As the majority of the cryptocurrency market is struggling to get to a more stable price, OmiseGO (OMG), currently ranked as the 22nd best coin in accordance with the official ranking list, is as well seen dropping against the fiat.
With the latest change in the market, OMG has dropped by over -2%, also showing negative results on weekly and monthly charts concluded with August 25th, however, the team behind the OmiseGO network is focused on new technological developments rather than following the wild streams of the bear market.
That is how the team announced on August 24th that an early alpha release of one of the most important milestones in the roadmap of OMG network, Tesuji Plasma, is available for download and experimenting.
OmiseGO Releases an Early Alpha Version of Tesuji Milestone
As the market is independently dictating bearish trends causing major decreases on a collective level, the team behind OmiseGO (OMG) is working on testing and experimenting with a milestone on the roadmap of POMG network.
On August 24th, in an official announcement published on Medium by the team OMG, the network announced an early release of an alpha version for Tesuji Plasma. The team added that the repository available on Github contains the first version that is still rather unstable, although the alpha release is available for download.
Tesuji Plasma is said to represent the basis of OMG network and as such calls for further improvements while the team is testing the release internally.
The interested OMG users are able to download repository in order to gain access to child chain on which Tesuji Plasma is hosted, but are stressing out the fact that the team is not yet ready to release the new update to the test net.
The team added that they are thrilled to share what they have accomplished so far as Tesuji Plasma represents an interlude to OMG network, based on Minimum Viable Plasma and More Viable Plasma integration.
The team also announced that OmiseGO will also integrate a digital wallet with Tesuji Plasma, that way enabling ETH/ERC-20 based transfers between users and through the OmiseGO network.
Tesuji is said to bring major improvements such as cheaper transactions without jeopardizing security, also initializing faster payments. For starters Tesuji will be using proof of Authority as the team is going towards Proof of Stake protocol, adding that all transaction fees acquired during the Proof of Authority utilization will be later on used for purchasing OMG tokens that will be burnt.
The team concluded the news with reminding the users interested in “playing” with the internal child chain that Tesuji is still not in a fully functional phase, thus being unstable and requiring additional work, announcing that they will be updating the community on the further developments of Tesuji Plasma.
Once the coins are burnt after the PoA phase is over with, OmiseGO will get to keep its market cap for a while decreasing the number of circulating coins, which might take OMG to a higher position in the official ranking list, at least for a while.
However, the PoA phase is still away as the Tesuji milestone is only being tested internally at this point.
OmiseGO in the Market
OmiseGO (OMG) is suffering from frequent drops with over 90% of the market, seen on August 25th with a “mild” decrease of around -2.5% against the fiat. OMG is also showing negative records on monthly and weekly charts so we can see it down by over -50% in the course of two months, also counting a drop of nearly -50% in the period of the last 30 days, as well as on year to date charts.
Currently being traded at the price of around 3.47$ per one OMG, OmiseGO is valued far from its record price of approximately 26$ per one unit as acquired back in January 2018, which is not an odd case given the fact that the cryptocurrency market is stuck with a prolonged market dip.
As the team seems to be happy with the progress on Tesuji Plasma they have made by far, the community will probably set a high bar for the final version of this integral update. In case all goes well once Tesuji is out on test net, OmiseGo (OMG) might see some improvements in the price as well as it is usually the case once a major project is pitched by a blockchain startup.