THINGS YOU NEED TO KNOW ABOUT ONOMY NETWORK
What is onomy network?
Onomy Network is a Layer one blockchain that is built using CosmosSDK. the network leverages the Inter-Blockchain Communication Protocol (IBC) which gives access to bridge with other Cosmos chains. Also, onomy is integrated with other blockchain through the integration of Arch Hub which allows onomy to operate as a hub to facilitate interconnectivity and awesome user experience that cut across all onomy apps.
Onomy is a DEX that also support an orderbook experience that is combined with AMM liquidity pools, and a stablecoin issuance protocol and it also serves as a multichain wallet.
In bid to secure the onomy network, onomy created a their native token or coin called $NOM.
NOM is used to secure the Onomy Network through Proof-of-Stake which gives rewards for staking $NOM over a period of time through delegation or becoming a validator for the Network. $NOM token also allows holders to partake in the governance of Onomy, pay for Arc bridge fees, and collateralize stablecoins. Unlike eth with High fees, onomy network transactions fees are very low and affordable which every user can pay using $NOM.
Onomy network is governed by 5 major/core pillars which includes the following
- Onomy access: this is a non-custodial multi-chain mobile wallet app that enables users to manage all assets from integrated blockchains. This includes governance, transferring assets, staking, and viewing of NFT collections from multiple blockchains.
- Arc Bridge Hub: allows bi-directional bridges to prominent blockchains in and outside of the Cosmos ecosystem - such as IBC enabled chains and Avalanche, Polygon, Moonbeam, etc.
3.Onomy Exchange (ONEX): is a decentralized exchange who's goal is to replicate a traditional centralized exchange experience to settle the world's high-volume demands on-chain, decentralized, and in a non-custodial way. This exchange combines AMM Liquidity Pools with an Orderbook UI, enabling Liquidity Providers to earn yield and traders to engage in familiar orderbook trading strategies supporting market, limit, stop, and conditional orders. - Onomy Reserve: this oversees the minting of decentralized stablecoins named Denoms. The Onomy DAO votes on various parameters, including collateralization ratios.
- Onomy network: An application specific Layer 1 blockchain leveraging Tendermint BFT consensus, built with the Cosmos SDK.
To learn more about onomy network, visit onomy.io