OMG Network – a project specializing in Ethereum scaling, has launched beta testing of OMG Network V1. Users are promised productivity in thousands of transactions per second and a reduction of the cost by 66%.
You’ve been waiting for it, we’ve been waiting for it, and well, soon™️ is here! We present to you the OMG Network V1 Public Mainnet Beta 🚀 It is a fully trustless, low cost, high throughput way to transfer value at the same level of security as Ethereum. https://t.co/M8Qbk8s16N
— OMG Network (@omgnetworkhq) June 1, 2020
The developers of OMG Network (formerly OmiseGO) have created a “high-performance, trouble-free and inexpensive” way to transfer ether and ERC20 tokens over the main network over the past three years.
All interested users can test the sidechain. The developers called for making transactions in small amounts and report the errors.
OMG Network is based on More Viable Plasma (MoreVP) specifications. Plasma is one of the concepts for increasing Ethereum throughput by creating an additional Layer 2 network.
Kasima Tharnpipitchai, OMG Network CTO explains, “MoreVP trustlessly scales Ether and ERC20 transactions by grouping them together and sending them through a set of Ethereum smart contracts. These grouped transactions are then verified and validated by a decentralized network of watchers. Processing batched transactions enables a high throughput of thousands of tps and results in 1/3rd the transaction cost for the end-user — all with Ethereum-level security”.
The developers also introduced a blockchain browser and a demo web wallet. The latter allows users to enter the network, send transactions, and withdraw assets back to the Ethereum main blockchain. In the future, the developers promised to introduce OMG staking, as well as faster and more scalable withdrawals.
Against the background of this news, the OmiseGO coin shows the highest growth rates among the TOP-40 cryptocurrencies.
Tether has already deployed OMG Network V1. According to the Tether website, the most “stable coins” were issued specifically on the Ethereum blockchain, their value is $ 5.7 billion. Tether is by far the largest “gas guzzler” on the Ethereum network at 8,900 ETH (about $1.84 million) in fees spent last month, according to ETH Gas Station.
By delegating some of that volume to the OMG Network, Tether is hoping to ease the burden on Ethereum. Bitfinex’s CTO, Paolo Ardoino, said that “by migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network.”
OMG Network V1 is already available through Bitfinex. According to OmiseGo COO Stephen McNamara, the company is in talks to support the solution with other cryptocurrency exchanges and wallets.
— Bitfinex (@bitfinex) June 1, 2020