OMAX is set to launch the mainnet phase (https://omaxcoin.com/) on August 19th, 2022. The objective is to make it a user and business-friendly smart contract model easily deployable on E-commerce platforms and a secure network. It will enable users to launch their Dapps on a secure protocol.
Moreover, a hybrid Layer 1 proof of stake protocol built from the ground up, OMAX COIN has chosen to be compatible with the existing EVM protocols to take benefit of the relatively developed apps and community building a secure and reliable network. OMAX will provide native cross-chain communication functionality between blockchains.
The slow lagging of POW protocols smart contracts or instability caused in recent crypto networks due to excessive duplicate transactions and its network congestion which hindered the effectiveness of the protocol, and they don’t seem to be going away anytime soon. Therefore, OMAX proposes a solution to overcome the ongoing issues of POW by giving the reliable network named OMAX CHAIN (OMX20), which is also EVM compatible.
The team of Omax has been forming and testing the following three main features since they began developing the Omax blockchain in late 2021.
1. Speed: With the highest rate of transactions per second (TPS) of any blockchain, currently OMAX is topping off at 125k TPS. in the testnet phase of the blockchain development.
2. Security: The company thrives on the cutting-edge of secured technology solutions.
3. Scalability: Proof of stake protocols, as shown by OMAX COIN transaction outputs and lower fees, generates greater scalability.
In the future, a Consensus covenant via upgradable contracts as per business and market requirements can be deployed to deal with emerging technology or competition. The initial Validator Set will consist of 21 trusted nodes in the genesis stage. After the block stage has begun, anyone can compete to become a validator candidate. Consequently, the OMAX consensus protocol is designed to achieve the following objectives based on the design principles:
1. Blocking time should be competitive compared to the existing blockchain network, i.e., 10 seconds or less.
2. It takes a short time to certify the finality of transactions, such as 1 minute or less.
3. The block reward is collected through transaction fees and will be paid in OMAX.