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, NearPay supports ERC-20 network only. All the funds sent via other networks (e.g. BEP-20 etc.) will be lost forever.

Did this answer your question?