Proposal #811
Passed on 21 Jul 2024 with 79.9% of the votes for yes.
Yes
79.9%
98.9% without abstain
Veto
0.0%
of votes cast
Ended
21 Jul 2024
79.95%
of votes cast
19.12%
of votes cast
0.93%
of votes cast
0.00%
of votes cast
We propose to grant [Hidden link]k the ability to deploy a CosmWasm contract with the deployer address osmo1uqm9n8a769nvwagz7gmpx5x52nmqn3z0tan9a0 on Osmosis autonomously. Omnity will deploy the Port contract on Osmosis, creating [Hidden link] and other Bitcoin assets via Token Factory. The [Hidden link] Subnet generates and manages the owner key of the contract, providing battle-tested security.
Omnity is a Bitcoin Asset Hub that leverages the [Hidden link] (ICP) to connect all blockchains with the Bitcoin network efficiently, securely, and decentralized. Omnity is connected to major Bitcoin L2 networks such as Bitlayer, Merlin Chain, BSquared, BEVM, and BOB and supports BTC and Runes assets. By integrating Omnity, Osmosis will benefit from enhanced cross-chain interoperability with Bitcoin, reduced costs, minimized latency, and robust security features.
Omnity’s interoperability stack is [Hidden link] and [Hidden link], as is the [Hidden link]
Omnity is the first 100% fully on-chain cross-chain protocol to support the cross-chain transfer of BTC and Runes assets to other public chains and BTC Layer2 chains.
Internally, Omnity is designed in a hub-spoke topology, with each spoke connected to one blockchain. Among all the spokes is a special one called Bitcoin Gate, which leverages the ICP Bitcoin Subset that archives full-node equivalent security to Bitcoin assets bridging. Each node of the Bitcoin Subset is paired with a customized Bitcoin full node, called Bitcoin Adapter, which connects to the Bitcoin P2P network and keeps syncing and validating new Bitcoin blocks. So, each subnet node can observe the Bitcoin network independently, and together, they can reach a consensus on the Bitcoin canonical chain.
The Bitcoin Subset feeds the Bitcoin Canister, a smart contract with new blocks that maintains the full UTXO set and provides a query and tx submission API to other smart contracts on ICP.
The other pillar of Omnity’s full trustlessness is the ChainKey subnet, which provides key generation and signature service based on an MPC/TSS scheme. The ChainKey subnet comprises 31 geographically distributed nodes with a full-scale backup network. Omnity acquires a new Bitcoin address from the ChainKey subnet for each cross-chain transaction to improve privacy and security.
To support Ordinals and Runes assets, Omnity has migrated the Ord indexer to the ICP environment. The [Hidden link] fetches new Bitcoin blocks from public RPC services and verifies these input blocks against block headers from the Bitcoin Subnet.
Omnity Hub is the smart contract that routes all the cross-chain messages and keeps a ledger of all cross-chain assets. So, Bitcoin assets can roam between layer2 networks without returning to Bitcoin L1, saving cost and latency. Moreover, tokens remain fungible on all layer2 blockchains no matter the transfer path, while attacking losses are capped by assets that users explicitly choose to store on the hacked chain.
On the other end of the cross-chain connection, spoke canisters talk actively with the respective RPC service without needing off-chain relayers. A spoke canister contains a specific light client to verify messages from the layer2 blockchain.
In summary, Omnity relies solely on smart contracts, avoiding off-chain processes, relayers, or indexers to ensure complete trustlessness. Omnity offers a fast, cost-effective, and user-friendly experience, making it the perfect cross-chain infrastructure for BTC assets.
We seek approval from the Osmosis community to grant Omnity Network permission to deploy a CosmWasm contract: Omnity Port Contract. This would enhance Osmosis's interoperability with the Bitcoin network and overall ecosystem functionality.
For further details, please refer to the[Hidden link].
Forum Thread:[Hidden link]