The platform proposes a framework that is capable of executing smart contracts with scalability of up to limitless transactions per second and potentially solving the challenges of scalability in the cryptocurrency and blockchain industry. This will enable the platform support a significant amount of financial operations globally. The smart contracts will be incentivized to operate autonomously through a network of transaction fees running on a core blockchain.
OmiseGo also plans to eliminate the need for many wallets by, acting like a global exchange trough and linking all merchants in one wallet. Recent changes to the wallet allow other e-wallet providers to set up and use it without requiring an existing solution to integrate with, giving it its standalone e-wallet feature. The wallet also allows for the disabling of wallets for closed accounts. This feature also adds functionality enabling providers to give token promotions for limited periods and disabling the account at the end of the period without interfering with the databases. The iOS app for Client Point of Sale and Android app for Merchant Point of Sale are also ready for use.
OmiseGo made public its OMG network repository on Github. The Tesuji plasma design is based on the Minimum Viable plasma for cheaper, faster and safe transactions. The technology will allow operators to create new blocks on the blockchain or for automatic addition of blocks by contracts when a deposit of ETH is made into the chain. Users may also transfer any amount of cryptocurrency from the Omisego blockchain to their root chain. The system will however move to the More Viable Plasma which eliminates the need for two signatures making the platform more user-friendly.
Initially, the platform will support ETH and other ERC-20 based tokens. It currently uses Proof of Authority (PoA) with OmiseGo as the validator as it continues to develop its Proof of stake (PoS) consensus protocol. Tests are ongoing on an internal testnet and the public version is set to be released once its safety has been confirmed. For instance, fast withdrawals on OmiseGo require a stable PoS and an attack on the PoS protocol would hamper the process. OmiseGo is therefore working on a design that will allow for fast withdrawals even in the worst cases.
The Ethereum based token has gained 3% to trade at USD 4.86 making it the 21st largest cryptocurrency with a USD 681,434,038 market cap. The token is among the few cryptocurrencies that have picked up in price with a 32% growth in two weeks. Volume almost doubled from USD 26,759,400 to USD 51,446,800 on September 3rd and 4th respectively. The token seems to maintain the high volumes with today’s trades valued at USD 44,493,515.
OMG is available for trade in over 100 pairs across different exchanges. The most traded pairs are OMG/USDT on Huobi and JEX exchanges respectively. Other top pairs include OMG/BTC, OMG/ETH and fiat currencies OMG/KRW and OMG/USD.