Ethereum scaling: OmiseGo makes progress on plasma

OmiseGO, one of the most popular and ambitious projects in the Ethereum network, has recently shown further progress in the development of plasma. The OmiseGO team explained that it has completed a first plasma iteration “Tesuji Plasma”, which now serves as the basis for building future iterations. Next, Quantstamp will audit the network and plasma integration to give more confidence to the project.

The Omise team has recently informed about the latest developments in the ecosystem. The team explained in a medium post that it will continue to adhere to its roadmap and new developments will be made. The team has moved away from a milestone model and has provided the following roadmap:

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

The goal of OmiseGo is to enable users to send, receive and store crypto currencies such as ERC-20, ERC-721, tokenized fiat currencies and much more once they are connected to Ethereum and Plasma 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 the transaction speed of Ethereum. In addition, Plasma is a framework for building a scalable Ethereum blockchain. A plasma chain is a blockchain that can have any functionality and any consensus mechanism. The only limitation is that all state transitions on the root chain (the Ethereum blockchain) must be tracked. But instead of transferring each transaction to the root chain, many transactions are aggregated and passed to the Ethereum blockchain as a single state change:

Plasma chains are not sidechains. […] While the users of a sidechain must rely solely on the honesty and security of the sidechain, the users of a plasma chain have funds secured by the consensus of the blockchain, as well as an interactive exit game that detects malicious behavior. In other words, when a sidechain is destroyed, the condition is lost; when a plasma chain is destroyed, the condition is not lost.

Tesuji Plasma is the first iteration of the plasma-assisted 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.

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

Thank you @Quantstamp for all your hard work and valuable feedback so far!

– OmiseGO (@omise_go) October 30, 2018