The Omnitude ICO started yesterday. After their pre sale quickly sold out you may need to get in early to participate.
Everyone is aware of the size of the ecommerce market along with numerous ways of paying. However, there is also an issue regarding fraud, and that is also something else that the industry, in general, is going to be concerned about. That is just one area in which Omintude is aiming to make a difference, and the company behind it states that they are in a position to effectively revolutionize the blockchain industry, which is certainly a rather huge claim to make.
Check out their website here
What is Omnitude?
The aim of Omnitude is rather complex as there are different areas in which they are attempting to make a difference. They see themselves as acting as middleware whereby they seek to simplify a number of key processes in the world of ecommerce as well as the supply chain. They believe that the security and transparency of the blockchain will help to reduce the instances of fraud that occur online
The eCommerce market and fraud
The eCommerce market just keeps on growing. In 2016 total sales were worth $1.86 trillion, this figure is expected to rise to over $4 trillion by just 2020.
One of the main problems that online retailers face however is fraud. The most common type of online fraud is chargebacks, banks obviously want to ensure that their customers remain safe online but this has given way to a large amount of scammers who abuse the system.
The new project is aiming to tackle identity fraud with the help of the blockchain. The blockchain allows people to have a ‘digital identity and all of their transactions are recorded. This will also have the added benefit of reducing credit card fraud due a large amount of transactions being processed using cryptocurrency.
The Technical Aspects of Omnitude.
When it comes to the technical side of things, then Omnitude does try to simplify it as much as possible. Their platform is based on Hyperledger but their token is an ERC20 token allowing you to take advantage of any Ethereum based wallet when you wish to trade.
They seek to connect the blockchain technology to the pre-existing ecommerce platforms. Furthermore, as the project is completely open-source it does also mean that app developers will be in a position to look at integrating this blockchain into their own projects meaning the platform itself has the potential to expand even further.
The platform itself uses a series of standard APIs as well as connectors that are able to move data around between different software as well as various blockchains. They also operate a single identity and proof of mechanism concept for purchases, which then means that the merchant can feel more secure with each and every purchase.
They do also offer a supply chain aspect where it can be tracked every step of the way thanks to the blockchain providing individuals with the ability to know what is happening without any issues. As it moves along the chain, each step is recorded on the ledger which then cannot be altered. This is achieved via Smart Contracts at each node, and their tracker app will then allow individuals to know what is happening via their smartphone or tablet.
Of course, the tokens are used as a form of payment as well as providing the ability to power the blockchain. In this respect, nothing will be different with what Omnitude can offer to other blockchains in the same kind of industry.
The Advantages of Using Omnitude.
There are a number of clear advantages when it comes to using the new platform, and perhaps the main one is that their system can be integrated into existing payment systems without interference. The fact that the process is completely transparent and secure, with it being unable to be altered, it will also mean that instances of fraud will be reduced due to the fact that it is seen as being impossible to break the blockchain.
The supply chain aspect is also rather interesting with the way in which it is added to the ledger to allow for closer scrutiny of what is happening. This alone will build confidence in the process since people are not then left in the dark and wondering what will happen next since it is recorded automatically onto the blockchain.
Finally, the fact that merchants are not required to change their current settings to take advantage of using this digital currency will also make a difference. By taking this approach, it means that they are not going to incur a huge cost with the initial setting up of the platform aswell as the obvious time saving.
The Financal Aspect and ICO.
For the financial side of things, then Omnitude is rather clear in what they are seeking with their ICO. They have produced a total of 100,000,000 tokens, and there is a hard cap in place of $23 million. For the ICO, they have priced each token at $0.46.
However, they do state that there is a minimum investment of $150 and they do also accept both Bitcoin as well as Ethereum. They plan on distributing a maximum of 55% of all tokens during the ICO meaning there is a maximum of 55,000,000. It will then be a simple case of them burning any tokens that are left unsold once the ICO has ended with this giving the final token count, as is with most token sales.
Overall Conclusion About Omnitude and the ICO.
To conclude, Omnitude does have a strong team behind it, and this will often bode well for the future of the cryptocurrency. They have also tried to keep the price of their ICO at something that is quite competitive, but then the $150 minimum investment may be enough to put some smaller investors off, which does mean that this may be for more of the experienced investor.
Their product does the job that it is intended for and it will simply be a case of waiting to see which apps are created with this digital currency and platform at its core. This may very well be the part that helps to push this cryptocurrency forward as there are other digital currencies on the market that are along similar lines.
The world of ecommerce does have a problem when it comes to fraud, so the idea that a cryptocurrency is going to be able to counteract this is certainly interesting and something that is worth exploring. As long as costs to the merchant are not too high, it can be easy to see why they would look at adopting this kind of technology especially as confidence in the ability, and safety, of cryptocurrencies continues to grow.
As long as you believe in this product, then this could very well be a good ICO to consider investing in. However, do keep in mind that there are other similar projects out there so doing your due diligence as to how they are performing first may be advisable. Personally I believe this one has advantages over their competitors.
Check our further details about the project on their website and in their whitepaper.
Website: their website
Whitepaper: their whitepaper
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