The Good Tech Companies - Omnity Network's Fully Onchain Hub Announces Bitcoin Staking and Shared Security

Episode Date: May 8, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/omnity-networks-fully-onchain-hub-announces-bitcoin-staking-and-shared-security. Omnity Network's Interoperability Hub to Offer Bitcoin Staking and Bitcoin Shared Security for any Chain, Along with its Governance & Utility Token, $OT. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #bitcoin, #press-release, #bitcoin-liquidity, #onchain-bitcoin-asset, #omnity, #good-company, and more. This story was written by: @pressreleases. Learn more about this writer by checking @pressreleases's about page, and for more stories, please visit hackernoon.com. Omnity Network's Interoperability Hub to Offer Bitcoin Staking and Bitcoin Shared Security for any Chain, Along with its Governance & Utility Token, $OT.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Omnity Network's Fully On-Chain Hub announces Bitcoin staking and shared security by Hacker Noon Press Releases. Omnity Network, the first fully on-chain Bitcoin asset hub, plans to pro-veed Bitcoin liquidity and security to any connected chain. The Bitcoin Interoperability Hub, launched after the Bitcoin halving, was the first protocol to support RUNE's interoperability Hub, launched after the Bitcoin halving, was the first protocol to support RUNES interoperability with its red envelope Hope You Get Rich RUNES token, dollar-rich. Omnity's Omnichain Hub is built on the internet computer, ICP. ICP's chain fusion

technology allows Omnity to read and write directly to the Bitcoin network, sidestepping the congestion and high user fees. Ordinal NFT and RUNES asset standards have increased Bitcoin's potential as a general purpose settlement layer, but these assets can bottleneck the Bitcoin network. Omniti says it has solved this problem without compromising security or decentralization. It is now expanding its scope to include Bitcoin staking and shared security to become the liquidity and security hub of the bitcoin ecosystem omni's novelty lies in its ability to achieve a user experience comparable to trust-based bridges without relying on off-chain witnesses or relayers due to its 100 end-to-end on chain tech stack as the liquidity and security hub of the bitcoin ecosystem

omni's goal is to support bitcoin's shared security services for execution chains or Layer 2s, L2s, by providing L2s multi-billion-dollar-level security at a modest cost. Any end-user-facing, highly usable blockchain that deals with Bitcoin assets and needs to peg security to the Bitcoin network could then be connected through Omniti. Armed with ICP's chain fusion, Omniti acts as the bond between the Bitcoin settlement layer and unlimited execution layers, ready to handle massive transactions because ICP is infinitely scalable. Omniti's roadmap includes the launch of Bitcoin staking

in Q3 2024, followed by Bitcoin shared security in Q4 2024. Omniti's Service Nervous System, SNS, governance token, $OT, will also be released in Q4, granting voting rights via $OT-SNS staking. The SNS framework is the internet computer's built-in solution for creating and maintaining decentralized autonomous organizations, DAOs, to govern dApps. Omniti's SNS DAO shall implement voting rights for determining protocol upgrades, blockchain connections to the Omniti interoperability network, and Bitcoin L2 connections to use Omniti's shared security. We hope that Bitcoin will be the settlement layer for the world economy because it is a common good. No one can control Bitcoin. It's an impartial and non-abusable settlement layer,

said Louis Liu, founder of Omniti. Similarly, Omniti is an unopinionated infrastructure. We don't care what type of blockchain it is. We care about what our users are willing to use. If it can bring some utility, entertainment, or profit to Bitcoin asset holders, Omniti will direct Bitcoin assets to that blockchain. From a technical perspective, Omniti relies on ICP's Bitcoin integration to bring Bitcoin assets, BTC, or runes to ICP. A dedicated subnet has made ICP an impartable part of the Bitcoin network. DFINITY Foundation has a world-class cryptography research team that supported the development of chain-key cryptography, the cornerstone of ICP and the Bitcoin integration, safeguarding assets worth billions in USD. However, connections to all other blockchains rely fully on the Omniti team's extensive

experience with IBC protocol implementations and on-chain light clients. As the only team to implement IBC ICS28 on Rust, Wasm chains, Omnity has transplanted many kinds of on-chain-like clients, such as Tendiment, Substrate, and Near-like clients, to enable trustless interoperability, says Liu. Omnity can immediately support Tendiment-based, Substrate-based, and Polygon-CDK-based blockchains, with plans to include OpStack-based L2s and others. Thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.