May 20, 2019

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.

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

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The year 2017 has been incredibly positive for most cryptocurrency exchanges. All platforms saw their user base grow, which is always a positive outcome. At the same time, it also means these companies need to start upgrading their infrastructure sooner or later. Otherwise, they will suffer from degraded services, such as Kraken and Coinbase. Binance is halting new user registrations due to the overwhelming influx of new traders.

In a way, it is good to see exchanges halt new user registrations ahead of time. More specifically, if the infrastructure gets taxed too much, things will deteriorate pretty quickly. Companies such as Kraken and Coinbase know all too well how things can get out of hand. Binance wants to remain ahead of the curve at all times. To do so, they are not accepting any new users until an internal upgrade has been completed. A smart decision by the company, as it will avoid unnecessary friction.

A Major Step Forward by Binance

While this is not a popular decision, it does make a lot of sense.All services will remain operational for the time being. New users will simply have to wait until the infrastructure upgrade is complete. For now, we don’t know how long this will take, though. The popularity of Binance should not be underestimated by any means. It has quickly become one of the hottest altcoin exchanges in the world. That popularity will only increase further if they continue to provide an optimal service.

If Coinmarketcap is to be believed, Binance is the biggest cryptocurrency trading platform in the world. Their daily volume has surpassed $2.5bn, which is rather impressive. It simply makes sense to implement the necessary upgrades at such a critical time. After all, if the company were to suffer from issues, their reputation would take a major hit. It’s always best to scale well in advance, rather than wait for problems to arise. There is still a growing demand for cryptocurrencies, that much is rather evident.

Such rapid growth in the world of cryptocurrency is rather unprecedented. After all, things were trucking along nicely until mid-2017. Ever since it feels as if we are in a new gold rush era. Everyone wants to sue exchanges and buy cryptocurrency. A positive development, assuming companies can scale quickly enough. Whether or not Binance will be successful in doing so, remains to be determined. Their course of action certainly hints at a positive future in this regard.

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