Dear OmiseGo followers, Paradigm is here to tell you some news about the OmiseGo again. The most exciting one is the introduction of OmiseGO’s peer-to-peer payment network, an Ethereum-based blockchain scaling solution that enables super-fast and low-cost P2P payments!
For the past two weeks, the Integration team has been working on finalizing the features for Ethereum integration. This means adding the last few screens to the admin panel and implementing the deposit funds management. Potterhat currently works with the eWallet on development environment. The remaining planned work is to integrate Potterhat to the staging environment once the eWallet’s Ethereum integration is complete.
This week, the Blockchain team encountered an issue on a production environment of their Samrong watcher, misrepresenting Byzantine conditions on the child chain. They found the root cause of the problem and have submitted a bug fix. On the plasma contract side, the team is implementing a better design for determining exit bond size. This ensures that the safety of the chain is preserved during exit games and that fixes can still be made via contract upgrades if any issues arise. They are in the process of improving the UX for Byzantine scenarios by coming up with a standardized way for applications to consume the different Byzantine events and take appropriate action.
As for the social side, these weeks the team has invited the Integration Team to respond to community questions about the development of the eWallet Suite, Ethereum integration and their shifting focus towards Plasma implementation. Find out the five questions the community had to ask, answered by integration team lead Thibault in our report below.
So far so good. The community constantly grows. There is a slight increase in the number of subscribers of OmiseGo official social media channels. As for upcoming events, the team will be at Devcon V in Osaka next month.
And last but not least, OmiseGo has launched their new website. Aside from a super, clean design update, it has an improved layout, which gives you more with just a quick scroll. Give it a spin!
Development
GitHub metrics:
Developer activity (from Coinlib.io):
Meet OmiseGO P2P Payment Network!
A payment network that’s faster, cheaper, and more secure.
Worldwide spending on blockchain solutions is expected to reach $11.7 Billion by 2022. And while there’s a list of solutions that enable peer-to-peer payments, they have their weaknesses.
Either they’re too slow, too expensive, or too complicated.
Which is why the team introduces OmiseGO’s peer-to-peer (P2P) payment network. It’s an Ethereum-based blockchain scaling solution that enables super-fast and low-cost P2P payments!
How they do it:
Plasma, their child-chain, does the heavy lifting of processing transactions. The aim is to group trades and have Plasma and Ethereum communicate as sparingly as possible to increase transaction speed.
This results in the following benefits:1. Speed
Crypto’s future and real-world adoption rely on the technology’s scalability. Even though anyone can start trading on a network, it may take hours to verify and complete the transaction.
To put things into context: VISA on average handles 1,700 transactions per second. Currently, the OmiseGO Network can process, on average, up to 4,000 transactions per second!
2. Low Fees
By grouping trades, OmiseGo reduces the number of transactions that need to be verified by Ethereum. This keeps operating costs low, and lets you pay up to 90% fewer fees than you would on Ethereum.
3. Double the Security
The team couples Ethereum’s security guarantees with Proof of Authority (PoA). This means each transaction is checked twice. And since our network watchers are decentralized, your funds remain safe and secure no matter what happens to OmiseGO.
4. Accessible UI/UX
One of the things preventing users from realizing the benefits of decentralized networks is poor user experience. It’s why they emphasize it, and aim to make the network as easy to use as possible.
In fact, why not check out The Art of UI/UX at OmiseGO?
OmiseGO is always looking for partners to build on top of our network. So if your project falls under these categories or is similar to it, do reach out to them!
If you don’t fall under these brackets, don’t fret! There will be more use cases beyond just payments in the future (ex: DEX settlements).
Find the Network:
- OmiseGO Developer Portal
- OmiseGO Developer Program (ODP) Application
Technical Update
Team Update 32
eWallet
For the past two weeks, the team has been working on finalizing the features for Ethereum integration. This means adding the last few screens to the admin panel (which were waiting on backend features) and implementing the deposit funds management. This feature was unexpected and is due to their switch to using a hierarchical deterministic wallet in order to receive funds from the outside and credit the appropriate balances. They have also made some great progress on the Plasma integration. The team is now able to deposit funds and transfer them to other addresses on the OmiseGO Network.
Completed
Here are the main items the team has been knocked out since the last update:
v2.0
In progress
These tasks are currently being worked on or are pending review by the OmiseGO Integration Team members:
v2.0
- Frontend Ethereum integration for admin panel #1145
- Sending internal funds to Ethereum addresses #1143
- Moving funds to hot wallet after a deposit
- OmiseGO Network deposits and transactions #1128
As always, you can follow the progress on the eWallet GitHub project page and on their GitHub Milestones page. If contributing code is your thing, they have a list of issues suitable for first-time contributors. Be sure to check it out!
Potterhat
Completed
- Fix batch JSON-RPC request support #38
Next steps
- Potterhat currently works with the eWallet on development environment. The remaining planned work is to integrate Potterhat to the staging environment once the eWallet’s Ethereum integration is complete.
You can track Potterhat milestone and progress on the Potterhat repository and read more about it (or add some ideas and suggestions) on OIP-15.
Integration Team Updates:
1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31.
eWallet Suite More Resources:
- OmiseGO eWallet GitHub repository
- Initial public demonstration of the eWallet
- Chat to the eWallet team
Plasma
Blockchain Team Update 27
This week, the team encountered an issue on a production environment of their Samrong watcher, misrepresenting Byzantine conditions on the child chain. They found the root cause of the problem and have submitted a bug fix.
On the plasma contract side, the team is implementing a better design for determining exit bond size. This ensures that the safety of the chain is preserved during exit games and that fixes can still be made via contract upgrades if any issues arise.
They are in the process of improving the UX for Byzantine scenarios by coming up with a standardized way for applications to consume the different Byzantine events and take appropriate action.
Plasma Updates:
1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26.
For more on Plasma, see these community-produced resources:
- Learn Plasma, a community-led education initiative
- What is Plasma? Plasma Cash? by Jinglan Wang
- This primer from Consensys
- This nifty chart comparing different plasma designs
- Plasma Tesuji Github repository
- How OmiseGO will bring Plasma in everyone’s daily life by u/pwolf88
- An introduction to Plasma by Alexander Butler
- Towards A General Purpose Plasma by Plasma Group
Social encounters
AMA 26: OmiseGO Integration Team
This month the team has invited the Integration Team to respond to community questions about the development of the eWallet Suite, Ethereum integration and their shifting focus towards Plasma implementation.
Here are five questions the community had to ask, answered by integration team lead Thibault:
1. Integration Team development speed has slowed considerably from the start of April. Is the team dedicated to other tasks?
As the integration team, we’ve always been working on different projects, with the eWallet getting most of our attention and time. Until around April, we spent 80% of our time working on the eWallet and made good progress. It might appear as if the development speed slowed down. However, at that time, we started adding more things to our plate like Potterhat, our Ethereum node availability application.
Additionally, the Ethereum integration process took some time as we navigated in unknown territories and had a few setbacks that required additional research and design. We also have to be extra careful when writing the code dealing with blockchains, due to the risks that come with the technology. A misstep could lead to possible compromised systems and private keys, loss of funds, bugs and more.
2. If there are fiat on/off ramps via exchanges or wallets connected directly to OmiseGO Network, is it possible that you would never have to actually exit to Ethereum?
Yes, it’s definitely possible, and it’s something we’re counting on! Depositing on the network is pretty straightforward, so there isn’t much to solve there. However, exiting, with its tricky steps, can definitely be improved. A way it could be improved is by not exiting at all (if the ecosystem is there) or by exchanging funds on the network with funds on Ethereum.
The latter example would mean that users would not have to exit. Users would simply get their funds back on Ethereum instantly through an intermediary, who, if needed, would then handle the exits.
3. The new API’s being implemented due to the old ones being cumbersome/difficult to use for current partners/testers, is it going set us back? Will this render other past work incompatible and also have to be redone?
I’m not sure which APIs are being referenced here. But for the eWallet, we’ve received positive feedback from implementers in the past.
The good news is that we’re not redoing anything and are still focusing on adding new features! We of course, welcome all feedback to improve the eWallet.
4. With Burger King using the OmiseGO eWallet Suite, at this stage, what are the aspects/features that worked out and what are the aspects/features that need improvement to facilitate greater adoption?
The way Burger King uses the OmiseGO eWallet is pretty simple. They are mostly relying on the transaction system without using the more advanced features we offer (preferring to handle those from their side). One challenge we noted was the minting flow. We encouraged manual minting to get them used to minting ERC-20 tokens, however, that led to failed transactions due to lack of funds.
What we can improve upon is to provide more guidance and educational materials. We might have pushed too early with the blockchain-style features, and our users coming from a more traditional background could benefit from a slower and more on hands on-boarding process.
5. Please can you expand/explain/critique the latest tweet from Vitalik regarding layer two scaling solutions?
For this question, we’re going to quote the man himself with his explanation on layer two scaling solutions:
“I’d say plasma still makes a lot of sense for the DEX use case, because it is a use case that fits into the specific parameters that make the issues around L2 less of an issue. Specifically, it basically requires only payments and atomic swaps (and also, developers can make their lives easier by requiring order-executing agents to post extra collateral to cover both sides of the entire orderbook in case they misbehave); payments have existed in plasma since forever, and atomic swaps are harder but have been done in plasma cash at this point. What you’re not going to easily get out of plasma (or channels) is a build-your-own-smart-contract platform with anywhere close to the versatility of Ethereum itself. So the application-specific work per application is going to be high; but that’s not a problem for OMG because it is a single application and at this point the team has done most of that work already.”
Reddit:
OmiseGO AMA 26 — OmiseGO Integration Team.
Responses to previous OmiseGO AMAs: AMA #1, AMA #2, AMA #3, AMA #4, AMA #5, AMA #6, AMA #7, AMA #8, AMA #9, AMA #10, AMA #11, AMA #12, AMA #13, AMA #14, AMA #15, AMA #16, AMA #17, AMA #18, AMA #19, AMA #20, AMA #21, AMA #22, AMA #23 with Hoard Exchange.
Upcoming events:
October 08th-11th, 2019: Devcon 5 in Osaka.
Jun tweeted on May 11th, 2019:
Finance
Token holders and the number of transactions dynamics (from Etherscan.io):
There is a slight increase in the number of token holders these weeks.
Information from Coinmarketcap.com:
Go.Exchange sign up open
Click here to read further on how the team plans to become an exchange used and trusted by people all around the world, please continue reading. They are discussing these main focus areas but please keep in mind that business strategy may change over time:
- Transparency and Trust
- Regulation and Compliance
- Community Burns
Go.Exchange will:
- As mentioned before, they will use the OmiseGO Network to improve user security when it is ready to be integrated with.
- OMG will be used as a discount token on GO.Exchange for 3 months as a launch promotion. Starting on June 25th, 2019, any trader with a balance of at least 500 OMG on their account will have their trading fees reduced by 50%.
- Go.Exchange will set aside 100% of the transaction revenues to burn OMG tokens for 3 months as their inaugural community burn. This is a temporary token burn as part of their launch promotion.
- After the launch promotional period, the tokens burned in community burns will be selected by voting with their native reward token, GO.Exchange Token (GOT), which can be acquired through transacting to GO.Exchange much like a loyalty reward point. In the future, community burns will use 50% of GO.Exchange trading fees, instead of the 100% that they are using for the 3 months OMG burn as part of the launch promotion. You can read more about GOT here.
- As part of the launch, they’re also giving away 20,000 OMG. The first 2,000 users to transact on the exchange for $500 USD equivalent or greater on the exchange will receive 10 OMG. Users from the soft launch are also qualified for this promotion.
Feel free to follow the progress through these channels:
You can also view their open positions here.
And the trading fees are now live. You can read here for more details.
Roadmap
OmiseGo Newsletter:
From the OMG project tracker (September 2nd, 2019):
In progress
Partnerships and team members
MESG — OmiseGO Integration
Since the OmiseGO Developer Program’s (ODP) launch in February this year, hundreds of developers have been on boarded. They are now building, testing and contributing to the improvement of the network.
One such ODP participant is Anthony Estebe, the CEO and Co-founder of the MESG Foundation. The team sits down with him to get to know MESG and how their latest integration, Plasma Guard, will benefit developers and OmiseGO’s end-users.
Rumors
The team has launched their new website:
The updated site includes changes to design and navigation. The team has also improved how they’ve laid out the content, so you’ll get more from a quick scroll.
OmiseGO Survey: Block Explorers:
The team would like to learn more about your usage of blockchain explorers.
OmiseGO Survey: Usage of cryptocurrencies and stablecoins:
As the team further develop their understanding of the payments and crypto market, OmiseGO is curious to learn more about usage of cryptocurrencies and stablecoins for payments.
The aim of this survey is to collect the views of survey participants. This survey should take between 10–15 minutes.
Check out Stablecoin Survey first results. Based on the survey results, a majority of crypto users have exposure to stablecoins and a demonstrated interest in this asset class. Stablecoins are an attractive cryptoasset for volatility resistance as well as capital gains and dividend return. However, regulatory and technical concerns still exist. The team believes there is a large area for improvement, especially in the regulatory landscape as was shared during their recent AMA on regulations.
Twitter:
Active Reddit discussions:
Vitalik Buterin: I have been getting more and more pessimistic about off-chain-data L2s over time.
My Interpretation of Vitalik’s tweet, Plasma Problems and Future Scenarios.
Regarding the recent poll about OMG becoming a collateral in MakerDao’s MCD.
What difficulties are OmiseGO currently facing that prevent PoA mainnet deployment?
Warning. Elaborate Scam, PM’ed multiple r/omisego users.
Other:
Netflix’s Altcoin Documentary Could Push Bitcoin To $25,000+: Netflix doc with OmiseGo.
OMG Network Guide by OMGPool: This guide is an extensive non-technical introduction to the OMG Network, and is maintained by OMGPool and the community. It’s their goal to keep this collection up to date to reflect the current status of the OMG Network. Therefore, they also want to welcome contributions from the community and made the repository available on Github for everyone to help!
Social media metrics
Social media activity:
Social media dynamics:
OmiseGo community continues to grow, there is a slight fluctuation in the number of subscribers of OmiseGo social media channels these weeks.
Twitter — The average number of retweets is 35–75 for one post.
Facebook — 60–90 likes per publication, 5–10 shares.
Reddit — Daily discussions with 100–250 comments.
Bitcointalk.org: since July 15th, 2017. Discussions on the latest updates, price.
OmiseGo Chat channels: Announcements; Jobs; OmiseGO — Trading channel for speculation and trading; Random; Rules; Staking; Trading; Wallets; Japanese.
Official China community channel on WeChat (ID: omisego_china).
The graph above shows the dynamics of changes in the number of OmiseGo Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
