Omni
Crypto Overview
Purpose and Background
Omni (formerly known as Mastercoin) is one of the earliest cryptocurrency protocols built on top of the Bitcoin blockchain. It was created to enable the creation and trading of digital assets and custom tokens using Bitcoin's blockchain as the underlying technology.
Business Model and Utility
The Omni Layer protocol facilitates the creation of new cryptocurrencies and digital assets that inherit Bitcoin's security features. It serves as a platform for creating and trading digital tokens, enabling features like smart contracts and decentralized trading. The protocol has been used to launch several notable tokens, including early versions of USDT (Tether).
Real-World Adoption
While historically significant in the cryptocurrency space, particularly for its role in launching Tether, current usage of the Omni protocol has declined significantly as newer platforms like Ethereum have become more popular for token creation. Development activity has also decreased substantially in recent years.
Token Distribution and Governance
The token distribution information is largely historical, with most tokens distributed through an initial crowdsale in 2013. The project has maintained transparency regarding its technical operations and development process throughout its existence.
Crypto Impact
To assign a comfort level investing in Omni from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Omni.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.