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OmiseGo Development Team Grows, eWallet Integrates with Ethereum Blockchain and Plasma Inches Closer to its Testnet

hands enveloping a hologram of an omisego

Decentralized financial platform and peer-to-peer cryptocurrency, OmiseGo, have released their monthly tech progress update, highlighting some exciting progress.

April saw their development team grow by two: Kasima Tharnpipitchai and Pawel Nowosielski. Kasima will be joining the engineering team working on the Plasma protocol, while Pawel enters as an experienced blockchain developer.

The Plasma protocol is the hotly anticipated framework central to the appeal of the OmiseGo network. It is a blockchain scaling solution first proposed by Lightning Network co-creator Joseph Poon and Vitalik Buterin, Ethereum’s co-founder.

This quote from the Plasma whitepaper explains its intention:

Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide. These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions.”

In layman’s terms, the Plasma protocol builds extra layers of blockchains for scalability and efficiency, in this case, a series of smart contracts built on top of the Ethereum blockchain. Each smart contract would serve a different purpose: managing a decentralized exchange, a social network, a private blockchain and the processing of micropayments.

An essential milestone on their 2018 roadmap is what they call Tesuji Plasma, the codename for a majority of the development related to the Plasma protocol. This month saw an important step ticked off: deposits on the Ethereum blockchain are now officially tracked and recognized, marking the halfway point to completion of their internal testnet.

Plasma aside, the team has conducted their first experiments related to the integration of their eWallet with the Ethereum blockchain by generating accounts and minting new ERC-20 tokens, providing reassuring Proof-of-Concept of their work thus far.

The steady development of the entire OmiseGo network has not gone unnoticed by the markets: prices rose from US$9.92 at the start of April to a high of US$21.37 and it’s market cap grew almost 80% this month.

Image From Shutterstock

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