OmiseGo blockchain network have highlighted the major benefits of USDT adoption on its blockchain. It was with great surprise earlier in the month when it was announced that USDT would be printed on OMG blockchain.
Tether CTO Paolo Adroino had enthused that the adoption of OMG Network will help the stable coin increase its performance and save cost. Since then there have been little announcements from OMG Network regarding the development.
However, in a recent blog post, OMG Network revealed how this development would impact its community.
According to OMG, Bitfinex can expect the very best experience for million of traders and users with regards transacting in Tether.
OMG Network to Provide Three Major Benefits to USDT Users on its Platform
The platform listed three major areas things would be impacted with the adoption. This includes better efficiency, affordability and security.
OmiseGo blockchain processes transactions every 15 seconds and can receive tons of transactions per second. With its core protocol on the plasma Childchain, USDT users will experience faster transaction time on OMG Network.
OMG transactions are also cheaper than Ethereum due to its blockchain protocol which fuses token and Ether transactions together.
This reduces Ethereum gas costs and makes OMG Network one of the best within the Ethereum ecosystem. At the moment OMG Network transactions charge one-third the fraction of Ethereum costs and makes it ideal for USDT users.
Lastly OMG Network is banking on the strong security from the Ethereum smart contract to secure USDT transactions. In addition, OMG Network relays every transaction performed on its platform to mainnet at every block.
Bitfinex adoption huge for OMG Network
The adoption of OMG Network by Bitfinex is a huge one and shows the level of trust and development by the blockchain.
The adoption should help reduce the transaction load on the Ethereum blockchain with Vitalik Buterin among those that endorsed the move.
It will be interesting to see how these would impact the cryptospace in the coming months.
