The OMG Network is still in its early stages, but it has the potential to become a major player in the cryptocurrency space. The project was created to improve scalability and make transactions quicker, using MoreViable Plasma technology (sidechains built on top of smart contracts).
The OMG Network is said to be the quickest way to transfer ERC-20 tokens worldwide, and this cryptocurrency project might have gotten investors’ attention. On 4 October 2021, the price of an OMG token surged close to $16–a value not seen since 2018.
What is the OmiseGo Network and its origin?
Over the past 20 years, solving the financial inclusion problem has been a challenge for many organizations. Debit and credit cards have been used to access banking services, but many people do not have access to these services. While this was possible to make these payments using these platforms, It was difficult to transfer money from one platform to another.
OmiseGO ( OMG) was created to solve this financial inclusion problem. It is a decentralized platform that allows users to make fast, secure, and low-cost payments. The OmiseGO Network is designed to be scalable and can handle a large number of transactions.In 2015, Thai payments processor Omise established the Omise Blockchain Lab to see whether blockchain technology might be used to speed up transactions.
OMG Network, also known as OmiseGO, is a public Ethereum-based financial technology for use in digital wallets and enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.
OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways, and financial institutions. By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types.
Prior to 2017, the company was focused on transferring fiat currencies both domestically and internationally. However, in 2017 they decided to create a blockchain-based payment solution specifically designed for use in Southeast Asia. This new solution is intended to be more simple and more secure than their previous methods.
Vitalik Buterin was consulted to assist with the project’s development. Buterin, along with another Ethereum developer Joseph Poon, became some of the creators of OmiseGO. They even took part in writing a white paper for the project. On 1 June 2020, OmiseGo was renamed OMG Network. It was financed by the sale of 65 percent of the OMG coin supply, which produced $25 million.
What is OmiseGo (OMG)?
OmiseGO is a financial platform built on Ethereum that allows users to exchange and settle assets in real-time via their existing wallets. In countries where such services are underdeveloped, OmiseGO may be used with popular wallets to provide real-time peer-to-peer asset trading and payment services. Its user may work with both cryptocurrencies and fiat currencies.
The goal of OmiseGO is to tackle a major issue with the current financial system: payments between payers, payees, payment processors, and banks.
The OMG platform integrates currency exchange and payment services in real-time, so the buyer can pay an invoice in their preferred currency. The recipient then receives funds either in a fiat currency or decentralized cryptocurrency, depending on what would work better for them. The product’s major purpose is to allow anybody to transfer assets without having a bank account and with minimal fees.
Most commonly used areas in OMG Network
1. Stablecoins. OMG allows users to convert fiat currencies into digital tokens, which can then be easily converted back into another fiat currency. This conversion doesn’t require the participation of financial institutions or any other cryptocurrencies.
2. Gift cards. OmiseGo uses Ethereum, which allows it to utilize smart contracts. This makes it possible to create gift cards that can be bought, sold, and transferred with ease.
3. Money transfers. The OMG platform can speed up and reduce the cost of money transfers, especially when currency conversion is needed. Furthermore, anyone can connect to the platform.
4. Loyalty programs. The site allows customers to tokenize loyalty points from a variety of referrals and save them in one wallet. They may then be spent like any other currency.
Key Aspects of OMG Network
- Speed.ETH and ERC20 tokens can be quickly transferred- at a rate of thousands per second.
- Environmental friendliness. In comparison to Ethereum, the electricity usage per transaction is reduced by 99%.
- Low cost. It’s three times cheaper to move assets through the OMG Network than it is using the Ethereum network.
- Openness. Any person with coding knowledge can develop apps and software by utilizing the open-source code of the internet.
- Security. The OMG Network is a decentralized network that uses the Plasma protocol to provide security and scalability.
OMG coin and how it works
The OMG coin is the native cryptocurrency of the OmiseGO network and it is used to perform transactions on the network. It’s built on the Ethereum network. Users must pay with OMG coins if they want to do anything on the network.
The OMG Network is a decentralized network that allows for the verification of documents and messages to authenticate their authors. It also provides scalability to the Ethereum network, allowing for faster transactions. So while users rely on the Ethereum network for security, the OMG Network enhances the overall capabilities of the network.
Not only does OMG Network solve the scaling problem of Ethereum, but it also balances centralization and decentralization by bringing the efficiency of conventional payment platforms (PayPal, Visa, and so on) onto the blockchain. This way, users get the best of both worlds: security from Ethereum with high transaction speed for a smooth user experience.
OMG Network has found interesting ways to incorporate these features into the blockchain network. Let’s take a look.
Key aspects of OMG Network
This is an Ethereum off-chain scaling solution. It’s built on a child chain that matches a set of transactions before sending them to the root chain. The child chain, however, is reliant on the root chain as the ultimate trust and primary layer.
This covers everything that happens throughout the transaction process. It accepts and confirms the user’s request, then breaks it down into blocks and sends them to the root chain (Ethereum).
The OMG Network operates on a Proof-of-Stake consensus mechanism. It relies on decentralized watchers to keep an eye on the system and ensure that network transactions are correctly validated. These watchers monitor the operation status of the network validators and make sure that child chains operate in read-only mode, as opposed to interfering with transaction data.
These are responsible for validating the user’s transaction and blocks before sending it to the Ethereum mainnet. For their services, they get block rewards and transaction fees. There are two types of validators in OMG Network: light clients and full nodes.
Roadmap and developments
The Proof of Concept (PoC) was the first technical specification for building a Plasma-based network.
The alpha release resulted in a more viable plasma. The Ari release brought more usage of the OMG protocol to plasma.
OMG Network’s soft launch was the first release, and it occurred in 2020. The V1 beta Launch also took place that year.
BOBA network: This includes a partnership with Enya and the financial support of boba network for OMG’s workflow.
Mission and Vision
From OMG Network’s whitepaper, The initial whitepaper summed up OmiseGO, now the OMG Network, as a “decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway” that is not owned by any single party. Instead, it is an open distributed network of validators that enforce the behavior of all participants.
The document states: “We are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes, largely backed by ether. From the perspective of any individual chain, we are building a scalable blockchain whose contract state is bonded by the activities of the OMG chain itself.”
OMG Network Price History
OMG was trading at around $3.2 during the time of its launch in July 2017 and in less than 2 months it surged past $11.The price saw a fluctuation and the 2018 bull run saw the digital asset surge to an all-time high of $23.85 on January 2018.
The OMG token followed a decline to lows of $1.421 and since then it fell below $1 and was trading at $0.60 by mid-December 2019. The following year 2020 saw the digital asset soar as 2020 and 2021 were marked by a crypto bull run and the coin surged to $8.17 by mid-February 2021. The OMG token surged up to $14.86 on 7 May 2021 before crashing to $3.7905 on 23 May, a fall of just under 75% in a little over two weeks. It then hit a low of $3.20 on 21 July. The token saw highs of $9.12 again in November during the 2021 bull run.
On November 12, 2021, the value of OMG plummeted by more than 25 percent after several crypto centralized exchanges reported a massive net inflow of 5.7 million OMG tokens. It appears to be a textbook “buy the rumor, sell the truth” response to Boba Network’s completion of a snapshot for an airdrop – or free BOBA coins – to OMG holders. In the previous week, OMG had seen a rally in November after announcing its presence on the top 10 cryptocurrency exchanges.
The coin’s value continued to drop sharply in December 2021 and January 2022, reaching a 78.45% decrease from its peak value in late November 2021 by 24 January 2022.
By the end of the second quarter of 2022, things appeared to be getting better for the OMG coin. On March 1, the token was selling for around $4.38 a piece, and it closed the month at a daily high of $6.06, which was roughly in line with minor indications of market recovery throughout the remainder of January and early February.
However, the broader market winter that happened on May 2022 saw the coin trade around $1 where it has held relatively stable for the past few months.OMG is currently trading at $1.74,with a 24-hour trading volume of $30,052,311 .OMG Network is down 1.11% in the last 24 hours. The current CoinMarketCap ranking is #121, with a live market cap of $243,502,534. It has a circulating supply of 140,245,398 OMG coins and a max. supply of 140,245,399 OMG coins.
OMG Network Technical Analysis
Looking at OMG Network price analysis, the digital asset has been forming triangular patterns with higher lows and lower highs. On the 4-hour timeframe, it can be seen that OMG has tested the 0.786 Fibonacci extension level thrice and is currently trading at the 0.5 Fibonacci retracement level.
The RSI indicator is in the overbought region, however, there is no bearish divergence yet. The MACD indicator is giving bullish signals as the MACD line has crossed above the signal line.
If the digital asset breaks out of the descending triangle pattern, it can surge to $4.5 levels. However, if it breaks down from the current level, it can fall to $1.2 levels.
The OMG Network price would fluctuate around $1 if it manages to maintain the current level of development and adoption. However, it could see a significant increase in price if it can become more widely used and integrated into different systems.
OMG Network Price Predictions by Authority Sites
Price Prediction net
The site has given a quite conservative OMG price forecast and expects the digital asset to attain a maximum trading price of $2.53 by December 2022. The site goes on to predict that the digital asset will continue with the uptrend and in 2023 it will be trading at an average price of $3.98and $6.01 in 2024. The OMG coin price prediction for 2025 sits at $8.91, and forecasts further development, with OMG expected to hit $57.67 in 2030.
Digital Coin Price
According to the OMG Network price forecast by DigitalCoinPrice, the OMG coin price is expected to hit $2.48 as the highest price by December 2021 and then continue to surge to $4.15 in 2025. The predictions on this site are however not very optimistic as the long-term price prediction for 2027 is OMG to attain a maximum trading price of $9.17 while the site believes by 2030 OMG price will be $24.11 as the minimum price.
Technewsleade is another website that has a very bullish outlook on OMG’s future price. The site is bullish on the OMG coin and believes that by 2022 it will reach a maximum trading price of $4.31. The site has given more optimistic long-term OMG price predictions for 2027 and 2030 as it expects the OMG token might be trading at $12.97 and $85.60 respectively.
OMG Network Price Prediction 2022
In our price prediction for 2022, we expect fewer price changes as the digital asset has held at $1 for the last few months. The highest that OMG might surge to is $2.18, and the lowest it might drop to is $1.95.However, the prices might see some volatility and later stabilize to an average trading price of $2.01 by December 2022.
OMG Network Price Prediction 2023
According to our deep technical analysis and tracking of the OMG Network price historical data, the OMG coin will continue to surge higher and might attain a maximum price level of $3.40- in 2023. The cryptocurrency might face some corrections, however, and might drop to a minimum value of $2.96.The average forecast price by December 2023 would be around $3.04.
OMG Network Price Prediction 2024
In the year 2024, the OMG forecast looks bullish as it might attain a maximum price value of $5.25. The minimum price value that it might drop to would be around $4.44, and the digital asset is forecasted to have an average trading price of $4.59 by December 2024.
OMG Network Price Prediction 2025
The long-term OMG coin forecast for 2025 is also bullish as it might hit a maximum value of $7.71. The minimum it might drop to would be around $6.42, and the average forecasted value by 2025 would be around $6.61.
OMG Network Price Prediction 2026
By 2026, OMG could potentially attain a minimum price value of $9.75 while the maximum price it might surge to would be $11.33. The average value of OMG by 2026 would be sitting at around $10.08.
OMG Network Price Prediction 2027
OMG Network price forecast for the year 2027 suggests the digital currency could potentially attain a maximum price value of $17.30 while the minimum it might drop to would be around $14.38. The average price of OMG in 2027 would be $14.78.
OMG Network Price Prediction 2028
2028 is another year where the OMG coin might continue increasing in prices as it could potentially surge to $24.48 while the minimum it might drop to would be $20.68. The forecast average price of OMG in 2028, however, would be around $21.28.
OMG Network Price Prediction 2029
In 2029, OMG could potentially attain a maximum value of $36.04 while the average value is projected to be around $31.21.The OMG’S price might retrace a little and drop to a minimum of $30.15 by December 2029.
OMG Network Price Prediction 2030
The long-term OMG Network forecast for 2030 suggests that the digital currency might attain a maximum value of $53.13 while its minimum value would be around $41.13. The average forecast price of OMG in 2030 would be around $56.69.
OMG Network Price Prediction 2031
By the year 2031.OMG foundation would have completed 13 years, and the OMG coin might potentially attain a maximum price of $77.56of $70.02 while its minimum price would be around $65.33. The average forecast price of OMG in 2031 would be around $67.71.
According to the current price movement and the entire cryptocurrency market trend, we believe that the OMG coin has a very bright future. The predictions are based on our analysis and might not be 100% accurate. However, they will give you a general idea about where the prices might go. The mainstream adoption of cryptocurrency is increasing day by day, and this will directly impact the prices of digital assets.
Cryptocurrencies are currently the talk of the town, and every day we see a new digital currency entering the crypto market. While some might succeed, others will fail. The key to success in this industry is to identify the right project and it might be a good investment. OMG Network is one such project that has a very strong team backing it and has already achieved some great partnerships. The project has a very strong use case, and we believe that it will be a success.
The current bear market may be a great opportunity to buy OMG Network as the prices are down. In the long term, we believe that the prices will rebound and reach new all-time highs. Some predictions place the future price of the asset at $9.1548831543157 (408.322% ) after a year. This means that if you invested $100 now, your current investment may be worth $508.322 on 2023 September 15, Friday. However, crypto assets are very volatile and if you have not done your research well, you’ll end up with a dud.
The above-mentioned predictions are based on our opinions and are not advisable to use as investment advice as the cryptocurrency market is highly volatile, and prices might fluctuate. Investors should always do their own research before investing in any digital asset.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.