OmiseGO: Updates on Plasma, DEX and Roadmap
Biweekly update 25th September — 9th October
Development
Plasma Update #5 — October 8, 2018:
Production
This sprint has been focused on getting the Watcher API ready for an internal deployment and end-to-end integration. This includes fixes for bugs encountered when reporting initial deposits in the watcher and when publishing multiple plasma blocks at the same root chain block height. The team has improved the API for reporting account balances and submitting transactions through the watcher. They’ve also improved performance syncing with the child chain.
They’re deep in audits of the Plasma MVP root chain contracts with Quantstamp and Synthetic Minds. The team made a fix to the root chain contracts to address an attack vector on how finalizeExits()performs on long exit queues when there’s insufficient gas to clear all the exits.
Speaking of integration: the team is putting the final touches on first integration library before making that repo and npm module (Node Package Manager, a JavaScript packaging format) public as well. They’ve chosen to use JavaScript for the first library since it’s one of the most accessible and widely-used languages. This is considered an early alpha version; the initial feature set of the library will support deposits into and transactions on the child chain, primarily interacting with the watcher. This library provides the end-to-end infrastructure for integrating an end-user application, from application to library to watcher to child chain. This is good news for the eWallet team too — this release paves the way for their next steps on blockchain integration.
Research
Plasma Cash:
The team has been working with a few people on some research related to Plasma Cash, building off Vitalik’s atomic swap and defragmentation work. Part of this research is a simplification of the atomic swap protocol. The other part of this work is a generalization of Vitalik’s idea of using very small denomination coins to simulate fungible assets in Plasma Cash. These designs are currently being cleaned/written up and should be published to ethresear.ch in the next week.
the team has also been tackling the problem of large histories in Plasma Cash, which is currently the biggest barrier to using Plasma Cash for large-scale use cases.
RLP Encoding:
With the help of the community (and GitCoin!), the team managed to bring together a standardized and tested RLP encoding library for Solidity. This makes it possible to RLP encode things inside a smart contract running on Ethereum, which can be useful for certain Plasma implementations. The team is not using this in production (not efficient enough), but they are making use of it for More Minimal Plasma, a simplified Plasma MVP smart contract implementation meant to demonstrate exactly how Plasma MVP works.
Plasma Implementers Call #15 Notes
The video for this call has not yet been posted — the team will update this post with a link once it is available
- More work on Plasma Debit! A detailed specification is in the works and should be published soon.
- People are working on figuring out optimal bond prices. This is a very economics-heavy question and depends on a lot of variables.
- Optimistic Cheap Multi-Exits are one way to reduce the gas cost of withdrawing funds from the Plasma chain.
- There might be a way to derive Plasma Debit from Plasma Cash if there’s a good mechanism for sibling splits/merges.
- Some discussion about what will happen if users lose the information necessary to exit, based on this ethresear.ch question. It’s less of an issue in Plasma MVP than in Plasma Cash, but watchtower-like constructions might be able to help.
- Some additional concerns with a Plasma Cash operator using withdrawals to force users to put up a bunch of money in bonds.
Community Update — September 2018:
- OMG DEX
- eWallet Suite
- Plasma
- Smart Contracts
- Watcher
- Research: Meetups, mass exits, BLS signatures and LearnPlasma
- Community Update
- Design Goals
- Trustless
- Secure
- Transparent
- Liquid
- Uncensorable
- Additional Design Considerations
Social encounters
Video: eWallet & Plasma Workshop at Neutrino Singapore — Highlights from workshop at Neutrino Singapore, where the team talked about eWallet tools and implementing Plasma as a solution to the blockchain scaling problem.
FIN/SUM x REG/SUM, Tokyo, 25–28 September 2018 — Jun Hasegawa, CEO, Omise, attended Japan’s largest fintech summit and conference — FIN/SUM x REG/SUM in Tokyo where he was a panelist on ‘The East Asian Crypto Landscape’ panel moderated by Nikkei Inc. Fellow panelists included Coinbase, QUOINE and Tomatsu. FIN/SUM is the largest and most influential fintech summit in Japan where leaders in the global finance and tech industries meet, and disruptive innovation from across the globe is promoted.
Omise Hosts InsureTech Connected: Omise threw its second open house here in Thailand under the theme “InsureTech Connected” bringing together professionals from the insurance, compliance and financial technology industry.
Ethereum projects meet in Warsaw: Golem, OMG and Hoard: the video from the meetup organized in Warsaw Campus by Google.
Upcoming Events:
- San Francisco Blockchain Week (SBFW): 5–12 October 2018
- OmiseGO at BlokChainJam 2018 in Tokyo, Oct 10
- Web3 Summit (Oct 22–24)
- Status #CryptoLife Hackathon (Oct 26–28)
- Devcon4 (October 30-November 2)
Finance
Starting 2018/09/27, OMG token will be supported in Jaxx.
1st October, 2018: OMG is back in the weekly top ten traded tokens on GammaDEX/EtherDelta/ForkDelta.
OMG is available for exchange on the Switchain Instant Platform.
Roadmap
Fuseki (Delivered)
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
Honte (Spooned)
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
Non-fungible tokens
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
Shinte
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.
27th September, 2018 — Reddit discussion — Q3 ending, what is the clear overall project status?
Partnerships and team members
No updates.
Rumors
Looking for the latest news on OmiseGO? We separate signal from noise: newest feature on the OMGPool website: the OmiseGO News Feed. The goal of this feed is to be your one-stop shop for the latest news about OmiseGO.
Twitter — @golemproject: “We’re getting in-house education by @omise_go’s plasma dev Pepesza in our offices with them, @hoardexchange, ITL and @imapp_pl: “Scaling @ethereum — Plasma: MVP, MoreVP & Cash”.
OmiseGo Phishing Email Scam by Promoting Reward Campaign to Steal Users Tokens.
OmiseGo’s Future — Price Analysis And Major Development On The Way — OmiseGo News. Friday, September 29 — on Tokentops.com.
4 Reasons Why OmiseGo (OMG) Is A Good investment.
4 Reasons OmiseGo (OMG) Is A Good Deal To Watch After.
Reddit — Love the Quiet.
A note to Jun and the OMG team from a member of @omisego unofficial telegram.
Social media activity
Twitter — average number of retweets is 35–75 for one post.
Facebook — 60–90 likes per publication, 5–10 shares.
Reddit — the longest threads has 100–250 comments (Daily discussions).
Bitcointalk.org — since July 15, 2017. 1531 posts. Last publication — October 02, 2018.
Chat.omisego.network channels: Announcements; Jobs; OmiseGO — Trading channel for speculation and trading; Random; Rules; Staking; Trading; Wallets; Japanese日本語.
