What is Omni Network (OMNI) Coin?

Omni Network (OMNI) is a project poised to revolutionize Ethereum’s (ETH) ecosystem by providing a unified rollup layer that enhances scalability and integration between various rollups. Its mission to reassemble Ethereum $2,505’s operating system for decentralized applications (dApps), combined with its innovative dual staking model, sub-second finality, support for multiple rollups, and backward compatibility, makes Omni Network a powerful tool for developers aiming to harness the full potential of Ethereum’s network effects. By offering seamless cross-rollup programming and integration, Omni Network is set to address the fragmentation and scalability challenges within the Ethereum ecosystem. In this article, we will cover what Omni Network is, what OMNI coin is, and how to acquire OMNI coin, which was recently listed on Binance.

What is Omni Network?

Omni Network is an integrated rollup layer designed for Ethereum, allowing developers to build unified applications across all Ethereum scaling solutions. This innovative network is backed by a unique Blockchain architecture that offers sub-second finality with security derived from Ethereum through a process called restaking.

The project’s mission is to restore Ethereum to its original role as a single, unified operating system for dApps. The goal is to overcome the fragmentation caused by the rollup-centric scaling approach, which leads to isolated execution environments, thereby fragmenting liquidity, users, and developers, ultimately reducing Ethereum’s overall network effects.

Omni Network addresses these issues by enabling developers to program across multiple Ethereum rollups as if they were working within a single state machine. This feature means that applications built using the Omni Network Ethereum Virtual Machine (EVM) can naturally run across all Ethereum setups. As a result, developers can integrate Ethereum’s total liquidity and user base into their applications, enhancing the utility and reach of their dApps.

Omni Network utilizes a Proof of Stake (PoS) consensus mechanism secured by both staked ETH and staked OMNI coin. This dual staking model combines the value and security of Ethereum with Omni Network’s specific utility and functionality, creating a robust and secure environment for developers and users alike.

Furthermore, it uses the CometBFT consensus to process cross-rollup messages and Omni EVM transactions in under a second. Omni Network can achieve sub-second finality for cross-rollup messages by using alternative finality mechanisms such as pre-approvals and transaction insurance. This fast processing capability significantly enhances the user experience by delivering quick and reliable transactions.

Omni Network is designed to be highly compatible with a wide variety of rollup virtual machines, programming languages, and data availability architectures. This minimal integration requirement allows Omni Network to support a broad range of rollup solutions, making it a versatile and adaptable layer for Ethereum scaling.

One of the standout features of Omni Network is its backward compatibility. Applications can integrate with Omni Network without needing to modify their existing smart contracts. Instead, developers can implement modified front-end instructions to send cross-rollup messages via Omni Network. This feature makes it easier for developers to adopt Omni Network without making extensive changes to their existing systems.

OMNI Coin Overview

OMNI coin is the native asset of Omni Network and serves multiple purposes within the network. It is used as a payment mechanism to compensate relayers for sending transactions to target rollups. Moreover, it is the currency used for processing transactions within the Omni EVM.

OMNI coin stakeholders are responsible for various governance decisions, including network upgrades and additional developer features.

How to Buy OMNI Coin?

OMNI coin can be securely traded on Binance, the world’s largest cryptocurrency exchange by trading volume. OMNI coin was listed on Binance on April 17, 2024, and is available for trading in OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD, and OMNI/TRY pairs.

To purchase OMNI coin, users must first register on the Binance exchange if they don’t already have an account. After completing the registration, users need to transfer cryptocurrency or fiat currency like Turkish lira to their Binance wallet. Once the transfer is complete, OMNI coin can be purchased through any of the five trading pairs mentioned above.

Binance offers an intuitive interface for purchasing OMNI/USDT. To buy OMNI from the OMNI/USDT trading pair, navigate to the interface, enter the amount you wish to purchase in the limit tab, and finalize the transaction by placing a Buy OMNI order.