OmiseGO to Initiate Decentralization In Q4 2018

OmiseGO, a decentralized cryptocurrency exchange issued on Ethereum who has raised $25 million in its initial coin offering in Q2 2017, has updated its roadmap to clarify the timelines and milestones ahead.

OmiseGO Shares Updated Visual Roadmap

The dynamic, evolving process, which has started with the ICO in Q2 2017, was followed by an airdrop of 5% of total OMG supply in Q3 2017. The decentralized exchange infrastructure, Cosmos DEx, which allows currency-agnostic asset exchange between all integrated wallets, will no longer be included on the OMG core roadmap. Tenderming DEx (Honte) will be eliminated from the roadmap as Plasma progressed more quickly than expected and the OMG token is to be spooned after the Cosmos hub is launched, but OmiseGO will still work with the Cosmos team to build a parallel DEx on Cosmos.

“Put simply, a snapshot of all balances will be taken at a given block height, and every address holding OMG at that time will receive an equal quantity of the Cosmos DEx staking token (not to be confused with ATOMs — the Cosmos DEx will have a separate token). As stated will give at least 2 weeks’ notice before the snapshot.”

The non-custodial Plasma DEx has an estimated time of arrival in Q4 2018. The decentralization will be implemented in two phases, the first one maintains a centralized service to provide order matching, “but users will have custody of their funds with non-custodial order settlement on the OMG Plasma chain”. The second phase will have the exchange fully decentralized by moving the order book and order matching into the Plasma chains and decentralizing the order matching process. The team did not disclose the ETA for the full DEx on Plasma.

The OMG network will be subject to enhancements and include exchange of non-fungible tokens, removal of confirmation messages in Tesuji Plasma, recurring payments, conditional payments, order blinding, front-running protection, and scalable blockchain. The production of these features is ongoing.

Regarding the scalable blockchain, there is progress on Plasma scaling, proof-of-stake consensus and integration with the Ethereum blockchain. The team has chosen to start with the simplest possible consensus mechanism, Proof of Authority (PoA), with OmiseGO as operator. Transaction fees are necessary in order to deter DDoS attacks, but the OMG network will not profit from fees during the PoA phase. Instead, the money will be used to buy OMG tokens which will then be burned.

The first Plasma MVP was delivered in Q1 2018 and the development of Plasma Cash, which turns fungible assets into unique “coins” on the root chain, is ongoing. The team expects the implementation of initial plasma in Q3 2018. The hybrid PoS and full PoS are upcoming. The eWallet SDK had its Beta version (Fuseki) delivered in Q1 2018 and SDK 1.0 (Sente) should be released in Q2 2018.

The parent company of OmiseGO is creating a new subsidiary which will acquire centralized exchanges in order to build a network of front-end exchange platforms.