OmiseGo (OMG) Updates: Plasma Integration is at Final Stages – Cryptocurrency News Today

OmiseGo, one of the prominent project run on the Ethereum network, has recently announced important updates on the completion of Plasma Integration.

In the last community update, OmiseGo official team has stated that they have done some important advancements in the development of applications on top of plasma technology. They have divided overall Plasma development and integration into several iterations. The first iteration, as they have named, is “Tesuji Plasma”, which is the basis for building next iterations.

Community update describes the goals of Tesuji Plasma as follows:

  • Proof of Authority run on OmiseGo servers
  • Command Line Interface (CLI) to monitor the child chain
  • Exit to Ethereum for final safety
  • Atomic swap support
  • Multiple currencies (initially this means ETH and ERC-20)

OmiseGO (OMG) Price Today – OMG / USD

Name Price24H (%)
OmiseGO (OMG)
$0.95
-6.28%

What is Plasma

Plasma technology is basically a framework which enables quick execution of smart contracts that are scalable to a certain level while allowing blockchain network to use it in a number of decentralized platforms worldwide.

Means, using this framework we can create chains inside chains, or parent (e.g. Plasmachain) and child chains without revealing information with other Ethereum-based applications.

Community Updates

The development team of OmiseGo describes efficient work division in which they divide development into two phases: Minimum Viable Plasma (MVP) which adds basic implementations while facing security issues and More Viable Plasma (MoreVP) which improves user-interface and also increase security.

Despite great achievements, the team stated that current developments are not enough to be implemented officially; though they are moving towards the completion of the integration of this technology.

“The first four (PoA, exits, CLI, multiple currencies) are done and on internal testnet. Atomic swaps are a feature, not infrastructure, so although they are among the list of goals they are not a necessity for launch. When the time comes, we’ll go ahead to regardless of whether atomic swaps are ready to go.”

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