OmiseGo’s Plasma Audits Released as First “Mainnet” Transaction Announced

By January 22, 2020 Ethereum
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ConsenSys Diligence and Quantstamp have published their audit reports of More Viable Plasma (MoreVP) as OmiseGo’s project edges towards launching.

ConsenSys found a number of critical and major issues, but they were resolved. The audit however recommends a slow launch, they say:

“We highly recommend proceeding with caution: rather than pushing immediately for a full-scale production release, a testnet, public bug bounty, limited release, or a combination of all of these would allow OmiseGo to work out the kinks of the system before it reaches critical mass.”

Quantstamp’s conclusion was that the “code conforms to the presented specification,” but they suggest “further ideas for design and code improvements.”

Meaning quite a bit more work is needed before this can go fully live, but last month prior to these audits the project said:

“On Friday, we deployed an environment against mainnet and successfully performed a transaction lifecycle test (deposit, transact, start exit). This is the OMG Network’s first mainnet transaction!”

What exactly they mean by mainnet is not clear as they describe it as “a private internal environment for our own testing.”

We’ve emailed to request clarification, but have not received a response in time for publishing.

What sense we can make of it suggests the “mainnet” is a Proof of Authority (PoA) plasma childchain rooted to the ethereum public blockchain.

“Private mainnet means that the transactions are controlled centrally,” said Mark Anstead, Head of Business Development for Project Hydro.

Hydro Labs describes itself as a “team of blockchain and product development specialists.”

One of their project is Hydro Pay which is to use the “private plasma mainnet” in the coming days after Joel Kite of the lab said “we’ve been sending USDC on the OmiseGo test network without having to deal with paying gas fees.”

So the project is seemingly coming together after nearly three years of development with Anstead saying “they’re working to make [the private mainnet] public – which is why it’s getting tested.”

When it might go public is not clear with suggestions they are testing potential DDoS attacks after the Quantstamp audit raised them as a high severity issue.

They say such DDoS attack vectors are now already fixed, with quite a bit of work seemingly going on during these audits and now that the reports are out.

It will probably be a fairly slow roll out however because this is a complex project that aims to address scalability constrains by using the ethereum public blockchain as a settlement layer with transactions sent off to the childchain.

That childchain is for now fully controlled, with it presumably to gradually be opened up as it proves it can run smoothly.

The Plasma Framework initial release also went out today with it labeled as version 1, suggesting it is mainnet ready.

We couldn’t testrun ourself this private mainnet however to get a hands on feel as it seems difficult to reach out to the team, but presumably there will now be demos and the like as Plasma finally seemingly starts rolling out.

Copyrights Trustnodes.com

ConsenSys found a number of critical and major issues, but […]

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