Article type: Popular science and investment research long articles
Reading time: 5min+
Financing:
Co-incubated by Binance Labs
Layer 1 blockchain Initia has completed a $7.5 million financing round, which was co-led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain and A.Capital. Angel investors include pseudonymous crypto trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, WSB Mod, and Celestia COO.
What is Initia?
Initia is committed to redefining the multi-chain network experience, providing users and developers with a simplified overall solution by seamlessly integrating architecture, products, and economic systems, reducing the complexity of managing multiple chains.
Don't understand? Let's explain the simplest logic in human language
Now if you want to exchange USDC on the ARB chain for ETH on the OP chain, can you do it directly without going through cross-chain or exchanges? Then Initia was born to solve the problem of free exchange of tokens on various L2 links!
initia is inspired by Apple's design philosophy, making each blockchain summary as easy to access and use as an iPhone app.
Interpretation: Although developers can use different frameworks to create their own applications on Apple, they can all use Apple's native ApplePay, FaceID and other functions.
The Initia platform integrates layer 1 and layer 2 architectures into a unified platform called Omnitia. Its core includes:
1. Initia Orchestration Layer (Layer 1): Referred to as “Initia”, it is responsible for network security, consensus, governance, interoperability, liquidity, and inter-chain messaging.
2. Initia Rollups (Layer 2): Also called “Minitia”, these are solutions built on top of the Initia base chain to improve scalability and transaction speed. They can run in EVM, MoveVM or WasmVM, using the CosmosSDK at the bottom layer.
3. Initia Optimistic Rollup Framework (OPinit Stack): This is the OR framework built by Initia based on CosmosSDK, which protects Initia Rollups through fraud proofs and rollbacks.
4. Interoperability/Bridging Middleware: Includes the IBC protocol and TBA bridge provider, facilitating seamless asset and data transfer between different blockchain networks and between Layer 1 and Layer 2 within Omnitia.
This is the power of the Minitias and IBC combination.
Technical Architecture
Initia reconstructs the technology stack, introduces a basic layer 1 blockchain and integrates layer 2 infrastructure to form a modular network ecosystem. Initia's Layer 1 provides security, liquidity, routing, and interoperability through the OPinit Stack framework, and introduces the Enshrined Liquidity mechanism to enhance security and liquidity.
What is Enshrined Liquidity Mechanism?
Initia L1 introduces a unique consensus method that combines the Delegated Proof of Stake (DPoS) mechanism with an enhancement module called x/mstaking. This module allows users to stake multiple tokens directly to validators to gain voting rights, but these tokens must be approved through a governance whitelist proposal. The x/mstaking module accepts individual INIT tokens or whitelisted INIT-X LP tokens from InitiaDEX as collateral.
In human terms:
Imagine a community electing representatives, where everyone can give their votes (tokens) to people they trust (validators) to ensure that the best representatives are elected.
However, not all votes are valid, only those that have passed community review (whitelisting) can be used.
These votes can be individual tickets (INIT tokens) or combined tickets (INIT-X LP tokens).
This approach not only makes elections more secure, but also allows more types of votes to participate, increasing flexibility and diversity. This is Enshrined Liquidity, ensuring that the entire process is liquid, secure and reliable.
Security
As we all know, security issues have always been one of the biggest pain points in the web3 industry. Let’s take a look at what efforts initia has made.
Omnitia Shared Security (OSS)
Imagine that there are many communities in a large city (Minitias) with their own properties (assets). If a dispute arises in one community (fraud challenge), a high-level court (L1 validator assembly) is convened to make a ruling. To simplify this process, the court can use a special tool (Celestia light node) that does not require viewing all the files (full blocks), but only the necessary data to make a ruling.
Key components:
1. A shared data availability layer: acts like a public archive, ensuring that courts, challengers, and bridge operators can access the necessary information to verify whether invalid operations have occurred.
2. Publish directly to Celestia: Just like the community can publish important documents directly to the public archive, making it easy for anyone to access these documents and ensuring that the community’s operations are legal.
3. Efficient data verification: Using Celestia’s NMT and DAS technologies, like an intelligent search tool, participants only need to download and verify relevant transaction data, saving a lot of time and resources.
Minitia (Layer 2)
Having said so much, since everyone is talking about L2 now, let’s take a look at the advantages of the second layer of initia.
High throughput of over 10,000 TPS and 500ms block time
IBC for Cosmos interoperability and Omnitia shared security
Support for Celestia data availability, MoveVM, WasmVM, and EVM
Various native features such as vested interest programs, token rebates, and Omnitia messaging module
Advanced tools including InitiaSDK, WalletSDK and one-click deposit widget
Integrate with third-party services and oracles to enhance functionality and user experience
What is a vested interest plan?
Imagine a large shopping mall (Initia's L1) with thousands of stores (rollup). In order to ensure that all stores and customers (participants) in the mall can benefit from it, the mall introduces a new economic framework. This framework ensures that each store (dApp) can directly obtain the economic value brought by its business through a carefully designed reward plan (INIT distribution).
The problems facing the market are:
1. Inconsistent store incentives: Some stores attract a lot of customers, but other stores do not have enough incentives to attract customers.
2. The market’s currency (native token) is not fully utilized.
3. Mall management (protocol-level authorization allocation) is inefficient.
VIP (Vested Interest Program):
To address these issues, the mall adopted a new strategy called VIP.
1. Store activities directly bring value to the entire mall: The success of each store benefits all participants.
2. Incentivize applications and developers: Encourage them to integrate INIT and align with the long-term interests of the mall.
3. L2 stores leverage VIP to amplify activities: Keep customers engaged and active.
The testnet and second phase of the VIP program are now available on the official
Currently in trial and public testing
Initia's native products include:
• InitiaScan: Multi-chain Explorer
• Wallet widget: support for EVM and Cosmos wallet signatures
• Bridget: Front-end bridge/ingress aggregator
• Initia App: Centralized Platform
• Initia Username: On-chain identity system
• Initia Wallet: Native Wallet
initia ecological project (testing/pre-launch)
Updated according to official tweet
@LayerZero_Labs
and
@InitiaFDN
Co-developed the CosmosSDK module to enable Initia L1, Interwoven Rollups, and other CosmosSDK-based chains to connect with Omnichain
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