The OMG Network is live!
After many, many months of development and “bear-ing” through cryptowinter, the OMG Network v1 Public Mainnet Beta is finally now live! OmiseGo rebranded to the OMG Network to mark this momentous occasion, and OMGpool.org has followed suit.
What does the mainnet launch mean? Transactions from real-world businesses will soon be passing through the network in this new financial infrastructure. This is the moment we’ve all been waiting for!
With the OMG Network’s launch, they revealed that Bitfinex’s Tether volume will pass through the network as their first major adopter, shaving 2/3 off current transaction costs. Many in the ETH community praise this news as significantly reducing congestion on the ETH network, including Vitalik himself!
What does this mean for OMG token hodlers? Well, we can’t quite stake yet — in this release, the network remains centralized under OmiseGo’s control using the Proof-of-Authority consensus algorithm, meaning they have not yet relinquished sole control of the network. This is to keep an eye on the health and stability of the network as it is being used in the real world, before moving onto the next phase of their implementation: decentralizing the network by moving to a Proof-of-Stake model, where OMG token hodlers can stake their tokens on the network and reap rewards for validating transactions.
Recent AMAs with the team suggest that there may be an interim stage with “incentivized watchers” that may provide token hodlers a staking-like experience (complete with staking rewards) — we’re closely watching developments in this area.
As we eagerly look forward to that phase, we at OMGpool.org are preparing to be the largest community-driven staking pool in the ecosystem. With us, you won’t have to run your own servers and software to stake OMG; instead, you can safely delegate the staking of your tokens to our servers to earn these fees for you on your behalf, without ever handing over control or ownership of your tokens.
If you’re a newcomer to this community — welcome! Check out the guides on our site to learn more about the OMG network and what it means to be a token staker, and sign up with us for email updates leading up to the launch of the staking phase.
OMGpool (omgpool.org) is building the first and largest community staking pool for the OMG Network.
Be sure to check out our staking rewards calculator on our website omgpool.org.
If you’d like to be the first to hear about the staking pool when it launches, sign up for email updates here or in the form below.
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Email us at: contact@omgpool.org
