The ongoing development within the cryptocurrency space has seen blockchain-based projects improve infrastructure since the inception of crypto coins. Omisego (OMG) is among the platforms currently looking forward to launch its own network ‘Tesuji Plasma’, this is expected to boost the coin’s performance in both adoption and interoperability with Ethereum and ERC20 based tokens.
As of press date, Tesuji is currently been tested internally to improve its features before the official release to the public. GitHub’s repository has made available this new protocol for download to interested crypto enthusiasts. However, the incomplete nature of this milestone limits the users from applications in the real world as of now.
According to a medium post on Omisego’s blog, the team is excited and impressed with its progress in the Tesuji Plasma milestone. Omisego released this design for testing towards the end of August 2018; the features are guided by the Minimum Viable Plasma (MVP) together with MoreVP designs meant for scalability purpose.
Tesuji Omisego (OMG) network will be integrated with the eWallet to facilitate the creativity and liquidity flow with the ERC20 based tokens. Ideally, the new network will support general coin management ensuring that normal transfer of OMG coins and deposits are made smoothly. Competitive advantages that Tesuji OMG platform enjoys is the rate of transaction, affordability and maintaining the high security levels within the Omisego blockchain.
Omisego plans on using a Proof of Authority consensus at the pioneer phase of this milestone, validation will therefore be done by Omisego. However, the team’s goal is to eventually implement a Proof of Stake protocol for complete integration with OMG’s Plasma. In addition, the operation charges gathered during this period will purchase OMG tokens meant to be burned later on. Tesuji’s internal testnet is already in operation with a link to the ETH network, the OMG community is currently waiting for a public test once the team confirms safety and efficiency of the Tesuji Plasma network!
Omisego (OMG) eWallet PoS App development
Cryptocurrencies are facing the challenge of adoption due to real world applications and liquidity. Omisego’s eWallet team is working on a couple mobile apps to complete its ecosystem. Basically, the team’s idea is to create Point of Sale (PoS) protocols that will allow its crypto users to use and deposit OMG tokens efficiently. A QR code will be used by the PoS built merchants to facilitate the deposits and checking account balances from mobile devices.
In order to achieve this, the development team at Omisego (OMG) has had to update its eWallet to be an independent application. This will allow users to create eWallet accounts directly on condition the providers have given consent. Therefore, with the Tesuji Plasma release set soon, the eWallet will be a good vehicle for the network to meet its goals for the OMG community.
OMG Token Analysis
The Omisego token is among top 25 altcoins in market capitalization with a significant $680 million position in the $237 billion cryptocurrency market right now. This is roughly 0.2590% of the total market with Bitcoin still dominating at 53%. The past two weeks have been green for Omisego gaining by 28% from its price back then. However, a month ago the OMG token was higher by 10% from its current $4.85 against the US dollar.
Omisego’s volatility has not been an exception from the general volatile nature of cryptocurrency markets, the coin stood at 36% and 17% in the past month & week respectively. OMG Return on Investment since its ICO has been at an impressive 723% although the daily ROI today shows a -0.44%. Omisego (OMG) is very prospectus given its upcoming Tesjui Plasma network launch which will mean less dependability on the ETH platform where the token currently operates.