OMG Network’s New Scalability Solution Lowers Ethereum Fees by 66%

Ethereum-based project, OMG Network (formerly known as OmiseGo) announced today that it has finally launched to mainnet its solution that scales Ethereum to thousands of transactions per second while simultaneously reducing transaction fees to one-third of the usual amount.

OMG Network V1 Mainnet Beta, which has been in the works for three years employs the More Viable Plasma (MoreVP) specification to increase the processing capacity of Ethereum. The solution batches several transactions in a single block while charging a one-time fee.

Commenting on the development, Vansa Chatkavanij, OMG Network CEO discussed how blockchain finally unlocked permissionless transactions for global ecommerce on the internet, with the Ethereum network already providing the security infrastructure for such transactions.

Chatkavanij added that the OMG platform will facilitate true global ecommerce, adopting the security of Ethereum while also allowing for transactions that are done at a fraction of the cost. 

Alongside the mainnet rollout, OMG Network also released a block explorer and a demo web wallet which allows users to enter the network.

Bitfinex launches USDT on OMG Network

Following the rollout of OMG Network V1 Mainnet Beta, cryptocurrency trading platform, Bitfinex has integrated its Tether (USDT) stablecoin on the OMG network to reduce transaction times, make payments faster and also lower transaction fees.

The new integration builds on the recent usage of Ethereum and especially USDT for token exchange and will allow traders to take move their assets more quickly in the event of increased market volatility such as that witnessed in March.

Paulo Arduino, Bitfinex CTO said in a release, 

 By migrating USDt value transfers to the OMG Network, we save costs, drive performance improvements, and relieve pressure on the root chain. This is good for Bitfinex, our users, and the entire Ethereum ecosystem.

Meanwhile, news of OMG Network launching its Ethereum scalability solution follows a recent listing of the project’s token on leading cryptocurrency exchange, Coinbase, a period that saw the coin gain 25% within 24 hours.