Token Symbol: OMI
Crowdsale Token Price: $0.05
Hard Cap: $22,125,000
Total Tokens for Sale: 500,000,000 (50% of Total Supply)
Crowdsale Date: June 30, 2018
What is ECOMI?
ECOMI is a security, economy and digital ecosystem supported by ORBIS Blockchain Technologies Ltd. ECOMI aims to bring blockchain technology to the mainstream by offering a user-friendly all-in-one platform. The company is actively working on tackling the issues of security and data protection (namely private keys) in the crypto sphere. They also want to make cryptocurrencies more user-friendly and increase their efficiency when being used by different entities. In order to do this the company is creating a digital assets ecosystem on the blockchain, delivering the benefits of decentralization, ownership, privacy and control. ECOMI’s products offer the following:
The Secure Wallet – A cryptocurrency and private key hardware device that ensures the protection of digital assets via a convenient credit card sized device. Designed to be completely impenetrable by malicious attacks, the Secure Wallet’s infrastructure ensures that it is never connected directly to the Internet, or insecurely connected to an online device, thus maintaining the most secure asset protection. The Secure Wallet is paired with a host device (an Apple or Android smartphone) via an encrypted wireless / Bluetooth connection. Another feature that makes the wallet stand out is that it’s waterproof and has a bend capability of 15 degrees. The Secure Wallet will launch with the capacity to securely store five cryptocurrencies – Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and very soon it will offer ERC20 support. By the end of 2018 the Secure Wallet will support over 30 currencies.
ECOMI One – Built on top of the Secure Wallet technology, ECOMI One will securely hold your cryptocurrencies, fiat currencies (e.g. USD, GBP, EUR), as well as your NFC-enabled debit, credit, and loyalty cards. ECOMI One addresses the utility problem of cryptocurrencies and their day to day usability by offering a consolidated all-in-one wallet with the capability to hold all the aforementioned assets in ‘One’ place. With the integrated debit card – accepted where all major debit cards are accepted – ECOMI One card holders can spend fiat and cryptocurrencies, using technologies such as NFC and EMV. The in-wallet exchange allows cryptocurrencies to be exchanged for fiat currencies, either directly within the app or automatically at the point of sale.
ECOMI Collect – ECOMI Collect will offer a new type of collectable in the form of a ‘Non Fungible Token’ (NFT) – essentially a digital asset that has a verified owner. These NFT’s represent unique collectable items (such as rare cards or characters) that exist in the digital space and can be traced to a verified owner. In an easy to use and well-designed app users can browse a wide range of licensed digital high-quality products. Once they are purchased, collectable owners can view, trade, or visualise these digital collectables using the latest Augmented Reality (AR) technologies, which now are standard in Apple and Samsung phones. ECOMI has secured the first crypto-collectable license – the internationally renowned brand tokidoki.
ECOMI Vault – ECOMI Vault protects your data. This can include, but is not limited to, all forms of intellectual property, for example a piece of music, literature, or specifications of revolutionary new technology, as well as personal data such as usernames, passwords and also credit cards. Using a combination of distributed ledger technology and offline private key storage (Secure Wallet or ECOMI One), ECOMI Vault offers a maximum level of protection for personal and commercial data. ECOMI Vault is a software-as-a-service (SAAS) solution. Users can upload files to their Vault, create folders, and organise their data. To keep data organised, there are specific sections for different types of data such as passwords, credit cards, files etc. within the Vault. When data is added to ECOMI Vault, each file gets a verified, timestamped record of all activity that takes place within said file. This include times when the file was added, viewed, updated, accessed, shared and more.
ECOMI App – At the heart of the ECOMI ecosystem there is the ECOMI app. Through this app users will be able to access all ECOMI services and features from one central location. ECOMI apps will be developed by ORBIS Blockchain Technologies Ltd. During this initial development period ORBIS will create guidelines for development within the ECOMI Ecosystem.
Soon after, the ECOMI Ecosystem will be open as a platform for any developer who wishes to either build an app the community has voted for, or create an app of their own. Users can access the products and services within the ECOMI ecosystem by using the ECOMI desktop and mobile apps, as well as browser extensions for certain features.
Product Readiness
ECOMI aims to offer five different products, all bringing value to users through different ways. The company has finalized one of the products so far (The Secure Wallet). The other four are still in development and are planned to be finalized in the following time periods:
Ecomi One: Release in Q2 2019
Ecomi App: V1 release in Q3 2018
Ecomi Collect: Public release in Q1 2019
Ecomi Vault: Public release in Q2 2019
Sometime in 2018, before the set due dates, the test versions of the products will be released.
Competitive Advantage
What stands out is ECOMI’s fairly wide scope. In regard to the four products that the company plans to develop, it has to be said that each has competitors. They might lose to those more focused competitors who are putting all their resources towards solving one problem.
ECOMI does have a unique solution with the Secure Wallet, and that product is finished and ready to be purchased. What makes it better than competitors like Ledger Nano S is that they never connect to the internet directly. It remains to be seen if the benefits are significant enough to move people to this solution rather than the hardware wallets. Furthermore, ECOMI One and ECOMI Vault are both unique in their ways compared to the current competition. In regard to Ecomi Collect, it is the only cyrpto-collectable app with licensed brands, such as Tokidoki. However, both of these projects are not yet fully developed, hence we will need to wait and see whether their features will still be unique at the time of their release.
Size of Potential Market
ECOMI is aiming to target a mass market with their products, as they are covering all of the following spaces:
Decentralized application marketplace
Exchange (providing liquidity)
Protection and storage of personal data, including basic identification, usernames, passwords, credit card information, passports, licenses and more
Recording, protecting and sharing of intellectual property
A broad variety of P2P asset exchange platforms including cryptocurrencies, messaging platforms, social media, encrypted file and data storage
The team’s aim is to build a global ecosystem, however for the time being it seems that their main focus is on the American and Asian markets. These two markets are promising in regard to in-game collectibles and also have the largest amount of cryptocurrency users and owners.
Competition
The Secure Wallet has strong competitors in Trezor, Nano, and KeepKey. ECOMI’s wallet does have several features that set it apart from the competition such as allowing the user to access the wallet without an Internet connection, but it comes with a substantially higher price than all three competitors.
ECOMI One in our opinion is the product that stands out most, considering it has NFC Technology incorporated, and a debit + credit + loyalty point card. In our opinion this will be very attractive for many, because it’s basically a three-in-one card which can be used in the real world. Monaco and Advcash can be considered the closest competitors to ECOMI One.
Lastly, ECOMI Collect and ECOMI Vault both have competitors, such as PokemonGo, CryptoKitties, Steam VR, and Google Drive, Dropbox respectively. ECOMI Vault will contain many more features than the current competition, as can be seen below, therefore it might gain a hefty customer base if development will be quick. On the flip side, intellectual property and document protection is already being tackled by several blockchain-based startups.
Innovation & Intellectual Property
ECOMI’s parent company, ORBIS, owns a shareholding stake in the manufacturing production facility, for the Secure Wallet and the ECOMI One. This production facility has high-level technical manufacturing production and owns 19 patents related to hardware wallets and debit technology.
Update on 8 May, 2018: One of the team’s main focuses will be acquiring licensed and recognized collectibles for ECOMI Collect. The nature of licensed collectibles will bring some unique marketing collaborations, and should drive people from outside of crypto into ECOMI. So far the team has secured the license for TokiDoki, and mentioned that more announcements are to be coming soon. This is a key point of difference in comparison to competitors, as collectible offering- and second hand market- will be recognisable characters and pieces, as opposed to tickets, coupons and shopping rewards.
Use of Blockchain = 73%
Blockchain Advantage
The use of Blockchain allows ECOMI to bring customers a much safer debit, credit, and cryptocurrency cold wallet. All five ECOMI products focus on lowering the entry barrier for cryptocurrency non-natives and offer better solutions to already existent products and services.
Need for Custom Token
The native token’s main usage is staking. It allows users to have access to advanced features offered by the products and unlocks features which would not be accessible without having an active stake. Access to products and services within the ECOMI ecosystem will incentivise token holders to support the network by staking OMI Tokens, rather than spending them. This is a perfect example of aiming to tokenize an economy. ECOMI’s ecosystem could run almost the same by using fiat, however, by tokenizing the network, transactions become faster, users are “hooked” to the platform quicker and in-game spending becomes easier.
Decentralization
team will offer an exchange function built into the ECOMI One Card/App, so that you can exchange the currencies you own. In the initial phase it will operate similarly to Shapeshift and be tailored to the specific needs of our community. It is unclear whether the exchange is decentralized or not. The rest of the products are, we believe, decentralized enough, so that power is not monopolized within the network.
Storage and Mining[/b]
Do not include in rating ECOMI mentions that they are currently in talks with several data storage solutions such as Sia Coin. These solutions will be used for large-file storage hosted through the ECOMI Vault.
Contribution for the Blockchain Economy
ECOMI has competition from all angles, however, the offerings they are working on should be better than what’s currently available on the market. We are particularly excited about the Secure Wallet and the ECOMI One. We believe that an improved hardware wallet and an all-in-one debit/credit card can attract a large customer base and allow ECOMI to build a sizeable revenue stream, especially since alternatives to the current hardware wallets are needed due to unmet demand and security flaws. ECOMI has the potential to bring great contribution to the blockchain economy simply by offering your average Joe an easy way to enter the space, either through the use of a secure debit card, the ECOMI Collect game, or the ECOMI Vault with its stellar security propositions. ECOMI Collect’s advantage is the licensed brands that the company have onboard. In addition, these famous licensed brands, will expose blockchain / crypto to many people outside this space from the $621 billion collectables market.
Development Roadmap
Concreteness
The development plan presented is very clear, and there are many milestones that the team aims to achieve within the upcoming two years. Each quarter brings either a product launch or a new updated version of the already existing product(s). We believe that the roadmap is slightly ambitious for the team’s current size, and that there might be delays in releases, especially in the ECOMI One wholesale distribution. Hopefully, the team can prove us wrong in the long-term and stick to the presented deadlines.
Vision
ECOMI’s roadmap runs until the end of 2019 and has several releases / milestones planned for each quarter. We believe this is important from the product development and the investor’s viewpoints. Frequent milestones put pressure on the team and should act as motivation in the long-run. If all of the planned milestones will be achieved in time, ECOMI will gain great traction and profit from positive exposure in news and cryptocurrency outlets.
Current Position
The Secure Wallet was planned to be developed by the end of Q1 2018. The wallet is complete, and the team is currently working on some updates of the app which will be released before the crowdsale. It is mentioned that the team also has plans for scaling contributions considering they build on Ethereum. So far they have achieved a sufficient amount of planned milestones and are well on track.
Recent Developments
In recent weeks, ECOMI has had a number of successes thanks to strategic partnerships and investments, as well as the business acumen provided by CEO David Yu. These include an acquisition of a larger stake of the hardward manufacturing facility, favorable price negotiations for licenses on ECOMI Collect, and an ORBIS series A round of investment.
These developments bode very well for ECOMI and current and future investors as the leadership team has decided to reassess the token sale hard-cap and cut the token in price in half while simultaneously issuing twice as many tokens to current holders.
