Omnity to Launch Bitcoin Staking and Shared Security for any Chain — and its Governance/Utility Token, $OT
Omnity Network’s Omnichain hub — launched after the Bitcoin halving — was the first protocol to support Runes interoperability with its Red Envelope HOPE•YOU•GET•RICH Runes token ( Soon to be trading as $RICH on ICP.)
While emphasizing Bitcoin’s potential as a general-purpose settlement layer, Ordinal NFT and Runes asset standards tend to bottleneck the Bitcoin network. Omnity solves this problem and is expanding its scope to include Bitcoin staking and shared security in its protocol stack. In accordance with this, Omnity will also launch its governance token, $OT.
100% End-to-End On-Chain Tech Stack
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.
Omnity’s novelty lies in its ability to achieve a user experience comparable to trust-based bridges without relying on off-chain verifiers or relayers due to its 100% end-to-end on-chain tech stack.
Liquidity and Security Hub
As the liquidity and security hub of the Bitcoin ecosystem, Omnity’s goal is to support Bitcoin Shared Security Services for execution chains or Layer-2s (L2s) by providing L2s with multibillion-dollar-level security at a very low cost.
Omnity can connect any end-user-facing, highly usable blockchain that deals with Bitcoin assets and needs to peg security to the Bitcoin Network.
Armed with ICP’s Chain Fusion, Omnity acts as the “bond” between the Bitcoin settlement layer and unlimited execution layers, ready to handle massive amounts of transactions because ICP is infinitely scalable.
Core Advantage: Battle Tested Security
Bitcoin <-> ICP
From a technical perspective, Omnity relies on ICP’s Bitcoin integration to bring Bitcoin assets, BTC, or Runes to ICP. A dedicated subnet makes ICP part of the Bitcoin network. DFINITY Foundation has a world-class cryptography research team supporting the development of Chain Key Cryptography, the cornerstone of ICP, safeguarding billions in USD assets.
ICP <-> Bitcoin L2
However, connections to all other blockchains rely fully on the Omnity development team’s extensive experience in interoperability R&D, IBC Protocol implementations, and on-chain light clients. As the only team to implement IBC-ICS 28 on Rust/Wasm chains, Omnity has transplanted many kinds of light clients, such as Tendermint, Substrate, and NEAR light clients.
Omnity can immediately support Tendermint-based, Substrate-based, and Polygon CDK-based blockchains, with plans to include OP stack-based L2s. Even though there is no battle-tested light client implementation for Solana yet, Omnity may be the first to develop one — perhaps based on ZK-proof technology.
Omnity’s Governance Token
Omnity’s Service Nervous System (SNS) governance and utility token, $OT, is projected to be released within the first year of launch, granting voting rights via $OT SNS staking.
The SNS framework is ICP’s solution for creating and maintaining DAOs to govern Dapps. An SNS consists of an open, permissionless governance system governing protocols and a built-in governance token that is unique to each SNS.
OT Value Capture
$OT is a Utility Token
$OT is a BTC Shared-Security Operator work token. Operators stake $OT to run nodes for the AVS and receive revenue from it.
$OT is a Governance Token
Omnity’s $OT SNS staking gains voting rights to determine protocol upgrades, accept or reject a blockchain’s connection to the Omnity Interoperability Network, and accept, reject, or expel Bitcoin L2s using Omnity’s shared security.
$OT SNS staking receives 30% of shared security revenue. Operators receive 60% and 10% is deposited in the insurance reserve.
Stay Tuned and Follow Omnity!
- Website: https://www.omnity.network/
- Twitter: https://twitter.com/OmnityNetwork
- Discord: https://discord.gg/6GTJBkZA9Q
- Medium: https://medium.com/omnity
- Telegram: https://t.me/omnityofficial
- Youtube: https://www.youtube.com/@OmnityNetwork
- LinkedIn: https://www.linkedin.com/company/omnitynetwork/
- Link Tree: https://linktr.ee/omnitynetwork
