We are in the process of development of an Omni Layer Protocol implementation on top of the HyperCash (HC) chain. This will enable users to easily and efficiently build new projects and issue new tokens using the HC chain via the Omni layer, and will come with a number of additional benefits. These include a decentralised exchange, browser-based wallet encryption, accountability, multi-party security, and reporting functions. We believe that this is a big step in achieving the original vision of HCASH, and will enable different categories of users to benefit from our ecosystem.
The Omni Protocol (formerly Mastercoin) is a protocol layer on top of which new projects can be built, with new rules and specifications. It serves as a platform for users to build their own currency, using simple tools, without having to develop new software. This was originally added on top of Bitcoin in order to fix issues relating to stability and security. It also serves to add value to the Bitcoin ecosystem, and consolidates the original message it was trying to achieve. It has now been implemented in top cryptocurrency projects such as Tether (USDT) and MaidSafeCoin (MAID). In order for the Omni layer to be implemented, the code of the original protocol does not need to undergo any major changes. As Omni Foundation’s Patrick Dugan explains in an interview with Bitcoin.com:
Omni is a protocol built as a layer over Bitcoin that allows you to generate, send, trade, redeem, pay dividends to and make bets with tokens representing any kind of asset. The OMNI asset is the first asset on the layer, it gets the fees from the layer’s trustless exchange, and it can transform into any currency using smart contracts on the layer. Instead of just sending bitcoins around, you can send a very small amount of bitcoin that acts like a stamp, and that transaction forever stands for the transfer of some Omni layer property.
In HyperCash, the Omni layer will work in a similar way, enabling the main chain to issue and transfer new tokens stably, and as it did with Bitcoin, add value to the HyperCash ecosystem.
A visual representation of the Omni layer in its operation alongside HyperCash can be seen below.
Currently, development of the layer is approximately 30% completed. The current progress can be seen below.
1. Completed the OMNI command omni_sendissuancefixed and send payload data to OMNI;
2. Completed the parsing of payload in op_return, and transfer it to OMNI through the api;
3. Completed parsing payload data in OMNI and generate propertyid;
4. Achieved OMNI and hcwallet two-way json call;
5. Completed the OMNI command omni_getinfo;
6. Completed OMNI parsing hc block process.
Testing of the implementation is expected to commence mid next year, followed by its launch, after developers are satisfied with the stability, functionality and security of the respective version.
In future, we expect to develop a post-quantum version of the Omni Protocol, to proactively safeguard our entire ecosystem from the approach of quantum computers, which will handily be able to undermine traditional blockchain systems.
The decision to add an Omni layer to the HyperCash ecosystem will enable users to build new projects on top of our already fast, secure, private, and quantum resistant chain. This will open a door for new opportunities, and enable new forms of collaboration with fantastic projects in the future.
We are grateful for the immense effort made by all contributors. Each contributor and community member is vital to the technical development of HCASH.
To stay up to date with information regarding HCASH, or to join our community, check out the following channels: