OmiseGO

The project's primary objective was to address the scalability issues of the Ethereum network, such as high transaction fees and slow processing times. It operates as a Layer 2 scaling solution, which is built on top of the Ethereum blockchain to process transactions more efficiently. The technology, based on a framework called More Viable Plasma (MoreVP), bundles multiple transactions off-chain and submits them as a single transaction to the Ethereum mainnet, which significantly increases throughput and reduces costs. The native utility token of the network, OMG, is used for paying transaction fees.

Vansa Chatikavanij, who joined as Managing Director in 2017, was later promoted to CEO of OmiseGO (now OMG Network). Her background includes work at the World Bank on financial inclusion programs and co-founding a drone imagery company for agriculture. This experience aligned with OmiseGO's mission to provide open financial services. The company's advisory board included notable figures from the blockchain space, such as Vitalik Buterin and Gavin Wood.

In December 2020, Genesis Block Ventures (GBV), a Hong Kong-based venture capital firm, acquired OMG Network from its parent company, SYNQA. Following the acquisition, OMG Network partnered with Enya, a secure multiparty computation provider, to enhance privacy and scalability. This collaboration led to the development of the Boba Network, an Optimistic Rollup scaling solution, and in 2021, it was announced that the OMG Network would effectively be succeeded by the Boba Network, with OMG token holders receiving a new token, BOBA, on a 1:1 basis. This move aimed to revitalize the project's community and utility within the evolving landscape of Ethereum scaling solutions.