OMG Network is the value transfer layer of USDt, DAI, and ERC20, OMG, ETH. The good thing is that the projects on the OMG Network are able to run faster and cheaper without compromising on the security of Ethereum.
OMG Network, is well-known as a trustless, non-custodial, Layer-2 scaling solution facilitating for transferring value on Ethereum. They have also facilitated withdrawal and deposits of Tether (USDt) to Bitfinex through its value transfer layer. Thus, helps reducing Ethereum congestion and gas fees with improved transaction speeds.
Paolo Ardoino, CTO at Tether in the past stated that by migrating the USDt value transfers to the OMG Network they are able to save costs, drive performance improvements and thus relieve pressure on the root chain network. He further stated that it is good for Bitfinex and their and the whole of Ethereum ecosystem.
In this regard, Sydney Ifergan, the crypto expert tweeted: “OMG Network provides a truly energetic validation times as low as just a few seconds. The transaction fees are just a few cents.”
Integrating with exchanges, wallets, custodians and dApps are the methods used by OMG Networks to offset Ethereum congestion. When congestion is reduced there is scope for lot of innovation.
They continue with their mission to enable open financial services which are fast, cheap, and secure. The OMG Network are one of the quickest and most affordable to transfer ETH and ERC20 tokens globally without restrictions.
Bitfinex integration with OMG Network is a large scale and real-time proof of how speed can be enabled in transactions.
OMG Network makes it possible to access, manage, and transact with digital assets which are kept securely on the blockchain.
OMG Network Possibilities
OMG network makes it possible to deliver payments and settlements, rewards and loyalty points, open-banking and finance for businesses who are looking to use these possibilities as their services.
Businesses will be able to reduce the cost of transactions between entities leveraging digital values on blockchain. Will also be able to automatically trigger payments along supply chain or provide for real-time payments to customers.
Users will be able to issue and manage loyalty points and rewards across business and through the partner networks. It will be useful to shorten the time-to-market while reducing development, fraud, and operation costs.
It will be also be possible to create digital financial services to make it possible to easily connect with third-party providers to facilitate value-add solutions to on-boarding customers with future-oriented needs.
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