Onomy Protocol
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Onomy Protocol

Get Ready for the New Economy: Q1 Community Update

Okay NOMads, tuck in. It’s about to get tasty. Strategic partners are on side, CEX listings are aligned, institutions have their 👀 on our work, and the final pieces of the Onomy puzzle are falling into place.

We’re beyond excited to have you embarking alongside us on this great feast, so without further ado, let’s explore what we’ve been up to.

Psst! If this is the first you hear about Onomy, read this, this or this.

Technical Progress

Our growing team has been grinding away on building the next generation of Web3 technology. Let’s be honest — us marketing managers don’t fully understand the techno-arcania of our engineering crew — but we’ll do our best to explain anyway, and let you know how the team is getting along.

The Layer 1 infrastructure, AKA the Onomy Network, and the first bridges that will connect Onomy to the crypto multiverse are finished and ready to go. This includes some of the cross-chain & multi-chain network deployments we’ve been tirelessly hyping up. Yes, that’s Ethereum, Cosmos, Avalanche, Aurora on Near, Polygon, and Harmony so far with much more in the pipeline.

As you know by now, these bridges are wed to the Onomy Exchange, which is built right on top of the bridge hub. Okay, but wen ONEX? It won’t be too long as the tech is complete. We’re just tying the frontend & backend together, running tests, and diabolically planning how long to keep everyone waiting. It’ll be worth it, we promise — after all, Onomy will facilitate native asset transfers cross-chain with the order book UI opening new worlds of opportunity.

Of course, we want you (and you’ll want) to use Onomy Access. Good news, it’s almost finished. We hooked up all the libraries needed to successfully launch and secure keys on both Android and iOS. This enables seamless management of your assets to trade natively cross-chain, stake, govern, transfer, and more in future. The wallet opens the ability to partner with chains to integrate them into the wallet to take advantage of all of these features and by default, improve access to liquidity through ONEX. You can imagine the amount of partnerships this will create.

By the way, we heard that some of you would love to beta test the wallet. Well, we already have it in beta and some lucky community members (like you, dear reader) will get to test it too. We’ll release information on how to sign up for our Onomy Access Mobile Beta soon, so keep your eyes on our Twitter!

In short, everything is nearly finished. As you all know, a seamless, beautiful UI is one of Onomy’s mission priorities — and coupling it with the backend is the main remainder of the work before the team assembles yet again to fight in the legendary Stablecoin Wars with its champion, the Onomy Reserve.

Test, Test, and Test Again! No Half Measures.

For now, we’re putting this infrastructure through the mill, running simulation after simulation imitating trading behaviour to ensure our product is robust. Early information is exciting, but we got outside help to check our code and numbers.

Audits on our mainnet and bridges are being run by NCC Group as we speak, while our specs have been formally verified by Informal Systems. In addition, we’re patent pending on our Equity Consensus (transactions go brr!), and as usual, developing TLA+ specifications.

What’s Equity, you ask? We are future-proofing ourselves so that high-frequency trading can occur on the Onomy Exchange in a way that allows us to imitate and even exceed centralised performance, all decentralised.

Our mission to turn bank managers into crypto degens is, so far, working perfectly. We can’t wait for them, and you, to try it.

Web 3 Engagement

“No man is an island”, said John Donne. No blockchain is either. While our tech heads have been working on a blockchain fit for kings (of finance), our business development team has been building the relationships needed for Onomy to flourish.

Strategic Backers are in place. We can’t reveal who yet — the people we’re talking to do things by the book — but think of how many firms you can name off the top of your head. You probably just named a few.

Our collaborations with Polygon, Avalanche, Aurora, and Harmony have already borne excellent fruit. We love those chains and having our Hybrid DEX deployed on them will turbocharge growth prospects when we announce ourselves on the main stage. Some of these deployments are already working on testnet. For a quick recap, these entail a native DEX deployment to cater to the loyal liquidity, bi-directional bridges, and Denom adoption.

And we’ve got even more partnerships to come!

We’re also shortly going to reveal an explainer video soon enough, diving deeper into our vision and products. It’ll go live on YouTube, so do yourself a favour and smash that subscribe button! Now that we’re almost done with readying the mainnet launch, it’s time to show the world what Onomy is.

Let’s DAO It!

DAOs are the future of work, and the future of social organisation. You asked, we answered. Onomy is a DAO. We’ve completed the DAO module that governs treasury funds, meaning that no mortal man has control over the private keys, ensuring total decentralisation while also supporting several DAO proposal types to let you, the community, play a key role in Onomy’s growth over the long-term.

We’ll shortly publish an article that shows the technical details of how proposals, voting, and funding works.

Launch Strategy

We’ll soon be launching a testnet version of the Bonding Curve on Rinkeby for everyone to try out. Functionality will include bNOM purchases, bNOM sales, and bridging from Ethereum to the Onomy Network.

Come audit completion and stress test of the initial products, we shall launch the token through the Bonding Curve, the Onomy Network mainnet, initial bridges, the DAO, and the much-awaited Access Wallet. The Onomy Exchange will follow shortly afterward, and once liquidity is established, the Onomy Reserve will be released.

We are in the final furlong. More details regarding our secret strategic backers, our Onomy Access beta sign up, our DAO proposals, interface reveals, and the launch of our products are coming over the next few weeks.

We hope you enjoyed this meal. NOM NOM. Until the next one!

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