OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.
The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stakable — helping to secure the network in return for rewards.
Boba Network, a next-generation Ethereum scaling solution, is thrilled to announce the mainnet launch of its Layer 2 Optimistic Rollup. Developed by OMG Foundation core contributor Enya, and based on the publicly available, open-sourced Optimism codebase, Boba Network aims to deliver a faster, cheaper, more seamless experience for the next billion users of Ethereum.
In addition to its public mainnet launch, OMG Foundation will be releasing its new $BOBA token to support decentralized governance of the network.
In support of the Boba mainnet, OMG Foundation is releasing a new governance token for the platform, $BOBA. $BOBA tokens will be airdropped to existing $OMG token holders who have bridged their $OMG tokens to Boba Network by a snapshot date later next month.
How does OMG Work?
The OMG Network protocol utilizes an update of Plasma — called More Viable Plasma or MoreVP — to significantly increase transaction throughput. More specifically, the OMG Network bundles transactions together, compresses them into one transaction, and verifies them on the OMG Network child chain. The child chain then returns confirmed transactions to Ethereum for confirmation on the blockchain
This bundling technique enables the OMG Network to process thousands of transactions per second. Transaction costs are one-third of what they would cost on Ethereum because gas fees are paid on the bundled, compressed transaction instead of each individual transaction.
The OMG Network child chain is controlled by a single block producing node called an Operator, which validates transactions before forwarding them to Ethereum. While Ethereum has upwards of 8000 nodes, OMG Network has only one. Proponents of state channels argue that this centralized mechanism compromises the distributed ethos of blockchain.
OMG Network, however, decentralizes security through a network of computers called “Watchers,” which monitor the Operator and the network for suspicious activity. Anyone can become a Watcher.
Though the child chain is operated by a centralized block producing node, the OMG Network’s security is decentralized because Ethereum’s network of nodes maintains finality on transaction approval. Likewise, the network of Watchers which monitors the network for security threats is also decentralized, providing the security and vigilance inherent in a decentralized network.
Additionally, the child chain is non-custodial, which means that users’ funds never leave the Ethereum network. As a result, users will always be able to recover their funds, even if the OMG Network child chain goes offline — a feature also known as trustlessness.
OMG tokens are highly liquid and can be purchased or traded on well over 200 different exchange platforms, including several top 10 exchanges — such as Coinbase Pro and Binance.
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