OmiseGO team has finally deployed their Ethereum scalability solution to mainnet. This has reduced the transaction fee to 1/3rd. For those who do not know about OmiseGO, it is a second layer scalability solution for Ethereum that is currently struggling to scale in its current state.
Ethereum 2.0 is expected to vastly improve scalability over the current iteration of Ethereum but there is no concrete launch date. This is where 2nd layer scaling solutions like OmiseGO come into play.
Kasima Tharnpipitchai, OMG Network CTO explained, “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.”
With release of OMG network beta, two additional products have been made available as well – this includes demo web wallet and OMG network block explorer that allows users to search on-chain data.
Upcoming releases will enable staking, faster exists and scalable exists.
Very soon, in near future, the OMG Network will become the fastest and most affordable way to transfer both ETH and ERC20 tokens.