What is Mastercoin/Omni?
Omni uses the Bitcoin’s blockchain to store
records and data and allows users to create their own digital tokens
and by that creating smart properties. It is intended to be a base upon
which anyone can build their own currency. The Mastercoin/Omni project
officially launched on July 31, 2013, with a month-long fundraiser in
which anyone could buy Mastercoins.
Features of Omni
The primary features of the Omni layer are different ways
for user to create their own custom currencies straight from the
client. The new user currencies include a variety of different use
case, including Smart Property, Pegged currencies (e.g. pegged to the
value of Gold), and Decentralized Applications where tokens include not
just a financial aspect, but also decision making power.
on the Bitcoin Blockchain
The key difference in Mastercoin is this: rather than trying to
bootstrap an entirely new blockchain, Omni seeks to create an entirely
new network on top of Bitcoin itself. The Omni protocol layer mediates
between the existing bitcoin protocol and users-generated currencies.