Thailand-based project OmiseGO (OMG), which is building solutions ripe for application in developing countries, has launched the Plasma scaling solution that brings much greater scalability to the Ethereum network, according to a blog post published on June 1.
A solution 3 years in the making, OmiseGO grew in reputation for being the first project to build and implement the Plasma scaling solution, as well as for having Vitalik Buterin as an advisor.
Vansa Chatkavanij, CEO of OMG Network, celebrated the fact that the technical performance can now support the project’s lofty goals.
To empower true global commerce, we need to enable permissionless transactions that can accommodate multiple parties and forms of money. Blockchain already allows for this, but until now has been unable to scale to meet global demands. Finally, the OMG Network accomplishes all of this with the security of Ethereum and at a fraction of the cost. It is a major milestone in what will continue to be a long and exciting journey.
The team touts that the solution will reduce transaction costs by 66% and facilitate a throughput of thousands of transactions per second. The project’s solutions are primarily aimed at the citizens of developing countries, who can utilize the technology to make near-instant transactions at negligible prices both for commercial and cross-border purposes.
Another key element of OmiseGO is its decentralized clearinghouse, which would enable users to exchange loyalty points, redeemable vouchers and other digital forms of value into currency - especially useful in countries where digital wallets are popular, like Asia. To that end, it has already released a demo web wallet and blockchain explorer, with future developments to include such features as staking.
The ERC-20 based OMG token has also recently been listed by Coinbase, which also airdropped the token to ETH holders as a part of a long-standing deal.