It has one of the most popular crypto assets today, Tether.
This platform is known for being the forerunner of the Initial Coin Offering (ICO).
Omni It is a decentralized exchange platform that allows us to create and market tokens on it thanks to the implementation of our own smart contracts. Omni owns one of the most popular cryptocurrencies today, Tether, a dollar-pegged crypto-asset used to hedge cryptocurrency investments.
This platform is known for being the forerunner of the initial coin offering (ICO) since it was first launched under this crowdfunding format. Originally called MasterCoin and launched in 2013, the idea was originally proposed to be a protocol that runs on top of the Bitcoin blockchain, currently running under the name Omni.
How does it work?
The Omni platform implements an additional layer in the Bitcoin protocol. This allows additional data to be added to every transaction made on the Bitcoin blockchain run by Omni. Therefore, the creation of smart contracts is also allowed, which results in the issuance of new tokens.
So, in short, through Omni we will be able to:
- Store your cryptocurrencies and tokens.
- Cryptocurrency and token exchange
- Create new tokens.
Likewise, Omni has a number of tools that help us interact more with the platform. Among them are block explorer and OmniCore, a client similar to Bitcoin Core, which allows us to run the platform locally.
What do I need to use Omni?
The Omni platform works entirely online, that is, it will manage our private keys, so it is our duty to take care of both the identification (wallet ID) and the access password. Therefore, it is the only thing we will need you have an active email, where the wallet ID will be sent to us.
Creating an account on Omni
To start this tutorial, we will need to create an account within the platform, for which we will go to Omni main portal.
OmniLayes main page. Source: Omni.
What we see is the main portal of the Omni project, also called OmniLayer. Then we choose Get started on the top menu.
Then we will have 3 options on the screen that give us the possibility to interact with the platform to a greater extent:
- Omni wallet: Through this option we can access our online wallet as well as the platform’s own exchange.
- Omniexplorer.info: This is Omni block explorer. This allows you to view block information across the Bitcoin blockchain, don’t forget that Omni is working on it.
- Omni Core: From this option we can download the complete Omni client.
In our case, we will choose Apply about the option Omni Wallet.
To continue, we select at the top Create a wallet.
This will be a small form that we have to fill out. It is important to heed the warning that indicates this We must not forget the code because it is irreversible and in that case it will also lead to loss of funds.
The e-mail we will enter must be active and in use, because our Wallet ID will be sent there, which would be our username to enter the platform.
When we finish filling out the form, we choose Create a walletwhich will immediately send us to the home page of the platform.
First look at Omni Wallet
Here you can view the balances in our portfolio. Source: Omni.
Once we get into our portfolio, the first thing we’ll find are our balance sheets. Generally, since we have no funds, we will only see the bitcoin balance option marked with $0. Thereafter, if we acquire any crypto asset or token created or exchanged, its balance may be reflected in this section.
Let’s do some research.
At the top we will have the main menu. As you can see, this is divided into five parts. Each menu consists of a sub-menu located at the bottom. For example, the section we are currently in is in an option Overview from the My Wallet section.
- My wallet: This is the part where we can manage our funds. Likewise, from here we can perform all operations that are often performed from a conventional wallet.
Addresses that will allow us to receive funds. Source: Omni.
- Exchange: It is part of a decentralized exchange platform.
- Explorer: From here you can see the transactions made on the platform, either for cryptocurrency or token.
- O: Platform information section.
- My account: This last option offers us the option of setting up our account or leaving the platform.
Manage our portfolios
The first thing we will need before interacting with the platform is funds. In this case we are talking specifically about bitcoin; This is why we will need to make a deposit to a Bitcoin address. We can get this by going to the submenu My addresses located in the section My wallet.
These will be the addresses to which we can deposit funds. Initially we will have only one, but we can add as many as we need from the option Add an address. It should be noted that not only addresses can be created from this option, but there is also the possibility of importing private keys and managing them from here.
Furthermore, there is a series of actions on each generated address. They can be accessed via the option action, which will allow us to see our public key, sign messages or delete an address from the list. Besides By clicking on the arrow to the right, we will see the current status of the address.
One thing that is striking is that it is not possible to manage our private keysthis can be a bit of a disadvantage for crypto security junkies when it comes to protecting their crypto assets.
As you can see in the previous image, we already have an available balance. It is recommended to have at least 4 USD in your wallet address, as this is the minimum we will need to use all the features of the platform.
To send our balance we will select in the submenu MyWallet option Send.
It will be possible to send us funds from this form. In the section From Address We must take care in choosing the address of origin from which we will make shipments. If we do not have funds that cover the minimum transaction cost, the origin address will not appear.
Using Omni Exchange
First of all, it should be noted that this market is completely decentralized. Anyone who creates a new token can market it within the platform, so tokens with the same name can coexist. Regarding the latter, and to prevent user confusion, each token created is named i PropertyID, this additional attribute, allows you to set a unique number for each new token that is created and thus give it greater reliability.
Let’s continue with the selection Exchange on the top menu.
What we see is a list of stock markets. By default, the list of stock markets we see is through Omni.
In order to do our first exchange, it will be necessary to get an omni. We will get them by selecting the option BTC/OMNI in the submenu Exchange.
List of orders for the Omni Exchange. Source: Omni.
What we are looking at is the general exchange order book. Here we will be able to exchange our deposited BTC for Omni cryptocurrency.
Regarding the table, the following must be taken into account regarding the meaning of each column:
- Transaction hash: It is the transaction identifier.
- Price (BTC / OMNI): Bitcoin price of 1 Omni.
- The remaining amount: Remaining amount in Omni order.
- Expenses: Total Order Price (Price (BTC/OMNI) * Remaining Amount).
- Compensation: Transaction fee.
- Payment window (blocks): Payment window. This is the number of confirmed blocks that will be required to complete the transaction.
So, now knowing what each column means, we will look for the row that best suits our requirements.
This form gives us more details about the exchange we will be doing. At the bottom, more precisely in the box Acceptance Amount (Omni) We will put the amount in the Omni for purchase. To the right of this will be the amount in bitcoins to pay.
After the exchange amount is set, we select The next one continue.
This will be the last frame before completion which will show us a summary of the transaction we will perform next. We will choose later Accept the offer until the end.
The required waiting time for the said transaction to be reflected in our balance depends on the payment period we choose. Now we just have to wait for it to be confirmed.
Cryptocurrency exchange from Omni
From the section OmniDex We will be able to see the open stock markets that are currently available on the platform.
When we enter, the first thing we will notice is the list of cryptocurrencies. These are, by default, cryptocurrencies that can be exchanged using Omni.
List of markets available for Omni replacement. Source: Omni.
The displayed list can be changed by selecting a section market currency, which will display a list with each of the tokens that can be exchanged.
Likewise, you always have to consider When you search for a token, what is the PropertyID it has?, as this defines whether it is the correct token we are looking for. This is because there can be many with the same name and we can get confused. Among the most famous are: Omni #1 and TetherUS #31.
On the other hand, the table is separated as follows.
- PropertyID: Property identifier.
- Name of the property: Name of the token.
- Current price: Current exchange rate in relation to the currency we selected in Market Currency.
- Last trade price: Last replacement.
- Total offer: Total amount available for exchange.
Likewise, to make an exchange, we will go to the bottom of the page where we will find the boxes for sale and purchase.
Through these forms, we will place exchange orders in the market. In the event that an existing order is in the market and meets our demand, our order will be executed immediately. and we will make an exchange between the crypto assets we want.
Regarding the meaning of each box:
- Address: is the source address containing the assets.
- Price per: is the unit price in Omni for our case, for each MaidSafeCoin to be exchanged in our example.
- Amount to buy/sell: total amount of tokens to buy.
- My total price: the total cost of the operation. This is obtained by multiplying the unit value by the quantity being exchanged.
- Total transaction cost: It is the total cost of the entire transaction. This reflects both exchange costs and mining costs.
At the bottom, in relation to the boxes in the previous picture, are the order books. The Offers are offers to purchase and He asks They are purchase requests.
When we place an order, all that remains is to execute it and that’s it, we’ve made the exchange.
Create a token on the Omni platform
Thanks to the implementation of an additional layer in the Bitcoin blockchain, it is possible to execute smart contracts that issue new blockchain tokens. Every token we create is freely tradable on the platform.
To begin with, we need to go to the section MyWallet and select MyAssets
In the upper right corner there will be an option To createthis will give us an alternative to create 3 types of tokens.
- Smart property: It is a normal token. It can be replaced immediately after creation. The number of tokens created must be defined before issuance.
- Crowdsake: It is a token that allows us to organize an initial currency offering, so we need to set a market launch date.
- Managed assets: It is a token that contains the same features as Smart, except that the number of issued tokens will be managed after the creation of the smart contract.
In our case we will create a class token Smart Property.
From here we can define the criteria of our token.
- Name: Name of the token. It is recommended to give it a distinctive name.
- Divisible: This function is where we will define whether our token will handle decimals or not.
- Category: We will define the field in which this token will work. When selecting a category, we may need to select a subcategory.
- Property URL: We will indicate the token holder website we are developing.
- Smart Property Description: We will provide a description that will be visible to anyone who sees the token details.
- Number of tokens: It is the number of tokens that will be issued along with the creation of said token. As I mentioned before, this amount can only be changed if we create a token of that type Managend.
- Issuance address: It is the address that will manage this token. This can change, as long as you have enough funds.
- Miner Fees: It is the commission that will be paid by the people who trade this token.
Before selecting The next one To continue, let’s consider on which network we create the token. In the upper right corner we will see an option Ecosystem, here we will choose either production or test network. Finally, when everything is ready, let’s move on.
Finally, we will find a confirmation that will complete the creation of our token. Therefore, we will end with a selection Create Property. Ready, we’ll have our token. To see it in our wallet, we have to wait for the transaction to be confirmed.
A wallet already created in it. Source: Omni.
As you can see, we can now see our token in the section MyWallet.
How do I send my token?
For this we will go to the Send section as we did earlier when sending funds in BTC.
Then about the in option Select Coin we will choose a token to send. On the other hand, the address we will send to must be a Bitcoin address, bearing in mind that Omni runs on its own blockchain, and therefore the tokens.
Sell tokens on the exchange
As we mentioned earlier, once the token is created, we can exchange it on the internal market. To do this, we go to the section Exchange.
On the right side of the list of markets we will have an option Start Market, which will allow us to open a new market.
Next, we will define the characteristics of our first token sale.
- From the address: It is the source address from where we will publish our token.
- Select a coin to sell: We will choose the token to sell.
- Amount to sell: We will define the quantity to sell.
- Select the desired coin: This is the currency we want to exchange for. Note that we should not be guided by the name of the currency, but by the ID of the property, which is the identifier that we will see in parentheses.
- Desired amount: It is the desired quantity for the entire lot being sold.
In order to publish these markets, it will be necessary to have bitcoins that cover the commission corresponding to the transaction to be made.
To finish, select Next, confirm and that’s it. We have published our token.
Final conclusions about the Omni
As we could see through the tutorial, one of the points to highlight is the simplicity of the platform. For new users it is very simple. Quick and concise options. No extensive menus and a fairly easy to use exchange. Maybe without graphics, as we see in other Exchanges, but it is easy to use.
On the other hand, as for the minuses, we can talk about security. Since we are using a web platform in the tutorial, we cannot back up our private keys in any way. Another thing that can be confusing is the token exchange, as it can take a long time to confirm the transaction.
Another detail to consider is the token names. Since the platform does not define names as unique, it can confuse inexperienced users if you are not familiar with the feature PropertyID.
In the second order of ideas and especially in the creation of tokens, it is the part that must be highlighted. It’s super easy and fast, whether issuing or exchanging through the marketplace. In addition, we not only have the ability to create a simple token, but we can also create an initial offering or crowdsale.
Finally, we have no choice but to invite you to experience the Omni experience for yourself.
You can watch the video tutorial on our channel YouTube.