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by Nate Urbas

Cryptocurrency Trader,

Bitcoin Miner, Holder. ๐Ÿš€๐ŸŒ‘

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Site Rank: 9

The Omni Layer is an open-source project which is protocol built on top of the Bitcoin blockchain. It enables users to build and trade digital assets and currencies. The project has a long history and was originally known as Mastercoin. It has been around since 2013. One of the most well-known examples of an asset built on top of the Omni Layer is USD Tether (USDT). USDT is by far the largest user of the protocol with over 75% of transactions. Other users of the protocol include MaidSafeCoin, Synereo, and Omni. The protocol aims to keep the security of the Bitcoin blockchain while enabling the users to build and trade digital assets.

Some of the projects built as repositories in Omni include a web wallet, a desktop wallet, and an explorer. There are currently 15 repositories on the Omni GitHub page. The page has been noted to be sparse and more inactive when compared with other open-source projects.

Website not secure. Omni Layer has a Reddit with over 800 subscribers which provide readers with information and links on getting started with and using the protocol. The Omni Foundation maintains an active blog which keeps the community up-to-date with developments in the protocol and key insights.

Pros & Cons
  • Enables users to build and trade digital assets on a protocol on top of the Bitcoin blockchain
  • An active blog which keeps the community up-to-date
  • Reddit where users can go for discussion, information, and links
  • Over 75% of the transactions come from USDT which is a controversial project
  • Sparse and inactive GitHub when compared with other open-source projects