The OMG Network is basically a layer 2 scalability protocol that Ethereum network contract. The purpose of developing this protocol is to achieve more capacity to perform transactions, reduce costs and fees, as well as use the security guarantees of its underlying layer. Due to the capabilities and recent developments of this network, it is predicted that the future of OMG digital currency will soon face good fortune and growth. The OMG network aims to create a child chain so that transactions are categorized before entering the Ethereum network.
OMG’s current price as of early December 2022 is $18.1. The growth of 29.4% shows that the future of OMG cryptocurrency looks optimistic. Some analysts believe that the price of this digital currency in 2023, in a pessimistic scenario, is equal to $0.96. Others believe that MG Network’s future is bright again given its January 2018 price history ($62.28). But what are the factors influencing the future of OMG digital currency and what is waiting for it?
An overview of the history and future assessment of OMG cryptocurrency
OMG Network, which was first introduced as OmiseGo, is a solution to solve the problem of layer 2 scalability. The way transactions are processed in this network is done according to a centralized protocol, but its main design is with a purpose Decentralization Created from network security. This network relies on Ethereum in its final arbitration layer and cannot be implemented independently. Most ecosystems based on blockchain technology are limited by low throughput, high fees, and unpredictability. The OMG project team believes that it can remove these perennial obstacles and secure the future of OMG cryptocurrency by providing better facilities to traders.
OMG Network, as planned Plasma MoreVP And according to the development project Minimum Viable Plasma it was made. One of the outstanding goals of developing this network is the development of payments and value exchange between traders and exchanges. OMG Network’s White Paper, by a member of the main developer team Joseph Poon Written. The network was the first project to do an Airdrop and was seen as a way to share more ownership of coins within the Ethereum community.
Read the OMG Cryptocurrency Wallets article for safe storage of this asset.
OMG Network Roadmap review
The OMG Network Roadmap contains steps that explain the defined functionality of this platform. All the steps that we refer to below are published in the same white paper or the initial white paper called OmiseGo White Paper. It is interesting to know that some of the parts that are now known as part of the MG Network roadmap have been formed according to the SDK software kit related to the Cosmos network. The roadmap and future vision of OMG digital currency separately and with release date are:
Proof of Concept (PoC): OMG Network published the technical specifications related to the proof of concept (Proof of Concept) to build the first version of the plasma-based network in January 2018.
Alpha release (Ari): Ari is the alpha version of OMG Network’s More Viable Plasma. The launch of Ari showed that the OMG network has completed the testing and implementation of its plasma according to the structure of the Ethereum network. Yes, it was released in February 2019; At the same time, the network was using Ari publicly on the Rinkeby testnet on Ethereum. This special version of More VP was only used for Ether (ETH) transfers, and the OMG network later used it to continue the processing of ERc-20 based coin transfers.
The second version of the network called OMG Network v2.0: This part of the project was released in May 2019 regarding the future of the OMG digital currency and to improve some network capabilities. The second version of the OMG Network, which is titled Samarong Also known, it was first launched on the Rinkeby test network. The release of this part of the project improved Network Uptime, signed Metamask wallet transactions, and strengthened businesses. This network made the OMG protocol available to the public in June 2019 and after the v2.0 version was released.
Testnet test network: OMG Network, its public beta and production-ready environment Ropsten and published on March 2020.
Mainnet Soft-Launch setup: Before the release of the second version, the public and initial version of the network was presented as OMG Network V.01 in March 2020.
Mainnet V1 beta launch: This version, with the full title of V1 Mainnet Beta Launch, was launched and released in June 2020.
This direction tells us that we are dealing with a serious project, and this is enough to hope for the future of OMG digital currency.
Summary of OMG Network Whitepaper
Reviewing the white paper of the projects gives a better view to predict their future price. All the objectives that have been considered for the establishment and construction of OMG Network are stated in its 16-page white paper. In this white paper, in addition to the complete introduction of the blockchain network, the future of the OMG digital currency is also considered, which we provide you with a summary of:
The OmiseGo platform is building and launching a decentralized exchange that provides a liquidity mechanism.Liquidity Provider Mechanism) and settlement messaging network (Clearinghouse Messaging Network are part of it. The OmiseGo platform does not belong to a single party or structure and is an open distributed network. Unlike all other decentralized platforms, it is possible to exchange and collaborate with other blockchain networks in OMG.
This decentralized network is highly efficient in transactions and can handle all fiat-backed digital currencies and even standard-based coins. ERC-20 support This network is built from external components connected to the Ethereum network and uses Ethereum smart contracts for its transactions and activities.
Introducing the OMG Network development team
The development team of OMG network consists of more than 50 employees who are present in different parts of the world. OMG platform by Vansa Chatikavanij which is Thai, was established. The platform was initially introduced as a subsidiary of SYNQA (a fintech company based in Thailand) formerly known as Omise Holdings.
Vanessa holds a Master’s degree in Earth and Environmental Sciences from New York’s Columbia University. He has held several management positions in well-known financial institutions, including IFC and the World Bank Group, and has a good track record in his work record. In 2017, Vanessa Chattikavanage resigned from all her positions to focus more on the platform to make the future of OMG cryptocurrency bright.
Stephen McNamara, another key role in the OMG project is the title of Executive Director. Stephen is the former head of the Blockchain R&D Strategy Working Group in Huawei and is considered one of the efficient and professional senior managers of the OMG project. The presence of such enthusiastic and well-educated people is another bright sign for the future of OMG cryptocurrency.
A look at the future of OMG cryptocurrency
The price of OMG Network at the time of writing this article (December 10, 2022) is equal to $1.18, which, according to analysts’ forecasts, will decrease by 53.23% by December 14, 2022 and reach $0.902642. According to indicators and technical analysis, the sentiment index has a downward trend, but the fear and greed index shows the number 26. Simply put, most traders are afraid to invest in OMG right now. A quick look at the future of OMG cryptocurrency shows us that now (December 2022) is not a good time to buy OMG coins; Because after its downward price drop in the middle of this month, the price fluctuations are continuing.
The following table shows more complete specifications of OMG Coin:
| Future vision of OMG digital currency | OMG Coin Profile |
|---|---|
| OMG Network | Kevin’s name |
| OMG | Coin symbol |
| 1.18 dollars | Price |
| $165,253,026 | Market value (Market Cap) |
| $18,166,101 | 24-hour trading volume of OMG |
| 140,245,398 OMG | Total digital currency offered |
The future of OMG cryptocurrency compared to competitors
Comparing this project with other technologies is one way to predict the price of OMG coin in the long term. The table below shows what OMG’s price will be by the end of 2023, 2024 and 2025 and how far its growth path is from the growth of the Internet with big tech companies like Google and Facebook (Meta):
| 2025 forecast | Prediction of 2024 | Prediction of 2023 | Investment signal | technologies |
|---|---|---|---|---|
| 83.4 dollars | $74.3 | 2.90 dollars | Buy | The growth of the Internet |
| 53.8 dollars | $47.5 | 3.5 dollars | Strong Buy | The growth of Google |
| 24.50 dollars | $04.11 | 4.98 dollars | Strong Buy | The growth of Facebook |
| $71.4 | $68.3 | 2.87 dollars | Buy | The growth of smartphone technology |
OMG price forecast from 2022 to 2031
The future of OMG digital currency, according to the prediction of the reliable website PricePrediction.net and based on the results of deep technical analysis, is as described in the following table:
| Year | Minimum price ($) | Average price ($) | Max price ($) |
|---|---|---|---|
| 2022 | 1/11 | 1/22 | 1/25 |
| 2023 | 1/78 | 1/84 | 2/05 |
| 2024 | 2/63 | 2/72 | 3/11 |
| 2025 | 3/81 | 3/92 | 4/52 |
| 2026 | 39/5 | 5/59 | 6/65 |
| 2027 | 8/41 | 8/69 | 9/56 |
| 2028 | 03/12 | 12/38 | 14/69 |
| 2029 | 16/68 | 17/30 | 20/51 |
| 2030 | 23/78 | 24/65 | 29/79 |
| 2031 | 33/55 | 34/78 | 41/53 |
Buy OMG coins without limits
Now that you have a complete overview of the future of OMG cryptocurrency, it is better to decide whether to invest in it for the short term or the long term. OMG Network is one of the emerging projects in the world of cryptocurrency, whose level of competition is measured with big technology companies such as Google and Facebook. In this article, we explained all the details about the development team, the history and even a summary of the OMG whitepaper.
According to the predictions of various sites about the future of OMG digital currency, December 2022 is not a good choice for short-term investment on this coin. However, you can go through the process of buying and selling OMG digital currency without any hassles and restrictions by using the facilities of Valex Iranian exchange. Do you think otherwise and do you think OMG is a good long-term investment? So don’t waste time and start trading this digital currency in Valex right now!
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