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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”.[2] 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.[5] A nonprofit organization called the Mastercoin Foundation was formed to handle the funds sent to the address.[2]Some 500 people invested,[6] sending a total of about 5000 bitcoins worth about US$500,000 at the time.[7]

As of January 2014, J.R. Willett is employed full-time by the Mastercoin Foundation as "chief architect"[8]

As of February 2014, Mastercoin was the world's seventh largest cryptocurrency by market capitalization according to[9][needs update][10]

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.[11][12] In July 2014, MaidSafe COO Nick Lambert was among a number of people joining the Mastercoin board as observers.[13]

In March 2015 Mastercoin efforts were rebranded as Omni.[14] Omni's role in bitcoin ecosystem is declared as being a platform for decentralized protocols like Factom and MaidSafe.[15]