OMNIA’s Blog
Blog
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Crypto Regulations are Necessary But Might Stifle Innovation
4 min read The emergence of smart contracts spearheaded by Ethereum kicked off a new era of blockchain technology which opened the eyes of developers and innovators who sought to create a whole new future of finance on the web. Such self-executing code opened the doors to transferring traditional financial instruments and services onto the…
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Compliant Privacy — Simple Explainer.
6 min read Internet users have a right to have their data handled appropriately and according to the various global privacy and security laws. Jurisdictions such as the EU have gone as far as requiring internet-based companies to inform their consumers on how their data is being used immediately they visit their website or transact on their…
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EU’s Proposal on the Non-Custodial Wallets. What Does it Mean?
5 min read Cryptocurrency transactions are unique because anyone can send funds over the blockchain without declaring additional personal information such as your name, home address, phone number, or the purpose of your transaction. The ease and almost anonymous nature of transactions on the blockchain have raised concerns from global regulators. They fear criminals can…
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Web3 Security — Lessons Learned
8 min read Hackers and scammers have found Web3 to be an ideal arena for their nefarious plots of stealing cryptocurrencies and digital assets such as NFTs from unsuspecting users. According to a recent report by the team at Chainalysis, digital thieves stole $3.2 billion worth of cryptocurrency in 2021. In addition, 2022 is perhaps playing…
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Are gas fees a Barrier to Mainstream Blockchain Adoption?
6 min read Blockchain network transaction fees are designed to operate using the traditional supply and demand theory. More so for proof-of-work blockchains such as Bitcoin, Ethereum, Ethereum Classic, and Litecoin. The more crypto users transact on the respective blockchains, the higher the transaction fees since users rush to attract the attention of miners who…
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AMA Recap: OMNIA Protocol & Crypto Stalkers
7 min read Last week, on 06 of May 2022, we organized an AMA session with the Crypto Stalkers community. Here is the AMA transcript: Navi: Hello @alphacristi Welcome to Crypto Stalkers 👀 Cristian | OMNIA Protocol: Hello everyoneHappy to be here today 🙂 Navi: 👋Glad to host you here today! 😃Should we start with our AMA…
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Software vs. Hardware Wallets
6 min read Two to three decades ago, the term wallet was synonymous with a leather pouch or bag that fits in the palm of your hand and pocket. Such a wallet was used to store physical money and identification documents. However, the internet and the launch of Bitcoin in 2009 and Ethereum in 2015…
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Increasing Web3 Adoption
5 min read The concept of Web3, its adoption rate, and what the future holds has been the subject of discussion by the mainstream media, analysts, and internet community members for close to a decade now. But before diving deep into the topic of Web3 adoption, it is worth digging into the history of the…
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What is NFT Frontrunning?
4 min read In traditional financial, front-running is the practice of early entry into a trading position with prior non-public knowledge that a larger pending transaction will be executed. The target transaction is already known to have a potentially significant impact on the value of the asset being traded. Although illegal in mainstream financial markets,…
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Elon Musk is buying Twitter. What does this mean and what are the possible drawbacks ?
7 min read A week ago, Twitter’s board of directors finally accepted Elon Musk’s bid to buy the company, ending weeks of speculation about whether the CEO of Tesla would eventually manage to close the $44 billion takeover deal. Twitter and Other Centralized Applications Have Potential Pitfalls 1. Centralized Decision Making Mr. Musk, who is…
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What is Impermanent Loss and How Can It Be Minimized?
3 min read The rise of decentralized finance (DeFi) led to the creation of a new type of decentralized exchange, one without traditional order books. Instead, these exchanges source liquidity from pools of assets, and those who provide assets earn from every trade made on those while risking impermanent loss. Decentralized exchanges like Uniswap, PancakeSwap,…
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Axie Infinity Hack is an Industry Problem
5 min read The Ronin Validator security breach by the North Korean-based Lazarus hacker group and APT38 will go down in DeFi history as one of the largest in terms of total value stolen. According to the team at Ronin, the security breach resulted in the loss of 173,600 Ethereum and 25.5 million USD Coin. This…