Initially launched as OmiseGo, OMG Network Coin is a second-layer scaling solution that does not require storage. In addition to being an Ethereum-based protocol, OMG Network focuses directly on value transfer. The working method of the protocol is centralized, but the design based on Plasma technology aims to ensure the security of the network in a completely decentralized manner.
OMG Coin may sound familiar to many investors, but the recent rebranding of the project has made the OMG Network token name unfamiliar. So what exactly are OMG Network and OMG Network token, and does OMG Coin hold promise for the future?
What is OMG Network?
OMG Network, in its structure and goals, resembles Ripple (XRP), the third-largest cryptocurrency by total market value. Both projects aim to make money transfers and payments decentralized, fast, and secure. Accordingly, the goal is to bypass banks and traditional financial systems, which are the first elements that come to mind when thinking of money transfers.
In other words, OMG Network can be described as the decentralized cryptocurrency sector’s bank or money transfer network. Additionally, it is known that OMG aims to overcome one of the biggest problems of cryptocurrency projects focused on money transfers: scalability. OMG, which has a Proof-of-Stake consensus protocol, has been able to turn this to its advantage by having two different layers.
What is OMG Network Coin?
OMG Network Coin can be described as the cryptocurrency of the network mentioned above. To make a transfer on the network or to pay transaction fees, it is necessary to purchase OMG Coin. This continuously brings an increase and usage for OMG Network Coin. Not long ago, it was reported that Tether, the world’s largest stablecoin, sent a quantity of USDT to the OMG network.
With this news, OMG proved that it was on the right track by achieving a critical rise of 3,000% since March. So how and from which cryptocurrency exchange can OMG Network, the 29th largest cryptocurrency by total market value, be purchased? OMG Network can easily be bought through Binance, one of the world’s largest cryptocurrency exchanges.
How to Buy OMG Network Coin
To buy OMG Network from Binance, which is unrivaled in terms of trading volume, simply follow the steps below:
- First, to buy OMG, you need to deposit USD balance to the exchange or buy a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option at the top left, and then click on the “Credit/Debit Card” tab.
- In the opened tab, select how much USD you want to trade and then mark Tether, that is USDT, in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option at the top left and click on the “Classic” tab.
- In the opened section, select the USDT tab from the top right, type OMG in the search button, and choose the OMG/USDT pair that opens below.
- Then, go to the “BUY OMG” tab in the middle, enter the amount you want to buy.
- Enter the desired amount and complete the OMG purchase by confirming the transaction.
