Dear people of the internet,
I’ve been working on laying out the requirements for the first ever ethereum erc20 contract that will be backed 1:1 by omni maid! Currently nodes are syncing to support the omni protocol and to start interacting with a future erc20 smart contract. It will be very easy to mint erc20 maid and claiming omni maid through a lock and burn process. The great thing is that anybody can keep track of the total amount of omni maid locked up and erc20 maid in circulation, which will always be 1:1.
Many of us want to either enter the market but are unable to do so due to the jurisdiction we live in through DEX’s, easily store erc20 tokens in compatible wallets or have access to the multi-billion liquidity of the DeFi space.
I believe that this approach can improve a lot in the future and also provide us with a great way to bridge Safecoins that reside on the SafeNetwork (once live) to the outside world with smart contracts that are often a lot easier to integrate, store and trade on any erc20 compatible exchange.
I’m still talking to both omni dev’s and asking around in the REN project how this current project might move to using REN in the near future as they already support Bitcoin and Omni (that also is the major carrier of Tether USD) could easily switch to Omni supported tokens without major difficulties.
The front-end is currently being developed with good success and could have some help with adding documentation/content, proof-reading etc.
Will share updates along the way, all comments and critique is welcome including helping me out!