The scalability of blockchain technology remains a big challenge for the time being. OmiseGo has made some rather bold claims in this regard, as it plans to start out by processing at least 1 million transactions per second. Such a throughput rate is rather uncommon for public blockchains and cryptocurrencies, to say the very least.
OmiseGo Plans a Bright Future
According to a recent tweet sent out by the OmiseGo team, things are looking extremely promising for the project right now. Most enthusiasts are well aware that the team has been working on a new and scalable blockchain-based payment network which uses the Plasma technology. We discussed Plasma a while ago, even though it remains to be seen how well this technology can perform in a real-world environment, to say the very least.
While the tweet itself doesn’t provide any credible evidence to back up such bold claims, it is still interesting to take a note of. We all know how Plasma is designed to introduce more scalability and autonomy in the world of smart contracts. As a result, Plasma is capable of achieving much higher transaction throughputs, at least on paper. One million transactions per second remains a very lofty goal, though.
— JUNΞ (@JUN_Omise) October 15, 2017
Without any further specifics to go by, it is unclear how the OmiseGo team will achieve this goal in the long run. Plasma is still in the early stages of development and shouldn’t be considered a viable concept right now. Significant progress is being made behind the scenes of Plasma, though, but for now, it is not expected this concept will have a mainstream impact until at least early 2018. This also hints the proposed throughput by OmiseGo may take a while to come to market.
After all, the OmiseGo team has not specified any specific date for this development whatsoever. All they did was send out a tweet hinting at improved transaction throughput, and a note of how this is “only the beginning”. There is no lack of ambition when it comes to OmiseGo right now, although we can only hope the developers are not biting off more than they can chew in this regard. Raising the bar is one thing, but delivering on promises is something else entirely.
Moreover, the Twitter community is growing somewhat concerned about this announcement for other reasons. One user points out there is no clear OmiseGo roadmap and a delay in partnership announcements. While it is true the OmiseGo website has a timeline of events which will need to be adhered to, it is unclear when these developments are expected to be completed. Then again, sticking to deadlines is pretty difficult in the world of blockchain and cryptocurrency and only adds more pressure.
Rest assured there will be a lot of people keeping an eye on whether or not OmiseGo can deliver on its latest promise. The tweet in question is pretty promising, but there is no solid evidence to back up the claims it contains right now. Only time will tell if the team has what it takes to introduce this unprecedented level of scalability in the future. It is certainly something to look forward to, assuming it is achieved in the first place.