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RE: OmiseGo is the first plasma.io project!
Simply put its like adding the lightning network to Ethereum. From the paper "Similar to the Lightning Network, Plasma is a series of contracts which runs on top of an existing blockchain to ensure enforcement while ensuring that one is able to hold funds in a contract state with net settlement/withdrawal at a later date."
In the future I'm sure more will as far as I know omisego is the first.
thanks for the ELI5 :)