OmiseGo (OMG) is an altcoin we have been interested in at EG. The platform has an interesting concept – one that is not uncommon in the crypto world – of being able to pay for goods with cryptocurrency and vendors never being the wiser. Phrasing it this way seems sneaky, but it is not. When transacions are fluid, a merchant does not care if you paid with debit or credit or even dollars or yuan. This is the point and OMG is looking to create a functioning platform for this type of smooth transaction.
OMG has done a lot of work so far, here is the rundown.
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Work was done on the eWallet Suite and there were more details regarding Plasma. Tesuji Plasma will be the first iteration of the scalability infrastructure and will contain the following features:
- Proof of Authority run on OmiseGO servers
- Exit to Ethereum for final safety
- CLI (command line interface) to monitor the child chain
- Multiple currencies (initially this means ETH and ERC-20)
- Atomic swap support
Tesuji Plasma is extremely important since it provides the fundamentals for the creation of future iterations. The team initially set out some vital objectives in their roadmap. In their recent announcement, they said they’ve successfully achieved the development of the elements required to meet those objectives.
— Cryptographics (@CG_designing) September 24, 2018
A Plasma update #4 was released a couple of weeks ago by the development team and it made many community members happy about where the project is at currently and where it’s headed next. Overall, work has been done on the smart contracts, with Plasma MVP root chain contracts almost ready for auditing. Development continues on the Watcher, which plays a key role in the Plasma construction. The Watcher serves as a more accessible interface to the child chain. Furthermore, work has been done on mass exits, BLS signatures, LearnPlasma, sparse merkle trees. You can check out the complete list of updates that were made on Plasma in this Reddit thread.
October 1st saw OmiseGo (OMG) release a community update for September 2018. On the technical side, work has been done on the OMG DEX. The team held a workshop in Warsaw where the team got the opportunity to reassess their design choices and balance out short-term priorities regarding the matter.