What is Omnilayer?
Omnilayer is an open-source, fully-decentralised asset platform on top of the Bitcoin blockchain.
What assets are available for Omnilayer?
Some of the assets (tokens) that are available under Omnilayer are OMNI, MAIDSAFE, and more importantly, USDT (Tether - https://tether.to/). Coinomi currently supports USDT and OMNI, with more coming soon.
Is Omnilayer BTC?
Essentially, Omnilayer is a dedicated BTC wallet (which explains why the FIAT rate is the same as BTC at all times, and why the amount inside the base Omnilayer wallet in Coinomi is shown in BTC). However if you frequently send and receive BTC transactions we highly recommend you do it with the default "Bitcoin" wallet, and use the "Omnilayer" wallet exclusively for transacting Omnilayer tokens.
How does it work in Coinomi?
In Coinomi, Omnilayer and Tether (or any other Omnilayer token that might be added in the future) work like Ethereum and its tokens: In order to receive USDT, a user needs the "base" Omnilayer wallet, just like one needs the Ethereum wallet to receive Ethereum tokens.
Tether on Ethereum
The Ethereum version of USDT is also supported on Coinomi. Its ticket symbol is eUSDT to differentiate it from the Omnilayer token. It can be added from the "Add tokens - Ethereum" list.
Tether on Tron
The Tron version of USDT is also supported on Coinomi. You can add it from the "Add tokens - Tron" list.
How do I add a Tether (USDT) wallet in Coinomi?
- Make sure you are running the latest version of Coinomi
- Click on the +Tokens text (in the sidebar)
- Choose "Omnilayer" to add the Omnilayer token, or "Ethereum" to add the Ethereum token.
- Choose "USDT" from the next page.
You should be taken to your Tether (USDT) wallet's overview page. It is also automatically added to your main balances page.
How do I send/receive USDT?
To receive USDT use the "receive" Tether address as normally. For the Omnilayer version, normally a small BTC amount is transferred along with the tokens so the transaction is valid. Tokens of one blockchain (Omnilayer, Ethereum, Tron) can only be sent to address of the same chain. You cannot send Omnilayer USDT to an Ethereum address, for example.
If you are sending Omnilayer USDT make sure that you have enough BTC in the "Omnilayer" wallet specifically or else you will not be able to send USDT or other OMNI dApps. If you receive a warning like the image above, you can send BTC from your BTC wallet into it. If you don't have BTC in any other wallet, you can exchange another asset into BTC, or receive it from an exchange/customer. You can send and receive BTC in Omnilayer like with any other wallet, but we recommend you use that wallet exclusively for token transfers. Likewise, if you are sending Ethereum eUSDT, make sure you have ETH in your Ethereum wallet.
Why can't Coinomi pay my fees automatically?
The reason Coinomi cannot automatically convert the required base amounts and pay for fees, like for example online exchanges do, is the very reason it's safe: We are not custodian to your funds, so we cannot authorize that exchange for you automatically. Online exchanges own the private keys of your wallets, and also have ready made markets for those exchanges.
How do I exchange USDT for other cryptocurrencies?
You can exchange any supported coin to Omnilayer via the Changelly and Shapeshift integrated exchanges (Sidebar>Exchange).
What's with the "Transaction history might contain invalid omni token transactions" warning?
You may notice a warning about invalid transactions on top of the USDT wallet. This is because, different from real coin transactions, omni token transactions can't be checked for validity immediately after broadcast. The transaction on the base (Bitcoin) layer will be valid and will confirm, but on the omni layer, the sender may have insufficient funds for example, making the transaction invalid. So when receiving USDT, check it on the block explorer that is shows as "successful" after confirmed.