Ohni is a fractional reserve lending token, that allows you to lend Ohni to the masses by inflating your holdings of Ohni. Ohni, all by itself, is a platform for both lending, while its token is a digital fingerprint of a user on the network. So by owning tokens, token holders are able to lend from a person’s account on the token. The token functions as both a banking account and a source of identity. The way Ohni currency is created is through inflation of lending by Token Holders. Determination of lending is done by what the global Token Holders allow through a DAO (decentralized organization on the Ethereum network). Ohni currency, as a currency which does not exist yet, will be an off-chain localized IoT blockchain that will be running on users’ phones.
Rather than utilizing wallets and purses, it is replaced with the advent of mobile technology. Transactions will be passed from phone to phone, with encrypted user data of where a consumer spent, not whom the consumer is, but what they bought or rather their ID bought. With the creation of the Ohni card, it will be plausible to link a card to a phone, and thus the Ohni App, which interacts with other users that have the Ohni App to store data. This card will be forthcoming in telling what a user bought, particularly if products are recorded into the Ohni Economy, which will allow users to scan with their phones for what products are. It will be elaborated later on. The big takeaway, is that transactions of Ohni currency are not done on the Ethereum Network but with an off-chain IoT blockchain.
The currency that is inflated into being, is lent to plans that consumers have backed with their demands. Essentially, consumers backed plans are made through the Ohni App and used to negotiate with corporations. These plans include renovation plans for said business, introduction of new products, but also alternative energy, newer technology and charitable contributions to the Ohni Consumer Pool. The Token Holder lends Ohni to a plan that has a proposed plan and this Ohni currency functions as a cashback for consumers that shop there. As for the local blockchain, it would quickly fill up normal phones with too much data, so old data is recycled onto the Ohni Cloud through miners in the local network.
Miners themselves function in a congregated group known as the “Zeus Machine.” This overview of miners simply run central algorithms to detect if consumer spending was actually accurate and not someone just recycling money for the purpose of utilizing cashback. Furthermore, this group of miners strips the data loaded onto the Ohni, in the form of spending data, and then parses that information into the Ohni Cloud. Then the miner stamps the Ohni currency, a message of approval from the miner so now that Ohni currency is validated and can be spent with. This process may take days, and in the meantime, the Ohni cannot be transferred until validated. Once validated works as a currency, tradeable and anonymous.
The Ohni company in itself is anonymous and decentralized, having utilized various forms of aggressive airdrops to successfully market to a number of people. With the crowdsale funds, Ohni will continue to build the app and the platform in a decentralized fashion. On the 28th after the aftereffects of the Ethereum fork, we will have our first major crowdsale of a billion tokens. The price is still unknown as of yet. It will be announced on the site.
The funds from this crowdsale will pay freelancers for contributions on Github, while negotiations with exchanges will allow users to trade tokens. We have already maintained and expanded our social network through Facebook and Twitter. But there is still much growth to do. One of our first goals will be an Ohni Token Wallet and block explorer. Following this, a verified form of Token will be created. This token will allow users to input information to verify themselves onto the token to participate in the Ohni Economy as well as hopefully, various exchanges.
Following this, we will work on the App, and will aim efforts towards building a local blockchain through mobile users in a specific city, that will arbitrarily award users with Ohni as cashback for their spending data. After that, we will aim for consumers to be able to band together and make plans for renovation on the platform, from which the token holders can inflate the currency into being and back those plans, and potentially fund the plan themselves. All loans on the network are by their nature interest-free, as part of the new 21st century decentralized form of financial banking. However, the way token holders make a profit, is by inflating off their holdings. One last caveat, to lend first, it must be approved by a signature from a banking token, someone who is a verified and professional that has experience in banking to ensure the loan makes logical sense.
As opposed to utilizing towers or satellites for infrastructure, Ohni will utilize miners that are already mining cryptocurrencies. This decentralized web of miners will be called the Zeus Machine. As stated they will run machine learning algorithms to detect fraud, shut out fraudulent users, but also act as a definite point of sale for transferring Ohni to Fiat and vice versa. It is through this network, that Ohni will have fees and miners to sustain itself. Ohni Corporation does not plan on owning tokens, or acting as a bank in any capacity. The tokens, at least the lending tokens, will be all sold off in according timeframes. All in all, there are 10 billion pre-mined tokens and none more will be minted.
Each token is to represent one person, or a married couple, by the year 2050. Possibly entire families will utilize the token as a source of identity, from marriage certificates to mortgages and other large loans on the network. The Ohni Economy functions because it heavily punishes those who seek to defraud the network, by lowering their Volk score (a social score that increases by repaying debts in a timely fashion), while at the same time maintaining anonymity. There are said repercussions for Token Holders as well, with reduced Marks, if they seek to defraud users or fail to lend accordingly. However tokens can be grouped together for the purpose of defining a regional lending institution, thus blocking other lenders from participating in that specific form of lending within such regional bounds.
Ohni functions as a decentralized currency with particular emphasis on the local economy. It neither benefits someone from China to know what someone in the US spent on, and vice versa, but it does affect them. Therefore, the currency will be global, with the same value everywhere, but it could be created locally depending on economy value and of importance, by how much consumers have banded together to petition corporations. The Local Ohni Consumer Pool will be a pool for which consumers can use to hire volunteers, buy things locally, and improve their community depending on their volk score. There are a variety of ways to increase Volk score, but they include volunteering, civic duty, pledging and spending accordingly.
The Ohni Card will be available as a debit account, also there will also be a credit card, which will inflate the Ohni to a certain amount and make it repayable to the Token Holder. All loans are, as we claimed, interest free, so there may be a certain fixed percentage to pay back in Ohni for a credit line. This makes the Token Holder an effective communal bank as it can lend un-repayable loans to the community to raise the Mark score, while at the same time, lend to individuals on the token in the community. Token Holders can also lend to international and national plans that do have pre-defined boundaries. A last note, raising Marks also raises the capacity to lend fractionally.
The reason why Ohni will be successful, is that the platform, leadership and team continually adapt and change to circumstances. Unfortunately, with the upcoming stability of the hard fork we have chosen not to have our presale contract for Ohni. If you are still interested for a presale, you can email the CEO,
TTM.CEO@ohni.io for a proposal. Funds utilized will be to expand to different wallets. Thank you for choosing Ohni.
Ohni is very Interesting, I will support and collect this coin. I think OHNI will take place in the market this is really a great project.
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