On Monday, the Thailand-based blockchain startup officially rebranded to OMG Network, unveiling a new simplified text-based logo and website design. Additionally, the team announced that OMG Network’s public mainnet is now in beta and revealed that Tether (USDT) is joining the network.
What Is OMG Network?
OMG Network’s scaling solution leverages what’s called the More Viable Plasma (MoreVP) specification to address the scaling issues associated with the Ethereum network, which has seen significant blockages in recent weeks.
“MoreVP trustlessly scales Ether and ERC-20 transactions by grouping them together and sending them through a set of Ethereum smart contracts,” explains OMG Network CTO Kasima Tharnpipitchai. “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.”
In addition to the mainnet launch, OMG Network was selected for Tether integration by Bitfinex on Monday.
“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum,” said OMG Network CEO Vansa Chatikavanij in an email to SludgeFeed. “We’re delighted to partner with Bitfinex to address these fundamental issues and drive further growth and adoption of open financial services.”
Bitifinex seemingly shares this sentiment, highlighting the importance of network performance when it comes to stablecoin transfers.
“At Bitfinex we are committed to driving innovation and improvements to our service to better support our customers,” added Bitfinex CTO Paolo Ardoino. “By migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.”
OMG is currently up 18.3% on the day to $1.78, giving the altcoin a $249.1 million market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.