Right from the beginning of this year, the frequency of blockchain upgrades and technical developments have increased considerably amongst various existing and tradable cryptocurrencies. Manifestly, one of the main reasons behind this new trend is the constant volatility of the most popular digital currency, Bitcoin. Bitcoin’s instability has created significant doubt among a large percentage of traders and consequently, other well-known coins have been trying to keep their places on the price chart through continuous upgrades for the past few months. As a cryptocurrency, OmiseGo has one of the busiest and most efficient developers and as a result, the frequent changes and developments on its blockchain platform are not really unexpected.
Among the eighteen hundred tradable cryptocurrencies, every digital coin offers some unique features that grab the attention of a certain number of traders. But as time progresses, the desiderata of people also change drastically. To cope up with these new demands and to keep a secure place in this fiercely competitive market, publishing new roadmaps and technical updates have become a quotidian phenomenon in the crypto-world. To keep up with other currencies, the OmiseGo team released an updated version of their pre-existing roadmap on 9th of May, 2018. Here, a few aspects of this roadmap will be discussed to depict a probable future of this coin.
OmiseGo was first tokenized in July 2017 after raising a considerable amount of money (25 Million USD) during its initial coin offering (ICO) state. Since then, the OMG development team has managed to tick quite a few boxes of achievements and upgrades. Some of these completed events include:
- Token Sale: In the second quarter of this coin, OMG managed to raise 25 million USD in its token sale as an ICO.
- Airdrop: During the Q3 period, OmiseGo’s team announced an airdrop event for their users in September 2017. 5% of the total OMG supply was distributed to all Ethereum addresses having a balance greater than 0.1 ETH. This airdrop brought massive success for this cryptocurrency by increasing its popularity to a significant extent. In consequence, OMG coin experienced a surge in its price during this period.
Major Developments in Progress and Upcoming Events:
OmiseGo’s internal architecture can be categorized into three principal segments namely the decentralized exchange, the scalable blockchain, and the application interface. In all of these segments, an incessant process of developmental updates is in progress. Here, some of those developments are discussed:
The Decentralised Exchange (DEx): The decentralized exchange of OmiseGo has undergone quite a few changes over the past few months including:
- Elimination of Honte: Honte was a Tendermint construction specifically designed to provide sufficient throughput along with a proof-of-stake algorithm. As the progress rate of Plasma (another OMG project) was greater than Honte, this initiative has been discarded and removed from the roadmap.
- Elimination of Cosmos DEx: Cosmos DEx has also been eliminated from the roadmap as the OMG coin is going to be “spooned” right after the launch of Cosmos hub launch. However, the OmiseGo team will continue to work closely with the Cosmos team for creating a parallel decentralized exchange on Cosmos platform.
- Development of Non-Custodial Plasma DEx and Full Plasma DEx: In case of non-custodial plasma DEx, the OMG users will be allowed to have the custody of their funds with a non-custodial order settlement on the Plasma chain. In this phase, a centralized system to provide order matching would be maintained. This development is likely to be completed during the fourth quarter of this year. In the full plasma phase, the order book and order chain will be moved to the plasma chain and various tokens including ETH and ERC-20 coins would be supported on the exchange. The development of this phase is yet to commence.
- Additional Developments: There are myriads of development upgrades that are currently in progress besides the development of Plasma DEx. Some of them include creating an exchange for non-fungible tokens, removal of confirmation messages into Tesuji Plasma, and many more.
The Scalable Blockchain: The OMG development team has made considerable progress in designing a scalable blockchain. They have already finished developing the Plasma MVP while the designing of Plasma Cash and Plasma Tesuji are still in progress. They also endeavor to finish creating a hybrid and complete PoS system by the end of this year.
Application Interface: The OmiseGo team has completed nearly 50% of their application interface by going through the Alpha and Beta phases of their wallet SDK successfully. They’re on course for releasing a fully functional SDK wallet shortly which will be called by the name Sente.
Upcoming Additional Features: Besides developing these three major segments, OmiseGo is likely to implement a significant number of new features in its repertoires such as cash in/out (AJI) facility, blockchain integration, interconnectivity, and many others.
Current State of OmiseGo:
As of 10th May 2018, OmiseGo holds the 20th position on Coinmarketcap with an impressive price of nearly $16 and a market capitalization of approximately 1.6 billion USD. The recent charts have shown a conspicuous upward trend for this currency.
Within a matter of ten months, OmiseGo has been able to acquire a position among the top 20 coins on Coinmarketcap. Once all of its upcoming and on-going developments are completed, this currency would become even faster, more scalable and convenient for its traders. Ergo, it can be certainly inferred that the updated OMG roadmap has opened up many doors full of lucrative opportunities for this coin as well as its holders in future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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