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After having attracted much criticism from their community for lack of communication, poor updates and almost no activities on the commercial side of the project, things are starting to move in the right direction for OMG.
OmiseGO, one of the most popular and ambitious projects on the Ethereum network, has recently shown some progress in plasma development. The OmiseGO team said they had completed a first "Tesuji Plasma" plasma iteration, which now serves as the basis for building future iterations. In the next phase, Quantstamp will verify the integration of network and plasma to give greater security to the project.
Plasma plays an important role in the entire OMG ecosystem. Plasma is a scaling layer 2 solution designed to significantly increase the speed of Ethereum transactions. Furthermore, plasma is a framework for building a chain of scalable Ethereum blocks. A plasma chain is a blockchain that can have any functionality and any consent mechanism. The only restriction now is that all state transitions in the main chain (the Ethereum blockchain) must be monitored.
Plasma is a scaling blockchain 2 solution to scale blockchain systems to millions or potentially billions of transactions per second (on the contrary, for example, to the current limits of 20-30 transactions per second for Ethereum), while preserving security and decentralization.
The basic idea here is that we can take resources from one chain and transfer them to another (called the "baby chain" or "plasma chain") by blocking resources on the primary chain (or "root chain") ) and "creating" again on the chain of children. When you want to go back, simply "destroy" the resource on the secondary chain and unlock it in the main chain.
Technical update
In a detailed report on the progress made in November, the OMG team covered a couple of updates. The eWallet Suite team made a lot of progress in November. The team corrected bugs in the fixed filter, a bug in handling login errors on the admin panel, bugs and race conditions in the settings system. With this update, you can easily search for data in the eWallet suite (for example, transactions); this was not possible before.
eWallet will allow traders / suppliers of portfolios and users to make transactions directly on the OMG network without the need to create their own chain.
How long does it take to extract bitcoins?
Because the OMG will allow systems to interoperate with each other, users will not need a separate wallet for each merchant they visit, nor will they need to deposit funds into a dedicated account to spend them on a particular merchant.
OmiseGO is building an unattended decentralized exchange on Plasma. They are creating the back-end infrastructure that allows the exchange of assets independent of the currency in order to operate whatever digital good in any other digital good.
Work on the application and on the Android system was performed. A major update that is almost completed at the end of this month is the control system. This system allows tracking all data changes, such as adding new users or adding new tokens.
Plasma update
Much work has been done on this front. We are now witnessing feasible "Plasma Apps", meaning what Kelvin and Ben Jones call "PLAPPS", through the construction of state-enabled plasma chains. These state-enabled plasma chains make it possible to build applications on plasma chains. This work is all but finished, but will form the constituent elements of the future of plasma as a generalized downsizing solution beyond payments and exchange.
They also started a rebuild of the internal testnet for greater robustness and adequate production support. This reconstruction is structural rather than a rewrite of any of the basic codes or contracts that have already been verified.
Work continues on MoreVP, in particular on refactoring and implementation of the MoreVP exit game in our smart contracts, children's chain service and observer. More Live Plasma ("MoreVP") is a modification to the Plasma MVP output protocol that eliminates the need for a second signature and generally improves the user experience. The MoreVP output protocol guarantees the security of resources for clients that correctly follow the protocol.
In theory, anyone could create a Plasma chain for social networking, gaming platforms, micropayment services, decentralized exchanges, messaging services, private blockchains (eg private companies, banks, universities, etc.) and so on.
New partnerships
The OMG team announced the partnership with MVL, the mobility blockchain protocol behind TADA, Singapore's first ride-block blockchain service.
The purpose of the collaboration is to develop a POC to verify the suitability and performance of the OMG network for their data logging system. MVL will record the data generated by TADA on the OMG network. As part of the MoU, both companies will work together to collaborate on technical research and the effective use of blockchain technology in TADA.
"We are pleased to sign a Memorandum of Understanding with MVL to deliver a POC for their TADA commentary service.This represents a step forward in our efforts to show the potential and benefits of the technologies that OmiseGO is developing and also a great opportunities to work with an innovative company that seeks to provide reliability and transparency through their incentive structure and the recording and sharing of ecosystem data – values that we value and subscribe to, "said Vansa Chatikavanij, Managing Director of OmiseGO.
sources:
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