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Home»TRADING NEWS»Onomy aims to revolutionize the internet financial system by launching a new consumer chain
TRADING NEWS

Onomy aims to revolutionize the internet financial system by launching a new consumer chain

By Crypto FlexsMay 5, 20244 Mins Read
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Onomy aims to revolutionize the internet financial system by launching a new consumer chain
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Onomi DAO Recently, it has made notable progress since the introduction of the Onomy Exchange consumer chain, declaring its position as the second security provider within the broader Cosmos ecosystem. The decision to launch the Onomy Exchange consumer chain on the mainnet was passed with a majority vote, with 88.7% of participating members supporting the plan, representing 85.1% of the voting power held by holders of NOM, Onomy’s native token. .

In a pivotal development in 2023, Cosmos Hub implemented the following protocol upgrades: Interchain Security, revolutionizing the way app chains are distributed within the ecosystem. Before this upgrade, we used the Cosmos SDK, a comprehensive toolkit for blockchain development to create the required app chains and then attract validators to ensure the security and decentralization of the network. While this process is useful for developers looking to leverage application-specific blockchains, it often proves cumbersome for new teams with limited resources.

The Cosmos Hub DAO received the proposal with enthusiasm and quickly approved the initiative, paving the way for the launch of the first independent consumer chain leveraging the shared security framework provided by the Cosmos validator set.

Onomy has established itself as a foundational layer 1 ecosystem that will drive the next generation of consumer applications and establish itself as a core component of what is termed the Internet Financial System. The products being developed are designed to enhance adoption, improve on-chain transactions, simplify asset management, and maintain compatibility with the broader IFS ecosystem.

After extensive testing and development, including multiple testnets, the Onomy DAO has approved an upgrade that will allow the Onomy network to support interchain security. This upgrade was critical to the launch of pioneering consumer chain Onomy Exchange (ONEX), the first hybrid AMM + order book DEX that offers sophisticated trading capabilities similar to traditional centralized exchanges (CEXs) but executed on-chain. . .

The DAO’s unanimous agreement to adopt Interchain Security represents a strong consensus on the benefits not only for Onomy’s consumer chains, but also for prospective sovereign chains wishing to participate in the Onomy ecosystem. With this approval, Onomy joins Cosmos Hub as one of only two security providers. 100+ interconnected networks via IBC.

Strategic Partnerships and Support

Paolo Ardoino, CTO of Bitfinex & Tether, commented on the significant potential of the services provided by Onomy. Cosmos Ecosystem. The Onomy Validator Set, which includes key entities such as Cosmostation, Ledger, Citadel One, and Chorus One, as well as new additional entities such as Strangelove, Stakecito, and Decentrio, seeks to strengthen Onomy’s strategic expansion into Replicated Security. These partners are set to provide essential technical support, develop cross-chain testing, and support ongoing development and maintenance efforts.

Interchain security allows consumer blockchains to rent security services from the provider chain using transaction blocks generated by the provider’s validators. This contract must be approved by the DAO, similar to a service agreement where $NOM holders agree to certain terms, as $NOM holders receive protocol revenue across all Onomy-secured blockchains. This flexibility is intended to integrate and streamline various app chains focused on Forex, real assets, and payments in a single, strategically aligned ecosystem.

The new security framework not only promotes the building of the Onomy ecosystem, but also attracts new participants and app chains to diversify and enrich the ecosystem.

Additionally, enhanced security and associated staking rewards and fees are expected to attract more validators to join Onomy, expanding the community and fostering greater collaboration within the network. Lalo Bazzi, founder of Onomy, summarizes this vision by stating, “Consumer chains are not just passengers. They are sailors who can help steer the ship toward major ecosystem growth.”

Onomy’s role in the future of finance

The Onomy protocol continues to evolve as a major player in facilitating the internet financial system and promises to be a dynamic hub for the next wave, combining DeFi capabilities with a variety of consumer applications across daily foreign exchange markets, real assets and payments. Consumer applications within Cosmos and beyond.

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