Mastercoin is announcing its in the early stages of development of its Omniwallet, a new high-security wallet that offers multi-coin support.
The wallet will initially support Bitcoin, Mastercoin and Test Mastercoins and eventually other coins that “go outside of the usual Mastercoin ecosystem” such as Litecoin, Peercoin and others. Also, faithful to the Mastercoin protocol, it will support Smart Property, whereby contracts and instruments can be transferred without the need for a central repository, as well as User-generated currencies.
In terms of security, the wallet allows for the backup of encrypted private keys, useful in the event the server goes offline or is compromised. Where the wallet is hosted is optional- you can either do self-serve or use other service providers.
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The project in open source with the opportunity for bounties.
The Omniwallet joins a host of other wallets getting launched, along with decentralized trading.
The solutions should directly address concerns raised by Bitcoiners as to the safety of their holdings with third parties and exchanges, following MtGox’s collapse and hackings into several other venues. Several institutions have gone to great lengths to reassure investors that their holdings are safe, but the market remains skeptical.