Are you a beginner looking to explore the world of decentralized applications on the Ethereum network? Look no further than the Omni Network. In this article, we will uncover the key features and value proposition of Omni, an Ethereum integrated rollup layer that aims to unite applications across all Ethereum scaling solutions.
Table of Contents
What is Omni Network?
Omni is designed as a layer 1 blockchain that integrates Ethereum’s rollup ecosystem into a single, unified system. Its goal is to empower developers to build natively global applications that leverage Ethereum’s liquidity and user base by default. With Omni, developers can seamlessly access all of Ethereum’s resources, making it easier than ever to create decentralized applications.
Project Mission & Value Proposition
Omni’s mission is to bring Ethereum back to its role as a single, unified operating system for decentralized applications. By leveraging the rollup-centric architecture, Omni enables developers to build applications that can exist on multiple Ethereum rollups as if they were working in a single state machine. This approach eliminates the fragmentation of liquidity, users, and developers across different scaling solutions, enhancing Ethereum’s network effects.
Project Highlights
Omni offers several key highlights that make it an attractive choice for developers:
- Dual Staking Model: Omni utilizes a dual staking model for enhanced economic security. The security of the network is based on the combined value of staked OMNI tokens and restaked ETH.
- Sub-Second Verification: Omni nodes employ CometBFT consensus to process cross-rollup messages and Omni EVM transactions in under one second. This enables sub-second finality for cross-rollup messages.
- Diverse Rollup Support: Omni is designed to be compatible with any rollup virtual machine, programming language, and data availability architecture. Developers can seamlessly integrate Omni into their existing applications without modifying their smart contracts.
- Backwards Compatibility: Applications can integrate Omni without the need to modify their smart contracts. Instead, modified frontend instructions can be used to send cross-rollup messages through Omni.
Technical Infrastructure
Omni introduces a modular node architecture known as Octane, which is designed around Ethereum’s Engine API. This architecture ensures a clear separation between each node’s consensus and execution environments while enabling the use of existing Ethereum execution clients. Omni validators utilize CometBFT consensus and ABCI++ vote extensions to concurrently validate cross-rollup messages and transactions on the Omni EVM. The Omni EVM simplifies cross-rollup application development by propagating contracts and interfaces dynamically to any rollup, minimizing the potential for smart contract vulnerabilities.
Token Sales and Economics
As of April 12th, 2024, the total supply of Omni tokens is 100,000,000, with a circulating supply of approximately 10,391,492 (around 10.39% of the total token supply). The project has raised $18.1 million USD through two rounds of private token sales, with 20.1% of the total token supply sold in these rounds.
Roadmap & Updates
The roadmap for Omni includes several milestones and updates. In Q2 2024, the mainnet launch is expected, along with the implementation of the Liquid Restaking Protocol and the onboarding of EigenLayer operators. Q3 2024 will see the cohort launch of Natively Global Applications (NGAs) deployed on the Omni EVM, while Q4 2024 aims to expand the Omni Network to include alternative Data Availability systems like EigenDA and Celestia.
Community
If you’re interested in joining the Omni Network community, here are some useful links:
Conclusion
The Omni Network presents an exciting opportunity for developers to build decentralized applications that leverage the full potential of Ethereum’s scaling solutions. With its seamless integration and focus on global application development, Omni aims to unite Ethereum’s ecosystem and bring back its role as a unified operating system. Join the Omni Network community today and explore the possibilities of decentralized applications on the Ethereum network!