OmiseGo Launches Newest Release Version

OmiseGo Launches Newest Release Version

OmiseGo, a leading cryptocurrency payment processor and exchange, has launched their second version of the OMG network, Samrong. In a blog post, May 19, 2019, OmiseGo offers some insight on the updates to the Ari platform and what’s to come for Samrong.

Upgrade for OMG Network

Since the launch of Ari in February 2019, OmiseGo has been in the headlines for its minimal implementation of Plasma, designed by Joseph Poon and Vitalik Buterin, who are both advisors to OmiseGo as well.

The new launch has made significant modifications to Plasma smart contracts. It builds on Ari’s Minimum Viable Plasma (MVP) and runs a More Viable Plasma, increasing the functionality of the network.

Samrong will allow users to sign transactions using the EIP-712 standard, meaning the signature can be carried out through integrations like Metamask. EIP-712also  allows Ethereum signatures to be displayed in a structured and readable format.

Additionally, meta-data fields in the upgrade now allow users or dApps to store any information in their transactions.

Ari is currently up and running, but will be shutting down in the near future to increase application development and block explorer capabilities for Samrong. Having upgraded their network with a better implementation of Plasma, there is no reason for Ari to continue.

Users will need to migrate their Rinkeby ETH and ERC20 tokens from Ari to Samrong to make sure they aren’t left behind.

Plasma and Smart Contract Viability

Plasma is a protocol designed to drastically scale smart contract usage to include fraud detection, minimal trust, and offer a single ledger.

It is regarded as one of the most ambitious efforts to scale smart contract on the Ethereum network and ever since the whitepaper, Ethereum has been trying to find a way to integrate Plasma but to no avail. The current Ethereum roadmap lists Plasma as an upcoming upgrade but with no implementation date given.

Plasma smart contracts on Ethereum will be autonomous and enabled by Nakamoto consensus; it has the potential to change the entire landscape of blockchains for the better.

With OmiseGo running a basic version of the design by Buterin and Poon, it shows that Plasma need not be a distant reality. Integrating it into Ethereum may prove challenging, but coupled with Sharding, it may be the biggest scalability development in the pipeline.

Published at Mon, 20 May 2019 20:07:25 +0000