If omniwallet service disappears what happens to MAID stored?

Sorry if this has been asked before but im not sure how to search this particular question, it seems MAID being dependent on the omni protocol means its entire value is at the mercy of this service running, and crypto services historically have the lifespan of a gnat. What happens to MAID coins if this service disappears?

Simply use a copy of the public domain software. The transactions are stored on the BTC transaction

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How is it pushed to the network? Do i have to figure out how to run my own omniwallet service?

If that would happen someone will probably make a tool to read/send Omni. Maid don’t exist on the SAFE-network, it will be converted when Maidsafe creates Safecoin, which goes live on the network. Read Safenetwork.tech for more info.

And we would all have to trust “someone” with our private keys?

You own your privste keys and the Omni-lsyer is open source.

How does the conversion process happen? Would the public key to the address holding MAID suffice for credit in safecoin?

Read Safenetwork.tech for more info.

Once the SAFE Network goes live, MaidSafeCoin can be exchanged for Safecoin at a ratio of 1:1. This will probably be achieved by sending MaidSafeCoin to an unspendable address, thereby burning them. In return, an equal number of Safecoin will then be issued to the sender’s User account on the SAFE Network.

So then we must still trust whoever is running this opensource project at the time not to steal our private keys when we go to send them in exhange for safecoin and direct our funds to their own wallet.

The keys are the keys to a BTC address. Omni is stored on top of BTC transactions.

Omni is controlled by people running omni nodes. If the company closed shop then the omni nodes would continue and someone would set up a clone of the omniwallet site and as far as trusting keys, you should only give the private key when moving coins out of you address and you simply send remaining MAID to a new address and this keeping exposure of private keys to a minimum

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Yes that is my point, sending maid requires trusting whoever is running the omni service. They literally could steal millions of dollars worth of MAID as part of the MAID to safecoin redeeming process.

Yep. you are right.

Why would you trust exchanges, or omniwallet.org or GitHub that hosts the software for the nodes and wallets?

There are ways to determine trust. And if you do that then you can have confidence to use the site.

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There is also a possibility to take a snap-shot of all addresses when a convert date happens.

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Exchanges, not including the shady foriegn ones, their owners are known and legally liable, and often regulated. It would be in the best interest of the community that the lead developer of safenet run his own omniwallet service. This is typically how it must go with any cryptocoin project where trust is involved.

Who exactly runs omniwallet? I cant find any information on who is behind it. https://github.com/orgs/Omniwallet/people shows nothing. The omniwallet.org website wont load and gives weird {{ERROR}} blocks. This is what we are supposed to trust our coins with?

Omniwallet.org loads fine for me, check address or try another browser.

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Thats fine don’t trust it and trust exchanges. Many lost their coins on exchanges when they were hacked or delist a coin with one month;s notice to move coins out.

This is not a regulated space and you have to determine the trust for yourself. If you do not want to and say exchanges good, github wallets good, but omniwallet.org is not, then fine that is your decision and I will not criticise you.

But I do implore you to learn to trust what you can by doing the investigation for you. Anyone else doing it for you means you have to trust them.

You could do as suggested, only put your private keys into omniwallet when you move coins and then move all coins out of that address into the address you need to send coins to (eg exchange for trading) and the rest to new addresses you created. Thus omniwallet only sees the private keys for minutes before all the coins moved out.

OH omniwalltet is made for Google Chrome and does not work well for firefox. The private keys are only stored encrypted on the site and your browser does the work of signing transactions.

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You’re asking sensible but basic questions relating to the nature of distributed trust, that is the root of the idea behind cryptocurrency and beyond.

So, a statement of the root is that the private key is everything. If you do not hold the private key, you are trusting someone else… a centralized exchange, for example.

The key - the important concept, is that you are actioning transactions by signing those and not as some request involving a third party - “Please, may I do X, if you are so inclined”… but “I am doing X and here is the proof that I can… a private key wrapping of the transaction request - a crypto-signature that the network can prove and only then will action”.

So, omniwallet as I recall allows you to sign locally there is no upload of private key - the wallet there is local to you, the actions you take are with you. The option to sign privately, is the key to blockchain tech… and Omni (rebranded MasterCoin) was one of the original and better tools for how bitcoin was intended to work.

For more of how omniwallet works as a tool see

Omniwallet is not built like most other web applications. We built Omni from the ground up with security in mind. First of all, as a rule omni never sends your password to the server. Your password is only used locally to unlock your private key(s). Speaking of keys, they are also not stored unencrypted on the server.

and obviously the code is there at https://github.com/OmniLayer/omniwallet/

The transfer of MAID into SAFEcoin or whatever it is named, then will likely be a proof of ownership in the same way as all other crypto transactions and your signing the transaction will action the conversion.

So, to answer

No… there is no need for that. You action the conversion by signing a transaction, is the only way this could occur without risk and in tune with basic crypto principals.

Certainly not the public key… that is proof of nothing… everyone can know the public key… noone but you should know the private key.

ONLY the private key to the address holding MAID will suffice for credit in safecoin. There is nothing else that can prove you as owner. Again, EVERYTHING is the PRIVATE key. Export those from Omniwallet or where ever you have them in some human readable json format and store them safely. Beware third party exchanges where your coin is held in a pool and you have an account, like a bank account, you can only withdraw by asking nicely and hoping they honor the commitment - if you do not hold the private key, you have nothing but the promise of a stranger.

So, look to strongly prefer tools like omniwallet that empower the user and do not act on behalf of the user. As more distributed exchanges arise (yes it’s taking time for those to arise), then prefer those to ever the centralised banks that are most exchanges.

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No. Omni is a colored coin that use the bitcoin as support and that, only, uses the 80 Bytes of the OP_RETURN to store certain information referred to this type of protocol.
Every omni transaction is, in fact, a bitcoin, transaction.

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So i can sign the transaction offline instead of sending my private key, i am familiar with this. Can i use electrums multisig signing function with the omniwallet service?

Is possible to use electrum to send an Omni transaction but not an easy task since the transaction, and the associated Omni information, must be created manually.

Here is how to perform an Omni transaction with Electrum (in this case a Tether transaction).

https://jochen-hoenicke.de/crypto/omni/

The OP_RETURN data for a Maidsafecoin transaction are:

6f6d6e69000000000000000300000000XXXXXXXX

The XXXXXXXX is the amount of Maidsafecoin to be transferred (in hexadecimal).

For example 0000000A for a transfer of 10 Maids.

Of course, use this information at your own risk.

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