OmiseGO: Plasma Cash almost complete, Client Point Of Sale iOS app and Merchant Point Of Sale Android app released
Biweekly update 28th August — 11th September
Changes since the last update:
- Standalone eWallet (#401): allows an eWallet provider to set up and use the eWallet without requiring an existing solution to integrate with
- Allow tokens and wallets to be disabled (#443): once disabled, a token or wallet will still be shown, but will not be usable. This allows a provider to, for example, disable a wallet associated with an account that has been closed by the user, or issue a token for a limited-time promotion that is disabled at the end of a set period of time — without having to edit databases in a way that obscures history. This applies *only* in cases where users choose to grant custody of wallets/keys to the provider; a wallet to which the user has exclusive custody of private keys will never be able to be revoked or shut down by any party.
- Fix warnings that came with Elixir 1.7.0 (#444):
- Advanced filtering (#440): allows for more complex searches by adding additional filters such as equal/not equal and less than/greater than.
- Setup troubleshooting guide (#438)
- Credo upgrade. (#433)
- Client Point Of Sale iOS app and Merchant Point Of Sale Android app are now usable
- Small update to the Blockchain integration OIP following internal feedback (https://github.com/omisego/OIP/pull/12)
- Transaction load testing
- Forget password feature for standalone users
- Preparation of for a Plasma and SDK workshop on September 11 at Neutrino Shanghai (similar to the recent Tokyo workshop detailed in the August Community Update).
You can also follow progress on the eWallet Waffle board.
- DEX Product Sessions
- We spent the last week in Warsaw with our production team and expert designers of traditional exchanges. The primary goal of these sessions was to better understand how different exchange designs can impact things like liquidity and user experience. We came out of the week with a phased development/research plan for several DEX designs. This iterative process will allow us to get off the ground quickly and start processing trades, with each “phase” adding more features and complexity. The first of these designs, limited custody, has already been specified. In limited custody, a centralized exchange has custody of funds only during the order matching and execution process. This minimizes risk of funds being lost but allows flexibility in order types and fee structures while operating on Plasma MVP. Limited custody is a sort of “training wheels” phase, allowing us to take a significant step toward decentralization without drastically impacting the user experience.
- Proof of Stake Research
We’ve spent months researching the requirements for a good Plasma PoS mechanism. Plasma gives us some cool things that we can take advantage of, like not needing to worry about forks. It also gives us some restrictions, like making sure everything works inside an Ethereum smart contract. We know of a few key components that we’ll need no matter what, and we’re ready to start writing and publishing smart contracts that implement these components.
We created the NYC Plasma Meetup group last week! Kelvin is planning a few Plasma events in NYC. These events will generally be very small (~10 people) Plasma 101 or deep-dive sessions. We’ll even do some open research sessions so you can see what Plasma research is all about! More information about these events should pop up on the meetup page soon.
- Plasma Implementers Call #14
The video for the most recent call has not been released yet.
Jun Hasegawa and David Knott will be talking at Ethereum Industry Summit — ETHIS will be taking place in Hong Kong on the 8th September 2018.
OmiseGo will be participating in Status’s upcoming CryptoLife hackathon, which will take place in Prague just before Devcon4 (October 26–28).
OMG News: Wallet Updates, Plasma Research, And Network Repo on Investinblockchain.com.
China blockchain week (September, 7–12)
ETHIS (September, 8th)
Neutrino Shanghai launch and eWallet+Plasma workshop (Sept 10)
- Neutrino Beijing launch (Sept 13 — tentative)
- Neutrino Singapore eWallet+Plasma workshop (Sept 21)
- ETH San Francisco (Oct 5–7)
- Web3 Summit (Oct 22–24)
- Status #CryptoLife Hackathon (Oct 26–28)
- Devcon4 (October 30-November 2)
OmiseGO is on a roll with a 12% push to $4.85. OMG has suffered heavily in the last month or two crashing over 50% since mid-July. The team is constantly working to improve their product and reach roadmap goals and Omise is actually working with a number of banks and companies across Asia. Some long needed momentum has finally arrived for this altcoin as the eWallet development continues. Huobi currently has the most OMG trade with over 30% and volume has jumped $10 million in the past 24 hours, surging 230%.
From newsletter: week of September 3, 2018: “We took a deeper dive into economic details and pointed out a few concerns with the economics of Plasma challenges, but concluded they probably weren’t an issue in practice. We’re working on a few mitigations anyway and will publish our thoughts”.
The Fuseki milestone was achieved in Q1 2018. Fuseki delivered the OmiseGO eWallet repositories, which included a server and mobile SDKs to onboard eWallet providers. Blockchain integration will be included in a later milestone.
Sente (In Progress)
The Sente milestone includes feedback from users of the closed beta and from Fuseki. Notable changes in the eWallet SDK from Fuseki to Sente includes:
- A re-designed administrative dashboard
- Transaction request flow (QR codes) to enable peer to peer payments between users
OmiseGO has stopped on the Honte milestone. The repository for Honte may be found here. The full design of the blockchain and decentralized exchange on Tendermint may be found here and here respectively.
Tesuji (In Progress)
When the Tesuji milestone is reached, we will deliver OmiseGO’s first implementation of Plasma. Whilst not decentralized, Tesuji Plasma does not compromise on security or performance. The design of Tesuji Plasma may be found here.
- Proof of Authority run on OmiseGO servers.
- Exit to Ethereum for final safety.
- CLI to monitor the child chain.
- Atomic swap support (note that orders are not firm)
- Multiple currencies
Aji (On Deck)
Support fiat, debit/credit cards, top-up/cash-out, Omise Payment
Plugin support in the eWallet SDK for cash in/cash out
TBN (To Be Named DEX Phase 1)
The implementation of the decentralized exchange is split across two phases. The first DEX phase maintains a centralized service to provide an order matching services. However, the order matching service does not have custody of funds at any time.
- Incentivize UTXO set reduction
- Non-custodial on child chain order settlement
- Initial integration of eWallet SDK with ERC20 token support
TBN (To be Named DEX Phase 2)
DEX phase 2 fully decentralizes the exchange by moving the order book and order matching processes into the Plasma chain.
- Decentralized order matching
- Initial integration of eWallet SDK with Plasma
TBN (To Be Named)
There are use cases where non-fungible tokens are useful, such as ticketing, unique in-game items.
Removal of confirmation messages in Tesuji Plasma
Conditional payments — Where payments are only made when a condition such as a date and time has passed, or when multiple signatures are present
TBN (To Be Named — Limited Proof of Stake)
This milestone will commence the phase-in of staking.
Validators and the operator share the responsibility of securing the Plasma chain
TBN (To Be Named — Proof of Stake)
Full proof of stake where the operator is no longer required
The Shinte milestone includes enhancements to the decentralized exchange to mitigate unfair advantages that validators, the operator or other users may have over other users of the decentralized exchange.
Order blinding would allow users place an order whose details are not revealed until the order is live in the order book.
- Provisions against validator/operator front-running
- Order blinding
Tengen (Goal) The Tengen milestone is reached when the OMG Network:
- Has a decentralized exchange
- Uses Proof of Stake consensus
- Is highly scalable through multiple child chains
- Is able to interoperate with multiple different blockchains
Note that we plan to continue adding functionality and improving the OmiseGO network after we reach Tengen.
On the Horizon and Approaching
Although these items may be at the bottom of this roadmap, it does not mean that they are low priority. Items in the On the Horizon and Approaching section may be prioritized and moved into a named milestone.
- Delegated exit initialization — Allows users who are unable to watch the Plasma chain all of the time to delegate responsibility to watch the Plasma and to exit on the user’s behalf.
- Direct exchange between wallet providers for tokens that are not issued on the blockchain — This feature will enable functionality such as direct interchange of loyalty points between wallet providers.
- Multiple root chains. ie different root chains for safety
- Interchain communication — The ability for different child chains to communicate and transact.
- Child chain independence of root chain — increase safety of the Plasma chain which would in turn reduce dependency on the availability of the root chain
- Economic incentives for exit and challenges (add bonds)
- Multiple child chains to a single root chain and nested chains
- Bitcoin clearinghouse to enable trading on the decentralized exchange Bitcoin and Bitcoin-like cryptocurrencies
- Mobile light client, mobile trading app
Medium Roadmap Update Blog Post.
Partnerships and team members
New OmiseGO hiring page.
From newsletter: week of September 3, 2018: “Plasma Research Coordination — Recently, we’ve been working hard to coordinate and collaborate on research with teams working on other Plasma projects. A few researchers recently got together in NYC and hacked away at some hard Plasma projects, including a Plasma Debit specification and aggregating Plasma chains to decrease cost for operators”.
How OmiseGO will bring Plasma in everyone’s daily life: why Plasma is the number-one scaling solution that will bring blockchains in everyone’s daily life eventually.
Timeline Prediction — Reddit discussion.
Japanese Social Media Company LINE Launches Cryptocurrency based on a Delegated Proof-of-Stake: LINE says that ‘the company is currently operating all of the block producing nodes’ which is clearly not decentralized in any way, and puts OMG at a significant advantage.
OMG News: Wallet Updates, Plasma Research, And Network Repo on Investinblockchain.com.
Thailand is becoming a critical country for blockchain (OmiseGO Mentioned).
OmiseGO Review: The Blockchain Project Unbanking the Banked on Coinbureau.com.
OmiseGO (OMG) Coin Story, Vision and Latest to Stay Updated on Cryptonic.tech.
First real-life usage of Plasma: don’t wait a second to buy coffee with cryptocurrency on Bitcoinwarrior.net.
Bitcointalk.org — OMISEGO is listed on beta.stex.exchange.
Social media activity
Twitter — average number of retweets is 35–75 for one post.
Facebook — last publication — on 21st July 2018.60–90 likes per publication, 5–10 shares.
Reddit — the longest threads has 100–250 comments (Daily discussions).
Youtube — 1 278 subscribers (21st August, 2018), 1 282 (28th August, 2018), 1 284 (4th September, 2018), 1 288 (11th September, 2018). Omise Thailand — 479 subscribers (21st August, 2018), 480 (28th August, 2018), 490 (11th September, 2018).
Bitcointalk.org — since July 15, 2017. 1526 posts, last publication — September 11, 2018.