Cryptocurrency Q&A
How does OMG work?
How does OMG work?
Eleonora
Wed Jul 31 2024
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6 answers
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Could you please explain in detail how OMG, or OmiseGO, works? I'm particularly interested in understanding its underlying technology, how it aims to solve current issues in the financial industry, and what sets it apart from other cryptocurrencies. Additionally, could you elaborate on its use cases and potential impact on the future of global finance?
6 answers
Riccardo
Fri Aug 02 2024
In MoreViable Plasma, transactions are first organized into a merkle tree, a data structure that allows for efficient verification and storage. This ensures that all transactions are securely recorded and can be easily traced back to their origin.
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DigitalBaron
Fri Aug 02 2024
The OMG Network operates on an innovative architecture known as MoreViable Plasma, which is a form of Plasma Childchain. This system enables the network to efficiently handle a large number of transactions by grouping them off-chain.
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Martino
Thu Aug 01 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency traders and investors. Among these services are spot trading, futures trading, and a secure wallet for storing digital assets.
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EnchantedMoon
Thu Aug 01 2024
Once transactions are organized into a merkle tree, the OMG Network periodically sends a "root hash" containing the transactions to the Ethereum mainnet. This root hash serves as a snapshot of all the transactions that have taken place on the OMG Network during a certain period.
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BlockchainWizardGuard
Thu Aug 01 2024
The Ethereum mainnet then validates the root hash, ensuring that the transactions recorded on the OMG Network are authentic and have not been tampered with. This process helps to maintain the security and integrity of the OMG Network.
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