OMG Network is a decentralized network that is built on Ethereum blockchain to facilitates fast, cheap and secure transaction. It leverages on Layer-2 scaling solution to provide high throughput and security for developers to build decentralized applications (Dapps) on Ethereum Network. OMG Network uses MoreViable Plasma to increase transaction throughput by bundling the transactions together, thus, reducing the fees and time taken. OMG Network is secured by Proof-of-Authority (PoA) consensus mechanism. However, they are moving to Proof-of-Stake (PoS) consensus mechanism, allowing users to stake tokens and earn rewards.
OMG is the native cryptocurrency for OMG Network. It is used across the network to pay transaction fees and soon will be stakable to secure the network.