This article will tell you about the latest issue of #Binance New coin mining 52 - what the Omni Network project is about, as well as some views based on Ethereum infrastructure #Omni
If you have a certain understanding of Cosmos, it will be very easy to understand this project.
Article Outline
What are the technical principles and beneficiaries of Omni Network?
Token Economic Analysis
Where is the end of the Ethereum infrastructure landscape?
Let me briefly summarize the core logic of Omni in two sentences🔻
(1) A cross-chain interoperability protocol that links to the ETH layer 2 Rollup, using re-staking to ensure the security of its protocol
(2) A Layer 2 “cross-chain transport layer”.
1.Omni's technical principles
The above is a demonstration of Omni Network’s cross-chain transmission and its own two-layer design. Let’s talk about the cross-chain part first: this is its main business, which is to link various current Ethereum Rollups.
Although these L2s are linked with ETH as the center, the cost for the ecosystems of these two chains to interact is relatively high. After all, if the middle ETH L1 is used as the interaction layer, the GAS cost will be there.
With Omni interaction, the interaction between these second-layer ecosystems does not need to be completed through Ethereum, but Omni. Although for some second-layer ecosystems, since the GAS token on the chain uses $ETH , the demand for interaction between chains is not very strong, there are still many second-layer ecosystems in the market such as STRK and Metis that use their own tokens as transaction settlement.
📍With the launch of Omni, the second-layer chains that use native tokens as on-chain settlement will benefit the most in the future.
The two-layer design of the Omni protocol itself divides functions into layers, which is equivalent to a small Ethereum ecosystem. One layer is used to complete consensus and the other layer is used to run transactions, similar to ETH's L1 to various Rollup's L2.
2. Token Economic Analysis
The overall token distribution of OMNI, the large amount of initial circulation mainly comes from the unlocking of public offering shares (the initial circulation accounts for nearly 6%), followed by the new coin mining part (3.5%).
At the same time, the release curve of its tokens is relatively steep. The team and private placement rounds have a one-year TGE lock-up design. More tokens will be released after one year. The large proportion of ecological funds is also being released linearly. I think the release design of this part is too fast, and the full amount of circulation has been completed in this round of cycle.
Rapid circulation will lead to the situation in the future where the market value of circulation keeps rising, but the price of a single coin remains unchanged.
3. What is the end of the Ethereum infrastructure?
If you have a certain understanding of Cosmos, then it is very easy to understand OMNI. The core component of Omni can be understood as the L2 version of the IBC cross-chain transmission protocol. The cooperation between OMNI and $ALT constitutes two layers of the Ethereum infrastructure: the fast confirmation layer and the cross-chain transmission layer.
The launch of OMNI has almost completed the last piece of the puzzle of Ethereum infrastructure. At the same time, with the cooperation of ALT+OMNI, it has actually subverted the original logic of chain ecosystem construction.
Then in the core infrastructure map of ETH L1, with the launch of the Rollup interoperability protocol, it seems that it is difficult to think of any "patch protocol" that needs to be further supplemented in the infrastructure.
(Of course, we do not rule out the possibility that L3 cross-chain will be needed in the future)
With this map established, we can see that the Ethereum infrastructure is very extensive, with one layer upon another. For users, having too many choices is actually a very troublesome thing. So, chain abstraction may become the final answer for OMNI to complete the infrastructure puzzle.
By abstracting the infrastructure and layers of each chain, providing one-stop support for the backend of the ecosystem and providing users with a smoother Ethereum experience on the front end, this is the answer to the transition from "fat protocol" to "fat application" that I can imagine at the moment.
