Ethereum co-founder Vitalik Buterin has acknowledged a move that could signal the end of scalability issues for the ETH network. Developers who have made huge strides rolling out new solutions amidst scaling bottlenecks could become the greatest beneficiaries of this latest move.
Writing on his official Twitter handle on June 1, 2020, Buterin stated that his network’s layer-2 scaling strategy had been launched successfully, at a time when the world was focused on Covid-19 and the civil unrest caused by the murder of George Floyd. He further noted that all that remained now was refining before it could be deployed. He tweeted:
“While everyone wasn’t looking, the initial deployment of Ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment.”
Increase Ethereum’s Processing Capacity
The project that’s been under development for at least three years is the brainchild of the Ethereum-based blockchain platform OMG Network. The scalability solution, dubbed OMG Network V1 Public MainNet Beta, is also called Plasma. The company announced the good news to the OmiseGo community via its official Twitter handle, saying the development enables secure ETH-based transactions to occur in its network at a fraction of the cost. The company’s tweet read:
“You’ve been waiting for it, we’ve been waiting for it, and well, soon is here! We present to you the OMG Network V1 Public MainNet Beta. It is a fully trustless, low cost, high throughput way to transfer value at the same level of security as Ethereum.”
Accordingly, the new solution is meant to enhance Ether and ERC20 transactions by combining them, reducing the amount of time it takes to confirm and authenticate them on the Ethereum transactions. The strategy is also likely to increase the processing capacity of Ethereum transactions on the OMG Network.
Eradicate Ethereum Network Overload Issues
Vitalik Buterin and Lightning Network founder Joseph Poon released the layer-2 scaling solution, Plasma technology, in 2017. The pair promised that the technique would eradicate the Ethereum network overload issues besides increasing its transaction output capacity. Plasma was recently popularized after integrating Stablecoin Tether (USDT) into the OMG Network. The migration by USDT, the leading Stablecoin to the OMG Network, means it will attract faster transaction confirmation times.
While the highly anticipated ETH 2.0 may be several months away, users can take advantage of OMG’s enhanced layer-2 scaling solution with its ability to support thousands of transactions per second. The new development will reduce the burden on the Ethereum network by improving performance and saving transaction costs.