Stablecoin operator Tether has paid for the development of the new version of Bitcoin’s Omni layer.
Omni Core 0.7.0 sponsored by Tether
Tether, the operator behind USDT, the largest stablecoin in the world, has announced that the firm has sponsored the new version of the Omni protocol that was launched recently. Omni Core 0.7.0 improves the functioning capability of the Bitcoin network while also fixing minor errors such as locking problems.
The Omni Protocol is a network operating on Bitcoin’s blockchain, allowing the development and deployment of tokens. In simpler words, the protocol is the foundation for the DeFi (decentralized finance) ecosystem built on the network. Omni network was the platform that initially hosted USDT tokens.
According to the company’s website, Omni is a platform designed for supporting the creation and trading of “custom digital assets.” The website affirmed that the platform is built on the Bitcoin blockchain and facilitates transfers that allow next-generation features on Bitcoin blockchain. It described Omni as a platform that had all the tools of the Bitcoin network as well as advanced features unique to the Omni Layer.
Omni Core 0.7.0 allows users to build decentralized exchange on the Omni Layer. It also allows trading of any on-chain digital asset for Bitcoin. Omni Core 0.7.0 has also changed the base of Omni Core from Bitcoin Core version 0.13.2 to 0.18.1.
Tether CTO stated that since Tether was first hosted on the Bitcoin network, the Omni Core is highly valued and provides strong security. He added that Tether is “underpinned” by the diversity across various blockchains, among which Omni has proved to be an important component.