I spoke with Honson Luma, VP of Sunshine Capital, Inc and DIB Funding, Inc who is the creator of Dibcoin. He did his best to explain to me the concept of "Omni Layer". It was a little like me trying to explain the 704(b) regulations and the concept of "partners interest in the partnership" to my son's dog. At any rate according to its website Omni Layer is an "open-source, fully decentralized asset platform on the Bitcoin Blockchain". It goes on to further elucidate:
Omni is a platform for creating and trading custom digital assets and currencies. It is a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin. Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain. Our reference implementation, Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features.
Got that? Good. We can meet up at Carl's Diner in Oxford and you can explain it to me. At any rate, the important point is that the Omni Layer allows anybody who wants to to set up a new crytpocurrency without investing a lot in infrastructure. Dibcoin is number 89 on the Omni platform.
There is no mining of Dibcoins. They are pre-mined. All 5 billion of them started out being owned by Dib Funding Inc. Here is the genius part.
DIBCOIN will be the first cryptocurrency to be used by a public company to acquire existing profitable private companies. Sunshine Capital will use DIBCOIN as a monetary instrument, to acquire companies and assets, building its portfolio with no debt"
source: Peter J Reilly , CONTRIBUTOR
I focus on the tax issues of individuals, businesses & more
Opinions expressed by Forbes Contributors are their own.
https://www.forbes.com/sites/peterjreilly/2017/04/06/florida-man-goes-from-multilevel-marketing-to-cryptocurrency-what-could-possibly-go-wrong/#1c134b6b2553
