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OmiseGo (OMG) Updates Plasma As The Ultimate Ethereum Fix

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OmiseGo updates Plasma as the scalability fix for Ethereum.

OmiseGo (OMG) is quickly gaining a reputation as one of the most exciting cryptocurrency projects built on the Ethereum blockchain. OmiseGo could be the first to implement Ethereum’s much-awaited second-layer scalability solution, Plasma.

Understanding Plasma – Ethereum’s Blockchain Scaling Solution

The Plasma scalability solution was first thought of by Ethereum Co-Founder, Vitalik Buterin, and Lightning Network Co-Creator, Joseph Poon. In simple terms, Plasma is similar to many blockchains branching off from the parent chain. Furthermore, these branching blockchains are, in turn, linked to the main blockchain. Some experts also refer the branching blockchain as child chains.

These branching blockchains perform complex transactions while alleviating the load from the main blockchain. As a result, they help to perform faster transactions at lower fees as the main chain doesn’t need to repeat these actions.

OmiseGo’s Implementation of Plasma

During Q1 of 2018, the firm started the development and testing of Plasma’s first iteration – Tesuji Plasma. Some of the basic goals for Tesuji Plasma are below.

  • Running Proof of Authority on OmiseGo servers.
  • Monitoring of child chain using Command Line Interface.
  • Support for multiple currencies (Initially all the ERC20 ones).
  • Support for Atomic Swaps.
  • Exit to Ethereum for final safety.

Details Regarding the Plasma Update #6

Currently, the primary focus for the creative company is deploying Watcher API on the internal OmiseGO testnet. The Watcher API provides an accessible interface to the child chains. As a result, it plays a crucial role in successful development and operation of Plasma.

The Watcher API is also critical for securing the network and building dApps (decentralized applications). In the latest update, OmiseGo has brought a series of bug fixes and improvements to the Watcher. These improvements include detection of faults like block withholding, invalid blocks, and invalid exits. Furthermore, the update also improves the Watcher-syncing process.

Implementing Changes Proposed by Quantstamp

After the recent update, OmiseGo received preliminary feedback from Quantstamp. Quantstamp is another Ethereum-based project working on the network’s scalability solutions.

Quantstamp showed OmiseGo the presence of a potential attack vector in its Plasma MVP chain contracts. This vector could trigger a mass exit to the main chains by making the child chain invalid.

OmiseGo says that they have addressed this issue and other Quantstamp recommendations with the Plasma Update #6. Over and above, the OmiseGo team has also added a Javascript Integration library.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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