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OMG Network Unveils the OMGX Scalable Platform

source-logo  thecoinrepublic.com 13 May 2021 07:54, UTC
  • The testnet is a Layer 2 platform that supports EVM-compatible smart contracts
  • Will allow developers to carry out verifiable and complex computations
  • Will empower the widely popular DeFi and NFTs sector

OMG network has recently announced details about the OMGX Tesnet. This testnet is a Layer 2 platform that supports EVM-compatible smart contracts, token staking, and streamlined cross-chain liquidity. 

1/ Today, we announce the OMGX Testnet, a Layer 2 platform that supports EVM compatible smart contracts, token staking and streamlined cross-chain liquidity. https://t.co/ZglfPTc7w9

— OMG Network (@omgnetworkhq) May 11, 2021

OMGX Will Deliver a Smoother User Experience

The OMGX testnet is the outcome of the research carried out by Enya and OMG Network. The team heavily researched fast cross-chain liquidity and new staking capabilities with the open-source Optimistic Rollup platform developed by Optimism PBC. This will, in turn, empower the widely popular Decentralised Finance (DeFi) and Non-Fungible Tokens (NFTs) sector. This will also deliver a smoother user experience. OMG network added that Enya is laying a foundation for OMGX. 

The new Testnet Will Also Utilise Sophisticated Algorithms

The purpose is to scale Ethereum and augment it by allowing developers to carry out verifiable and complex computations. This will also enable smart contracts to properly utilize sophisticated algorithms such as machine learning classifiers along with Enya’s privacy-preserving matching technology. In a recent blog post by OMG titled – ‘OMGX: Scaling and Augmenting Ethereum,’ they explained how Ethereum ecosystem health is at risk. Ethereum, which introduced us to DeFi and NFTs, has been facing problems due to its high and unpredictable gas fees. OMG aims to overcome it. 

Alan Chiu, CEO and co-founder of Enya, commented that they are excited to build a more inclusive Ethereum ecosystem with OMGX to help the developers overcome the barriers. The CEO believes that the OMGX network is an excellent step towards a future of more open financial systems that also respect individual privacy.