Author: Norah Amboko

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Omni

What is Omni?

Have you been looking at cryptocurrencies and wondered how complicated it is to release your token? Omni makes the process easy and direct.

Omni is a blockchain based platform for designing and trading custom digital assets. It is a decentralized digital layer built on top of the Bitcoin blockchain. Omni transactions are Bitcoin transactions designed to help enable the next generation features on Bitcoin system and indeed, the entire blockchain market. The Omni Core provides users with all the features found on the Bitcoin Blockchain plus additional Omni Layer based features such as a decentralized exchange.

The link between Mastercoin and Omni

The Omni network also has its native coin referred to as OMNI that you can trade in the cryptocurrency markets. The platform was first proposed by Willett J. in 2012 when he suggested that another layer can be added on top of the Bitcoin protocol to enjoy the benefits of Bitcoin and introduce new features.

The native coins started trading in the markets as Mastercoin at around $133.5 and shot to $181.3 in the last days of December 2013. This figure turned out to be the highest mark in the Omni long journey to 2018. In 2014, Omni (operating as Mastercoin) was ranked seventh of all cryptocurrencies. Mastercoin name was changed to Omni in 2015.

The price of OMNI shot down with over 4000% by September 2014 and remained below $5 until April 2017. It shot up to $104.3 in January 2018 before taking a steady drop to around $7.5 in August 2018. The community has indicated that despite the sharp drop, the $7.5 mark is still 200% higher than the 2014 price. The price is expected to grow to higher levels in the coming years.

What is the problem that Omni Solves?

When cryptocurrencies debuted, many people did not know about them. However, they have come to appreciate the huge potential of decentralized networks over time and want to adopt them. But it is not easy. Here are some of the top problems facing the blockchain niche that Omni targets to address.

Centralized trading

When Bitcoin entered the market, it demonstrated that running transactions on a peer2peer basis without involving a centralized operator is possible. The benefits of centralized operations included reduced inventory, near instant transactions, and lower costs. Even with these benefits, sending value from one network to another has become highly centralized. To send Bitcoins to another network such as Loopring or EOS, a third party exchange has to be involved.

Third-party exchanges have become crucial targets for hackers because traders’ assets are pooled together in the same vault. In 2011, MT. Gox was attacked, and millions worth of Bitcoin lost. In December 2017, YouBit was hacked and forced to file bankruptcy.

In addition to being a serious security risk, centralized exchanges have become a crucial point for accessing traders’ private data. They are negating the core goal that blockchain projects were created to achieve.

 Creating digital tokens is very complex

Every time that a new token is announced, interested investors flock the exchanges to invest. For those who want to issue tokens, the process looks complicated and near impossible. Thoughts of the lengthy coding process, a long list of developers, legal connotations, and the required funds make people step back. Omni developers want to make this process easy and reliable.

Technical crowdfunding

People with projects, business ideas, or want to grow their businesses are always looking for new methods of raising funds. One of the best methods of raising funds is crowdfunding. Some of the successful crowdfunding events include EOS that raised $4 billion in June 2018, Filecoin that raised $257 million in September 2017, and Flow Hive that raised $13.2 million in April 2015. But many people will always wonder where one should start to crowdfund. This is the problem that Omni is coming to address.

How does Omni Solve the problem?

The design of Omni was primarily driven by the desire to address the emerging deficiencies of Bitcoin. Willet believed that though Bitcoin was delivering the decentralized services Satoshi had anticipated, the road ahead was rough, and improvements were needed. But introducing his suggestions to Bitcoin was difficult because the consensus model made it extra difficult for nodes to agree. Therefore, he proposed the use of an additional layer on top of the Bitcoin blockchain.

A ready platform for custom currency creation

The growing demand for Bitcoin made the Omni founder and development team arrive at an early conclusion; the demand for new custom currencies would grow exponentially. Their assertion was right because more than 1600 digital assets had entered the crypto markets by 2018.

To quench this insatiable demand, Omni provides users with a platform to easily create tokens and launch them on the Bitcoin blockchain. The simplicity provided by Omni has made it the top Bitcoin-based token protocol. Some of the 390 tokens created using Omni include Craig, MaidSafecoin, Zend1, ProzCoin, and Gemcoins.

Omni layer serves as a platform for crowdfunding

If you have been thinking of crowdfunding, Omni makes the entire process easy and direct. The layer was developed to help users create the preferred tokens faster and reach the clients directly. The platform allows users to send Bitcoins to the issuer address and the Omni Layer automatically sends the tokens to the client without requiring a third party. Some of the crowdsales held at Omni include SymChain and ProzCoin.

The distributed exchange

While the core goal of blockchain networks has been to foster distributed operations, centralized exchanges such as Bittrex and Binance among others make it almost impossible. The Omni distributed exchange provides users with an opportunity to send their coins on a peer2peer basis. All that you need is having coins that are based on the Bitcoin blockchain and an Omni supported wallet to exchange the tokens without involving a third party.

What makes Omni better than its competitors?

The competition in the cryptocurrency niche has become very stiff. As more cryptocurrencies enter the market, it is becoming a serious race to win a bigger share. But Omni appears to have won a lot of trust from the community as evidenced by the large numbers flocking to make new tokens and crowdfund. Here are some of the key things that make Omni better than competitors.

  • Omni has been in the market for longer and its stability approved. As more cryptocurrencies enter the market, the focus has shifted to trust. Having been in operation since 2013, the structure and features of Omni have been tested and proven stable. Even though the price of OMNI has not skyrocketed like that of Ethereum or Bitcoin cash, its structures are considered stable than newer blockchains.
  • The Omni platform has greatly simplified the process of joining and making optimal use of the blockchain technology. Whether you want to crowdfund or issue tokens for your project, the Omni layer makes it very simple. This implies that you can now easily raise funds for your project or business and take it to the next level.
  • Omni is directly associated with Bitcoin protocol. While a lot of cryptocurrencies have been entering the market, none has managed to reach the charm of Bitcoin. Even the Ethereum that introduced smart contract is still trading at far less the price of Bitcoin in the markets. With Omni being seen as an improvement of Bitcoin with an additional layer, people have developed a lot of trust in it. This is why it is commonly referred to as the main candidate that can easily fit in the shoes of Bitcoin.
  • The association of Omni to Bitcoin has greatly extended its use in the markets. In most of the places where the Bitcoin is accepted for payment, Omni is also likely to be accepted. However, people enjoy using Omni because they can even exchange it for Bitcoin or other exchanges for direct purchases.

How can Omni be categorized?

Omni protocol is the next generation cryptocurrency designed to help redefine the crypto industry and move the blockchain technology to the next level. The platform, though launched early in the Bitcoin cycle, appears to have conceptualized the solutions to the issues rocking the blockchain niche rocking the industry today. From decentralized exchange to support for faster token generation, Omni is a solution and a reliable pioneer.

What’s Omni’s vision on Security?

The Omni vision for security is to guarantee its platform users optimal security for their personal information, tokens, and funds when using the operational layer. The security of Omni was a primary consideration when Willett proposed that a new layer could operate on top of the Bitcoin blockchain. He was especially cognizant that though attacks such as Mt. Gox took place in the exchanges and not at Bitcoin platform, extra caution was needed. Therefore, the Omni development team adopted the following strategies to keep the platform more secure.

  • The development team works on progressive development that identifies gaps and closes them with regular updates. In August 2018, three main updates including Omni Core Version 0.3.1 were released to improve the network security.
  • The platform operates as an additional layer on the Bitcoin platform. This implies that those targeting to break into the network have to overcome the Bitcoin and Omni layer which is very difficult.
  • The transactions and user details on the Omni layer are highly encrypted to make it impossible for third parties to access user information. Even the miners on the Bitcoin blockchain who help to confirm transactions only follow back to check the balances on the public address. However, they cannot access personal information.
  • As an extension of Bitcoin, it implies that the wallets that support BTC will also support Omni by default without requiring additional configuration. With these wallets being some of the oldest in the market, Omni users are sure of enjoying all associated security features for extra safety.

Examples of Omni’s use cases / applications

Having been in the market for a longer period and riding on the Bitcoin platform, Omni use cases are indeed many. Note that they include the application of the protocol layer and its native cryptocurrency.

  • Use Omni to generate new tokens: The Omni protocol is used to easily generate new tokens and releasing them on the Bitcoin platform. If you want to make a mark in the blockchain network, simply use Omni to generate tokens.
  • Crowdfunding for projects: Funding projects through IPO (initial public offering) or borrowing from banks is lengthy, complicated and at times impossible. Indeed, core determinants of such processes are third parties who are not in any way related or interested in the applications. However, Omni crowdfunding allows users to take full control of the financing process.
  • Direct purchases in the online marketplaces: Like other cryptocurrencies, you can use the native Omni token for direct purchases. Most of the stores that accept Bitcoin are also likely to accept Omni. Even if a different coin is listed, you can easily convert OMNI token to make a purchase.
  • Paying taxes in countries that accept cryptocurrencies. Unlike in the past when most jurisdictions advised their citizens to stay away from cryptocurrencies, things have changed so much today. More governments are realizing that blockchain platforms can help them to address issues such as Big Data and advance artificial intelligence. The governments have even started opening the doors and allowing citizens to pay taxes with cryptocurrencies. Good examples are the State of Arizona in the US and Singapore.
  • Paying transaction fee in the markets: If you decide to trade OMNI in the markets, the required transaction fee can be paid in OMNI. Note that such trading only requires users to start by selecting the right exchanges and picking the preferred currency pairs.
  • Use Omni to save funds privately: Though Omni is a protocol, its native token allows users to invest and make savings privately. Because all details are encrypted, you are assured that no third party can easily access the details. However, it is important to appreciate that the expected price growth is only a prediction. The price can shift either way depending on the prevailing market factors.

https://coincheckup.com/coins/Omni

http://www.omnilayer.org/

https://github.com/OmniLayer/spec

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Vertcoin

What is Vertcoin?

Vertcoin is an open source and decentralized cryptocurrency that is fully owned by its users spread in its network. The cryptocurrency was designed to help make blockchain accessibility easy for all people including those with no technical knowledge. This is why it has been branded as the “People’s Coin” because everybody can join and mine without ASICs equipment.

The cryptocurrency was released early in 2014, and its coin has been performing relatively well in the markets. Immediately after release in January, the coin was trading at $0.15 but shot up to $4.0 in the subsequent month. Like other cryptocurrencies, Vertcoin was dealt a serious blow in 2015 by the MT. Gox attack that made it trade below $0.2 up to early 2017. By December 2017, the value shot up by more than 4000% to hit $9.0 before taking a steady decline to $0.7 in August 2018.

What is the problem that Vertcoin Solves?

When Bitcoin was unveiled in 2009, Satoshi Nakamoto did not anticipate the surge in demand that would result in the subsequent years. More importantly, the market evolved rather fast as the tech niche sought to adapt to the new decentralized ways of operations. This resulted in many problems that Vertcoin is seeking to address.

Centralized mining

Mining in most cryptocurrencies is considered the core driver of the networks. The miners do the hard work of confirming transactions, adding new blocks to the respective public ledger, and protecting the networks. However, the industry crafted a method of optimizing mining power through ASICs equipment to increase mining rewards. The effect of the equipment has been devastating.

  • The ASICs mining devices are very expensive. This implies that most of the tokens released through the block rewards go to a few people/ mining pools.
  • By edging out CPU and GPU miners from mining, only a few players are left to control the bulk of the coins. This puts the party into a serious risk if the coin holders conspire to harm the network.

Lack of privacy in most cryptocurrencies

The original goal of introducing decentralized cryptocurrencies was to promote completely anonymous transactions. However, the advancing technologies are making it impossible to conceal transactions and user details. At Bitcoin, the platform only uses pseudonyms which have become very easy to follow and peg together information that can help to know the details of an individual user.

Privacy in decentralized networks is also being compromised at the exchanges. To trade or exchange one cryptocurrency for another, you are required to use the exchanges. These are centralized platforms that require users to provide a lot of information that can be used to identify them. Indeed, most administrations have regulated cryptocurrency trading to make it easy to pull out users’ information. For example, trading in the exchanges such as Bittrex and Poloniex requires users to provide name, proof of location, personal identification number, and even phone number.

How does Vertcoin Solve the problem?

ASICs resistant mining algorithm

To beat centralized mining brought about by ASICs, Vertcoin opted to revisit the original concept of mining when all that a user needed was graphics cards or CPUs. In 2014, Vertcoin adopted the Scrypt-N based algorithm for users to reach its proof of work (PoW) consensus. But this could not work for long as new ASICs equipment made it possible to mine Scrypt-N based coins.

By the close of 2014, Vertcoin adopted the Lyra2RE algorithm that has helped to make the cryptocurrency more ASICs resistant. Lyra2RE operates by separating time cost and memory cost with independent parameters. With time, ASICs also improved to make it possible to mass mine Lyra2RE. This prompted Vertcoin to upgrade to fork Lyra2RE version 2 in August 2015. This version has been very effective in keeping ASICs at bay entirely.

The Vertcoin Atomic Swaps

Atomic swap is an exchange of two coins that happen instantaneously without requiring third parties. This strategy is implemented at Vertcoin to help reduce the need for third-party players especially in the exchanges that compromise users’ safety and privacy. This means that you can easily send Vertcoin to a Bitcoin address and it will reach there as BTC. The atomic swaps formed the original premise for the creation of decentralized exchanges.

Stealth addresses

One method that parties use to put information together and pull out individual details is following various transactions that point to a specific address. Vertcoin has adopted the stealth addresses that involve generating a one-time-only address for various transactions. Whether you are using the address for public or private payments, they are first sent to the Stealth address and finally privately relayed to the primary address. This technology has become very effective in enhancing privacy on most coins.

The LITbox

This is being referred to as the ultimate tool that the Vertcoin is using to promote greater use. The box-like hardware will run as a standalone device for operating a LIT node to help redefine how the atomic swaps and Lightning Networks work.

The LITbox will allow any person to design nodes and open new channels that can help connect to the router with the Web Interface as the only interface. Therefore, the box will allow users to plug multiple devices including computers and phones to interact with Vertcoin blockchain. It will also handle any other coin that supports LIT implementation of Lightning Network.

The box will make users their own banks by protecting them from user errors and enhancing the privacy of their operations. For example, nodes will be able to send and receive any Bitcoin protocol based coin with a single agnostic LN address per-user. This means that they will never have to re-use on-chain public keys.

What makes Vertcoin better than its competitors?

As more cryptocurrencies enter the market, competition is becoming very stiff. Vertcoin development team has been working extra hard to develop key features that will help to enhance greater value to users. Here are some of the things that make Vertcoin better than competitors.

  • The platform is completely private: As other cryptocurrencies grapple with the problem of anonymity, Vertcoin has managed to address it completely. This implies that whether you want to send funds on the Vertcoin network or allow buyers to pay in Vertcoin, third parties cannot easily pull out your details.
  • It is more scalable compared to most cryptocurrencies: Bitcoin and Ethereum blockchain networks, though ranked at the top, can only handle very few transactions. For example, the block time and time of transaction take only 2.5 minutes at Vertcoin while Bitcoin requires 10 minutes. This implies that more users especially traders can use Vertcoin without worrying about time lags.
  • ASICs resistant mining algorithm makes it possible for everybody to get involved: Unlike other Proof of Work (PoW) based cryptocurrencies that have greatly suffered under ASICs miners, Vertcoin has crafted a reliable solution that now makes it easy for everybody to join and mine even the native coin even with standard CPUs. This is a very important component in advancing decentralization.
  • Vertcoin’s development team is very active in creating new features: The success of any cryptocurrency network is the development team behind it. The development team at Vertcoin network has been very active in adding new features to the system. For example, when they noted that Scrypt-N and Lyra2RE were no longer helping to beat ASICs equipment, they promptly introduced newer versions to keep the network completely decentralized. Other items that demonstrate the team’s commitment to progressively advancing the network include Vertcoin 1-Click Miner, merged mining, and use of lightning networks. The ability to change without requiring a fork has made the community believe that Vertcoin could ultimately become the “next Bitcoin.”
  • The Vertcoin performance in the market has been very impressive. The growth of Vertcoin from inception to 2018 has been impressive. Though some might argue that the period starting from January to mid-2018 has seen the price of Vertcoin shift downwards, the overall trend gives a different story. For example, between June 2016 and June 2018, the value of Vertcoin grew by more than 3000%. With the new features being introduced progressively into the platform, the community is optimistic that the value will ultimately take an upward trend.

How can Vertcoin be categorized?

Like Vertcoin puts it in their website, the platform can be rightly categorized as a truly decentralized network. The term “people’s coin” perfectly fits the cryptocurrency because it is aimed at reaching more people including those without technical know-how on blockchain technology.

In addition to making Vertcoin mining simple with standard GPU and CPU, the Vertcoin development team is moving ahead to ensure that users have absolute control with LITbox. The LITbox will make it even possible to connect to connect to your phone.

What’s Vertcoin’s vision on Security

Cryptocurrency security was a core goal of the Vertcoin development team right from the beginning. To keep the network secure, they are guided by the vision of making the Vertcoin more decentralized and secure for all people. To achieve this mission, Vertcoin uses the following strategies.

  • Progressive updates of the core code to identify and seal all gaps.
  • Advanced encryption and stealth addresses to keep the network private.
  • Lyra2RE mining that prevents centralized mining to promote even spread of the native coins. This helps to prevent 51% attack.

Examples of Vertcoin’s use cases / applications.

For about ten years, cryptocurrencies entering the market have been fighting for recognition and acceptance. They are designed with the primary goal being to win a bigger market share and increasing adoption at different levels. On this front, Vertcoin has done pretty well because users can apply it in the following ways.

  • Sending value across the globe anonymously: Thoughts of the many people who know about your transaction, personal and account details when using a bank have made people to seek alternatives that can guarantee total privacy. Vertcoin is one platform that has provided this enhanced anonymity for users who want to send funds across the globe. The stealth addresses, advanced encryption, and LITbox help users in Vertcoin to enhance the transaction anonymity.
  • Paying taxes in jurisdictions that accept cryptocurrencies: As more jurisdictions come to appreciate the crucial role played by blockchain technology, they are starting to accept cryptocurrencies in their systems. For example, Arizona passed bill HB 1091 that allows users to pay taxes using cryptocurrencies. More jurisdictions are also in the race of allowing users to pay taxes with digital coins to increase their revenue.
  • Saving and hiding funds from third parties: When people save their funds in the top financial services and institutions like banks, they become an easy target for third-party entities. For example, your bank account can easily be frozen by a court order if you get entangled in a legal tussle. However, Vertcoin encrypts all the user details on the blockchain so that no third party such as tax authorities or even courts of law can know about the details.
  • Trading in the exchanges: One of the best methods of optimizing returns from your Vertcoin is trading the native coins in the exchanges. This implies joining the markets and pairing Vertcoin with other coins such as Bitcoin and Ethereum. Note that though trading in the crypto exchanges closely mimics what happens at the forex markets, the price of digital coins can be highly erratic. Therefore, it is crucial to pick the cryptocurrency to pair with Vertcoin with a lot of care.
  • Paying transaction fee in the exchanges and on the Vertcoin blockchain: When sending value on the Vertcoin network or trading in the exchanges, users are required to pay some transaction fees. This can be cleared with Vertcoin.
  • Use Vertcoin to make direct purchases in the markets: Like other cryptocurrencies such as Bitcoin and Ripple, Vertcoin can be used to make direct payment for goods and services. You only need to identify a store, whether conventional or online, that accepts payment in Vertcoin. Note that even in stores that only allow other coins, you will only need to convert Vertcoin to the accepted coin.

https://coincheckup.com/coins/Vertcoin

http://vertcoin.org/

https://medium.com/vertcoin-blog

https://www.reddit.com/r/vertcoin/comments/70x75q/frequently_asked_questions/

https://vertcoin.org/wp-content/uploads/2017/10/Vertcoin_Lyra2RE_Paper_11292014.pdf