Omni Network (OMNI)

About Omni Network (OMNI)

Omni Network (OMNI) is a blockchain designed to enhance Ethereum’s functionality by providing a unified communication layer for Ethereum’s rollups. It operates as a Layer 1 chain that serves as an integrated rollup layer, allowing different rollups on Ethereum to communicate seamlessly with each other. The Omni network aims to improve the efficiency and interoperability of Ethereum Layer 2 solutions, particularly rollups, which bundle multiple transactions into a single block for faster and cheaper processing.

History of Omni Network (OMNI)

Omni was founded by Austin King and Tyler Tarsi, both former Harvard students with experience in blockchain technology. Before creating Omni, King developed the Interledger network for payment management, while Tarsi built machine-learning infrastructure for trading. Their experiences working with Ethereum revealed a significant need for better communication between rollups, leading them to create Omni in 2021. The Omni Foundation was established to develop and launch the network.

What Does Omni Aim to Achieve?

Omni’s mission is to provide a unified operating system for rollup connectivity within Ethereum. Rollups are a key feature of Ethereum Layer 2 networks, enabling faster and more cost-effective transactions by bundling them into compressed blocks. However, many existing systems use proprietary rollup technologies, making it difficult for rollups to communicate with one another. Omni seeks to solve this issue by creating a protocol that allows rollups to exchange data and messages, improving the overall efficiency and interoperability of Ethereum’s ecosystem.

How Does Omni Work?

Omni operates as a fully independent blockchain, separate from Ethereum but designed to enhance Layer 2 rollup systems. It connects Ethereum with various rollups, facilitating seamless data transfer between them. The Omni protocol uses a Proof of Stake (PoS) consensus mechanism, in which validators lock up crypto assets to verify nodes.

Omni’s architecture relies on a four-part system to bridge rollups and transfer information:

1. Rollup Interaction: When a user initiates a transaction on a rollup, Omni converts the data into a format it can understand through smart contracts.
2. Halo Protocol: This protocol analyzes the transaction data and structures it into an “XBlock,” which is a standardized data format used across the Omni network.
3. Relayer Protocol: The XBlock is transmitted via the Relayer protocol, which translates the data into a format the destination rollup can process.
4. Rollup Processing: The XBlock is then processed within the target rollup’s framework, completing the transaction and relaying the information back to the user.

Omni’s ability to enable cross-rollup communication enhances Ethereum’s scalability and functionality, providing a more connected and efficient blockchain ecosystem.