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Ethereum based blockchain platform OMG Network has announced the launch of its scalability solution OMG Network V1 Public Mainnet Beta also known as Plasma. The project which has been in development for the past three years was announced to much delight on the official twitter handle of OmiseGo.
According to OMG Network the launch of the solution would enable transactions to occur on its network with the security of Ethereum but at a fraction of the cost.
The solution would also further scale Ether and ERC20 transactions by grouping them together reducing the period taken to verify and validate transactions on the Ethereum blockchain. Furthermore, transactions on OMG Network would also increase the processing capacity of Ethereum.
Ethereum Co-founder Vitalik Praises OMG Network
The launch of the scalability solution did not go unnoticed with one of the key figures in the crypto industry Vitalik Buterin chipping in. Buterin sent his congratulations to OMG Network on twitter following the announcement.
He also chipped in further by answering questions from his followers regarding the application of the new solution and whether transaction fees would be reduced. This comes as no surprise as OMG Network is often considered as a child to Ethereum with Buterin serving as one of the advisers to the blockchain project.
Tether (USDT) now available on OMG Network
Also, the announcement that Bitfinex’s Tether (USDT) would be available on the OMG Network has been made. The integration which would be the first time that Tether is integrated on an Ethereum sidechain is a further boost to the OMG Network.
It is understood that the integration would help to boost the performance of the stablecoin on the Ethereum blockchain. Tether represents the largest gas gobbler with more than $1.84 million in transaction fees spent in May.
This represents more than the total gas used by the next five protocols on the blockchain. By integrating some of the volumes to the OMG Network, Tether is hoping to reduce the burden on Ethereum as it would save costs and drive performance improvements.