One of the main reasons why most of the crypto community is having OMG on their radars is because of their work on researching and implementing Plasma. Plasma is a blockchain scaling solution thought up by Lightning Network co-creator Joseph Poon and co-founder of Ethereum Vitalik Buterin.
As the official whitepaper of Plasma states:
“Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide. These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions. “
And it appears that OMG is making progress on that front.
OmiseGO started development of Plasma MVP in the beginning of January with the plasma-mvp repo. OmiseGO is building out Plasma to enable a DEX to exchange tokens in their future payment network.
3 times faster and countless times more private than Google Chrome - check out Brave Browser (+ earn some money by simply using it)
We’re considering our current testnet, which has been running on Rinkeby since December, a release candidate of the OMG Network. We’ve been happy with the network’s performance over the last couple of weeks. We’ve merged the initial updates to omg-js and have been testing these to ensure that things are going smoothly. We found and fixed a handful of bugs in the process, including addressing exceptions from the watcher when geth crashes, mitigating those crashes, and various improvements in syncing with geth.Omise_go on Reddit
The 2019 year started off strong with a new iteration of the internal testnet. The improvements were based on the data and feedback received from the initial iteration. OmiseGo goal is to create a production environment that is resilient and can handle real-world continuous usage.
To ensure that the team is prepared to open up to the real world -with multiple users, interactions, and connections, they’ve set up means to better study and view the chain, and develop iterations of it faster. The internal testnet is now fully monitored and instrumented with telemetry, logging, and exception reporting -allowing for faster feedback mechanisms and fixes. While the team believes to have created a stronger environment now, they continue to actively test the new environment to build towards further resiliency.
GET READY FOR THE TAX SEASON! CryptoTrader.Tax takes away the pain of preparing your crypto taxes. Simply connect your exchanges, import trades, and download your tax report in minutes. Use CRYPTOTAX10 for 10% off!
Time for resurrection
However, in this most recent update, it appears that the team is hinting at an imminent launch of Plasma on the mainnet as the claim that recent weeks have been satisfactory in terms of its performance on the testnet. This might bring OMG back from the dead, as they have been purged from the crypto darlings group ever since delays, missed deadlines, poor communication and other types of issues started polluting the conversation around the project. A big, positive technological breakthrough would do wonders to OmiseGo reputation but also to its token price.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com