Omnitude (ECOM)
About OmnitudeOmnitude acts as middleware - a smart integration layer that that allows eCommerce providers to adopt blockchain on a 'plug and play' basis, without needing to replace existing systems. This will help to drive mass adoption of blockchain technology, making it quicker, easier, and cheaper to integrate for businesses of all sizes. In bridging the gap between blockchain theory and practice, Omnitude aims to provide quicker, safer and more cost-effective ways to solve a variety of pertinent problems for online retailers, including fraud, supply chain inefficiency, and identity theft, as well as reducing item returns and improving data security.
Omnitude has specifically chosen Hyperledger Fabric as a blockchain implementation framework because of its stability, security and ability to process large volumes of transactions quickly. We believe this is one of the aspects that sets Omnitude apart and will drive the success and adoption of our ecosystem.
Omnitude can help achieve:
• The creation of transparent and accountable manufacturing and supply chains
• A significant reduction in eCommerce fraud
• The enablement of a single customer identity for use across any Omnitude connected eCommerce site
• Blockchain integration between enterprise systems such as ERP & WMS
….and many more solutions from Omnitude and the community in the form Omnitude DApps.
What are the existing problems in eCommerce?
With global eCommerce sales reaching $1.86 trillion in 2016 and a projected sales revenue of $4.48 trillion 2021, online retail shopping is one of the largest global markets. However, this industry suffers some serious challenges. For example, 45% of online merchants and suppliers report losses greater than $1 million in revenue due to challenges faced when integrating cross-channel capabilities into their commerce strategy. Online payments are a further instance where eCommerce merchants lose out, with an average of 5.65 cents lost per $100 spent due to fraud. The Nilson Report estimates that $31 billion will be lost to the misuse of online chargeback rights alone by 2020. This is not to mention clean fraud (impersonation of legitimate cardholders), account takeovers, identity fraud, and re-shipping scams. From the consumer's perspective, fraud may arise from fake reviews and flimsy reputation systems which create an allusion of trust - research suggests up to 1/3rd of online reviews are phony and serve to bolster the merchant themselves or damage the reputation of competitors.
How does Omnitude solve these issues?In this turbulent environment, the need for an effective, state-of-the-art solution prevails.
Omnitude’s implementation of a 'Single Identity' and 'Single Reputation' on a blockchain will provide the means to help merchants reduce the most common form of eCommerce fraud, Identity Theft, whereby fraudulent transactions are undertaken using a different identity, typically spending on someone else’s credit card or account. In providing users with a Single Identity on the blockchain, Omnitude will relieve merchants from the need to keep and secure extensive local databases containing sensitive personal data about their customers. Such databases are at risk of being compromised by ‘hacking’.
Omnitude will also reduce Merchant Fraud (i.e. the collecting of payment upfront, but with subsequent failure to deliver) by facilitating staged release of payments depending on stage of delivery. This will be executed by smart contracts on top of Omnitude which tracks an item's progress as it passes throughout a supply chain (e.g. identified by painted 2D graphene security tags or serial numbers). Micropayments with staged release, transparent traceability, and immutability, all work towards reducing merchant fraud. The risk of Chargeback Fraud is naturally minimised by reducing the use of credit cards.
Implementation of an Omnitude Identity (OID) backed by the blockchain will also be used to ensure merchant reputation is easily verifiable and legitimate. By establishing unique OID's for each consumer, Omnitude is capable of implementing a 'proof-of-interaction' (POI) whereby each transaction made by an OID will be recorded on the blockchain. Each purchaser must have a legitimate POI and reputation to write a review, and production/delivery of the product to that consumer (as traceable through Omnitude) must be confirmed before a review may be written, thereby eliminating fake reviews from the merchant themselves. An economic incentive system may also be established (based on a distribution of the ECOM token) to ensure reputation is further legitimised. Further to this, affiliate fraud (manipulation of traffic to gain more money from signup and advertising statistics) is reduced by the introduction of POI (i.e. affiliate rewards may only be delivered if there is a follow through by the customer).
These are but a few examples of how Omnitude may benefit supply chains and eCommerce, read more about how Omnitude plans to implement these solutions in our whitepaper.
What is the ECOM token?An ECOM utility token will be launched alongside the Omnitude platform. Merchants, customers, and suppliers will require ECOM to participate in the Omnitude ecosystem.
The ECOM token will serve several primary functions:
1) A native method of settlement between parties to access ecosystem resources.
a. Merchants will make payments in ECOM to other ecosystem participants to use the on-ledger Omnitude solutions for Supply Chain Provenance, Delivery Cycle, Transparency Data, Single ID, Single Reputation and Proof-of-Interaction.
b. Customers will make payments to merchants using ECOM, cryptocurrencies, or FIAT.
2) An incentive for ecosystem participants to operate and secure the ecosystem.
a. The consistency of Omnitude’s immutable blockchain will be guaranteed by a distributed, peer-to-peer network of validating nodes running the Omnitude Core client application. In return for enforcing Omnitude’s Delegated Practical Byzantine Fault Tolerance (DPBFT) consensus algorithm, validating nodes will share in ECOM block rewards.
3) A means to raise funds for long-term development of Omnitude.
a. Through the crowdfunding, the Omnitude Foundation is raising funds for the initial issuance of ECOM, and for the development and launch of the Omnitude ecosystem.
b. The ECOM coins issued during the crowdfunding will be the initial float to bootstrap the ecosystem.
Proposed Token Sale StructureTicker: ECOM
Tokens: 100M (Team & Advisors = 12%, Omnitude Foundation = 33%, Pre-sale Investors = 5%, Main-sale Investors = 50%)
Inflation: None (no further tokens issued)
Private pre-sale cost: $0.40 USD/ECOM (Sold out ahead of time even during turbulent market conditions!)
Private pre-sale cap: 5 million ECOM (2 million USD)
Token Sale cost: $0.46 USD/ECOM
Token Sale hard cap: 50 million ECOM (23 million USD)
Total sale cap: 55 million ECOM (~25 million USD)
Token sale will require KYC and $50k USD limit per person, per day.
Following the 1st round, unsold tokens will be made available to all those registered with each
individual able to purchase another $50k USD worth of ECOM until sold out.
This will repeat until the 5th round at which point the token sale will end if still not sold out.
In the event that the Token Sale funding cap is not reached, all remaining tokens will be
burned.
How do I participate and what are the terms of the token sale?
Our main ICO will be launching March 28th 2018 so sign up at our website (
http://omnitude.tech) to get the latest.
In the meantime, please also have a read of our technical and main whitepapers (
https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef).
SCAM ALERT: Our main token sale starts 28 March 2018 and unfortunately, we will be attracting scammers, in every shape and form.
We have new impersonators on Telegram and we've had our whole website cloned and listed on omnitude.online (PLEASE NOTE : our domain is omnitude.tech).
One thing you must know is that we will NEVER EVER send you a wallet address by private message. When you register at our secure token sale platform, you have a UNIQUE wallet address generated for you.
Remember, everything you need is at
http://tokensale.omnitude.tech.If you come across a scam, please alert us immediately on our Telegram.
Omnitude, It’s everything...
