OMG Network is a public blockchain network that takes advantage of Plasma architecture to offer a user-friendly scaling solution for Ethereum. It was created in 2017 by Vansa Chatikavanij as OmiseGo and later changed to OMG Network. Recently, the project was rebranded to OMG Foundation, but the name OMG Network is still more popular with the blockchain community.
The network uses a framework called Plasma to facilitate transactions as a layer 2. With this architecture, transactions are processed on the OMG Network and then they are broadcasted to Ethereum in batches for final validation once the transactions are completed. While this saves time and money as well as takes advantage of the security that Ethereum offers, it is very unlikely that a plasma chain like OMG Network can support a wide range of sophisticated smart contracts.
The total supply of OMG token, the native token of the OMG Network, is 140,245,399 and all of them are in circulation.
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