Omega Network

Omega Network is an innovative proof of networking social chain designed to create a secure, high-performance, and stable decentralized social platform. By incorporating cutting-edge cryptographic technology, a highly scalable consensus algorithm, and user-friendly design, Omega Network empowers users worldwide to communicate, share information, make payments, and create decentralized applications while ensuring personal privacy and data security.

As internet technology continues to advance, social media has become an integral part of daily life for billions of users worldwide. However, current social media platforms face several fundamental issues, including data breaches, privacy violations, centralized control, and inefficiencies. Omega Network aims to address these challenges by leveraging blockchain technology to build a more secure, efficient, and decentralized social ecosystem.

Technical Foundations Omega Network employs an innovative consensus algorithm that guarantees high throughput and system stability. This consensus algorithm allows for rapid transaction processing and confirmation without compromising security, catering to the high-performance requirements of social applications. Furthermore, Omega Network prioritizes user privacy and data security, using advanced encryption techniques to safeguard user communications and information Decentralized Identity Management: Omega Network incorporates a decentralized identity management system, enabling users to own and control their digital identities securely. By utilizing advanced cryptographic techniques such as Zero-Knowledge Proofs (ZKP) and Decentralized Identifiers (DIDs), Omega Network ensures that users' personal information remains private and secure, while still allowing for seamless identity verification when required. Decentralized Storage Omega Network utilizes decentralized storage solutions, such as InterPlanetary File System (IPFS) and Filecoin, to ensure data resilience and prevent unauthorized access to user data. These distributed storage technologies provide redundancy, fault tolerance, and censorship resistance, ensuring that users' data remains secure and accessible across the network.

Data Privacy Controls Users can define the level of privacy for their content, ensuring personal information is only shared with intended recipients. Omega Network employs cutting-edge privacy-enhancing technologies like zk-SNARKs and zk-Rollups to enable users to interact with the platform without revealing their sensitive data. These techniques allow for efficient transaction processing while preserving user privacy, providing an optimal balance between performance and security. Sparse Signature Set While the protocol described so far is theoretically feasible, in practice, there are computational, storage, and network limitations to consider. We want to allow for as many validator nodes as possible, but it may be too costly to store every validator’s signature for every block. TODO: Describe sparse signature set as DMMV

Consensus The OPoS (Optimized Proof of Stake) consensus mechanism possesses several distinctive features that make it an attractive option in the world of cryptocurrency. With low transaction costs, minimal transaction delays, and high transaction concurrency, OPoS delivers an efficient and user-friendly experience for crypto enthusiasts. This consensus mechanism supports a maximum of 21 validators, which helps strike a balance between decentralization and performance. By limiting the number of validators, the network can reach consensus more quickly, resulting in faster transaction times and improved scalability. At the same time, the OPoS mechanism ensures that validators are selected through a fair and transparent process, upholding the core principles of decentralization. In summary, the OPoS consensus mechanism combines the best aspects of performance and decentralization to create a robust and efficient blockchain network. ​ Validators An account becomes a validator by posting some amount of coins as a surety bond. Once the bonding transaction is committed, the validator can participate in the consensus protocol with voting power in proportion to the number of coins bonded. Bonded coins cannot be used in any transaction except for an unbonded transaction. Afterwards, the coins remain locked in the nonbonding period of X blocks. If the validator fails to meet its obligations before the nonbonding period is over, the validator can lose all of its bonded coins. The validator fails to meet its obligations if any of the following occur: • Signing two conflicting messages at the same block height • Signing an invalid checkpoint Given the punitive nature of the algorithm and the long nonbonding period, validators with significant voting power are unlikely to sign conflicting or invalid messages (at least until the nonbonding period is over). Handling Validator timeouts The network should adapt to validator churn as they go offline for various reasons. Validators that haven’t signed for Y blocks in a row (where 1 ≤ Y nonbonding period) are considered to have timed out and are implicitly unbonded. As long as validators churn in a staggered fashion, the active validator set can ad9 just to account for a changing set of participants. Validators that need to go offline temporarily might be incentivized to sign an explicit nonbonding transaction as opposed to timing out, as that allows the active validator set to adjust immediately. For example, timeouts could result in a small penalty fee in proportion to the amount of bonded coins, or validators may need to participate for some number of blocks before earning any fees. Later, (both explicitly and implicitly) unbonded validators can become active once again by submitting another bond transaction before the nonbonding period is over. Tokenomics The total supply of OMN is 970 million tokens. The Omega V 2.0 token economy enables users to reap rewards earlier and fully enjoy the results of their own efforts. Holders have complete ownership of their tokens, which can be freely traded, grant coin holder benefits within the Omega Network ecosystem, and serve as DAO voting rights. Total supply: 970 millioon OMN User Mining: 295.85 million OMN, 30.5% of total supply Node Mining: 339.5 million OMN, 35% of total supply Seed Round: 330,616.546 OMN Public Sale: 9.7 million OMN, 1% of total supply Treasury: 97 million OMN, 10% of total supply Reserve: 48.5 million OMN, 5% of total supply Staking Reward: 48.5 million OMN, 5% of total supply Exchange & Liquidity: 87.3 million OMN, 9% of total supply The users' mining pool accounts for 30.5% of the total token supply. For tokens mined by existing users, 25% will be unlocked on the day of the token launch. After the token launch, 1% of the remaining locked tokens will be unlocked daily. All tokens minted after the Token Generation Event (TGE) are not locked. A total of 330,616.546 tokens were sold in the seed and private sale rounds, and the remaining tokens have been burned. Omega Network implements monetary deflation according to "Debt deposition - Monetary tightening theory" （The Debt-Deflation Theory） proposed by world-famous economist Irving Fisher. Monetary tightening will increase the real purchasing power of money. To do that, we’ll burn some OMN. Quarterly amount of burning based on community growth and mining rate. In addition, a part of the fee collected will be burned. Total burning does not exceed 3% of the total supply. The burning process will be public and transparent to ensure that all users can know the information through the blockchain browser. OMN Mining Roles and Policies There are four roles of the OMN miner, detail: Pioneer Each participant will receive OMN at a determined OMN/h rate by entering the app and clicking the "Start" button once every 24 hours. You don’t need to open the app after clicking the "Start" button and still automatically get the hourly OMN. You will stop receiving OMN after 24 hours until you click the "Start" button to start a new 24-hour session. You can also open the app to make a transaction (For example: pay OMN to another Pioneer). Testnet In preparation for the upcoming launch of Omega Mainnet, a testnet has been established to incentivize user participation and ensure a successful mainnet launch. The most active users on the testnet will be rewarded for their contributions. In this user guide, we provide easy-to-follow instructions on how to interact with the Omega Network Testnet and take advantage of its features. If you need support or would like to provide feedback, please join our Telegram group. On the Omega Network Testnet, users can perform various functions to familiarize themselves with the platform’s features. The following are some of the activities that users can do on the Omega Testnet Get testnet tokens from the faucet to start testing the network

https://faucet.omtch.com/

Swap your tokens, add/remove liquidity using the test-swap tool

https://test-swap.omtch.com/#/swap.

Bridge your test assets to other testnet using the test-bridge tool

https://test-bridge.omtch.com/mint

Review transactions on the test-explorer to track activity and verify transactions

https://test-explorer.omtch.com/

By performing these functions, users can gain an understanding of how the Omega Network operates and experience its functionalities before its launch on the mainnet. More details of the user guide: https://mirror.xyz/0x0ce990b52FEBAf0ee0b6ceD1eC695D0F49BF8440/96-PSOlEulTlkvmjDgkK_15hPmzp5mXnP61H_1_JWM Mainnet The mainnet will be launched soon.

5 Ways to obtain $OMN

1. Free mining in our APP https://omtch.com/invite?ref=nuest
2. Invite Contest
3. Zealy tasks https://zealy.io/c/omeganetwork/invite/rbcpXv9raw1cO32BMQNAY
4. Gleam tasks https://wn.nr/9xZTmp3
5. Engage in Testnet Get ready to earn and participate in the OMN ecosystem!

OmegaNetwork

CryptoRewards

OMN

OmegaFamily.