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Ethereum scaling: OmiseGo makes progress in Plasma

Ethereum scaling: OmiseGo is making progress with Plasma & new Roadmap

Home News Ethereum scaling: OmiseGo is making progress with Plasma & new Roadmap

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Marcus Misiak –
01.11.2018

OmiseGO, one of the most popular and most ambitious projects in the Ethereum network, has recently made further progress in the development of Plasma show. The OmiseGO Team said that it has completed a first Plasma-Iteration “Tesuji Plasma”, which now serves as the basis for the development of future iterations. Next, the auditing of the network and of the Plasma-Integration by Quant stamp is to be made, in order to give the project more confidence.

The Omise Team has recently informed about the latest developments in the Ecosystem. In a Medium Post, the Team has declared that it considers the project to continue on its Roadmap fixed and new developments. The Team has far from a milestone model and the following Roadmap is provided:

The OMG network is intended to serve as a decentralized exchange (DEX). The current Ecosystem consists of a eWallet Suite and an application interface, a Plasma-Blockchain-Scalability Framework, a decentralized exchange, and a Proof-of-Stake consensus mechanism.

The goal of OmiseGo is that users, once they are connected with Ethereum and Plasma, currencies of the eWallet Software crypto-currencies, such as the ERC-20, ERC-721, tokenized Fiat and much more, send, and store can receive.

Plasma plays a main role in the whole OMG-Ecosystem. Plasma is a Layer-2-scale-up solution, which should increase the transaction speed of Ethereum. In addition, Plasma is a Framework for building a scalable Ethereum-a Blockchain. A Plasma Chain is a Blockchain that can have any functionality and any of the consensus mechanism. The only restriction is that all state transitions have to be followed to the Root Chain (the Ethereum Blockchain). Instead of transferring but each individual transaction to the Root Chain, and encompasses many transactions and as a single change of state of the Ethereum Blockchain passed:

Plasma-Chains are not Sidechains. […] While the user of a Sidechain must rely exclusively on the honesty and security of the Sidechain, have to recognize the users of a Plasma Chain on funds that are secured by the consensus of the Blockchain, as well as an interactive ‘Exit Game’, the malicious behavior. In other words, if a Sidechain is destroyed, lost of state; if a Plasma is destroyed in the Chain, is not lost to the state.

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 the internal test network of the OMG team.

It is currently being conducted Audits with Quant stamp and Synthetic Minds. Like the OMG Team said in the Post, have shown that these Audits are already useful.

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