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<h2>What is OMG Foundation?</h2>
<p>OMG Foundation is a Layer-2 Ethereum scaling protocol that enables blockchain-based cross-platform payments. This protocol’s goal is to increase transaction throughput at a reduced cost while using the security guarantees of its underlying layer. </p>
<p>Built on the Ethereum blockchain, the project’s open payment network and decentralised exchange offer consumers a scalable and completely open alternative. Supported by Ethereum’s decentralised security mechanism and a network of observer nodes, the platform offers its users several benefits, such as minimal fees, quick transaction times, and cash-out possibilities. </p>
<p>OMG, the protocol’s native token, is the main way for users to engage with the network and pay transaction fees.</p>
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<h2>A brief history of OMG Foundation</h2>
<p>Established by venture-backed payments company Omise, OMG Foundation, previously known as OMG Network, originally launched as OmiseGO in 2017 with an initial coin offering (ICO) that raised US$25 million. It was co-founded by Jun Hasegawa and Ezra Don Harinsut.</p>
<p>Following the sale, a total of 140.2 million OMG tokens were generated, with the team reporting that 91.3 million (65.1% of total supply) were distributed during the sale. A total of 28 million tokens (20% of total supply) were assigned to future platform development and deployment. Tokens worth 13.9 million (9.9% of total supply) were distributed to team members. In September 2017, OmiseGO executed an airdrop in an attempt to garner greater acceptance, with a total of 7 million tokens (5% of total supply) set aside.</p>
<p>OmiseGO rebranded into OMG Network on 1 June 2020, months before it was acquired by Hong Kong-based over-the-counter trading firm Genesis Block Ventures in December 2020. </p>
<p>However, in February 2021, data privacy developer Enya, a core contributor to the OMG Network’s creation, partnered with the OMG Network to create Layer-2 solutions. This collaboration resulted in the launch of Ethereum scaling solution Boba Network with the introduction of the governance token BOBA. In September 2021, OMG Network rebranded to OMG Foundation.</p>
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<h2>What is OMG used for? </h2>
<p>OMG, the native token of the OMG Foundation, is used to pay for transaction fees and staking activities on the platform. In addition, given that OMG Foundation facilitates faster and cheaper <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/what-are-token-standards?utm_source=crypto.com+price+page&amp;utm_medium=referral&amp;utm_campaign=omg+foundation&amp;utm_content=erc-20+token+transactions">ERC-20 token transactions</a>, exchanges and other platforms can use OMG tokens to gain access to this service. </p>
<p>Aside from its original function within OMG Foundation, the OMG token also played a role in the airdrop of <a rel="noopener noreferrer" href="https://crypto.com/price/boba-network?utm_source=crypto.com+price+page&amp;utm_medium=referral&amp;utm_campaign=omg+foundation&amp;utm_content=boba+tokens">BOBA tokens</a> in November 2021. Specifically, Boba Network ran a snapshot of OMG token holdings and used it as the basis for the 1:1 distribution of BOBA tokens to OMG holders during the airdrop.</p>
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.css-13hqrwd{font-weight:var(--chakra-fontWeights-medium);will-change:transform;transition-property:color;transition-duration:1.5s;}$0.7791 USD

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