Task 4: Explain in full a project built on the Ethereum Blockchain/ OmiseGo (OMG ), @meivys.

OmiseGo (OMG )

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Many have been the projects launched from the Ethereum blockchain, but with scalability issues network congestion and the rising price of gas, OmiseGO (OMG) a payment platform based on the Ethereum network was born in order to improve the scalability of Ethereum.

The OMG network solves Ethereum's congestion problem, and high cost fees, by offering higher speed, low cost transactions. With thousands of transactions per second being much faster and around a third of the average cost of using Ethereum.

Introduced in 2017, it raised $25 million from its Initial Coin Offering, this project counted with Vitalik Buterin the founder of Ethereum, as part of the advisory team, a with group of experienced developers that makes it trusted and secure, an ambitious project that has certainly left good results, with great use in asia, integrating the conventional market with the crypto market.

What is OmiseGo?

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It is a platform for processing peer-to-peer payments, born from the Ethereum blockchain, was created with the aim of providing a solution to the problems between payment processors, allows transactions of both cryptocurrencies or fiat money, providing users with a good financial service, this has allowed the incorporation of cryptocurrencies in traditional businesses especially in Southeast Asia.

OmiseGO (renamed OMG Network) is a Layer 2 solution for transferring value in Ethereum in a "trustless" way -that is, without the need to rely on intermediaries. It aims to reduce transaction times and fees, without compromising Ethereum's security. __OmiseGo,__seeks to integrate the traditional market with the crypto market and make it easy to use with low fees. Binance Academy

The OmiseGo token, is an ERC-20 token, based on the Ethereum blockchain, crypto exchanges can use OMG for ERC-20 token transactions faster and with lower fees than Ethereum.

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OmiseGo Airdrop.

During July 2017, Ethereum users who owned Ether received OmiseGo tokens launched via airdrop at a rate of 0.075 OMG per ETH.
This airdrop-based launch campaign aimed to raise awareness of the OmiseGo brand and increase adoption. OmiseGo

Advantages of OmiseGo (OMG):.

• Low transaction costs
• Fast payments
• A payment platform for both fiat currency and cryptocurrencies that allows for better integration of the traditional market with the crypto world.
• More scalable transactions.

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In conclusion the OmiseGo (OMG) network project, was born to provide a solution to the scalability problem of the Ethereum blockchain and its high cost, meaning faster and lower cost transactions. This is not only beneficial for Ethereum users, but also wallet providers can benefit from fast, high performance and low cost systems.