The Mastercoin project officially launched on July 31, 2013, with a month-long fundraiser in which anyone could buy Mastercoins - the digital tokens that the protocol uses to conduct transactions – by sending bitcoins to a special “Exodus Address”. The idea was that as the platform was being developed, the tokens would become more valuable and investors could sell their Mastercoins to realize a return. A nonprofit organization called the Mastercoin Foundation was formed to handle the funds sent to the address.Some 500 people invested, sending a total of about 5000 bitcoins worth about US$500,000 at the time.
As of January 2014, J.R. Willett is employed full-time by the Mastercoin Foundation as "chief architect"
As of February 2014, Mastercoin was the world's seventh largest cryptocurrency by market capitalization according to coinmarketcap.com.[needs update]
In April 2014, MaidSafe used a crowdsale to raise over $7,000,000 in Mastercoins and bitcoins. The value of the Mastercoins (half the currency) subsequently declined, leaving the total from the sale at $5,500,000. In July 2014, MaidSafe COO Nick Lambert was among a number of people joining the Mastercoin board as observers.
In March 2015 Mastercoin efforts were rebranded as Omni. Omni's role in bitcoin ecosystem is declared as being a platform for decentralized protocols like Factom and MaidSafe.