Interoperability Requirements

Thanks to the incredible capabilities of IC, all critical interoperability requirements previously considered mutually exclusive can now be optimally addressed by Omnity simultaneously.

Those interoperability requirements are:

• Minimized Cost: In addition to the inevitable transaction gas fee on the source and destination chains, Omnity adds almost negligible computation and storage costs on IC.

• Minimized Latency: In addition to the finality time of the source and destination chains, Omnity does not add additional latency to the cross-chain process.

• Kept Token Fungibility: On any execution chain, there is only one wrapper token contract for every token. Tokens arriving via different paths are fully fungible with each other.

• Widely Applicable: Omnity only incorporates a settlement chain when full-node security can be achieved. For now, Bitcoin, Ethereum, and IC itself meet this standard. However, almost all blockchains, including various types of L2, can be connected with Omnity as execution chains. Meanwhile, any token issued on a connected settlement chain will have unparalleled cross-chain interoperability through Omnity without the need for liquidity provisions.

• Community Owned: All updates or configuration changes on the Omnity protocol will be decided by an on-chain DAO.

• Fully Decentralized: The Omnity protocol relies only on smart contracts to operate. No relayer daemons are needed. Users themselves relay cross-chain messages with their browsers and wallets from the source chain to IC. Then, Canisters (IC’s term for smart contracts) take over to complete the process.