OmiseGo (OMG) Releases Tesuji Plasma Repo and Progress Update
OmiseGo has announced that it has taken a big step forward towards its target of solving the blockchain scalability issues.
The Ethereum-based payment platform has released an early alpha of a Plasma-based scaling solution, which has the potential to increase the transaction capacity of its OMG network.
Plasma scaling solution could be the answer
In the press release published by OmiseGo, the team focused on the OmiseGO’s Tesuji milestone. Tesuji is the first release of the OMG network solution and integrates plasma scaling solution.
The OMG network solution is looking to significantly increase the number of financial services available, especially to the underbanked and unbanked regions. It will also serve as a lightning-fast payments processing blockchain.
In their Twitter post, OmiseGo wrote that:
Repo for Tesuji #Plasma, basis of the first release of the #OMG Network, is now #opensource.https://blog.omisego.network/omg-network-repo-is-now-open-source-5d4376a6c4ef …
Omisego releases Tesuji Plasma Repo
The development team revealed that the Tesuji Plasma solution is still being developed and isn’t ready for release on a public interest.
However, anyone interested in following the progress can download a child chain server and watcher software that monitors the behavior of the Plasma chain and root chain o as to play with it.
The implementation of OmiseGo’s Plasma scaling solution is built on Vitalik Buterin, Joseph Poon, and David Knott’s “Minimum Viable Plasma” design. The solution is also being constructed with the implementation of the More Viable Plasma solution as the model.
When the Tesuji OMG Network is launched and integrated with the eWallet, it will lead to the creation of Ethereum-based tokens. It will also make it possible for tokens to be transferred and managed between all eWallets and users.
The OmiseGo team in its initial iteration of the Tesuji OMG Network stated that it will be using the Proof of Authority consensus model.
OmiseGo will serve as the validator prior to the maturity of Plasma development and the continuation of designing a Proof of Stake model.
What then is a plasma?
Plasma was first developed by the co-creator of Lightning Network, Joseph Poon, and Ethereum co-founder Vitalik Buterin. It is built on top of blockchains and serves as a series of smart contracts that operate on the root chain, which is Ethereum in OmiseGo’s case.
In terms of architectural design, OMG Tesuji implementation is similar to the structure of a tree. The core chain which is Ethereum serves as the trunk and the root while the plasma chain operates as the branches.
Plasma solution has the potential to solve the scalability problem that blockchain continues to suffer from.
In the Plasma whitepaper, the team pointed out that its implementation could lead to the creation of a blockchain that could execute billions of state updates per second.
Tesuji Plasma internal testnet now live
Plasma has a lot of benefits to OmiseGo who are looking to developing a massive payment platform to rival Visa. The main purpose of designing Tesuji Plasma is so that transactions can become faster and cheaper.
It will do all these while also ensuring that there is maximum security and supporting Ethereum’s Ether coin and ERC20 tokens.
OmiseGO revealed that Tesuji Plasma internal testnet is currently live. Once the development team analyzes and concludes that it is safe, Tesuji Plasma will be moved to a public testnet.