The second important protocol presented by Omni Foundation.
Among 750+ properties on Omni Layer by far, Tether is the most significant around the world. According to Coinmarketcap, it’s now the world’s fourth largest cryptocurrency by market capitalization. However, due to Bitcoin’s limited scalability. Tether’s transaction speed and fees don’t perform well. With Omni foundation, we’re dedicated to welcoming diverse tokens to Lightning Network, and make the Omni ecosystem the top-notch one within crypto world. To empower crypto assets like Tether and other Omni Layer’s assets, OmniBOLT is presented.
In the long term, OmniBOLT will introduce more diverse assets, including Gemini USD on Ethereum, which gets New York Department of Financial Services‘ approval, and more stablecoins on Ethereum or other public blockchains. OmniBOLT solution is to leverage Lightning Network’s fast speed, low fees as well as tremendous use cases (as seen on Lightning Network Explorer 1ML, there are now around 10,000 nodes within Lightning Network on Bitcoin mainnet) .
for Future Transaction
special for stablecoin
Nearly all the assets are able to interact with each other within OmniBOLT. That opens door for greater imagination of blockchain world. As new kind of commercial bank, consumers are able to leverage assets as a way to transact, payment, mortgage and savings.
high speed, cheap fee
Lightning-fast blockchain payments without worrying about block confirmation times. Payment speed measured in milliseconds to seconds. Through OmniBOLT, assets are able to be processed seamlessly as well as unfractional. It feels as smooth as you use mobile payments, like Venmo, Square.
compatible with lightning network
Enabling the multi-digital assets such as USDT to smoothly connect to the lightning network and enter an extremely rich application scenario. Be applied in multiple use cases, including merchant services, business accounting, games, marketplace , etc.
Know us better
What is OmniBOLT？
OmniBOLT (Omni Basis of Lightning Technology) was founded in November 2018. It is a big extension of BOLT, the major parts of this spec are p2p instant payment and mortgage loan for crypto-assets.
What is Omni?
Omni is a veteran brand in blockchain world, which can be dated back to Mastercoin in 2012. It’s supported by Omni Foundation and has a great protocol——Omni Layer. OmniBOLT is the second amazing protocol under it.
What is BOLT?
BOLT stands for Basis of Lightning Technology, which’s actual standard for Lightning Network. Based on this standard, Lightning Network can only be compatible with Bitcoin, Litecoin. However, those tokens who are based on OmniLayer are excluded. To solve the problem, we propose OmniBOLT, making a series of Omni-aware assets and stablecoins represented by USDT have access to Lightning Network. In the long term, OmniBOLT will open door for diverse protocols and permissionless blockchains.
What’s Omni Layer?
OmniLayer is a Layer 2 on Bitcoin supporting features like smart contracts and issuing tokens. It’s well known among the crypto world as the largest layer where USDT is based on. At the same time Omni Layer is now supported by over 20,000 digital assets exchanges.
What’s your goal in the long term?
To build a commercial bank within new digital ecosystem. Blockchain can not live without getting merged into real world. As they both combine with each other deeper and deeper, there needs to be a spec defining how all the digital assets circulate. So there needs to be a tool for them to shake hands with each other cheaply and fast enough, even to support complex financial activities like mortgage. It’s exactly with what commercial banks do, and what we’re gonna make it within digital ecosystems one day as well.
What will OmniBOLT bring to us?
As OmniBOLT emerges, for the first time, there’s a protocol that enabling all blockchains and related digital assets to enter channels designed in the way of Lightning Network’s spec. Furthermore, it lets them interact with each other within onion network. At the same time, multiple stablecoins would be more usable as they have access to diverse use cases enabled by Lightning Network’s more than 10,000 nodes. Absolutely, OmniBOLT will possess its own nodes, which is expected to distribute globally and its number will be as the same as LN’s or over it. If you get involved with the great protocol, it means you have access to a trillions-of-dollar market, with low fee, high speed , multiple use cases.
How to understand your relationship with Omni Foundation?
OmniBOLT is the second prominent protocol succeeding OmniLayer, which are both presented by Omni Foundation. At the same time, the people behind OmniBOLT spec are also the core members of Omni Foundation.