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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑

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Site Rank: 29

Omniwallet is a bitcoin web wallet designed for the Omni Layer. The Omni Layer is an open-source and decentralized asset platform built on top of the Bitcoin blockchain. The Omniwallet enables users to send, receive and store bitcoin along with Omni assets. The wallet has prebuilt support for Bitcoin and Omni. Users lose some control over their private keys but private keys are never sent to the server except in encrypted form. Users can also choose if they want to host the data on their own server. There is no support for fiat currencies. Users of the wallet can also create their own assets on the Omni Layer and trade on the Omni Layer exchange.

The code for the wallet is open-source. The wallet lacks a lot of features which are standard across other wallets. The wallet is not hierarchical deterministic. There is no multi-signature functionality. Users also do not have the option to enable two-factor authentication. Omniwallet is more of an add-on to the features of the Omni Layer and is not an all-in-one wallet solution. There are many competitors with more features and better offerings. However, this would be the go-to wallet for users who are interacting with Omni Layer protocol.

Pros & Cons
  • Web wallet designed specifically for the Omni Layer
  • User data is encrypted
  • Users have the choice to host data on their own server
  • Code for the wallet is open-source
  • Users can participate in the distributed exchange and create their own assets on the Omni Layer
  • A lot of competitor wallets with better features
  • Not hierarchical deterministic
  • No multi-signature functionality
  • Not a wide variety cryptocurrencies supported
  • No support for fiat currencies