What is The Graph (GRT)?
OMG FOundtation (previously OMG Network) is a value transfer network for Ethereum and any ERC-20 token. It describes itself as the first production-grade layer-2 Ethereum scaling solution and aims to let people move money and a variety of digital values on the blockchain faster, cheaper, and without compromising on security.
OMG Foundation is a Layer-2 scaling protocol for Ethereum. What this protocol aims to achieve is a higher transaction throughput at a lower cost while leveraging the security guarantees of its underlying layer. OMG Network is predicated on the creation of a child chain that batches transactions before committing them to the root chain, which, in this case, is Ethereum. The child chain relies on the root chain as the trust and arbitration layer. With this type of relationship, if something goes wrong with the child chain, users’ funds should remain safe. The protocol's token, OMG, is the primary method by which users can pay for transaction fees and interact with the network.
Real World Example:
The OMG Foundation's native OMG token can be used to pay for transaction fees and for staking when the platform launches its Proof-of-Stake (PoS) protocol.
The OMG Foundation protocol utilizes an update of Plasma — called More Viable Plasma (MoreVP) — to significantly increase transaction (txs) throughput. The OMG Foundation bundles transactions together, compresses them into one transaction, and verifies them on the OMG Foundation child chain. The child chain then returns confirmed transactions to Ethereum for confirmation on the blockchain. This bundling technique enables the OMG Foundation to process thousands of transactions per second. Transaction costs are one-third of what they would cost on Ethereum because gas fees are paid on the bundled, compressed transaction instead of each individual transaction.
OMG Network Links
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