OmiseGo Announces Changes To Roadmap

Updated On May 12, 2018 by Cameron Bishop

OmiseGO has issued an update to their roadmap and also provided necessary clarifications in an attempt to remain straightforward and transparent about the progress of the project.

The visual display of the roadmap clearly illustrates the manner in which different tasks are interrelated.

While there is no drastic change in the updated roadmap, some of the changes made to the milestones are described below:

No further updates on Cosmos DEx

OmiseGo, which founded Tendermint in partnership with Cosmos Network, is planning to build DEX through Tendermint on the OMG Network. However, OMG team is not in a position to give a precise time of release as building DEX is dependent on the release of Cosmos Network, which is yet to be released. OMG is not in a position to estimate its release as of now. The OMG team has stated that it will continue to work with the Cosmos project to create DEX. However, the task has temporarily taken a back seat.

OMG token and Cosmos will undergo a hard spoon, after the DEX is launched. Hard spoon is different from hard fork in the sense that the two chains will not compete with each other. The new chain will duplicate the balance of the old chain. So, the Cosmos Tendermint chain will give users a sum of Cosmos DEX tokens equivalent to the amount of OMG held by them. The tokens can be used within the Cosmos Network.

Plasma DEX

It has been split across 2 phases. According to the OMG team, the first phase will be non-custodial. Which means, the full power of decentralization will not be brought to the DEX as of now. Initially, OMG will run a centralized service to match orders. However, users will have absolute control over their funds. This is expected to be implemented in 4Q18. There is no estimate about the release of the second phase.The second phase will result in complete decentralization as orders moved onto the Plasma chain. At that point, DEX will become a P2P system.

Consensus Implementation

To begin with, OMG will implement a Proof-of-Authority consensus protocol. Later, OMG plans to test a hybrid Proof-of-Stake mechanism and ultimately implement a full PoS consensus mechanism.
The OMG team selected PoA as it is simple to implement, compared to PoS protocol, which is complex and risky. With a PoA system in place, OMG will not receive any fees. Instead, the fees generated will be used to purchase OMG tokens, which will be later burned. The initial Plasma implementation, dubbed as “Tesuji”, will feature atomic swaps and is expected to be launched in 3Q18. More details on Plasma implementation will be announced at that time.

eWallet SDK

Version 1.0 of the eWallet SDK, which can be used by developers to build apps, will be released in 2Q18. This is expected to bring more users on board as it allows payment service providers to offer multiple payment options to users. Further, version 1.0 will also allow extensive modification of the eWallet, which will be able to communicate with and send tokens to each other. This feature will also enable a user to move cryptocurrency in and out of the wallet, and also convert it into fiat currency quickly.

Other notable developments

There were few more notable developments. This includes,

  • Exchange of non-fungible tokens
  • Recurring payments
  • Conditional payments based on data, time and signature
  • Order blinding

OmiseGo is generally perceived to be one of the undervalued projects and this roadmap is expected to garner big cryptocurrency investors’ attention. The second half of this year is going to be exciting for both cryptocurrency enthusiasts and investors in OmiseGo project.

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Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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