OMG Network, which was formerly known as OmiseGo was designed as a layer 2 scaling solution based on the Ethereum blockchain. With the OMG Network, users can transfer ETH and ERC20 tokens much faster and cheaper than the transaction directly on the Ethereum network. The OMG Network combines numerous off-chain transactions and presents the ones made on the Ethereum root chain as a whole. In order to execute this, the OMG Network is based on a new scaling solution called MoreViable Plasma, which uses a sidechain architecture. This technology is claimed to have the ability to scale thousands of transactions every second. Audius is a blockchain powered decentralized music streaming service that also has numerous social media features. This Ethereum based service has the aims of sharing, monetizing, and streaming to any user. In this post, we will find out about both of them. Let’s get started.
OMG Network (OMG) And Audius (AUDIO): All You Need To Know
OMG Network (OMG)
Who are the OMG Network founders?
OMG Network was founded in 2015 by two entrepreneurs, Jun Hasegawa and Ezra Don Harinsut, as a subsidiary of Omise Holdings, a Thailand-based fintech. During their time at Omise, the duo began working on blockchain products. He contributed to the Ethereum Foundation together with Microsoft and the Wanxiang Group, a Chinese multinational that operates one of China’s largest auto parts manufacturers.
Between August 2014 and June 2020, Omise Holdings raised $100.4 million through private venture capital funding rounds from investors including SBI Investments, SPARX Group, SCB 10X Capital, Mitsui Fudosan, 31 Ventures, Toyota Financial Services and others.
The current manager of the project and CEO of OMG Network is Vansa Chatikavanij. She earned a master’s degree in earth and environmental sciences from New York’s Columbia University. She has advised several leading financial institutions including the International Finance Corporation (IFC) and the World Bank Group. Chatikavanij was the general manager at the company until 2019 before moving into the role of CEO, which he continues today.
How does OMG work?
OMG Network uses Plasma, a layer 2 scaling product that connects every block in the Plasma chain to the Ethereum chain. Plasma is primarily used for depositing funds from Ethereum to the OMG Network, making transactions on the OMG Network and returning funds to Ethereum.
OMG allows users to stake (invest in a smart contract) their tokens. It also uses a Proof-of-Stake (PoS) consensus algorithm for blockchain verification, which allows them to receive transaction fees and block rewards. Refunds on transaction fees are prorated to the user’s amount of OMG in question. If you are a bitcoin trader who also wants some Ethereum based crypto, this will be helpful.
What separates OMG Network from others?
OMG Network provides solutions to Ethereum’s speed and transaction fee problems for mainstream companies to consider building their products and applications on the network. The fact that it aims to do more transactions faster at a lower cost increases the probability of being preferred.
In this context, the OMG Network project was built to reduce their carbon footprint on the one hand, and to offer an alternative auxiliary platform to businesses and projects that want to scale Ethereum on the other.
It ensures the security of assets thanks to the Ethereum network at its base. But it delivers on its promises with a plasma-based sidechain solution that will reduce electricity usage by up to 99 percent and cut transaction fees by two-thirds compared to its counterpart.
OMG Network (OMG) economy
Like most cryptocurrencies, OMG Network’s tokens are issued in a specific supply. This is exactly 140,245,398 OMG tokens. It will never exceed this number. Unlike many other cryptocurrencies, this entire supply has already been produced and a very large part of it is already circulating in the market. The current market value of the token is 15,743,286,589 TL.
Is OMG Network safe?
The OMG Network will eventually transition to a proof-of-stake (POS) consensus system that will allow users to stake their tokens. This system will work effectively and efficiently in securing the network and earning rewards for users.
Until this system migrated, OMG Network sub-chains were secured by a consensus mechanism, which is basically a simplified form of proof-of-stake (PoA) managed by a single block producer (OMG Network itself). This concentrates the network’s reputation on staying honest rather than the functioning of the system.
What is Audius (AUDIO)?
It functions as an artist-controlled and community-owned music streaming platform.
Technically, it is a Blockchain that enables artists to produce immutable and historically specific records for their work, secured by the decentralized network.
Audius is one of the non-financial crypto project applications. It is owned and organized by the community of artists, fans and developers. The number of users, which was 2.9 million in January 2021, exceeded more than 5.3 million users in July 2021. Users listened to the track 7.5 million times in April 2021. This is the biggest number Audius has reached on a monthly basis.
Who was Audius founded by?
Audius was co-founded by Roneil Rumburg and Forrest Browning, computer programmers with Ivy League degrees. Rumburg and Browning, who are fans of electronic music, started developing the app in 2018.
Roneil Rumburg, one of the founders of Audius, took part in the work of the “BlackSlash” platform, which was established for fast transactions in Bitcoin payments. Rumburg is an expert computer programmer with experience in the fields of blockchain and artificial intelligence. Additionally, he is a key investor in projects in the crypto ecosystem, especially Lightning Labs.
The other co-founder of the platform, Forrest Browning, started the StacksWare company he had previously founded as a project at the university. In addition, he was included in the list of successful names under the age of thirty by the Forbes institution.
What is Audius’ goal?
By bringing artists directly to the audience, Audius aims to eliminate record companies and intermediaries, thus transferring the middleman money back to the artists.
The project owners believe that offering an attractive deal to musicians will make a significant contribution to making Audius a popular community of musicians that users flock to.
How does Audius work?
Three months of groups are involved in the work of the Audius network: node operators, artists, and listeners. We can also divide the people who operate nodes into two: content and discovery nodes. Some of these nodes enable content to be stored and added to the blockchain, while the other part enables artists to meet with their listeners.
Artists operating content nodes can keep their own music on their interface without having to enter other nodes. Artists who store their content also receive content encryption keys. In this case, they have additional control over their music.
Artists who want to store their content just for uploading are matched to a random content node. If a particular content node becomes unavailable, Blockchain automatically replaces it with a new node without involving the artist. Audius guarantees that its content will be secure and decentralized.
On the Audius platform, users earn rewards on certain transactions. The reward is the AUDIO token. The AUDIO token is used to secure the network. Users can earn passive income by “staking” AUDIO tokens. On the other hand, Artists can benefit from different features such as displaying their NFT collections if they stake AUDIO.
What makes Audius stand out?
No Blockchain or crypto knowledge is required to enter Audius. Thus, with its easy interface and lack of other financial concepts, it shows why it is popular even among those outside the crypto community.
Audius is different from its counterparts because it is the Blockchain base that shapes how everything works. Artists can upload their tracks for free, and users can listen to them for free. Thus, everyone wins crypto money with the logic of win-win.
There is no research review process to begin as an artist. So much so that you can upload your own tracks right away. After you sign up for free, simply click “Upload Track” and drop your music and picture files.
The platform serves more than 100,000 artists. Audius claims to support downloads at 320 kbps, offering the highest quality audio among free music platforms. In this case, Audius stands out with the speed of downloading the parts, the ease of loading and the simplicity of the interface.
Who are Audius’ main competitors?
Audius competes with music companies like Spotify, SoundCloud, YouTube Music, Apple Music, Tidal Hifi and Amazon Music Unlimited. These platforms have famous artists and brand awareness. But even so, they lack the decentralized nature of Audius. Users’ free access should not be overlooked either.
Is Audius safe?
As a technology company, Audius aims to create a secure, transparent, censorship-proof, decentralized music platform. The platform does this by using Blockchain technology which makes it a more reliable and stable platform.
What is the future of Audius?
As blockchain becomes more and more attractive with the security, transparency and cost advantage it provides, it is consistently preferred in most sectors.
Although Audius is in development, it is transforming music streaming with community management, artist and user integration, and decentralization.
As for network expansion, the latest Audius-TikTok integration is crucial for the platform. So much so that Audius will attract artists from TikTok‘s 1 billion global user base.
Audius provides the opportunity to showcase Solana NFT collections on its profiles. At this point, it announced the launch of its integration with the popular Solana-supported multi-chain wallet and browser extension Phantom.