Nomic Bitcoin Bridge
Nomic’s first product is the Bitcoin Bridge, bringing Bitcoin to Cosmos. The bridge creates a new asset, nBTC, which is IBC-enabled and fully backed by BTC. They have designed a unique, permissionless protocol which allows anyone to easily deposit BTC in exchange for nBTC, or withdraw nBTC in exchange for mainnet BTC.
To power this vision, They have designed a system that is more secure and permissionless than any other existing Bitcoin sidechain, joining proof-of-work and proof-of-stake to get the best of both worlds. By leveraging both Bitcoin’s hashrate and the Tendermint consensus protocol, the Nomic network is able to provide both high security and instant finality. It also creates a unique opportunity for proof-of-stake validators to earn BTC rewards.
Nomic has been under development since 2018 by early Cosmos employees, and while it may at first seem similar in many ways to other Cosmos chains, it has fundamentally different DNA. Other chains are based on the Cosmos SDK, a standard framework which has many strengths but also its own weaknesses. Nomic uses Tendermint consensus, but is otherwise built on a completely custom stack written in the Rust language with a focus on performance and the ability to develop new features quickly.
The NOM token is used to power the proof-of-stake security of the Nomic network.
The NOM distribution is modelled after the OSMO token. The network will start with a supply of 21,000,000 NOM, and the maximum supply after 9 years of inflation is 210,000,000 NOM (as an homage to Bitcoin’s 21,000,000 BTC)