零点课堂 | What Is OmiseGO?(1)

OmiseGO (rebranded to the OMG Network) is a scaling solution for Ethereum that is fully compatible with ERC-20 tokens and ETH.

Promising lower gas costs and faster confirmation times, the OMG Network aims to mitigate some of the scalability issues that hinder Ethereum.

What is OmiseGO (OMG)?

OmiseGO (rebranded to OMG Network) is a Layer 2 solution for transferring value trustlessly on Ethereum. It aims to reduce transaction fees and times without compromising the security of Ethereum.

In essence, the OMG Network helps solve the scalability issues that Ethereum currently has.

How OmiseGO (OMG) works

The OMG Network is what’s known as a Layer 2 solution. A Layer 2 solution is built on top of an existing blockchain (in this case, Ethereum). As transactions are processed on the “secondary” layer, precious block space is freed up on the Ethereum blockchain as a result.

In some sense, you could think of a Layer 2 solution as a kind of blockchain on top of a blockchain.

The OMG Network is supposed to have the same security as Ethereum, but with lower transaction fees and faster transaction times – and it works with all ERC-20 tokens and ETH.

This is good news for pretty much anyone using Ethereum. While it has brought forth many exciting innovations, the Ethereum network can become exceedingly costly to use at times, especially for smaller transactions.

The OMG Network also has proof of its success. A portion of the supply of the biggest stablecoin in the world, Tether (USDT), has been issued on the OMG Network.

The OMG Network is just one such Layer 2 solution amid a sea of competitors aimed at scaling Ethereum, such as Optimism, Loopring, and zkSync.

声明:本文由 Binance撰写,零点财经收录,观点仅代表作者本人,绝不代表零点财经赞同其观点或证实其描述。

本文由 零点财经 作者:tao 发表,其版权均为 零点财经 所有,文章内容系作者个人观点,不代表 零点财经 对观点赞同或支持。如需转载,请注明文章来源。
分享生成图片
36

发表回复

零点课堂 | What Is OmiseGO?(1)

2021-02-24 11:24:36

OmiseGO (rebranded to the OMG Network) is a scaling solution for Ethereum that is fully compatible with ERC-20 tokens and ETH.

Promising lower gas costs and faster confirmation times, the OMG Network aims to mitigate some of the scalability issues that hinder Ethereum.

What is OmiseGO (OMG)?

OmiseGO (rebranded to OMG Network) is a Layer 2 solution for transferring value trustlessly on Ethereum. It aims to reduce transaction fees and times without compromising the security of Ethereum.

In essence, the OMG Network helps solve the scalability issues that Ethereum currently has.

How OmiseGO (OMG) works

The OMG Network is what’s known as a Layer 2 solution. A Layer 2 solution is built on top of an existing blockchain (in this case, Ethereum). As transactions are processed on the “secondary” layer, precious block space is freed up on the Ethereum blockchain as a result.

In some sense, you could think of a Layer 2 solution as a kind of blockchain on top of a blockchain.

The OMG Network is supposed to have the same security as Ethereum, but with lower transaction fees and faster transaction times – and it works with all ERC-20 tokens and ETH.

This is good news for pretty much anyone using Ethereum. While it has brought forth many exciting innovations, the Ethereum network can become exceedingly costly to use at times, especially for smaller transactions.

The OMG Network also has proof of its success. A portion of the supply of the biggest stablecoin in the world, Tether (USDT), has been issued on the OMG Network.

The OMG Network is just one such Layer 2 solution amid a sea of competitors aimed at scaling Ethereum, such as Optimism, Loopring, and zkSync.

声明:本文由 Binance撰写,零点财经收录,观点仅代表作者本人,绝不代表零点财经赞同其观点或证实其描述。