OMG Network (OMG), previously known as OmiseGo, is a solution for scaling on the Ethereum blockchain using the Plasma framework. Layer 2 solutions on Plasma are called child-chains and are non-custodial. This lets users transfer ETH and ERC-20 tokens faster and cheaper than on the Ethereum network directly. OMG is an ERC-20 utility token, it's purpose is for staking and to pay fees on the network.
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*Â Although the term "stablecoin" is commonly used, there is no guarantee that the asset will maintain a stable value in relation to the value of the reference asset when traded on secondary markets or that the reserve of assets, if there is one, will be adequate to satisfy all redemptions.
Because stablecoins* are designed to maintain a peg to fiat currencies, they can be useful tools. Coins such as USDC, USDT and QCAD generally experience lower volatility than other crypto assets.
*Â Although the term "stablecoin" is commonly used, there is no guarantee that the asset will maintain a stable value in relation to the value of the reference asset when traded on secondary markets or that the reserve of assets, if there is one, will be adequate to satisfy all redemptions.
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