Tether, the stablecoin operator behind USDT, funded the development of the new version of Bitcoin tokenization layer Omni.
Tether, the stablecoin operator behind USDT, has funded the development of the new version of Bitcoin (BTC) tokenization layer Omni.
In a press release shared with Cointelegraph on Dec. 15, the companies announce the release of Omni Core 0.7.0, the development of which was sponsored by Tether. The new version reportedly enhances network performance and fixes locking issues and Remote Procedure Calls.
The Omni protocol is a system running on the Bitcoin network that allows the creation of tokens on what is widely believed to be a secure network. Omni is also the platform that hosted the first USDT tokens. The official website further explains how the technology makes use of the Bitcoin blockchain:
“Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features.”
An Omni-based decentralized exchange
More interestingly, Omni Core 0.7.0 enables the building of an on-chain decentralized exchange. The new version of the Omni protocol allows users to trade any on-chain asset for Bitcoin. Tether CTO Paolo Ardoino commented:
“As Bitcoin is the first blockchain that Tether used, Omni Core is highly valued and demonstrates good levels of security. […] It is important to note that Tether is underpinned by diversity in different blockchains, of which Omni Core has proven to be an important component.”
As Cointelegraph reported, in March Tether launched USDT tokens on the Tron blockchain. As of late October, nearly 12% of all the stablecoin’s supply was moved on the new chain. More recently, in July, Tether also announced the launch of the USDT stablecoin on its fifth blockchain, Algorand.