It’s been discussed alot and there are many reasons.
It would be work for the team who are concentrating on launch. Many are happy with maid on omni and don’t want to have to convert. Contacting all owners to let them know would be difficult.
creating a ERC20 coin, set up a website/exchange/address that you send your omni coins to be burned and exchanged for Maid ERC20. Kinda like coinswitch works and when the network is actually up an running, you can use the same website/exchange to burn either the ERC20 or the Omni coins. we will know if something is fishy if the coins in the burner address and the omni address don’t add up to the total amount of maidsafe coins in existence. I thought getting the real network coins it would work the same way. we can just recycle the process.
note we shouldn’t trust anything that hasn’t come out of the maidsafe team.
like Billy Joel Says “it’s just a matter of trust”
Yes, it can be done, but it would be alot of extra work from the team and they are focusing on launch.
Only omni maid will be converted to snt at launch.
As I said, this has all been previously discussed.
you are right, maybe after the test net. but in my opinion this is part of launch. no? I have been asked by friends about getting maidsafe coins (I live in the States) and I can’t even get more for myself because the options are very limited (even with bitcoin in hand) and I understand that this doesn’t affect the rest of the world and that it’s been discussed and that there’s ways around it with VPNs. but having accessible coins would speed up adoption, help with test nets, reduce the cost of acquiring coins, increase the price of each coin, getting people excited and invested emotionally in it.
unless we are not sure we are going live soonish, because if that’s the case then we should just stay below the radar until we are closer to launch.
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Anyone looked at BoringDAO?
I do feel for those in the states, its not a good situation and wish they had easier access.
As for it being part of launch I don’t see how.
Were not sure yet how conversion will happen, but we won’t need a website on the clearnet.
A snapshot could be taken and ppl could claim their snt by verifying they own that address by signing a message.
Maid could be sent to a burn address with a message stating their sn address they want the snt sent to.
So anything beyond that is just extra work and risk for the team.
“The community can propose new assets tunnels as long as the deposit requirements are met.” - BoringDAO
This is the only hurdle to making this work. I think it is worth a shot.
Deposit requirements are quite high, 200%+
So to convert 1mill maid you would need to deposit 1mill maid plus alot of $bor.
How many ppl will still be interested with such a high deposit?
Any more progress with this?
Hello @DeusNexus
Hey sorry for the late reply! I’m waiting for update on Wrapped from @Sotros25
I can still proceed with my approach but if they got a much better alternative that is sustainable in long-term and maybe already proven to work I will not put in a lot of effort if they will release something in near future. Currently the gas prices on ethereum are pretty high anyways, hopefully ETH 2.0 will solve it.
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It won’t solve it, but everything is exporting little by little to sidechains like matic / polygon…
Privacy. Security. Freedom
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Check Harmony(one)
Wrapped hasn’t been as forthcoming as I’d like. I’m hoping that energy once the testnet is released (plus the increased volume from P2PB2B) will give them confidence to move forward more quickly.
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Been experimenting with creating multisig addresses/script for omni and also found that future token will most likely be a ERC777 (backward compatible with ERC20) or ERC1155 which have a lot of great features over ERC20.
ERC777
Like ERC20, ERC777 is a standard for fungible tokens, and is focused around allowing more complex interactions when trading tokens. More generally, it brings tokens and Ether closer together by providing the equivalent of a msg.value field, but for tokens.
The standard also brings multiple quality-of-life improvements, such as getting rid of the confusion around decimals , minting and burning with proper events, among others, but its killer feature is receive hooks . A hook is simply a function in a contract that is called when tokens are sent to it, meaning accounts and contracts can react to receiving tokens .
This enables a lot of interesting use cases, including atomic purchases using tokens (no need to do approve and transferFrom in two separate transactions), rejecting reception of tokens (by reverting on the hook call), redirecting the received tokens to other addresses (similarly to how PaymentSplitter does it), among many others.
Furthermore, since contracts are required to implement these hooks in order to receive tokens, no tokens can get stuck in a contract that is unaware of the ERC777 protocol , as has happened countless times when using ERC20s.
ERC1155
ERC1155 is a novel token standard that aims to take the best from previous standards to create a fungibility-agnostic and gas-efficient token contract.
Batch Operations
Because all state is held in a single contract, it is possible to operate over multiple tokens in a single transaction very efficiently. The standard provides two functions, balanceOfBatch and safeBatchTransferFrom , that make querying multiple balances and transferring multiple tokens simpler and less gas-intensive.
In the spirit of the standard, we’ve also included batch operations in the non-standard functions, such as _mintBatch .
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This sounds very promising!
I envision a new poll coming up, and a never-ending disussion after that 
Jokes aside, this is worth digging into. I will do my duty and read up on this, so I can make an educated choice when the poll is launched.
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I managed to create a multisig address using 5 local private keys and it requires at least 3 to sign the raw_transaction that is created, then when it collected enough unique signatures it will be a valid transaction to be broadcasted and settled on the network.
Now I need to see how one can create a raw omniasset transaction so you can move omnilayer tokens instead of just bitcoin.
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Take a look at my two posts here:
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To use this wallet you need have access to the OMNI node. After new wallet initalisation electrum node access credentials should be added to wallet settings (Preferences->OMNI->Daemon Url). Example: http://username:password@IP:port/. This is a pure python application.
I believe you need access to the full node RPC to utilize this then?
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Great news, I finally managed to create a raw transaction and was able to do a Omni SimpleSend from the multi-signature address earlier! The multi-signature address was created with 5 unique private keys and requires at least 3 to create a complete transaction that can be broadcasted.
My idea is to have independent full nodes with omnicore (although signing does not require a full node!) and these nodes validate all the incoming and outgoing transactions. Only if majority of the nodes is in consensus then the funds are able to move. This removes a great deal of risk as the attack vector surfaces is spread and no single node can move any funds!
With more testing I believe we could see the first swap coming into shape, now that the omni-part is done I will move to the ethereum multi-signature contract which will work in a similar way with unique/independent validators who will sign transaction before anything can happen.
Transaction ID: eac903478641c604e16fb7f4cf4491fb2e78b25cd0f32640822b4a20acd6b6c2
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