Omni Network (OMNI)

About Omni Network (OMNI)

Omni is a blockchain network built to improve Ethereum’s capabilities. It’s a Layer 1 chain that functions as an integrated rollup layer. Using Omni, all rollups on Ethereum can communicate seamlessly with each other.

History of Omni Network (OMNI)

Omni was founded by Austin King and Tyler Tarsi. Both King and Tarsi are former Harvard students with backgrounds in blockchain technology. Before starting Omni, King designed the Interledger network for managing payments, while Tarsi built a machine-learning (ML) infrastructure for trading. These ventures encouraged them to work closely with Ethereum. During their efforts, King and Tarsi realized a need for better rollup communication, so they joined forces and in 2021, the Omni Foundation announced the launch of its network.

What Does Omni Aim to Achieve?

Omni’s mission is to provide a unified operating system for rollup connectivity. Rollups are one of the essential features of most Ethereum Layer 2 networks. This technology allows Layer 2 networks to bundle together multiple transactions and publish them on the Ethereum network as a single, compressed block. Rollups make transactions on Ethereum a lot faster and cheaper, so their popularity comes as no surprise.

However, the Omni Foundation realized that most systems were using their own proprietary rollup technology. This made it difficult to get information from certain rollups, or to transfer data between rollups on different networks. Omni decided to create a protocol that allows rollups to message each other. By improving communication between diverse rollups, Omni hopes to make the entire Ethereum system more effective and efficient.

How Does Omni Work?

Omni operates as a fully independent blockchain. Instead of being a Layer 2 network, it’s a complete, standalone network that can sit between Ethereum and other Layer 2 rollup systems. The Omni Ethereum native interoperability protocol uses a proof of stake (PoS) consensus method in which validators verify nodes by temporarily locking crypto assets. The dual staking mechanism uses both Ethereum tokens and Omni tokens, and employs a four-part architecture for bridging rollups and passing information between systems.

Every transaction on Omni starts with a user calling for a function through the initial rollup. Smart contracts convert this call into language that Omni can understand, and its Halo protocol then analyzes the data and packages it in a structure known as an XBlock. The Relayer protocol on Omni transmits the XBlock into language a secondary rollup can process. It then goes through the destination rollup’s framework, and the request is relayed to the end user.