What is Omni (OMNI)?
Future of OMNI Cryptocurrency and know how to buy OMNI

#1: What is OMNI?

OMNI: The Basics

Omni is a decentralised, peer-to-peer, and distributed trading platform built on top of the Bitcoin blockchain, from a team that calls itself the Omni Layer. in order to facilitate peerless, trustless, and effortless exchange of assets or value between parties without involving middlemen.

OMNI Development

  1. Omni was originally called Mastercoin, which was developed back in September 2013. Omni was launched after the white-paper describing Omni’s technology was released by the chief-architect of Omni, JR Willett.
  2. Mastercoin was rebranded to Omni in January 2016 and marketed not as a cryptocurrency, but as a protocol layer that ran on top of Bitcoin to provide advanced transactional features to users.

 

#2: What are the benefits of Omni?

OMNI Technology

  1. Omni is the rebrand of Mastercoin which was developed on top of the Bitcoin blockchain. Omni is not exactly a cryptocurrency, but instead a protocol layer that runs on top of the BTC blockchain network. It provides users with advanced features such as decentralised trading, custom currencies, and smart contracts.
  2. Since Omni is built as a layer of the Bitcoin technology, all OMNI coins are technically ‘tokens’ of the BTC blockchain, with any wallet, or exchange, that supports BTC being automatically able to support OMNI coins as well without any massive updates to configurations.
  3. This concept is similar to the relationship between HTTP and TCP/IP, where TCP/IP forms the connection between two peers to enable data transfer via HTTP. Omni is akin to the HTTP layer over Bitcoin’s TCP/IP, facilitating the use of smart contracts, trading of digital assets, exchange of digital value, and even a decentralised cryptocurrency exchange.
  4. Since Omni is basically a software platform built on top of the Bitcoin blockchain, all OMNI transactions actually take place on the BTC blockchain, and are recorded and confirmed by the BTC network. Currently, confirmation time is around 10 blocks.

Key Features

  1. Custom assets - The Omni layer acts as an interface between the user and the main Bitcoin blockchain. It facilitates the creation, and trading of user-created custom cryptocurrencies or tokens that may represent some value, such as rights to intellectual property, or even other cryptocurrencies. These user-created tokens can be bought and sold at will, decentralising and digitising the process of exchange of value between people, with the security and irrefutability of blockchain transactions.
  2. Crowdsales - The Omni protocol also supports a Kickstarter-esque crowdsourcing platform. Here ideas, events, and inventions can crowdsource money in the form of cryptocurrency in a decentralised, peer-to-peer, trustless, and secure way without the involvement of any third-party at any point during the transaction.
  3. Decentralized exchange - User created tokens and currencies can be freely traded over the Omni protocol in a decentralised and trustless manner. The seller can issue a requested transaction to the Omni layer, with the amount or item offered, and the amount expected in return, and anyone who wishes to fulfill the transaction request and has the amount required in their wallet, can easily perform the transaction instantly, without the seller or any third-party involvement, allowing seamless and efficient transfer and trade of value throughout the Omni ecosystem.
  4. Extending capabilities of existing networks - Unlike most other crypto platforms, Omni does not actually have its own blockchain. Instead, it uses the immense hashing power of the Bitcoin blockchain to implement features currently not available in BTC, such as smart contracts or custom currencies. This reduces the harmful impact of crypto-mining on energy resources and the environment, along with improving the security for users on both the Omni and Bitcoin networks.
  5. Enhanced security, stability, and ease of adoption - The Bitcoin blockchain network is probably the largest cryptocurrency network with respect to hashing power. Omni, being implemented on the BTC blockchain, thus automatically enjoys the immense hashrate and stability of the BTC network. And since the nodes in the Omni are by design also nodes in the Bitcoin blockchain, the overall security and stability of both platforms increase greatly, which is appealing to both Bitcoin and Omni users. Being based on the Bitcoin technology means that wallets that support BTC already support Omni without any extensive configuration changes.

 

#3: How to Buy & store Omni?

How to buy Omni

  1. Omni can currently be traded at multiple exchanges, including Bittrex and Poloniex, with Bittrex being the largest by volume.
  2. The Omni core desktop client, used to manage assets and take part in peer-to-peer distributed trading, can be downloaded from their official website.

OMNI Wallet

The OMNI wallet, which can be used to send and receive Omni layer assets, as well as BTC, and launching crowdsales, can be downloaded from the official website here.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the OMNI cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for OMNI on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate OMNI wallet from the exchange to store your OMNI cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Omni?

Also Read: Complete Analysis of Omni | Live Omni (OMNI) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

17.23

17.33

16.62

17.05

4114

9669780

Feb 01, 2018

47.37

48.2

35.93

38.7

305696

26552800

Aug 01, 2017

28.87

33.34

28.48

31

212564

16149400

Mar 01, 2017

3.4

3.41

2.98

3.23

6736

1897200

Aug 01, 2016

2.48

2.69

2.37

2.4

1961

1372950

Mar 01, 2016

2.92

3.05

2.58

2.62

814

1611640

Aug 01, 2015

2.64

2.78

2.63

2.78

556

1433240

Feb 01, 2015

2.41

2.83

2.36

2.66

432

1295100

Jul 01, 2014

15.01

15.93

15.01

15.54

2389

9299850

Jan 01, 2014

175.73

180.18

150.44

156.2

105056

108863000

  1. While initially experiencing a surge in popularity, Omni soon went relatively under the radar, and remained without much fanfare for a while.
  2. However, with growing concerns about the longevity of 1st gen cryptocurrencies such as Bitcoin, applications like Omni, which enhance the capabilities of existing blockchain protocols, could see a resurgence in popularity.

 

#5: How is Omni different from other cryptos?

  1. Does not reinvent the wheel - Unlike most other cryptocurrencies, Omni does not attempt to make yet another run-of-the-mill blockchain platform, thus ending up no different from the hundreds of altcoins already out there. Omni’s design philosophy, instead, is to not reinvent the wheel, but upgrade existing blockchain protocols and crypt-platforms to provide innovative, decentralised, secure, and scalable cryptocurrency backed economies.
  2. Lean, fast, and efficient - Being an application layer protocol on top of the Bitcoin core blockchain protocol, the Omni layer itself has very few detrimental effects on the environment. The resulting Omni network is not bogged down by intensive resource use. The Omni network, in fact, helps reduce negative effects on the environment and depleting energy resources by utilising the existing hashing power of the Bitcoin blockchain network.
  3. Stable and secure - Being based on the Bitcoin blockchain, the Omni layer enjoys the expansive network of BTC miners, who help secure the network and maintain its hashrate, thus getting a very stable and secure blockchain upon which to run its protocol on out-of-the-box. The nodes of both the Omni and Bitcoin network contribute collectively to each network’s security, thus being beneficial to both cryptocurrencies.

 

#6: Should you invest in Omni?

  1. Omni’s unique approach to blockchain technology puts it a step ahead of most other generic altcoins, which have no real practical utility most of the time.
  2. Being a application over Bitcoin, Omni greatly enhances the BTC blockchain and provides its users with features not available with plain old Bitcoin, such as smart contracts or custom trading tokens, appealing to a large chunk of people.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the unique enhancements Omni provides to the existing Bitcoin architecture, along with growing popularity of coins with a specific purpose or use-case in mind, makes Omni an interesting choice to look into for investment.
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