Skip to content

Understanding Property Names and IDs on the OmniDex

Adam edited this page Jun 1, 2017 · 1 revision

Did you know that Property Names are not Unique?

Because the Omni Protocol is Open anyone can create an asset at any time and they can use whatever name they wish to for their Property. This means that it's possible for Properties to have overlapping/conflicting names which may cause confusion. Some may be intentionally deceiving. So you, the user, need to make sure you are always working with the correct Property by verifying the PropertyID.

What is the PropertyID?

Because Property names may not be unique, every property/asset created on the Omni Protocol is assigned a unique PropertyID. The PropertyID enables you and integrators to know exactly which property/asset they are working with.

How do I Find the PropertyID?

In Omniwallet every Property every issued on the Omni Protocol can be seen on the Explorer Asset Page. Here we list every Property created along with its basic information. Clicking on the Property will take you to the Property details page where you can verify the issuing address and the details listed about the property. The PropertyID is displayed throughout OmniWallet. It is either explicitly labeled when displayed (like on the OmniDex) or it will be displayed in parenthesis (#31) with the Property Name.

How do I verify a Property is what I think it is?

This generally involves a bit of work on your part. You will need to check several different sources to confirm the accuracy of the information you are looking into. We recommend some of the more popular sources like bitcointalk and reddit. You should also try to independently verify the Property's company/website and see if they have any information about the issued asset listed (like PropertyID and issuance address). You can also always inquire with trusted individuals in your circle but at the end of the day it is up to you to do your due diligence.

Ok, I understand the Difference in Property Names and PropertyIDs, how does this prevent loss on the OmniDex?

Because the OmniDex is an open market, anyone is free to create markets for any pairs of properties they wish, legitimate or not. Remember, the OmniDex allows anyone to trade one Omni Protocol property for another Omni Protocol property. Bitcoin and other AltCoins (such as Litecoin, Ethereum, Ripple, and similar) are not Assets issued on the Omni Protocol and would never be directly tradable on the OmniDex.

Clone this wiki locally
You can’t perform that action at this time.