The network has had a series of developments in the last few months. Like other solid cryptocurrency projects, the team at OmiseGo (OMG) is very prompt when it comes to releasing their monthly development report. Besides this helps to keep the team in check in addition to letting the community know the status quo of the network. The OmiseGo ecosystems are also able to know what the developers are up to, the progress of certain projects as well look in the future in the short-term as well as the long-term.
In the November development report, released on October 31, OmiseGo has decided to alter the way development milestones are released to the community. The team has noted that dates lead “to a cycle of waiting, speculation, frustration, brief excitement upon release, and then recommencement of waiting, with not enough clarity in between.” Therefore, a graphic has been put out but it does not include dates. However, the team has been with community members in order to makes sure that there is progress on a smaller time scale. The tracker helps to list the task that are to be completed leading to the achievement of a milestone.
The team took the liberty to revisit the mission and vision of OmiseGo which according to the newly released report is to:
“Build a frictionless, permissionless, trustless payments network as a public good. The OMG Network will serve everyone as a globally accessible decentralized exchange in which value of any type can be transacted.”
The report outlines the vital components of the OMG network as eWallet Suite and Application Interface, Plasma, Decentralized exchange layer as well as the proof-of stake consensus mechanism.
This is an all-inclusive toolkit that is designed to easily connect both merchants and users to the OmiseGo Network. Previous the team had referred to this project as (Software Development Kit) SDK, however, it was rebranded to take into account the bigger picture. The eWallet Suite is going to be integrated with both Ethereum and Plasma. This will allow users to secure store both ERC20 and ERC-721. The platform will also support sending and receiving of the same tokens. There will be an integration of fiat currencies through the addition of certain plugins.
Plasma — A Blockchain Scalability Framework
This is a framework for creating decentralized application on the blockchain that are scalable and secure at the same time. A Plasma Chain is flexible to the developer’s needs and takes up different functionalities as well as consensus mechanisms. However, the platform requires that “all state transactions be tract on the root chain” in this case Ethereum. The protocol groups a number of individual transactions and send them to the root chain in a single state change. There is a provision for users to retract their funds from the root chain and by so doing, they can recover funds in the event of a malicious child chain.
Decentralized Exchange Layer
This layer is being developed to ensure that there is seamless exchange between digital assets using the OMG network. The DEX design has already been released while development is currently in the initial stages. Find more details of the ongoing developments in the OmiseGo (OMG) network here.
OmiseGo (OMG) Price Update
The token is correction higher on Wednesday 31 in the wake of the development report. There is a 3.57% increase in the value of OMG in the last 24-hours against the US dollar. The network has a market cap of $451 million while the 24-hour exchange volume stands at $30 million. OmiseGo is the 21st largest crypto in the market and has a circulating supply of 140,245,398 OMG tokens.