Bitcoin is a decentralized online payment system that is revolutionizing the way the world thinks about money. There are many services that are built on top of the underlying technology used to make Bitcoin what it is. Omni is one of those services.
Omni is an open-source, decentralized, asset platform built on top of the Bitcoin block chain. This means that Omni transactions are Bitcoin transactions except the Omni platform provides more features. Omni’s website: omnilayer.org, showcases the following apps and software.
- Omniwallet – free hosted Bitcoin wallet
- Omnichest – Omni block chain explorer
- Omni Core – desktop Bitcoin wallet
- Omnicored – Bitcoin daemon server
Bitcoin uses what’s known as an address to keep track of transactions that have happened on the block chain. Each address has a private key and a public key. The private key is how the owner of the address can validate transactions. This means the only person that can send bitcoins from an address is the person who knows the private key.
The Bitcoin creators have recommended to use one address per Bitcoin transaction in the name of security. Keeping track of many addresses can become overwhelming and so the solution becomes a Bitcoin wallet. Bitcoin wallets are used to keep track of multiple addresses.
Omniwallet looks to provide a Bitcoin wallet service but is still in development. The benefits of Omniwallet are its security: private keys are never sent to the server except in an encrypted form, everything is open source, and you can deploy the Omniwallet to your own server.
You also do not have to download any software to use the wallet. You simply go to their website, login or create an account and you will have access to your Bitcoin addresses.
Omniwallet also allows you to access the features provided by Omni. This is a unique benefit to using Omniwallet. This access you won’t find if you use another Bitcoin wallet provider.
Omnichest is an Omni blockchain Explorer. This is a web app that allows you to view Omni transactions on the Bitcoin network, lookup Omni asset information, view assets trading on the DEX (distributed EXchange) and much more.
The block chain is a public ledger for which all Omni transactions are recorded. Omnichest allows you to see every transaction that is happening whether confirmed or unconfirmed.
The transaction types that are available to filter by are: Simple Send, MetaDEx, DEx, Grant, Revoke, Property Creation, Send To Owners.
Omni Core is a desktop wallet service provided by Omni. A desktop wallet is similar to a website based Bitcoin wallet only this wallet lives on your machine and not on the servers of the online wallet.
Security is a benefit of using desktop wallets, but rather than protecting yourself online, you must protect your computer that is holding your desktop wallet. Malware, viruses, and other harmful software can put your wallet in danger.
Omni Core is a superset of Bitcoin Core (formerly Bitcoin-Qt) which is used as a desktop client for Bitcoin transactions or as a server utility for merchants and other payment services.
Omni Core is available on Mac, Windows, and Linux.
If you’re interested in Bitcoin mining, omnicored is the server daemon for you. Bitcoin mining allows you to support the Bitcoin ecosystem, while earning Bitcoin for yourself. Bitcoin mining can be costly and computationally intensive, so a strong computer and electric availability should be considered a pre-requisite.
Omnicored is a superset of bitcoind. Bitcoin stands for Bitcoin Daemon and is a command line interface and program that allows a computer process to connect to the Bitcoin network and interact with transactions and the block chain.
Omnicored is available on Mac, Windows, and Linux.