What is OMG coin and So how does it work?

What is OMG coin and So how does it work?
OMG coin is the OMG Network’s native token, based on the Ethereum protocol. If someone wants to carry out a transaction or honour a contract on the network, they have to pay with OMG coin. Every time someone uses the network, they pay with OMG coin. The token is then sent out to nodes, or validators, on the OMG Network that enforce smart contracts, according to the network’s rules. These nodes stake their OMG coin by locking it into a smart contract. If you create a contract, you can stake your tokens. Fail to honour the contract, or break the rules, and the tokens can be taken from you. This helps limit the number of tokens in circulation, maintaining their value.

The’re a total supply of 140,245,399 OMG coins, of which 140,245,398.25 are in circulation. As we’ve already seen, 65% of these were sold to raise funds and launch the network. A further 20% were set aside to help run the network, 9.9% was given to the company’s founders and 5% sent to anyone with an Ethereum wallet containing more than 0.1 ETH. The idea was that this would serve as a de facto payment to Ethereum.

So how does it work?
The OMG Network is based on the Ethereum system. Assets on OMG can, potentially, be backed by ETH. The network is based on a proof-of-stake blockchain, designed to clear and settle the movement of assets between wallets without them having to trust each other. There’s also a trading engine built into the network which allows wallet providers to make orders which can then be matched with other providers. People can use wallets to trade in crypto and fiat currencies.

The network uses a modified version of the Plasma system, allowing users to transfer ERC-20 tokens and ETH faster and cheaper than when working on the Ethereum network itself. This allows it to process thousands of transactions per second, as opposed to between 10 and 14 on the Ethereum network.

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