Tether Launches on OMG Network to Battle Ethereum Congestion – August 20

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,745

Bitcoin price remains in the mid to high-$11,000 range, following its recent slip back through the $12,000 mark earlier this week.

Top-20 altcoins have mostly seen small drops in price, with Ethereum and XRP down just over 1% a piece, while Tezos falls 5%.Β Neo and Cosmos are the day’s largest gainers, with rises of 5% and 9%, respectively.

Top Stories for August 20, 2020 πŸ”₯

πŸ‘‰ Tether Launches on OMG Network to Battle Ethereum Congestion

Tether has finally launched its USDT stablecoin on the OMG Network, following through on its plans announced in May.

The shift to the OMG Network was sparked by concerns over Ethereum’s ongoing congestion issues, which have made transactions slow and expensive at times of high traffic.

The OMG Network, a second-layer solution on Ethereum, will slash transaction times and costs significantly for such moments.

πŸ‘‰ Multiple Platforms Have Now Launched Interoperability Protocols

Multiple cross-chain interoperability protocols have launched this week, including products from Neo, Ontology, Cosmos and NEAR.

Neo, Ontology and Cosmos will be able to connect to Ethereum via their Poly Network, and NEAR protocol have also launched their own NEAR-to-Ethereum bridge.

πŸ‘‰ Algorand Reveals New “Stateful” Smart Contracts Aimed at DeFi

Algorand (ALGO) has revealed new “stateful” smart contracts, which will enable the Algorand network to scale faster than other DeFi-enabled blockchains.

The special smart contracts increase efficiency by storing data in user accounts instead of its own code.

Algorand hopes that the new innovation will attract more DeFi platforms to its blockchain, as Ethereum continues to struggle with network capacity issues.

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