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The OMG Network (formerly OmiseGO) is a value transfer network for Ethereum and any ERC-20 token. It describes itself as the first production-grade layer-2 Ethereum scaling solution and aims to let people move money and a variety of digital values on the blockchain faster, cheaper, and without compromising on security.
Formally known as OmiseGo, OMG is a layer-2 Ethereum scaling solution designed to be integrated into mainstream wallets. It works on top of the Ethereum blockchain to allow users to transfer Ethereum tokens faster and more cheaply than transferring them on the Ethereum blockchain directly.
OMG holders can also stake some of their tokens, which helps the network stay secure. When you stake some OMG, you earn a percentage of the overall fees that the OMG Network generates from end users.
OMG claims to be “currency agnostic.” Fees remain the same no matter which currencies are and blockchains are involved in a given transaction. This feature could be particularly useful for payment processors and financial institutions.
Released: July 2017
Layer-2 Ethereum scaling solution OMG Network has been acquired by Genesis Block Ventures (GBV). The post Layer-2 Ethereum scaling solution OMG Network gets acquired by a venture firm appeared first on The Block.
Stablecoin issuer Tether is set to move 1 billion more USDT coins, or around 7% of its total supply, from TRON to the Ethereum blockchain. The post Tether is moving 1 billion more USDT coins from TRON to Ethereum blockchain appeared first on The Block.
Stablecoin issuer Tether has moved 3 million USDT coins, pegged 1:1 to the U.S. dollar, to OMG Network from Ethereum. The post Tether moves 3 million USDT to OMG Network appeared first on The Block.
A large chunk of Ethereum network congestion may be a thing of the past as Tether transfers go live on OMG Network’s scaling solution.
After announcing plans to integrate Tether (USDT) into the OMG Network at the end of May, the stablecoin is now live on the network. The post Tether goes live on the OMG Network to combat transaction congestion on Ethereum appeared first on The Block.
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