Cycle Omni-Chain Solution: Breaking Down Interchain Barriers
What is Omni-Chain？
Omni-Chain is a concept devised to enable users to interact with any blockchain through a unified interface. Its purpose is to simplify the interaction between users and blockchains by concealing underlying complexities, thereby enhancing the user experience with decentralized applications (DApps). This approach lowers the entry barrier for users, ensuring they can engage with DApps effortlessly. For example, users no longer need to switch networks or pay gas fees on different chains. Instead, the underlying infrastructure handles all complexities associated with cross-chain operations. Compared to account abstraction (AA), Omni-Chain represents a higher-level and broader infrastructure evolution.
Why is Omni-Chain important?
In the current Web3 landscape, many users still prefer centralized applications such as Binance Exchange due to the perceived complexity of blockchain operations and concerns about wallet security. While decentralized applications offer transparency, they often sacrifice user experience. Omni-Chain aims to bridge this gap by providing a user experience comparable to centralized apps while retaining the benefits of blockchain decentralization.
One significant difference between Web3 applications and Web2 is the concept of “Fat protocols, Thin applications,” where the underlying chain drives the application layer. This approach aims to eliminate the monopolistic tendencies often associated with Web2 applications. However, it also introduces challenges such as liquidity fragmentation in a multi-chain environment and a shift in focus for developers to choose which blockchain to build on, potentially weakening the application’s functionality.
The emergence of Omni-Chain addresses these issues by simplifying the development process for cross-chain applications and reducing the complexity of dealing with different blockchain technologies. Developers can now deploy their applications across multiple chains with ease, just in Omni-Chain layer, allowing them to focus more on the application’s logic and features, thereby enhancing development efficiency and creating better products.
Moreover, in terms of liquidity integration, Omni-Chain consolidates liquidity pools and trading pairs from various chains into a unified interface, providing users with easier access to liquidity across multiple chains. It also facilitates the integration of liquidity mining and reward mechanisms from different chains into a single platform, offering users more opportunities to participate and profit.
In a word, Omni-Chain opens up vast possibilities for application innovation and enables the development of a fruitful ecosystem.
The Role of Cycle Network
Within the framework of Omni-Chain, Cycle Network serves as an interface platform, facilitating interoperability between different chains. One of our key technologies enabling omni-chain communication is the Trustless Cross Chain Protocol (TCCP), which enables secure asset and message transfer between different chains.
With TCCP, users can interact with different blockchains using a single wallet and interface. To illustrate, say a user wants to purchase an NFT on Binance Smart Chain (BSC) but only has USDT on Ethereum, such instance can then be initiated as a transfer request through Cycle Network’s TCCP Rollin interface. This interface handles the locking of the USDT on Ethereum and maps it to the corresponding asset on Cycle Network. Following this, the Rollout interface is invoked to generate the equivalent USDT on the target chain (BSC) for purchasing the NFT. From the user’s perspective, the process is as simple as connecting their wallet to the DApp and successfully purchasing the NFT, similar to operations in centralized applications. There’s no need to switch chains or seek secure cross-chain bridges, rendering the overall experience seamless and user-friendly.
Security is Paramount
Given the seamless user experience, ensuring asset security remains our priority. The security of blockchains typically refers to the security of data, which ensures the integrity of the ledger state. To this end, we have implemented multiple measures to ensure the security of the network. First, we have innovatively introduced the Omni State Channel Indexer (OSCI), a distributed multi-chain indexer. OSCI is responsible for tracking and recording the state of various external blockchains connected to Cycle Network, processing new transactions and data updates, and promptly updating them into Cycle Network’s state to ensure consistency.
Secondly, we have utilized ZK Rollup to inherit the security of Ethereum. ZK Rollup achieves the same level of security as Ethereum by submitting and verifying data on the Ethereum mainnet, leveraging its massive computational power and widespread network participants to ensure the security and immutability of transactions. In comparison to other Chain Abstraction infrastructures using the Comsos Tendermint consensus algorithm, we provide better protection against attacks.
Furthermore, while most Rollups employ centralized sequencers, we achieve decentralized sequencing through decentralized governance. This promotes fairness and transparency in the transaction ordering and packaging process, thereby reducing the potential risks of malicious behaviors. Consequently, it also mitigates the impact of Miner Extractable Value (MEV) on user transactions.
Paving the Way for Mass Adoption
The widespread popularity of ChatGPT over the past year indicates an explosive trend in AI, which also has a significant impact on the crypto field. Many individuals and projects have turned their attention towards the combination of crypto and AI, with notable figures like Vitalik Buterin discussing how blockchain and artificial intelligence should integrate. Tom Shaughnessy, co-founder of Delphi Digital, believes that the convergence of crypto and AI is inevitable, while Ethereum researchers have also explored the feasibility of Crypto x AI integration.
To achieve mass adoption of this integration and break down barriers between different blockchain networks, Chain Abstraction will be a crucial step. Cycle Network, designed as an omni-chain interoperable rollup L2 solution, will be instrumental in this process. By offering features with robust security, low latency, and cost efficiency, we will provide a reliable and streamlined infrastructure for users worldwide.
