After three years of development, a public mainnet beta of the OMG network (formerly OmiseGO) has launched.

The OMG network is a non-custodial “layer 2” scaling solution for the Ethereum blockchain that uses a variation of the Plasma scaling technology called More Viable Plasma (MoreVP).

The Ethereum mainnet has its transaction throughput currently capped at approximately 12 transactions per second, often resulting in network congestion. OMG promises to enable peer-to-peer transactions of ETH and ECR20 tokens with a high throughput of thousands of transactions per second.

The OMG network groups transactions together and sends them via a set of Ethereum smart contracts, reducing transactions costs by two-thirds.

The custodial crypto exchange Bitfinex announced that it will integrate USDT, the largest centralized stablecoin, onto the OMG Network, because it allows more efficient arbitrage trading between exchanges by reducing confirmation times and fees.

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