“At OMG Network, we believe the ability to transfer value and make payment is a basic human right.As over 60% of the world gains access to the internet and more commerce moves online, financial systems have to evolve to accommodate multiple parties and transact different forms of money. The blockchain already allows for that, but until now has been unable to scale to meet global demands. The OMG Network scales Ethereum without sacrificing on security 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 Chatikavanij, OMG Network CEO.
The OMG Network uses the More Viable Plasma specification to increase the processing capacity of Ethereum. Kasima Tharnpipitchai, OMG Network CTO explains, “More Viable Plasma bundles up transactions in blocks, and sends these batched transactions to the Ethereum Network for confirmation. It is through this compression that the OMG Network achieves a high throughput of thousands of tps at 1/3rd the transaction cost for the end-user — with Ethereum-level security.”
The OMG Network has released two additional products alongside its mainnet. A demo mobile wallet, which allows users to enter the network, send transactions across it, and exit funds back to Ethereum mainnet. And a blockchain explorer, that lets users search for anything — from transaction history to wallet addresses on the OMG Network. Future releases include fast exits, protocol improvements for exits at scale, and staking. For now, visit OMG.network to try out the block explorer and demo wallet.
