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OMG - For Scalable Applications Built On Top Of the Ethereum Network

It is possible to trade OMG CFDs at some CFD brokers, without owning the cryptocurrency and without needing a wallet. OmiseGo was the name for the network which uses the OMG cryptocurrency but it has been renamed to the OMG Network. In essence the OMG Network aims to allow for scalable, fast, efficient transaction and application processing based on Ethereum.

What is the OMG Network (OmiseGO) ?

Some blockchains build on other networks. The Ethereum Network allows the processing of applications on the network (called smart contracts) as well as payment processing. So blockchains have been built on a layer on top of the Ethereum Network, with the aim of offering additional or improved network services. The OMG Network operates as a 'Layer-2' on top of Ethereum, with the aim of providing efficiencies and services for enterprise use.

The OMG Network is a platform which supports digital asset management and allows peer-to-peer transactions. It provides an online financial marketplace for individuals and businesses, letting them access financial services and use digital assets, for example to make peer-to-peer payments. It offers digital asset management tools (for example to make and receive payments and to manage loyalty points). The OMG Network says that it can handle thousands of TPS (Transactions per Second) allowing rapid payment processing. The OMG Network says that it is cheaper than the Ethereum Network, but maintains Ethereum level security. It also says that it is 'Green', in that it can potentially reduce electricity consumption compared with the Ethereum Network.

The cryptocurrency used on the network has the ticker symbol OMG. OMG is traded on cryptocurrency exchanges. A CFD in a Contract for Difference. This is a contract which references the value of the underlying asset (e.g. OMG on exchanges). The trader does not own any OMG while trading an OMG CFD. This means that they do not need a wallet, can go long or short and use leverage (increasing leverage increases risk and cryptocurrencies are extremely volatile).

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