What is Omnichain?

What is an Omnichain?

This is an Article focused on Omnichain technology.

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What is Omnichcain?

Omnichain is the new buzzword floating around Crypto Twitter. It’s best to get a brief understanding, so let’s jump straight into it!

Up until recently, everyone believed the future was all bout Multichain and Cross-Chain technology. Crypto moves fast and incomes the most superior interoperability technology, Omnichain. What is it exactly and how does it work?

How does it work?

Firstly, Omni means “All” or “Everything” and as you guessed it, it would be called the EverythingChain, but Omnichain sounds better haha! So, to explain it simply, Omnichain allows protocols to transfer assets or data without any struggle, long waits or expensive fees!

Traditionally, if users want to move assets between different networks, then they would either use bridges or transfer to a CEX like Binance or ByBit and then back on to the desired network. This is known to be costly and very time-consuming!

Example of an Omnichain

You have probably been waiting for me to mention Layer Zero, which is a prime example of an Omnichain protocol. Many popular and also upcoming protocols like Stargate Finance, Jumper Exchange, and WooFi all utilise LayerZero’s superior Omnichain technology!

In the very near future, I will write a thread on Layer Zero, but for now, you can participate in their potential future airdrop, which would most likely be ENORMOUS by the way…

Here’s a YouTube Tutorial – https://youtu.be/dkPeBMvLhYQ

 

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