Press Release

The Ultimate Guide to the OMG Network



The OMG Network is a decentralized, public network that allows high throughput, low-cost peer-to-peer transactions. With the OMG Network, anyone can transact value across geographies, asset classes, and applications.
The OMG Network leverages Layer-2 Plasma architecture to provide high throughput and strong safety guarantees for third parties who wish to build scalable, decentralized payment apps on the Ethereum Network.
The OMG Network allows you to access, manage, and transact with digital assets that are kept securely on the blockchain.

The key features of OMG Network’s blockchain design may be viewed as deviations from the big picture Plasma that is outlined by the original Plasma paper:
Only supports transactions transferring value between addresses.
Value transfer can take the form of an atomic swap; that is two currencies being exchanged in a single transaction (multiple currencies: Eth + ERC20).
It is a non-p2p, proof-of-authority network.
The Childchain is centrally controlled by a designated, fixed Ethereum address (the child chain operator); other participants (that is, users) connect to the child chain server.
Employs a single-tiered Plasma construction. That is, the Childchain doesn’t serve as a parent of any chain.
Does not allow cheap, coordinated mass exits.

Security and scalability are built into the design, with the following features:
Deposit funds into a contract on the root chain.
Make inexpensive, multiple transfers of funds deposited on the Childchain.
Exit any funds held on the Childchain, and securely reclaim them on the root chain.
Every exit of funds held on the Childchain must come with proof that the exit is justified. The following sections clarify the nature of such proof (an attestation or evidence justifying the exit).
Proving a justified exit
Exits are allowed regardless of the state of the PoA Childchain. Thus, funds held on the Childchain and on the root chain may be treated as equivalent. Thus, if anything goes wrong on the Childchain, everyone must exit to the root chain.
Plasma architecture presumes root chain availability.

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prices: https://coinmarketcap.com/currencies/omg/
website: https://omg.network/
whitepaper: https://docs.omg.network/
tweeter: https://twitter.com/omgnetworkhq

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