Benefits you enjoy when switching your wallet’s RPC endpoint to OMNIA
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Nowadays, cryptocurrencies are stored worldwide in wallets, which come in many forms. Wallet users can choose between many options, including software or hardware, custodial or non-custodial, etc. A software wallet lives in your devices or on the cloud and keeps track of your finances by using blockchain interfaces. A hardware wallet is a physical device you carry around just like your regular wallet (and it’s used with a piece of software).
But what about custodial or non-custodial? If you have never seen these terms before, we got you covered — here’s a quick guide about them:
Non-custodial wallet
You might be more familiar with this type of wallet: it is decentralized and lets the customer own the private keys. Though there’s a downside that managing funds on your own means you are fully responsible for any accidents, non-custodial wallets like Ledger, BlockWallet or Metamask can provide you with privacy and total control.
Custodial wallet
On the other hand, a custodial wallet might come as a weird approach to some people: it’s a digital wallet that stores the customer’s private keys but provides a convenient and simple interface to store crypto. In addition, this type of wallet might also provide security against malicious hacks or backup for your accounts in case of trouble (at least in theory).
What’s up with wallets, then?
Wallets process a lot of information: they need to retrieve and display account balance, history of transactions, transaction fees, etc. — in short, data on the blockchain. They also have to send data from the user side when making transactions on the chain. But there’s an issue with how wallets process all of this info: they connect to a node using a default node provider, which shares resources across all users.
There are several downsides to using a default provider like this. First, the transaction processing time will be slow since they have to manage and process traffic for many nodes and users. Secondly, sometimes you might have to pay extra transaction fees due to outdated estimations from the provider. Last but not least, many incidents, such as the infamous November 2020 Infura outage, have shown that a default node provider with a single point of failure will bring the whole network offline in case of attacks.
The light in the dark
Recognising the risks of this approach, OMNIA steps forward with a solution. Our dashboard allows you to generate secure endpoints which can be configured with your wallet. These endpoints will ensure a secure and private connection to the chain. How it works is your traffic will be redirected through our advanced mixnets and privacy relayers, making it protected against malicious attacks. We have uploaded a quick tutorial on Youtube to help you with the process.
What’s more, OMNIA is proud to announce that we just finished our latest update: integrating frontrunning protection for Ethereum mainnet. In short, miners and validators on the blockchain always prioritize transactions with high fees since that’s how they profit, but they can also see what transactions are pending and can extract maximum value from the order in which they organize them in a mined block.
Frontrunning is when someone makes a transaction on a decentralized exchange, and a bot sandwiches it by putting one transaction before and one after, thus exploiting the transaction slippage. This slippage is a percentage that allows to buy/sell a specific asset with a small price variation, since the operation is not instantaneous but rather delayed when the transaction is mined (and price may have updated since the transaction was broadcast).
Because miners can see all the pending transactions, they can order the transactions in a block in such a way that they pump the price of that asset for you to buy it more expensive, then you buy it, and the bot then puts another transaction that sells back the asset, thus “stealing” your slippage.
OMNIA has managed to devise a safeguard measure against it, by forwarding your transactions to private mempools. This way, your transactions will not be seen by hungry sandwich bots outhere.
At OMNIA, we place security and privacy above anything and everything. Created by a team of deep academic backgrounds and long industry experience in the cybersecurity and blockchain sectors, OMNIA has your back.
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Introducing OMNIA
By foreseeing the state of the current blockchain application network, we have committed to preparing, researching, and applying our technical expertise to our latest project, Omnia.
Omnia Protocol is a decentralized infrastructure protocol for securely accessing the blockchain so that no single point of failure will ever disrupt blockchain applications or wallets integrating with it.
Omnia’s solution is truly decentralized and requires zero technical knowledge. Therefore, all users can set up their nodes in little time and effort. Learn more about the technological marvel behind Omnia by following our Medium or reading our whitepaper.
