OmniBOLT (Omni Basis of Lightning Technology) is the world’s first stablecoin circulation specification(on Omni Layer) for Lightning Network,and it’s the second important protocol presented by Omni Foundation after Omni Layer.
As a prominent brand and protocol, it’s based on bitcoin blockchain,and Omni Layer’s history can be dated back to 2012[[[Omni_Layer|4]]].At that time,it was called Mastercoin[[[Mastercoin|5]]],which completed the world’s first Initial Coin Offering(aka.ICO),it was then rebranded as Omni Layer in 2015,which aims to provide a tested platform that can support ambitious project, for example ,fiat currency-backed crypto Tether.
However,due to Bitcoin’s limited scalability.Tether’s transaction speed and fees don’t perform well.To empower crypto assets like Tether and other Omni Layer’s assets,OmniBOLT is presented.
OmniBOLT solution is tol leverage Lightning Network’s fast speed , low fees as well as tremendous use cases(as seen on Lightning Network Explorer 1ML,there are now around 10,000 nodes within Lightning Network on Bitcoin mainnet) to help tether and related Omni assets to be better.
In the long term,OmniBOLT will introduce more diverse assets,including Gemini USD on Ethereum, which gets New York Department of Financial Services‘ approval,and more stablecoins on Ethereum or other public blockchains.