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OMG Have You Heard About The New OmiseGo Update?!

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Published 5 years ago on October 31, 2018
By Adrian Barkley
OMG Have You Heard About The New OmiseGo Update?!
Not many altcoins went through the bear market and came out looking good on the other side and OmiseGo isn’t an exception. Some have quite simply faded away while others continue on with their projects no matter the token market prices. The team at OmiseGo has done this and has recently updated the community on their latest updates in the ecosystem. In a Medium post yesterday, a quick message was said to send the message that the project is still sticking to its guns and new developers are still being made. The team has moved away from a milestone model stating that “It’s been our experience that the milestone model has led to a cycle of waiting, speculation, frustration, brief excitement upon release, and then recommencement of waiting, with not enough clarity in between.” Instead, they are using a tracker to show the advancements with less time and lists jobs to be finished for each milestone. The end goal is to make the time periods between each milestone not as shrouded and “interminable”. The OMG Network intends to serve as a decentralised exchange. The ecosystem, as it stands, consists of an application interface, eWallet suite, Plasma Blockchain scalability framework, decentralised exchange layer and a proof of stake consensus mechanism. The thought process is that once connected to Ethereum and plasma, users will be able to receive, send and store digital currencies and tokenised fiat on the eWallet software. The medium post added, “We will expand the capabilities of the OMG Network to support additional currencies, working toward a fully currency agnostic exchange.” As said by Ethereum World News, a big part of the ecosystem is Plasma and this layer of 2 scaling solution could introduce a whole new area for transaction speeds to the current blockchain systems which are essentially limited. Plasma takes the pressure off the root chain with a few extra security protocols. DevCon4 is the next venture for the team, however, part of which includes the auditing of the network and plasma integration by Quantstamp, a smart contract company. You can see the two firms interacting on Twitter here: What are your thoughts? Let us know what you think down below in the comments!
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Adrian Barkley

Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.

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