Omni (OMNI)

Omni

Total supply	Coincap: 611,366 OMNI (Mastercoin supply was capped at approx 620,000 mastercoins)Total supply: 563 thousand

Basics

• Founded in:
• Mainnet release:
• Based in:
• Exchange
• “Omni is a platform for creating and trading custom digital assets and currencies. It is a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin. Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain.”

History

• fka Mastercoin. Mastercoin since 2013, Omni since 2015

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• Consensus mechanism: timestamp auth. Bitcoin
• Block production time 10 min, worst case for confirmation time 120 blocks, 2 TPS
• Network Security Costs: 10% mining inflation
• Inflation: deflationary
• From this (9-2019) Bitcoin.com article:

"Omni is a protocol built as a layer over the BTC chain. The idea lets anyone generate tokens, send, trade, redeem, and pay token dividends as well. Omni developers consider the protocol to be an HTTP layer that works on top of the BTC network’s TCP/IP. The Omni blockchain uses the BTC chain’s scripting feature and the OP_Return opcode that initiated during version 0.9 of the Bitcoin reference client release."

Their Other Projects

OmniBOLT

• From LNmarkets (12-4-2021):

"The Omni Foundation is now supporting the development of OmniBolt (Omni Basis of Lightning Technology), a lightning network for smart assets. OmniBolt is working on “enabling faster and lower cost transactions of smart crypto assets, providing more flexible contracts for upper layer decentralized finance applications”.

OmniBOLT is helping the Bitcoin network build its own DeFi (Decentralised Finance) System, or we may call it LiFi (Lightning Finance), which enables Lightning Network to be aware of multi assets like Tether (USDT) or even more permission-less chains. We can expect OmniBOLT to support high-frequency payments, gaming, peer-to-peer chat applications as well as exchanges, etc.

OmniBOLT is technically ready by now. We have prepared some nodes and APIs for the community to have access to the testnet."

OmniWallet

• Has the OmniWallet; the official web protocol for Omni, for coins like SafeNetwork, Synereo and others. Factom, MaidSafe and Tether use the Omni layer. Tether which started in 2014 has been the chain’s dominant output.

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Hack

• When KuCoin got hacked (28-9-2020), some OMNI tokens were frozen by 'entities'. This hints to centralized powers.

Competition

• From LNmarkets (12-4-2021):

"How would you compare OmniBOLT to another "layer 3" protocol like RGB?

RGB is a good trial in making Bitcoin Lightning Network stronger and their solution is quite interesting but I must say that OmniBOLT takes more advantage of the native assets as we have over 1.3 billion USDT circulating on our settlement layer which is OmniLayer. We are also seasoned in "Layer 2" or so-called "Layer 3" solutions considering that Omni has existed for over 7 years and keeps growing."

Pros and Cons

Cons

• When KuCoin got hacked (28-9-2020), some OMNI tokens were frozen by 'entities'. This hints to centralized powers.

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Johnston, David; board member
• Sellars, Craig; CTO
• Willet, JR; chief architect
• Michael Y was a core dev

Funding

• Got investment from BitAngels

=== Partners ===