What is ECOMI? – Coin Rivet

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Non-fungible tokens (NFTs) have seen a steady rise in terms of adoption over the past couple of years now, and that’s thanks to blockchain protocols like ECOMI that offer a one-stop-shop for digital collectables, further driving mass adoption.

Brief history of ECOMI

Founded by David Yu, alongside Joseph Janik and Daniel Crothers in 2017, ECOMI is a Singapore-based technology company behind the ECOMI blockchain protocol and its native digital currency, OMI currency. 

The company is also behind the development of the VeVe platform, a native marketplace where users can buy and sell their digital collectibles. 

So far, the barely five-year-old company has received backings from notable industry players like ORBIS Blockchain Technology Limited and partnered with the likes of NFL and OpenSea, among others.

Despite being founded in 2017, ECOMI’s marketplace – VeVe – only went live in December 2020, and is still very much undergoing developments. Notably, the network has struck major licensing deals with Pokemon, Legend of Zelda, James Bond, Cartoon Network, DC Comics and Lord of the Rings.

ECOMI also boasts a rich portfolio of advisors cutting across diverse fields. Notable ones among them include InnoHub CEO Hongbo Xu, EverEdge Global CEO Paul Adams, Big Red Button Entertainment developer Jeff Lander, Fantail Ventures founder Jonty Kelt, Digital Gaming Specialist Kam Punia, and many more. 

What is ECOMI?

ECOMI is a decentralised protocol that aims to bring popular conventional culture into the digital age leveraging the NFT technology. Beyond digital work of art, ECOMI also wants to facilitate an interactive experience for its users with the help of virtual reality (VR) as well as other hyper-reality technology tools.

Initially, ECOMI launched merely as a secure wallet, and prides itself in its offering of top-notch security at a very competitive price. Unlike more prominent web-based wallets, ECOMI initially launched as a cold wallet and does not necessarily require the internet to operate effectively. Instead, it is connected wirelessly to a user’s device.

Also, the ECOMI wallet has a growing list of supported cryptocurrencies and does not charge any fees aside from the standard blockchain fees. While ECOMI offers some of the best value-for-money in the hardware wallet space, it further edges out other players with the integration of NFT functions.

How does ECOMI work?

ECOMI encompasses several services and functionalities which makes up the ‘ECOMI collects’; hence, each of the services has its own unique way of functioning. To begin with, transactions on the ECOMI hardware wallet are carried out using the native token – OMI token. 

Unlike web-based crypto wallets, the ECOMI wallet which is a component of the ECOMI collect stays secure at all times given that it is never connected to the internet which further helps in keeping it away from any form of cyber attack.

The ECOMI collect also implement a model that is described as Metcalfe Effect which implies that the value of a network is proportional to the square of the number of connected users of the system. Specifically, this model plays a significant role in the overall growth of ECOMI user base.

Technology-wise, ECOMI is built on GoChain, a web3 public blockchain that was launched in 2017 and can handle 100 times the volume of Ethereum while staying compatible with it. The reason for choosing GoChain can be attributed to the low throughput and congestion that plagued the Ethereum blockchain prior to the ETH 2.0 upgrade.

Currently, the GoChain blockchain is able to perform at least 1,300 transactions per second (TPS), and targets the 13,000 TPS mark in the near future.

In terms of compatibility, the GoChain is a fork of Ethereum, and so it is able to achieve 100% compatibility with the Ethereum smart contracts. As a result of this, ECOMI is able to leverage existing GO20 and GO721 token standard implementations.

ECOMI native asset – OMI token

OMI token is the native asset of the ECOMI collect, and it primarily functions as the utility token. The OMI token is built on the GoChain blockchain using the G020 token standard and often requires that users add GoChain as the custom network, especially if they are using the token outside of its native network.

The token is also utilised on the network’s NFT marketplace – VeVe; notably, the token is used in trading digital collectibles within the network. Likewise, the token is used for paying gas fees whenever any transaction is executed within the ECOMI collect.

Currently, there is a maximum and circulating supply of 750 billion and 110 billion OMI token respectively. However, 40% (approximately 300 billion) of the maximum supply is kept in VeVe’s reserve wallet; 150 billion is kept for platform development, 40 billion is kept in VeVe’s vault wallet, while the remaining 150 billion is distributed among the team, advisors, and board members. 

Ultimately, ECOMI presents NFT enthusiasts with a line-up of amazing features to mint, play, and trade digital collectibles leveraging its native marketplace.

 

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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