OmiseGo is a very popular blockchain project in the blockchain space. The project is based on the network of Ethereum (ETH). Recently, the blockchain project made some very important announcements about the progress of the project. The OmiseGo (OMG) dev team recently updated its community on the development and integration of Plasma. The team made this announcement when they achieved a considerable level of success in the creation of Plasma-based applications.
Project Tesuji Plasma
The team dubbed the project “Tesuji Plasma,” and it would be the first plasma iteration. It is extremely important since it provides the fundamentals for the creation of future iterations. The team initially set out some vital objectives in their roadmap. In their recent announcement, they said they’ve successfully achieved the development of the elements required to meet those objectives.
Some of the objectives they set out to achieve are:
- Exit to Ethereum for final safety
- Command line interface (CLI) to monitor the child chain
- Proof-of-Authority on the servers of OmiseGo.
- Atomic swap support
- Multiple currencies.
The dev team is optimistic about the progress of the blockchain project so far. They have achieved quite a lot and they still have much work to do. However, the team said the development can’t be implemented officially since they are not mature enough yet.
The team said the Proof of Authority, exit to Ethereum, command line interface, and multiple currencies are completed. They said they are now in the internal testnet. Atomic swaps are not an infrastructure, they are a feature on the network, according to the team. They said, when it’s time, the launch will go on whether atomic swaps are ready or not.
Minimum Viable Plasma (MVP) and More Viable Plasma (MoreVP)
The team divided the development into two different stages in order to facilitate the work. The first stage is known as the Minimum Viable Plasma (MVP). This is the fundamental stage of the development and it involves basic implementations. The second stage is known as More Viable Plasma (MoreVP). This is a more user-friendly stage, and it involves a higher level of embellishment.
The team also successfully implemented an array of libraries on the MVP platform of OmiseGo. This will enable developers to build smart contracts on the platform with ease. The team also announced the launch of an electronic wallet (eWallet) and an upcoming Plasma Workshop.
The value of OmiseGo (OMG) Stabilizes after the Announcement
Earlier this month, the value of OmiseGo (OMG) declined to the $3 mark amidst the bearish market. Nevertheless, over the past few days, the digital currency has obtained a degree of stability in its value. The value of OmiseGo (OMG) recovered slightly over the $3 mark and it has been trading in a positive zone since the announcement. It would be fascinating to see the value of the coin rise to the $5 mark or more at the launch of the Plasma technology. However, with the announcements of update before the launch, the value of the coin might surge higher. This makes OmiseGo (OMG) one of the best digital currencies to hurdle at the moment.
OmiseGo (OMG) Price Today – OMG / USD
OmiseGo is currently worth $3.20 after a decrease of about three percent over the past twenty-four hours. The current market cap of the digital currency is $447.34 million and its trading volume over the past twenty-four hours is $23.59 million.