OmiseGo was created in 2017 in the form of an ERC-20 token. The objective of this protocol is to be able to transfer ethers and ERC-20 instantly, and almost free of charge, on Ethereum.
OmiseGo becomes OMG Network
OmiseGo is a Thai project launched in 2017 following an ICO worth $ 25 million. Its objective is to provide a service facilitating crypto payments, mainly micropayments .
On the occasion of the release of the first version of their network, the OmiseGo project is renamed OMG Network .
“OmiseGO is a big name that captured what we were at the start, a young and fiery offspring of Omise. However, we have gone far beyond that in the past three years. […] With our new name, we wanted to give a deep technical understanding of the product that we embody, develop and maintain. OMG Network has emerged as the natural choice. " Statue announcement .
Version 1 of the OMG Network protocol
After announcing the deployment of a testnet at the beginning of March, it's the OMG Network mainnet's turn to be deployed on the Ethereum network .
Thus, OMG Network is a second layer solution running on top of the Ethereum blockchain. To deliver the announced performances, OMG Network uses the Plasma technology and more specifically the MoreViable Plasma technology .
Plasma allows developers to create blockchains parallel to that of Ethereum, which are based on smart contracts.
“MoreVP scales ethers and ERC20 transactions by grouping them together and passing them through a set of Ethereum smart contracts. These combined transactions are then verified and validated by a decentralized network of watchers . The processing of grouped transactions allows a high speed of thousands of transactions per second, and translates into a reduction of three times the cost of the transaction for the end user - all with the level of security of Ethereum " explains Kasima Tharnpipitchai, CTO from OMG Network.
Tether (USDT) arrives on OMG Network
As good news never comes alone, OMG Network also announced the addition of stablecoin tether (USDT) to its freshly deployed V1 .
“By migrating USDT transfers to the OMG network, we save costs, improve performance and relieve pressure on the mother chain. It's good for Bitfinex, for our users and for the whole Ethereum ecosystem ” details the announcement.
A choice that is not trivial. Indeed, Tether is THE most used stablecoin on the Ethereum blockchain and represents around $ 7 billion in daily exchanges.
Unlike many projects that were launched at the same time, OMG Network was able to keep its goal in mind. The company finally delivers a product, through version 1 of its mainnet!