- Company says OMG project remains in course despite challenges
- The team will transit from the milestone model to a tracker that shows progress in smaller installments
- Tesuji Plasma is running on testnet and audit shows its successful
2018 has been a tough year for altcoins and only the toughest ones have survived the bear market. While others fell along the way, OmiseGO (OMG) continued to struggle with their project and have now gone against the grain to update community members about the status of their ecosystem.
Project on Course
In an official blog post on Medium on October 31, 2018, the company has reminded community members the project remains on course and the development team is still making new developments.
The team announced it was transitioning from the milestone model and stated it will henceforth apply a tracker that will show progress in smaller installments showing lists of tasks that will be completed at every stage. The aim, according to the team, is to ensure the period between different milestones is “less mysterious and interminable. The group explained:
“It’s been our experience that the milestone model has led to a cycle of waiting, speculation, frustration, brief excitement upon release, and then recommencement of waiting, with not enough clarity in between.”
The OMG network, which comprises of an e-Wallet Suite and Application Interface, Plasma Blockchain Scalability Framework, Decentralized Exchange Layer, and Proof-of-Stake Consensus Mechanism, aims to become a Decentralized Exchange (DEX) soon.
Per the blog post, the idea is to connect Plasma and Ethereum to enable users to send, receive and store digital currencies like ERC-20, ERC-721 and tokenized fiat via the e-Wallet software. The post read in part:
“We will expand the capabilities of the OMG Network to support additional currencies, working toward a full currency agnostic exchange.”
What is Plasma?
Plasma is an integral part of the OMG ecosystem that features a two-layer scaling solution that has the potential to implement a fresh realm of high transaction speeds to the current blockchain eco-system which sometimes shows serious limitations. Using child Plasma chains will ensure the pressure foot is taken from the root chain besides introducing additional security protocols. The OmiseGO (OMG) is attending the DevCon4 in Prague, the Czech Republic where they plan to audit the network and Plasma integration via the smart contract security firm Quantstamp.
Tesuji Plasma is the first application of the OMG Plasma-based implementation and is running on an internal testnet. The company is running the audits with Quantstamp and Synthetic Minds and reports the audits have proved useful since they have received and reacted to preliminary feedback. The post said:
“In the original roadmap Tesuji was to be launched as an MVP-based implementation, but the decision was made to launch public testnet (and later mainnet) with the security and UX improvements offered by MoreVP already incorporated.”
