Development

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Meet OmiseGO P2P Payment Network!

A payment network that’s faster, cheaper, and more secure.

Worldwide spending on blockchain solutions is expected to reach $11.7 Billion by 2022. And while there’s a list of solutions that enable peer-to-peer payments, they have their weaknesses.

Either they’re too slow, too expensive, or too complicated.

Which is why the team introduces OmiseGO’s peer-to-peer (P2P) payment network. It’s an Ethereum-based blockchain scaling solution that enables super-fast and low-cost P2P payments!

How they do it:

Plasma, their child-chain, does the heavy lifting of processing transactions. The aim is to group trades and have Plasma and Ethereum communicate as sparingly as possible to increase transaction speed.

This results in the following benefits:1. Speed

Crypto’s future and real-world adoption rely on the technology’s scalability. Even though anyone can start trading on a network, it may take hours to verify and complete the transaction.

To put things into context: VISA on average handles 1,700 transactions per second. Currently, the OmiseGO Network can process, on average, up to 4,000 transactions per second!

2. Low Fees

By grouping trades, OmiseGo reduces the number of transactions that need to be verified by Ethereum. This keeps operating costs low, and lets you pay up to 90% fewer fees than you would on Ethereum.

3. Double the Security

The team couples Ethereum’s security guarantees with Proof of Authority (PoA). This means each transaction is checked twice. And since our network watchers are decentralized, your funds remain safe and secure no matter what happens to OmiseGO.

4. Accessible UI/UX

One of the things preventing users from realizing the benefits of decentralized networks is poor user experience. It’s why they emphasize it, and aim to make the network as easy to use as possible.

In fact, why not check out The Art of UI/UX at OmiseGO?

OmiseGO is always looking for partners to build on top of our network. So if your project falls under these categories or is similar to it, do reach out to them!

If you don’t fall under these brackets, don’t fret! There will be more use cases beyond just payments in the future (ex: DEX settlements).

Find the Network:

OmiseGO Developer Portal

OmiseGO Developer Program (ODP) Application

Technical Update

eWallet

For the past two weeks, the team has been working on finalizing the features for Ethereum integration. This means adding the last few screens to the admin panel (which were waiting on backend features) and implementing the deposit funds management. This feature was unexpected and is due to their switch to using a hierarchical deterministic wallet in order to receive funds from the outside and credit the appropriate balances. They have also made some great progress on the Plasma integration. The team is now able to deposit funds and transfer them to other addresses on the OmiseGO Network.

Completed

Here are the main items the team has been knocked out since the last update:

v2.0

Receiving blockchain transactions #1123

Add Ethereum connectivity status to /api/admin #1140

In progress

These tasks are currently being worked on or are pending review by the OmiseGO Integration Team members:

v2.0

Frontend Ethereum integration for admin panel #1145

Sending internal funds to Ethereum addresses #1143

Moving funds to hot wallet after a deposit

OmiseGO Network deposits and transactions #1128

As always, you can follow the progress on the eWallet GitHub project page and on their GitHub Milestones page. If contributing code is your thing, they have a list of issues suitable for first-time contributors. Be sure to check it out!

Potterhat

Completed

Fix batch JSON-RPC request support #38

Next steps

Potterhat currently works with the eWallet on development environment. The remaining planned work is to integrate Potterhat to the staging environment once the eWallet’s Ethereum integration is complete.

You can track Potterhat milestone and progress on the Potterhat repository and read more about it (or add some ideas and suggestions) on OIP-15.

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eWallet Suite More Resources:

OmiseGO eWallet GitHub repository

Initial public demonstration of the eWallet

​Chat to the eWallet team

Plasma

This week, the team encountered an issue on a production environment of their Samrong watcher, misrepresenting Byzantine conditions on the child chain. They found the root cause of the problem and have submitted a bug fix.

On the plasma contract side, the team is implementing a better design for determining exit bond size. This ensures that the safety of the chain is preserved during exit games and that fixes can still be made via contract upgrades if any issues arise.

They are in the process of improving the UX for Byzantine scenarios by coming up with a standardized way for applications to consume the different Byzantine events and take appropriate action.

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For more on Plasma, see these community-produced resources: