Hey, Vansa! Happy to connect today and learn more about the OMG Network project! Can you tell us more about the founding of the project and what the problem is that you were addressing?
My first exposure to blockchain came about when I was at the World Bank. I was in infrastructure financing and spent a lot of time in Myanmar (and CLMV countries) just when the country re-opened. With infrastructure financing, you don’t only build the infrastructure but also invest in the communities around it. For example, if the World Bank invested in an irrigation system, it would allocate funding for farmer field school, rural commerce, and payments, etc. Their idea was that you couldn’t develop one without the other. One of the moments that stuck with me was the payment process. My team and I had to lug suitcases of single USD bills out to the countryside to pay for construction and work.
That, coupled with a few other experiences, led me to believe that there has to be a better way to move money around. And this is how I got exposed to financial services.
It was during that period of introspection that a family member mentioned Bitcoin to me, stating that there were people in Yangon who were selling and trading Bitcoin. I started looking into it, and I was drawn to the idea of using Bitcoin as a means to move values around globally without restrictions.
A couple of years later, I was ready to do something different so I left the World Bank and came back to Bangkok to start a P2P organic farming lending project. This was how I learned about Ethereum.
As I was trying to find my way around the space, I met Jun and Donnie, founders of the payment gateway company, Omise. They were experimenting with Ethereum for their payment stack and became early contributors to the first Ethereum DEV Grants, along with Microsoft.
We met, hit it off, and realized that we had the same belief: people should have the options and ability to transfer money globally, without restrictions.
Thanks, now could you please give us a rundown of the most important things about the OMG Network?
The OMG Network is the value transfer layer for ETH and any ERC20 token. We’re one of the few production-ready Layer-2 scaling solutions for Ethereum. The OMG Network increases Ethereum’s transaction processing capacity from 12 to 14 transactions per second to thousands of transactions per second while reducing transaction fees to 1/3rd!
Security is a core feature of the OMG Network. We decentralize security to Ethereum’s Smart Contracts and a Watcher Network. This ensures user funds are always safe and recoverable no matter what happens to the Network — we call this feature Trustlessness.
And lastly, the OMG Network is completely permissionless, which means anyone can transact, build on, or integrate with the Network.