Web3
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Beginners guide to Web3
4 min read Web3, DAOs, NFTs, and countless technical terms are confusing, and we get it. We were exactly in the same position when we first encountered them. But with time, the complexity reduces as the experience grows due to interacting with the various digital assets, blockchain networks, and decentralized applications. Luckily, OMNIA’s team is…
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Comparing Ethereum’s Layer-2 Solutions: Polygon vs. Arbitrum vs. Optimism.
4 min read The Ethereum network has a long history of congestion issues that have often led to high gas fees. The first and most popular incident dates back to December 2017, when Cryptokitties clogged the Ethereum network and caused it to grind to a halt. The event, although unfortunate, kick-started discussions on how to avoid…
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NFT Adoption by Institutions is On the Rise.
3 min read The concept of Non-Fungible Tokens (NFTs) became well known in the crypto-verse in late 2017 when CryptoKitties caused congestion on the Ethereum blockchain and increased its gas fees significantly. Since 2017, NFTs have slowly made their way into the mainstream, with digital collectibles belonging to notable projects, such as CryptoPunks, DeGods, and Bored Apes,…
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Centralization Issues Affecting Blockchain Technology — Part 2.
4 min read In our first installment exploring the centralization issues affecting the blockchain industry, we highlighted the challenges of having truly decentralized infrastructures when running the various networks. The OMNIA team pointed out that most nodes on the Ethereum Network are run through centralized cloud computing services, with Amazon Web Services (AWS) handling nearly 25% of…
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A Brief Analysis of the 4-year Bitcoin Halving Cycle.
4 min read It has been a rollercoaster ride in the Bitcoin markets for the last few months after BTC hit an all-time high of $69k in early November 2021, only to dip by 74.4% to a local low of $17,600 in mid-June 2022. Anyone who got into the crypto-verse in 2021 is undoubtedly wondering…
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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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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…