offchain smart contract | OmniBOLT

[hugeblack]

I have been reading about some projects and found this project about the possibility of liquidity using the lightning network.
** I have no connection with them.

In brief:

 - Liquidity: You can use the Omni layer to create secure Omni assets aware "for example, users can create channels for USDT" by bitcoin (in this case bitcoin works as a guarantee) and then you can use those USDT (or any stablecoins) faster and cheaper.

 - These will be attempted to be compatible with Lightning nodes located around the world.


Note: OmniBOLT are not tokens but all tokens are issued on Omnilayer, the OmniBOLT network enters through the supported channels, and is locked in the main chain.
It looks good and a way to liquefy BTC outside the chain.


The idea may be a basis for how exchange platforms work in the future. You can create future funded channels using Bitcoin LN off-chain layer, and then you will have a channel that enables you to atomic exchange across channels for different assets or making decentralized exchange on top of lightning channels (fast exchange with zero fees.)

Architecture

Advantages of OmniBOLT
1. Technical ready. OBD testnet is online in May, 2020, and client API, which are highly similar to lnd client, is releasing, so that integration costs will be minimal;
2. Instant payment of smart assets issued on OmniLayer and Etherium(soon future) with the natural advantage of lightning theory.
3. Cross channel atomic swap of different assets.
4. Decentralized exchange on top of lightning channels with quick exchange speed and almost zero fee.
5. Collateral Lending Contract and more flexible contracts for various DeFi scenarios based on atomic swap, without any extra cost of transaction fee or any intermediary;

Read more and Source ---> https://medium.com/@omniboltofficial/omnibolt-smart-asset-lightning-network-off-chain-contract-system-919f25f4f056

Github ---> https://github.com/omnilaboratory/OmniBOLT-spec

[1] https://github.com/omnilaboratory/OmniBOLT-spec

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[Lachrymose]

A very important development for the future of cryptocurrencies. The idea of atomic swaps which allows exchanging tokens on different blockchains is necessary for the crypto market to be decentralized and more user-friendly. In addition to this, they claim that most of the assets can interact with each other and payments will be fast as lightning within OmniBOLT. I am eager to see how it works. However, as with the Lightning Network, this may not be accepted by many users.