What is Omni Network? Omni Network is a Layer 1 Blockchain built on the best of the crypto market. So what’s special about Omni Network? Everyone, let’s find out in the article below.
- What is EigenLayer? EigenLayer Cryptocurrency Overview
What is Omni Network?
Market context
The ecosystem of underlying Blockchains in the crypto market is increasingly expanding, especially on Ethereum with the appearance of Arbitrum, Optimism, Base, Linea, zkSync, StarkNet, Scroll, Taiko, …. this leads to one of The big problems are liquidity fragmentation, which prevents users from having the best experience on a Blockchain.
When developing a protocol or DApp, you will face a number of basic choices as follows:
- Loyal to a single chain: If you choose to develop on a single Rollup Chain, this makes the project limited in reaching new users, which leads to a reduction in direct revenue.
- Multi-chain: Multi-chain development will return to the story of liquidity fragmentation. If cross-chain protocols are used, they can be attacked. Not only that, there will be protocols built on blockchains with few users and low liquidity, creating bad experiences for users.
The above issues lead to the birth of Omni Network. Omni Network was born to solve the problems of liquidity fragmentation, eliminating risks from cross-chain solutions or incompatibility with EVM (zkRollups are still struggling to solve).
Overview of Omni Network
Omni Network is a Blockchain platform built on the Cosmos SDK secured by validators on Ethereum which means in terms of security Omni Network will take advantage of the restaked ETH of Eigenlayer. To put it simply, Omni Network is a combination of decentralization and security on Ethereum combined with flexibility, customization and expansion on Cosmos.
It can be understood that the Omni Network operating model acts as a Layer 1 platform, the Blockchains built on the Omni Network will be Rollup Chains. However, the model of the Omni Network will be quite different from the model of Ethereum and its solutions Layer 2 Currently. The difference here is that Omni Network targets platforms built on Cross-rollup Applications.
Cross-rollup Applications can interact, exchange and message each other easily, creating continuity and synchronization across the Omni Network ecosystem. Not only that, the Cross-rollup Applications ecosystem will eliminate the need for solutions cross-chain to move assets.
Omni Network is composed of several main components as follows:
- Restaking: Validators on the Omni Network are built from LSTs and are responsible for monitoring Rollup platforms. Omni Network uses validators from Eigenlayer’s service.
- Consensus: Using Tendermint consensus and the flexibility of the Cosmos SDK, this makes the validation of transactions moving from L2 to L1 faster and cheaper.
- EVM compatible: Omni Network is also a BLockchain that is highly compatible with EVM, which helps developers easily work on the Omni Network ecosystem.
Some cases where Omni Network can be used include Cross-rollup Trading, Cross-rollup Lending & Borrowing or Cross-rollup Yield Farming.
In short, Omni Network is a combination of:
- Vision of Modular Blockchain.
- Solve the scaling problem through Ethereum Rollup.
- Execute on Rollup.
- Flexibility and extensibility of Cosmos and Tendermint.
Development Roadmap
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Investor
- April 26, 2023: Omni Network successfully raised $18M for the first time from famous investment funds such as Pantera, Spartan, Hashed, Jump Crypto and Two Sigma Ventures.
Core Team
Austin King: Co Founder & CEO
- Austin earned a Bachelor’s degree in Computer Science at Harvard University, Austin also studied at Stanford or Carlos III in Madrid.
- Austin worked as a manager at Microsoft for a short year in 2017.
- After that, Austin worked as CEO for Strata Labs – specializing in building passionate infrastructure products for organizations that want to participate in Blockchain. Ripple later acquired this project.
- After selling his child to Ripple, Austin continued to work as a software engineer for Ripple for 2 years.
- By early 2021, Austin and his colleagues started building Omni Network.
Tyler Tarsi: Co Founder & CTO
- Tyler earned a Bachelor’s degree in Computer Science and Economics from Harvard University.
- After going through a few jobs such as BD at Squarelink, Engineer at DataProphet.
- By 2021, Tyler and his colleagues started building Omni Network.
Matt Poreda: COO
- Matt earned a Master’s degree in International Economics at SGH Warsaw School, a Master’s degree in International Management from the University of Petersburg and CEMS, Matt also studied Data Science at Massachusetts Institute of Technology and earned an MBA at Harvard University.
- Matt has diverse experience at many different large corporations such as Spotify, BCG Digital Ventures, BCG, Amazon,…
- After more than 2 years with IBM as Technical Director, Matt joined the COO team for Omni Network. This is also the first crypto project that Matt participated in.
Tokenomics
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Exchanges
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Project Information Channel
- Website: https://omni.network/
- Twitter: https://twitter.com/OmniFDN
- Telegram: https://t.me/OmniFDN
- Blog: https://blog.omni.network/
- Discord:
Summary
Omni Network is a potential project on the Cosmos ecosystem when introducing a new concept called Cross-rollup Applications. Can Omni Network succeed? Hopefully through this article, everyone will understand more about what Omni Network is?
