About the OMG network

The OMG Network is a scaling solution for finance on Ethereum, enabling transparent, peer-to-peer transactions in real-time. The decentralized network facilitates self-sovereign financial services across geographies, asset classes and applications.

The OMG Network is not owned by any single one party. Instead, it is an open distributed network of validators, and uses a blockchain to enable enforcement of market activity amongst participants.

OMG includes a fully public, currency-agnostic decentralized exchange (DEX) network, built to scale infinitely using the Plasma architecture, and secured by Ethereum. The OMG Network will be able to interact with Bitcoin (or Bitcoin-like blockchains) and other blockchain platforms through clearing houses in state channels or smart contracts, as well as with digital fiat platforms and economies through collateralized fiat tokens. This, in combination with virtually unlimited scalability, will enable the OMG Network to serve essentially all global transactions simultaneously.

OMG offers mainstream end-customers an introduction to the many benefits of blockchain technology. The wallet SDK will make it easy to create decentralized apps that enable end-users to interact with many blockchains, without having to leave their comfort zone.

WARNING

Please note: the OMG Network is still in development, and some details cannot yet be included. This knowledge base will be revised regularly to include updates and additional details.

Schema

TBD : include OMG components schema

Components

White-label Wallet Software Development Kit (SDK)

The SDK provides standardized features to so-called digital wallet service providers. This top layer can be considered as a "standard base" for others to build applications upon. The ultimate goal is to simplify the creation of new digital wallets to the point where they require little to no developer support.

Decentralized Exchange (DEX)

The DEX is a scalable and secure Proof-of-Stake blockchain on which any form of digital asset can be traded. All transaction orders will be managed on the DEX chain and validated by OMG stakers (as part of the Proof-of-Stake, or PoS, consensus), who collectively and dynamically determine the fees that are necessary to keep the network running, similar to how Ethereum or Bitcoin miners currently determine this (but without the energy waste and other objections to Proof-of-Work mining). The exchange will also be able to provide interoperability for all Ethereum tokens and for any Bitcoin (or Bitcoin-like) blockchain for fully on-chain cross-chain exchange.

Scalability Network Mechanism

OMG was designed for the Plasma architecture, which structures blockchain computation into MapReduce functions and uses a combination of proof-of-stake token bonding, fraud proofs to reduce the costs of computation, a withdrawal design to efficiently counter network attacks, and the network security provided by Ethereum as the root chain to safely enable unprecedented transaction and on-chain exchange processing speed and scale.

Decentralized Cash In/Out Layer

The OmiseGO digital wallet SDK allows integration with debit and credit cards for top-up and cash-out options, via ATMs or over-the counter. Our goal with cash in and cash out touch points is to create a network of banking, hardware, and retail partners where users can deposit and withdraw their cash. The cash becomes tokenized on to their wallet application of choice, and is immediately exchangeable for other tokenized currencies and assets via the OmiseGO blockchain.