Omni Network (formerly known as Mastercoin) is a protocol that runs on the Bitcoin network. It allows users to issue and transfer cryptocurrencies and other assets on the Bitcoin network, through an additional layer on top of Bitcoin that uses the same underlying blockchain but can offer advanced functionality such as smart contracts and token issuance.
The most important features of the Omni network:
1. Issuing digital assets: Anyone can create their own digital currency or token on the Omni Network using Bitcoin as an infrastructure. An example of this is the issuance of stablecoins like Tether (USDT), which originally started on the Omni Network.
2. Decentralization: The Omni Network operates in a decentralized manner because it is based on the same blockchain as Bitcoin, which makes transactions secure and tamper-proof.
3. Complete Control: Since assets issued on Omni are based on Bitcoin, the network benefits from the strength and security of Bitcoin, ensuring that assets traded on the protocol are protected.
Omni was one of the first applications to attempt to expand the uses of blockchain beyond simple cryptocurrency transactions, paving the way for other protocols like Ethereum that relied more on smart contracts and more complex applications.
