OMG Reveals Details of Mysterious Plasma “Private Mainnet”

By January 24, 2020 Ethereum
Click here to view original web page at www.trustnodes.com

OmiseGo raised eyebrows by announcing the first mainnet transaction in a “private environment” with it initially unclear what exactly they meant.

OmiseGo’s Enzo, from the marketing and communications team, has now explained in an email:

“In regard to your questions about our first mainnet transaction: since we’re a layer 2 solution, this is our plasma implementation rooted into Ethereum mainnet.

All of our previous testnets have been rooted into an Ethereum testnet, either Rinkeby or Ropsten. This mainnet environment is our first time setting up the entire system against Ethereum mainnet.

This is private, we’re not announcing any of the endpoints because it’s still being tested and validated.”

Plasma therefore has moved from the ethereum testnet to the live ethereum network, but Plasma itself is still in a testnet environment while now running on the actual ethereum network. Enzo says:

“This private mainnet environment is just one of many testnets we plan to deploy before releasing a mainnet environment to the public. We take audit recommendations very serious and will adopt them wherever they improve security.”

Enzo offered Trustnodes the opportunity to see the mainnet transaction on Etherscan on condition we don’t reveal anything about it. We have no reason to doubt them, so didn’t take them up on their offer, opting for patience instead and a proper scrutiny once it does go public. Enzo says:

“As stated in our release we have been able to successfully complete actual main net transactions. These are visible and trackable on Etherescan, but unfortunately we cannot make these public at the moment.

The contracts and environment are still being heavily validated and it is not ready for public use. We do not want to put anyone’s funds at risk.

When dealing with finances there’s such a high risk involved, so with the OMG Network there is zero tolerance when it comes to shortcuts with security.

So to answer the question when our main net will be public: we will be releasing it when we are confident in the security level of the network and have established security measures and backup plans for any possible untoward incidents. What we can say is that lately we made some very good progress!

We will be providing more information on our official channels and newsletter as we grow closer to public deployment, so please continue to stay tuned.”

Plasma tries to condense transactions by bundling them into one on-chain settlement with “real” accounts kept on a childchain.

It’s a promising piece of the scalability puzzle with the team now addressing the results of two audits while slowly and cautiously rolling out the solution.

Unlike dapps which can have trade-offs between fail safe mechanisms and decentralization, in things like Plasma you can’t quite have a reverse key.

Any bug therefore can be decisive, so requiring an engineering attitude of critical infrastructure.

They are thus first operating in a controlled private environment, but while interacting with the public blockchain.

They probably need to work within this environment for some months, ironing out every little thing, and then eventually they’ll open it to everyone as the infrastructure pain-points now start being addressed.

When, is the key question and from much of the above the answer seems to be soon enough with the mind-focusing bear market beginning to bear fruits as it appears they’re now tipping their toes on the live running of Plasma.

Copyrights Trustnodes.com

OmiseGo’s Enzo, from the marketing and communications team, has […]

Leave a Reply