Editor’s note: This blog post is the first of a series of posts that the team will be doing about the technical architecture and implementation strategy of OmiseGO, which will conclude with a roadmap, and an analysis of our actions so far. Today we are pleased to open with a post by Jun featuring general information about the technical and business goals as they stand today.
OmiseGO is a decentralized public chain with several layers:
(1) The white-label wallet SDK layer
This provides standardized features to so-called digital wallet service providers. OmiseGO will add more and more to this top layer as a “standard base” for others to build applications upon. While we must start somewhere, it is our ultimate goal to simplify the creation of new digital wallets to the point where they require little to no developer support.
(2) Decentralized exchange (DEX) layer
We believe that the future is all about eliminating the middlemen in your exchange orderbook. The cost of exchange should be no greater than the cost of maintaining the decentralized network that exchange happens on. All transaction orders will therefore be managed on the DEX chain and validated by OMG stakers (this is Proof-of-Stake consensus, or PoS), who collectively and dynamically determine the fees that are necessary to keep the network running.
(3) Scalability network mechanism layer
OmiseGO was designed for the Plasma architecture, which structures blockchain computation into MapReduce functions and uses a combination of proof-of-stake token bonding and the network security provided by a separate root chain to safely enable unprecedented transaction processing speed. For further information about Plasma, please visit plasma.io.
The above three layers constitute OmiseGO’s main framework.
It is the OmiseGO way to focus on delivering products to market as fast as possible without compromising integrity, engaging in PDCA (Plan-Do-Check -Act) procedures for continual improvements. While our team consists of impressive engineers and product experts, we also recognize that the solution we are bringing to market is the first of its kind and extensive testing and updates are needed to ensure stability and security. It is not sensible in terms of go-to-market speed to wait until all three layers are launch ready in order to deploy all three layers at the same time. Thus, we came up with a product deployment plan which will allow us to securely build out the three layers, while continuing to release more and more complex features to the market.
Plasma architecture can scale as a huge forest, and Ethereum is like fertile soil
The above is why we decided to test our first and second layers with our longterm partner, Cosmos Network, who are also the creators of Tendermint. This collaboration allows us to market-test our solution very soon in an intermediate scalability environment. It also gives OMG stakers an introduction to our PoS protocol, by beginning to participate in validating transactions. This temporary environment will scale sufficiently to allow OmiseGO to provide support for Omise’s existing customers, while we work towards our end goal: a fully-permissionless and infinitely-scalable public Plasma chain.
OmiseGO network will support Omise's entire existing customer base.
No doubt about it, the Internet of Blockchains idea is powerful, but there is no one single way to go about building this. OmiseGO has been supportive of many approaches from the beginning, and we will continue to support new and exciting developments from the world’s most talented developers and architects. Many world-class corporate and financial institutions are showing an interest in utilizing the OmiseGO network for their existing mega-businesses, so we are always thinking about how we can effectively serve them as a platform. As it stands, we believe that we have a realistic way to onboard them — perhaps faster than the market thinks is possible. This is thanks to our leverage and support of the best projects in the ecosystem, and by always looking for the right tool for the right job.
As per our community’s request, we will disclose and describe our actual roadmap in a post next week.
-- Jun --