Omnitude to move ECOM token to the Stellar network
Omnitude will be converting its ECOM token from the current Ethereum-based ERC20 standard to Stellar’s crypto platform.
Stellar’s high scalability, fast transaction times and low fees are the perfect solution for Omnitude’s predicted large volume transactions and throughput. Stellar will be the framework for the ECOM token within Omnitude’s Hyperledger network. This allows us to combine the best parts of two excellent technologies in creating Omnitude’s hybrid blockchain.
Integrating Stellar into Omnitude Core is pivotal in Omnitude breaking down the barriers for mainstream adoption. Omnitude ID is the first application we have committed to delivering this year, as per our Roadmap.
It’s an exciting time in the Omnitude ecosystem as we have enabled micro-transactions within the platform. Why is this so important? Because along with Self-Sovereign Identity management for the Omnitude ID, users will now be fairly compensated if they decide to share their personal data. In sharp contrast to the Googles and Facebooks of the world, Omnitude ID ensures that users receive payments if they share their data, in a model that is far more equitable and useful for both customers and businesses.
“This will disrupt the relationship between customers and brands. Earned data is far more valuable than paid data. By choosing to share, customers will be able to contribute valuable information on their habits, profile and preferences to businesses and brands that deliver excellent products and experiences. Having customer need and desire central to their offering will now give organisations a real competitive data advantage. Welcome to the trust economy.”
Jon Harris, CBO Omnitude
Omnitude has already enabled granular data sharing control — you decide what data to share, when to share it, and with whom to share it with — but now there is a mechanism to receive the fair value you deserve for sharing your data.
Although the Ethereum network has offered an excellent starting point for the construction of Omnitude’s systems and business, its future potential is not as aligned to the needs of the Omnitude network as Stellar is. As the Omnitude network grows, the demands for it to be able to handle large volumes of transactions are paramount in delivering its enterprise-enabled capabilities.
Stellar’s performance in both throughput (over 1k TPS) and its speed of finality (2–5 seconds) is crucial in delivering the micro-transactional economy within the Omnitude platform. The benefit of low transaction fees means that this can be passed on to both the ecosystem and clients as a cost-effective and viable ecosystem benefit.
Omnitude also plans to become an anchor in the Stellar network which will allow it to exploit the huge benefits of integrated native token payments with fiat, exchange, compliance and name federation.
“Much of our technology utilises Hyperledger blockchain components and we initially anticipated conversion to a Hyperledger-based token, however, our industry has been very impressed with Stellar as a cryptocurrency platform. It suits the needs of our platform and our community perfectly, so ultimately the decision was an easy one.”
James Worthington, CTO Omnitude
Any token swaps will be on a one-for-one basis and will take place over a predetermined period of time ensuring all holders are given quick and easy options to undertake this. The date of this swap will be shared in due course.
“We are determined to make this swap process as easy as possible for all holders of tokens. I am sure that a majority of our holders will be excited to see the positive aspects this will have on delivering an amazing capability for our mainnet launch coming in Q4.”
Chris Painter, CEO Omnitude.
Omnitude is moving towards a functioning mainnet at a pace, and we will be holding an access all areas Omnitude Core/ Omnitude ID preview live on YouTube on November 5th (bonfire night in the UK) at 16.05 GMT. This offers everyone a glimpse under the bonnet of our master system, where you can see how it works, transacts and how you will interact with and control your Self-Sovereign Identity.
Remember, remember the 5th of November…