OMG Network Deploys Ethereum Scalability Solution to Mainnet, Reducing Costs by 66%

In News, Blog, OMG Network by OMG Network

Bangkok, THAILAND - OMG Network, a subsidiary of SYNQA, Southeast Asia’s leading payment business, scales Ethereum to thousands of transaction per second while simultaneously reducing transaction fee to 1/3rd with its release of OMG Network V1 Mainnet Beta.

“At OMG Network, we believe the ability to transfer value globally and without restriction is a basic human right. The internet is now available to more than 60% of the world’s population, but our current financial system is wrought with friction. To empower true global commerce, we need to enable permissionless transactions that can accommodate multiple parties and forms of money. Blockchain already allows for this, but until now has been unable to scale to meet global demands. Finally, the OMG Network accomplishes all of this with the security of Ethereum and at a fraction of the cost. It is a major milestone in what will continue to be a long and exciting journey.” said Vansa Chatkavanij, OMG Network CEO

The OMG Network uses the More Viable Plasma (MoreVP) specification to increase the processing capacity of Ethereum. 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 OMG Network has released two additional products to accompany its mainnet deployment. The first is a demo web wallet, which allows users to enter the network, send transactions across it, and exit funds back to Ethereum mainnet. The second is the OMG Network Block Explorer that lets users search for all the usual on-chain data they’re accustomed to — from transaction history to wallet addresses.  Future releases include faster exits, scalable exits, and OMG staking.

About OMG Network

Established in 2017 under the brand name OmiseGO, the rebranded OMG Network is a subsidiary of SYNQA. Our mission is to enable fast and secure value transfer for the world through the OMG Network. The OMG Network is the fastest and most affordable way to transfer ETH and ERC20 tokens. Our Ethereum experts are ready to support your business with future-ready solutions as you evolve into the new economy.

Disclaimer: Please remember the OMG Network is in beta and may be subject to bugs or errors. The OMG Network team is committed to ensuring that these issues are resolved quickly. But we ask you to exercise caution and transact real value on the network at your own risk.

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