Omni Layer (formerly Mastercoin) is a digital currency and communications protocol built on the Bitcoin blockchain. It is one of several efforts to enable complex financial functions in a cryptocurrency. Planned features include the development of a decentralized Omni exchange and the implementation of smart property and savings wallets.
«A common analogy that is used to describe the relation of the Omni Layer to bitcoin is that of HTTP to TCP/IP: HTTP, like the Omni Layer, is the application layer to the more fundamental transport and internet layer of TCP/IP, like bitcoin».
What is Omni?
Omni Layer coin, the initiative to build a protocol layer over the Bitcoin blockchain and other systems, is a pretty intense project. The software allows users to transact with tokens with asset representations. Omni has so many versatile uses that it provides a cryptocurrency asset landscape in this environment. The omni omni asset, being the first to be introduced in this network, is close to completion. Bitcoin and various cryptocurrencies act as a base layer of usage; the Omni project is a higher layer and a benchmark for asset protocols.
Omni is a protocol built as a layer over Bitcoin that allows you to generate, send, trade, redeem, pay dividends to and make bets with tokens representing any kind of asset. The OMNI asset is the first asset on the layer, it gets the fees from the layer’s trustless exchange, and it can transform into any currency using smart contracts on the layer. Instead of just sending bitcoins around, you can send a very small amount of bitcoin that acts like a stamp, and that transaction forever stands for the transfer of some Omni layer property. Several projects have raised money in crowdsales by issuing tokens or app-coins over the layer, there’s a dollar coin, Tether USDT, backed by the same banks that Bitfinex uses and integrated with the deposit/withdrawal systems of Bitfinex, Cryptsy, and several other exchanges, and that’s just the start.
OMNI Coin price
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J. R. Willett published the first draft of the Mastercoin protocol in January 2012 as a white paper, in which he proposed that existing bitcoin protocol “can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation.”
The Mastercoin project officially launched on July 31, 2013, with a month-long fundraiser in which anyone could buy Mastercoins - the digital tokens that the protocol uses to conduct transactions – by sending bitcoins to a special “Exodus Address”. The idea was that as the platform was being developed, the tokens would become more valuable and investors could sell their Mastercoins to realize a return.
A nonprofit organization called the Mastercoin Foundation was formed to handle the funds sent to the address. Some 500 people invested, sending a total of about 5000 bitcoins worth about US$500,000 at the time.
As of January 2014, J.R. Willett is employed full-time by the Mastercoin Foundation as "chief architect".
As of February 2014, Mastercoin was the world's seventh largest cryptocurrency by market capitalization according to coinmarketcap.com.
In April 2014, MaidSafe used a crowdsale to raise over $7,000,000 in Mastercoins and bitcoins. The value of the Mastercoins (half the currency) subsequently declined, leaving the total from the sale at $5,500,000.
In July 2014, MaidSafe COO Nick Lambert was among a number of people joining the Mastercoin board as observers.
See Also on BitcoinWiki
- Bitcoin is not just digital currency. It's Napster for finance. - Term Sheet
- Mastercoin Foundation Lets Virtual Currencies use Bitcoin Protocol
- Crypto-Currency Market Capitalizations of 2014/02/07
- |The Omni Layer official site