Hong Kong-based cryptocurrency trading platform, Bitfinex revealed that stablecoin Tether [USDT] has been integrated into the OMG Network.
Tether Finds Shelter at OMG Network
Bitfinex’s latest move was put into action in order to diminish confirmation times while making sure that users engage in faster payments with more economical transaction costs. The platform assures all of this with security kindred to that of Ethereum.
The OMG Network sure does sound like an incipient company, however, prominent platform OmiseGO was rebranded as the former. As per the company’s blog post, the CEO of the OMG Network, Vansa Chatikavanij expressed her exhilaration to work with Bitfinex as she looks forward to addressing the scalability issues of the blockchain in order to explore new monetary services.
Trending Stories
Chatikavanij added,
“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second and reduces transaction costs to a third of Ethereum.”
Paolo Ardoino, CTO at Bitfinex seconded CEO Chatikavanij on the same as he stated,
“By migrating USDT value transfers to the OMG Network, we save costs, drive performance improvements, and relieve pressure on the root chain. This is good for Bitfinex, our users, and the entire Ethereum ecosystem.”
The blog post further highlighted that the minimum miner fee to transfer USDT as an ERC20 token is priced at 0.001 Ethereum. Further justifying its traverse from the Ethereum blockchain into the OMG Network, the “vulnerability to severe network congestion” was also addressed in the blog post. Since every block has an inhibited capacity of only 12 transactions per second, an incrementation in need could surpass the standard capacity causing a surge in gas costs as well as settlement times.
The OMG Network’s “More Viable Plasma solution” reportedly sanctions a number of transactions in a single block with a lesser fee. Ardoino further elaborated on the same and said,
“This allows traders to react faster to trading opportunities and more efficiently arbitrage between exchanges as the network grows.”
Even though Ethereum is the most sizably voluminous value settler for Tether, the stablecoin operates on various other blockchains including EOS, Liquid Network, Omni, Tron, Algorand, Ethereum and its latest blockchain, OMG Network.
Vitalik Buterin the man abaft the Ethereum network took to Twitter and said,
Following this tweet and replying to Buterin, Ardoino elucidated the reason for the migration. His tweet read,
Ethereum’s gas costs and scalability issues have always caused affliction. However, if these issues perpetuate, it is speculated that Ethereum could encounter many closed doors akin to its latest.
- Bitcoin Cash Sinks 7% As Its Biggest Advocate Is Accused Of Default
- Here’s Why Ethereum (ETH) Price Can Plunge More Ahead
- This Crypto Winter Suite Could Help Investors In Bear Market
- Terra USTC Price Skyrockets By 75%; Will It Recover More?
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000