EDCON HACK: Making Micro Transactions on a Plasma Chain
Pre-EDCON online workshop
Pong Cheecharern, Product Manager at OmiseGO and mentor for EDCON 2019 Hackathon (EDCON HACK) gave a pre-EDCON talk on Microtransactions on Plasma Chain. In the video, Pong talks about several aspects of microtransactions on a plasma chain and specifically how these transactions can happen on the OMG Network.
The focus of the OMG Network is a plasma chain that enables micro payments, peer-to-peer transactions, which are carried out on the network for low fees. In the video we learn about the use cases on the OMG Network. Two of the more prominent use cases mentioned were video gaming and loyalty points.
For the video gaming use case, one can tokenize in-game assets and trade assets with in-game users, as what we see with Hoard’s Plasma Dog. The second example is the loyalty point use case. Loyalty point programs are commonly employed by businesses that seek higher customer engagement. While large companies tend to keep points confined within their own brands, SMEs tend to seek interoperability of points with other brands in their area. Blockchain technology is seen as a tool that can help eliminate silos. The benefit for companies that utilize the OMG Network is that they will enable their customers to trade and use their points with other businesses within the same payment rail.
An interesting possible use case mentioned is the Proof of Existence (PoE). The PoE is one of the first non-financial use case within the OMG Network. It can take assets such as land titles and allow you to digitally store them on the blockchain. Once stored, you can verify data such as data signatures, where it is on the blockchain, who was last to handle it and more to show that this item exists and what transactions it has been part of.
Another point tackled in the pre-EDCON talk was the Plasma world map, showing the different variations and implementations available as of the end of 2018. For OmiseGO, we use the MoreVP plasma design; a variation of Plasma MVP authored by Vitalik, which is under the UTXO-based plasma.
To close, Pong talks about the three major functions of the plasma chain: deposit, transact and exit. The deposit function sends a value to the plasma chain, then there’s a registration of a new event of a token being deposited. Once done you can see a new UTXO emerge on the blockchain. The transaction would be the exchange of assets within the plasma chain. The Exit allows a safe exit of funds from the plasma chain.
As a precursor to EDCON 2019, the video invites viewers to be a part of the workshops and hackathon at the event. The following are links to resources for the hackathon:
For those who won’t be able to join us in Sydney at EDCON 2019, please note, we are inviting developers who are interested to explore the OMG Network through the OmiseGO Developer Program (ODP).