Omni protocol necessary to send coins?

Beginners
1

I am really sorry for the noob questions, but some stuff remain unclear:

Acquiring Maidsafecoins seems to be easy:

  • acquire bitcoin through coinbase (or other)
  • move the bitcoins to Poloniex
  • exchange bitcoins against MaidSafeCoins
  • send the bitcoins to a paper wallet, or a bitcoin wallet client and cold store for max security.

Now, where I am not clear is: the day when Maidsafecoins will have to be sent for burning and be exchanged against actual SAFE coins, will we have to download the omni wallet anyway, because sending coins require to comply with the omni protocol ???
When it happens should I use the Omni Core, or is Omniwallet enough ? (I dont trust anything online and Omniwallet is still web-based)
Can I do cold storage through Omniwallet ? Omni Core has to download the whole blockchain from scratch and it is not very convenient. It takes hours.

is there any hardware like Trezor which supports the omni protocol ?

Imagine the dev team eventually delivers and the price of Safemaidcoins triples because of the hype. Everyone will be sending their coins to burn them and get SAFE coins in a very short span. How do you know for sure that https://www.omniwallet.org/ will work and not be subject to a ddos attack for instance?

1 Like
2

You can trust http://omniwallet.org/ … the signing and all important action is client side. So, yes omniwallet is enough.

Yes… it’s exactly the same as for BTC Bitcoin. With Omniwallet you hold the privatekey… if you don’t share it then it’s cold. Important obviously to not loose the key… store it offline for proper cold storage.

is there any hardware like Trezor which supports the omni protocol ?

As above anything that supports BTC supports Omni… because it’s the same… Omni is on the BTC blockchain (although they seemed to have developed for Litecoin too, I don’t think that’s active just yet). The balance in Omni and for that matter CounterParty, is simply the sum of transactions that are stored on the BTC blockchain… that’s why you make a trivial BTC transaction on moving Omni assets… burning it to the blockchain.

Change of state in coins could be done in a number of ways… snapshot of the BTC blockchain would be enough to get the detail and sum the transactions in Omni:MAID but easier just to have a transfer/exchange over time. It’s unlikely anyone with real interest in SAFE would want to disrupt omniwallet. Even the ignorant that do want to attack SAFE wouldn’t want to choose that… though admittedly they might struggle for ideas.

Given that it’ll be a 1:1 exchange, it might be that not all users want to transfer at the same time… and then will do so relative to, their confidence in the network; the exchanges that support safecoin; and their interest in using the network for what it’s intended.

2 Likes
3

There’s ways to use offline transactions, there should be some threads about this on the forum already. Using armory myself. Was talking to Adam @ omniwallet.org the other day to ask about hardware wallet support and he said they were testing some stuff with the Trezor dev kit. Which according to him shouldn’t take too long to implement, this would also pave the way for other hardware wallets like the ledger nano s etc.

With regards to omni core, don’t know anything about it really. Agree that anything browser related should be handled with great care. Don’t think a ddos can be prevented, which is a bit worrying of course.

3 Likes
4

Thanks for you reply.

You say that It’s unlikely anyone with real interest in SAFE would want to disrupt omniwallet.
True. But ETH holders might want to, since SAFE is a big competitor.

5

If that was true, it would represent their greed and not some interest in Ethereum… and in that case they would do better to simply jump into MAID and see that rise on the back of SAFE. Hobbling the competition is for losers… which is why there is so much nonsense in copycoins. Where you have real utility, then it’s a different case… it’s not a competition anyhow … Ethereum and SAFE have a long way to go… both likely to make really useful contribution… though I’m steering clear of ETH for the large risks in their approach… I wonder they exist only as a warning to others… useful to see how it plays out.

3 Likes