After drawing a lot of criticism by their own community for the lack of communication, sloppy updates and almost no activities on the business side of the project, things are starting to swing back in the right direction for OMG.
OmiseGO, used to be one of the most popular and ambitious projects in the Ethereum network, has recently shown some progress in the development of plasma. The OmiseGO team stated that they have completed a first plasma iteration “Tesuji Plasma”, which now serves as the basis for building future iterations. In the next step, Quantstamp will audit the network and plasma integration to give more confidence to the project.
Plasma plays a major role in the entire OMG ecosystem. Plasma is a layer 2 scaling solution designed to significantly increase Ethereum’s transaction speed. In addition, plasma is a framework for building a scalable Ethereum block chain. A plasma chain is a blockchain that can have any functionality and any consensus mechanism. The only limitation now is that all state transitions on the root chain (the Ethereum blockchain) must be tracked.
Plasma is a blockchain layer 2 scaling solution to scale blockchain systems to millions or potentially billions of transactions per second (in contrast to, for instance, the current limits of 20–30 transactions per second for Ethereum), while preserving security and decentralization.
The basic idea here is that we can take assets from one chain and transfer them to another (called the “childchain” or “Plasma chain”) by locking the assets up on the primary chain (or “root chain”) and “creating” them again on the child chain. When you want to go back, you simply need to “destroy” the asset on the child chain and unlock them on the root chain.
What you'll learn 👉
In a detailed report on the progress in November, OMG team covered couple of updates. The eWallet Suite team has made a lot of progress in November. The team fixed bugs in fixed filtering, a bug in login error handling on admin panel, and the bugs and race condition in the settings system. With this update it allows the data in the eWallet Suite (e.g transactions) to be easily searched; this wasn’t possible before.
eWallet will allow both merchants/wallet providers and users to transact directly on the OMG Network without the need to create their own chain.
As the OMG network will enable systems to be interoperable with each other, users will not need a separate wallet for every merchant they visit nor would they need to deposit funds into a dedicated account in order to spend them at a given merchant.
OmiseGO is building a non-custodial decentralized exchange on top of Plasma. They‘re creating the back-end infrastructure that allows currency-agnostic asset exchange in order to trade any digital asset into any other digital asset.
Work on the Android application and system was carried out. One big update that is almost done to completion at the end of this month is the Audit system. This system allows the tracking of all changes to the data, like adding new users or adding new tokens.
A lot of work has been done on this front. We’re now seeing viable “Plasma Apps”, or what Kelvin and Ben Jones call “PLAPPS”, through the construction of state enabled plasma chains. These state enabled plasma chains make it possible to build applications on top of plasma chains. This work is far from finished but it’ll form the building blocks of the future of plasma as a generalized scaling solution beyond payments and exchange.
They have also begun a rebuild of the internal testnet for greater robustness and proper production support. This rebuild is structural, rather than a rewrite of any of the core code or contracts which have already been audited.
Work continues on MoreVP, particularly on refactoring and implementing the MoreVP exit game in our smart contracts, child chain service, and the Watcher. More Viable Plasma (“MoreVP”) is a modification to the Plasma MVP exit protocol that removes the need for a second signature and generally improves user experience. The MoreVP exit protocol ensures the security of assets for clients correctly following the protocol.
In theory, anyone could create a Plasma chain for social networking, gaming platforms, micropayment services, decentralized exchanges, messaging services, private blockchains (e.g. private companies, banks, universities, etc.), and so on.
The purpose of the collaboration is to develop a POC to verify the suitability and performance of the OMG Network for their data record-keeping system. MVL will record data generated from TADA on the OMG Network. As part of the MoU, both companies will commit to technical cooperation and research on the actual use of blockchain technology in TADA.
“We are pleased to sign an MOU with MVL to deliver a POC for their ride hailing service TADA. This serves as a step forward in our efforts to showcase the potential and benefits of the technologies OmiseGO is developing and also a great opportunity to work with an innovative company that seeks to deliver reliability and transparency through their incentive structure and data recording and sharing ecosystem — values that we appreciate and subscribe to,” said Vansa Chatikavanij, OmiseGO’s Managing Director.
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