If you didn't hear it before, here is the Nomic, a layer 1 that is connecting Bitcoin and Cosmos Ecosystem. Currently, stakenet is alive, and depositing BTC is in a kinda beta version. By the way, before going forward, would like to let you know that you can stake your airdropped NOM token and start to accumulate $NOM and $BTC sats. Neato already!
Wait, What is Nomic?
In short:
- is a layer-1 blockchain which offers a decentralized, non-custodial Bitcoin bridge.
- is a token that represents 1:1 ownership of Bitcoin in an IBC-compatible token.
- is a token used for securing the network which can be staked to earn Bitcoin rewards.
Why it's different?
Nomic, even though it's an IBC-enabled blockchain, it does not run on Cosmos SDK, instead, they are using Orga Framework. Orga is based on Rust (rather than Go): thus it creates 100x more performance and takes up way less code in comparison if it has been written with Go.
There are also Schnorr's signature and utilization of taproot:
- Schnorr’s signatures will allow Nomic to have a common Bitcoin reserve managed by the entire validator set through multisig.
- Taproot will allow Nomic to efficiently implement a reserve script scheme creating Bitcoin spending conditions for the fund reserve.
So we'll see some novel usage by connecting BTC Network to Cosmos Ecosystem. Like making your BTC work with smart contracts on Cosmos, BTC reserves for securing new stablecoins on the network...
Wen Airdrop?
Atom stakers already received the first part of their airdrop, the second airdrop will happen very soon. The Nomic team advises $NOM stakers to distribute their stakes to lower-ranked validators (probably for sake of decentralization).
Nomic people might not be very active on , but they are fairly active on and their
