Daily Volume: 0.0 OMNI
Daily Volume/Issued Coins: 0.00%
Total Coins: 618985
Issued Coins: 618985
Whitepaper: Not present
Smart Contracts: Not supported
|FAQWith all terminology from the page|
OMNI is the second layer solution on top of the $BTC network. It does not have its own blockchain and extends the capabilities of $BTC by introducing extra layer of commands that allows to create and manage new assets secured by the main network.
Coin Launch and ICO
The Mastercoin project was launched on July 31, 2013. The format of their ICO was somewhat unusual: the developers arranged monthly promotions during which people could invest in the project in exchange for Mastercoin (MSC) currency. The first batch of coins was issued in August 2013: any investor who contributed Bitcoins to Exodus Address received 100 times more Mastercoins (100 MasterCoin = 1 BTC).
Five hundred investors contributed about 5,000 $BTC to developers, which at that time was worth $500,000. The idea of the sale was typical: developers hoped that the value of MSC currency would increase when their blockchain becomes more advanced, which would bring significant profit to investors.
Soon after hitting the market, Mastercoin enjoyed great popularity: in February 2014, it was on the 7th place in the cryptocurrencies ranking list according to CoinMarketCap. In addition to investing, the crypto community was actively involved in mining MSC with their graphic cards.
In March 2015, Mastercoin was rebranded into Omni. OMNI serves as an internal means of payment and exchange in the ecosystem.
The main objective of the platform is to provide users with the possibility to create their own cryptocurrencies and enable instant trustless exchange of tokens between participants without an intermediary.
Initially, the project created in 2013 was called Masternode. Blockchain architecture is described in the whitepaper of the project by the main developer J.R. Willett.
How does OMNI differ from the Bitcoin protocol underlying it? The developers of the OMNI protocol (Mastercoin) note that they had the following goals:
• Make the protocol stable and secure;
• Develop assets and tools tied to gold, oil, euro, dollar or other fiat currencies / resources;
• Enable a direct exchange between participants without a central exchange platform;
• Make it possible to transfer any amount of coins (up to 1,000,000,000). Moreover, this requires only 16 bytes of 80, while the issuance of token purchase/selling – only 34 bytes.
• Ability to create one’s own cryptocurrency based on blockchain: users’ tokens can be used to pay for services, etc. The currency is not tied to a specific person or company: it provides absolute security and anonymity.
• The possibility of creating independent decentralized exchanges based on the Mastercoin blockchain was also discussed, but never implemented.
About OMNI Team
The American Omni Layer company was founded in 2013 by Craig Sellars, who is also a co-founder of the Tether project. In 2014, they hired programmer J.R. Willet who has been collaborating with the project to this day. Aside from him, such developers as Maran Hidskes, David Johnston, Ron Gross, Marv Schneider and Peter Todd contributed to the technical development of the project. Their codes are publicly available on github. At the moment, the Omni Layer team includes about 10 employees. Nothing is known about the share of ownership of the company and employees. It is worth noting that Omni Layer is actively collaborating with other crypto projects. Ambisafe and HolyTransaction are among the company’s partners.
Coin Issue Model
For every 10 MasterCoin sold during the initial coin offering there was 1 MasterCoin generated into development fund. Over the years development funds are being gradually released. Protocol specification requires to recalculate amount of coins vested after every block in $BTC network. Certain transactions in $OMNI network require fees to be paid and in this case $OMNI is bought on the internal decentralized exchange to destroy them. Overall, model implies that on a long run coin supply is going to experience deflationary behavior.
Interesting Facts About OMNI
Now the project developers are working tight-lipped about popularizing the OMNI project. Many potential users of the platform simply do not realize that the creation of their own cryptocurrency and operations with it are much simpler than it seems. The project has its audience, but the number of users should be expanded in the condition of increasing competition on the cryptocurrency market.
In 2019, project has received a sponsorship grant from Tether which ensures stability in the project development.
OMNI vs Mastercoin: which currency is being used now?
Initially, the internal cryptocurrency of the project was called Mastercoin (MSC), but after rebranding it was renamed as $OMNI. This is one and the same cryptocurrency asset.
The Omni Layer Roadmap includes multiple steps. Particularly important stages were completed in 2013-2015:
• Partnership with Swarm, Coin Powers and other projects for mass implementation and use of the platform.
• Launch of Master Core Beta (August 1, 2013).
• Launching of bilateral trade on a decentralized exchange.
Today, the OMNI Layer team continues to work on improving the Omni Core protocol that still serves to create new cryptocurrencies. In July, Omni Core 5.0 was released. According to the company's latest report (November 2019) that’s been published on social networks, this year, the developers achieved the following successes:
• Improved the second version of their official wallet. Omni Wallet 2.0 is now available to users, and can be integrated into third-party projects. Soon, the full functionality of the wallet will be available.
• The team continues to develop its OmniBOLT Daemon Protocol (OBD), which allows for the transactions based on the Lightning network. To make it possible, a new type of HTLC (Hashed TimeLock Contract) was introduced, and test transactions were made.
What does OMNI Layer offer users today?
The OMNI platform user has the following benefits:
• Easy to use cryptocurrency wallets.
• Creation of your own cryptocurrency and crowdfunding campaigns to collect investments in cryptocurrency or fiat currency.
• Integration with the most popular crypto exchangers for P2P currency trading without intermediaries.
• Easy integration with servers based on Bitcoin Core.
More than 700 cryptocurrencies have been created on the basis of OMNI Core, which indicates the popularity of the product and easy navigation. Currency development based on OMNI is available even to users without knowledge of the programming languages and coding. The most popular projects based on the OMNI blockchain are MaidSafeCoin, Tether, Agoras, and Synereo AMP.
Which wallets does OMNI support?
The main official wallet is called Omni Wallet: it functions as a separate project. But it has only web wallet option available: it allows users to store Omni, Bitcoin and independently created cryptocurrencies.
OMNI Core is a more advanced solution: this wallet is compatible with Mac X, Windows, and Linux and allows for P2P currency exchange. It can store the Tether currency as well.
OMNI is a unique second layer solution because it facilitates custom cryptocurrency creation and makes the process available to all users regardless of their level of technical knowledge. Providing customers with convenient wallets and useful tools, the OMNI project continues to develop, which ensures the stability of the internal cryptocurrency.