Ethereum Scaling: OmiseGo makes progress on plasma & new roadmap

bitcoin fraud

OmiseGO, one of the most popular and ambitious projects in the Ethereum network, has recently made progress in developing plasma. The OmiseGO team completed a first plasma iteration, “Tesuji Plasma”, which now serves as the foundation for building future iterations. Quantstamp will be doing the network and plasma integration audits.

The Omise team has recently informed about the latest developments in the ecosystem. In a Medium post, the team stated that it continues to stick to its roadmap to make new developments. They moved away from a milestone model and provided the following roadmap:

omisego

OMG as a decentralized exchange

The OMG network is intended to serve as a decentralized exchange (DEX). The current ecosystem consists of an eWallet suite and application interface, a plasma blockchain scalability framework, a remote exchange and a proof-of-stake consensus mechanism.

The goal of OmiseGo is for users, once connected to Ethereum and Plasma, to send, receive and store cryptocurrencies such as ERC-20, ERC-721, tokenized Fiat currencies, and more with the eWallet software.

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 Blockchain. A plasma chain is a blockchain that can have any functionality and consensus mechanism. The only limitation is that all state transitions on the root chain (the Ethereum Blockchain) must be tracked. Instead of transferring each transaction to the root chain, many transactions are merged and passed as a single state change to the Ethereum Blockchain:

“Plasma chains are not side chains. The biggest distinction is plasma’s exit mechanism. Whereas users of a side chain must rely solely on the honesty and security of the side chain, users of a plasma chain have funds secured by the chain’s consensus as well as an interactive exit game that detects malicious behavior. In other words, when a side chain breaks, state is lost; when a plasma chain breaks, state is exited but remains intact.”

Tesuji Plasma is the first iteration of the plasma-based implementation of OmiseGO. The design is based on a minimal viable plasma. Tesuji is currently implemented in OMG’s internal testing network.

Audits are currently being conducted with Quantstamp and Synthetic Minds. As the OMG team explained in the post, these audits have already proven useful.

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