Ethereum-based OmiseGo (OMG) Resurfaces with Plasma Blockchain Scaling Solution
Many a time projects with a solid basis get waylaid due to mismanagement and other factors. The biggest casualty in such a scenario is the trust that people place in the work.
Once the hype dies off and the lack of credible communication comes to the fore, the crypto community has little hesitation in putting the developers to the sword. This has been the story of OmiseGo [OMG] as well.
OMG had been a community darling due to their efforts focused on finding a blockchain scaling solution called Plasma. The fact that top names associated with the project were that of Lightning Network co-creator Joseph Poon and Vitalik Buterin, the co-founder of Ethereum, didn't hurt their credibility.
In an earlier communication the team had discussed the possibilities offered by Plasma. They had noted that this would be a:
“framework for incentivised and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralised financial applications worldwide.”
At the time the devs had added that the smart contracts would conduct automated operations with low fees, using Ethereum.
Yet all those words seemed just that, words. For a very long time the project had been plagued by numerous delays, missed deadlines and above all startlingly poor communication. Unsurprisingly, many backers were left disheartened and many more bemoaned the missed opportunity of what could have been a big technological breakthrough for the industry.
Recently, things seem to have changed, or at least that is the impression the OmiseGo team is giving. OmiseGO has been working with renewed vigour towards the plasma-mvp repo. Their goal is to build it to enable a DEX to exchange tokens in their future payment network.
And the general vibes have been mostly positive towards that end. A recent update they explained how their testnet, running on Rinkeby, since late last year, is a release candidate of the OMG Network. Expanding on this it was further noted that the team was
“happy with the network’s performance over the last couple of weeks. We’ve merged the initial updates to omg-js and have been testing these to ensure that things are going smoothly.”
A focus on testing and debugging suggests that the project is indeed in its final phases.
A recent Reddit post from the devs also excited the community with the possibility of Plasma seeing the light of day, in the very near future. The post read
“The 2019 year started off strong with a new iteration of the internal testnet. The improvements were based on the data and feedback received from the initial iteration. OmiseGo goal is to create a production environment that is resilient and can handle real-world continuous usage.”
The post then goes on to suggest that test cases are in an advanced stage and “the team is prepared to open up to the real world -with multiple users, interactions, and connections.” No doubt, so as to develop and loop feedback for quick fixes.
All this has renewed the excitement for this project and it is hoped that this time the project does indeed reach its potential. However, OMG team should also be wary of ensuring that the promises and delivery expectations are met.
The cryptosphere is one that forgives yet rarely forgets. If the project does get get off the ground it will be good news all around; for the community, the industry and the valuation of the token itself.