The answer is double-layered:
Mastercoin uses Bitcoin for timestamping. It's impossible to revert the transaction at the Bitcoin level without doing a Bitcoin double spend (super costly).
Mastercoin clients track the state of the system including how much is stored at each address. If a client double spends by sending two contradicting Mastercoin ...
A was able to do that. I posted a small snippet:
If you're familiar with bitcoinjs-lib, the omni-specific piece of code for tx creation:
const simple_send = [
"6f6d6e69", // omni
"0000", // version
"00000000001f", // 31 for Tether
"000000003B9ACA00" // amount = 10 * ...
Mastercoin adds a layer on top of Bitcoin.
It uses small transaction in the Bitcoin blockchain to transfer Mastercoins.
Thus the Bitcoin blockchain is used to avoid double spending the same way it is used for Bitcoins.
So for Omni layer token you do this omni_send
This is what you need (at least on Kraken and Bittrex USDT is Omnilayer token). To send Omnilayer transaction you need to have some BTC on the same address for transaction fee. And you also need to know USDT propertyId which ...
The omni layer is not a separate network or blockchain. It is simply a standardized format of transaction on the Bitcoin blockchain that uses the OP RETURN feature to move non-bitcoin assets.
In the event that your friend is able to convince GDAX to sign an Omni-format transaction using the private key for the deposit address the funds can be recovered. ...
From our FAQ
The initial value for mastercoins came out of the fundraiser
"anchoring". People were willing to "sacrifice" 1 BTC in exchange for
about 100 MSC, so it anchored the initial value of MSC in at least
0.01 BTC per MSC.
The more general answer is that Mastercoin provides a set of features
that only work with MSC or Mastercoin-based ...
Mastercoin is both a new type of currency (MSC) and a platform. It is a new protocol layer running on top of bitcoin like HTTP runs on top of TCP/IP. Its purpose is to build upon the core Bitcoin protocol and add new advanced features, with a focus on a straight-forward and ...
See David Schwartz's response at examples-of-asset-backed-virtual-currencies for a short description of Ripple.
The List of all Cryptocoins mentions both Mastercoin (MSC) and Ripple (XRP). This URL is dated, and Ripple is now open sourced. The ripple video is informative. According to Wikipedia, Ripple is currency ...
I think the most easy way to do this would be through Omniwallet API.
mastercoin-tools is deprecated and should not be used.
If you want the better security achieved by running a local instance, use Master Core.
Mastercoin (now called Omni) had an uneasy relationship with the bitcoin core team early on. Some of them objected to our injecting metadata into the bitcoin blockchain to do advanced transactions.
Because of their objections, we were concerned somebody might try to identify and censor our transactions. That didn't actually happen, thankfully.
I haven't ...
Yes, Bitcoin miners don't perform any validation beyond the Bitcoin validity rules. Omni transactions rely on OP_RETURN values, which don't matter to the Bitcoin miners.
As long as a tx is a valid Bitcoin tx, miners are free to include it in their blocks.
When an omni node sees such an invalid transaction, it will simply ignore any asset movements the tx ...
USDT on the Bitcoin blockchain uses the Omni layer, which encodes data in the OP_RETURN outputs. In your transaction, the amount is 0000000006052340, which is hex for 101000000. Omni has a precision of 8, so you can divide that by 10^8 to get 1.01.
USDT is also an ERC20 contract in Ethereum mainnet. You need to use one of Ethereum Wallet accepting RPC calls (Geth, Parity, etc.). Then find contract address (check Etherscan). Then install contract to your wallet and manage your transaction.
This was a shortcut to easily identify all Mastercoin (now Omni) transactions. We considered removing it when we were concerned our transactions might be identified that way for censorship, but that never happened thankfully. If you list all transactions to 1EXoDus, you list all transactions in the Omni protocol.
Have a look here: www.youtube.com/watch?v=mAW-kuoZaHU and you'll probably understand how it works.
You download the blockchain with Bitcoin-QT and run my Mastercoins wallet through it.You label the addresses in your QT wallet and you can now send BTC and MSC to these addresses.
Mastercoin Founder here.
Mastercoin inherits its security model from bitcoin, with some minor changes. To undo a Mastercoin transaction, you'd have to undo the bitcoin transactions containing the Mastercoin transaction data, so we have almost as much security as bitcoin itself. I say "almost" because the order of Mastercoin transactions in a bitcoin block ...
Mastercoin clients form a bridge between the bitcoin network and the mastercoin network riding on top of it.
When Alice sends Bob one bitcoin in exchange for, say, 2 Mastercoins, the Mastercoin client recognizes a standard bitcoin transaction from Alice to Bob and a mastercoin transaction (encoded as a negligible amount bitcoin transaction) from Bob to ...
In principle the Mastercoin protocol should be exactly as safe as bitcoin (which it uses as a back end) against the powers of quantum computation.
However, there is one important difference.
bitcoin addresses that were used at least once are not safe against quantum computers (look for example in this article by Vitalik Buterin).
Since all Mastercoins were ...