What is OMG Network (OMG)?
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Written by Ignat
Updated over a week ago

OMG Foundation is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain, which allows users to transfer ETH and ERC-20 tokens much faster and cheaper than when making transactions directly on the Ethereum network (think scaling thousands of transactions per second vs. 10-14 Ethereum 1.0 is currently capable of). The network is powered by the OMG utility token, which you can use to pay fees on the OMG network. In future, the token will also become stakeable, i.e. the holders will be able to use it to help secure the network and earn rewards.

Another interesting thing about the OMG Network is that it helps cut down on our carbon footprint. Its plasma-based sidechain solution helps reduce electricity usage by up to 99% compared to Ethereum and cut fees by around two thirds.

Check out this article to choose the most convenient way to buy cryptocurrencies, including OMG.

NB: For OMG transfers, Cryptopay supports ERC-20 network only. All the funds sent via other networks (e.g. BEP-20 etc.) will be lost forever.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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