What is Omnitude
Omnitude is an integration layer between existing systems that enables rapid deployment of blockchain technology without the need to replace current systems.
What does this mean?
It means that Omnitude will take existing eCommerce businesses and integrate them with the blockchain without requiring them to invest time and money into the development of their own systems.
The project will allow merchants to build drag and drop apps that customize the way their businesses interact with the blockchain.
The project will change the way business handle data by creating a new layer between their old systems and current blockchain technology.
The integration to the blockchain will include four main components which are:
- Supply Chain Tracking
- Identity Confirmation
- Payments
- App Development (Omnitude & third party)
Omnitude will utilize native and 3rd party apps that will allow merchants to take data from one source, translate or merge it and send somewhere else.
This information will include supply chain tracking, login data , identity data, and payment data (and more). The apps will then allow the merchants to run simple rules (possibly via smart contract) on top of this data.
This sounds confusing to the consumer.
Yes it does but luckily Omnitude is being built as an enterprise system (aka for business) that will affect the back end more than the front. Since the product is in the backend there are no hurdles for consumers to overcome which makes it easier for businesses to want to adopt it.
Omnitude will integrate with systems like ERP & WMS for those familiar with current enterprise solutions.
One example of this is the tracking of products. Omnitude will allow products to be verifiably trackable using the blockchain but the end user will still check it using a simple phone app.
What solutions is Omnitude bringing to the table?
This project is offering a unique and important set of tools for businesses that include:
Supply Chain
Omnitude will use cryptographic identifiers (serial numbers, security tags, etc) in conjunction with geographic nodes that write the products location to the blockchain.
This system will provide an immutable, record of journey for each product that gives the merchant the ability to fully audit the supply chain from raw materials to final delivery. Omnitude plans to use this supply chain data to create staged payments as products travel up the supply chain.
Single Identity
Customers will be able to submit their user profile a single time and have the data encrypted via the blockchain. The user identity will store payment information, shopping preferences,reputation and additional data.
The single identity system includes what is called “Proof of Interaction” (POI) which helps to strengthen the reputation and identity system. Each time a customer and a merchant interact, the merchant will write a record of that interaction to the blockchain.
Reviews from consumers can only be shared if a proof of interaction between the two parties exists on the blockchain. This prevents fraudulent negative reviews from being posted about a merchant.
Fraud Prevention
Fraud prevention is a combination of supply chain, single identity and blockchain based payment systems. Omnitude will prevent fraudelent merchants or suppliers by allowing the a fully auditable supply chain. This benefits the end user as well as any business in the supply chain that may unknowingly be receiving an inauthentic product.
It will prevent fraudulent spending by requiring proof of interaction and a reputation system. Lastly, when paying with cryptocurrency the system will prevent fraud such as chargebacks.
What does the roadmap look like?
The projects timeline consists of two main phases:
Phase 1: Launch Omnitude platform and allow businesses to take advantage of blockchain easily.
Phase 2: Omnitude and 3rd party community apps for specific use cases become available.
The roadmap provides detail to the milestones the team wishes to achieve by Q1 2019. The most interesting portions of the roadmap include Hyperledger node testing in Q3 2018, Launch of Phase 1 in Q4 2018 and Launch of Phase 2 in Q1 2019.
What is the role of ECOM token?
The utility of the ECOM token is:
- Payment — Between ecosystem participants (merchant-customer, business-business)
- Reputation — ECOM is paid to a user when another user utilizes their reputation (single identity).
- Rewards — Paid from merchant to customers for reviews, as part of a loyalty program or for referring customers. ECOM is paid to merchants from customers when a merchant writes a proof of interaction with a customer to the blockchain.
- Masternodes — In return for enforcing Omnitude’s Delegated Practical Byzantine Fault Tolerance (DPBFT) consensus algorithm, validating nodes will share in ECOM block rewards.
What blockchain is the project on?
This question is asked frequently because the tokensale is issuing an ERC20 (Ethereum) token but the whitepaper references a proprietary blockchain. The team has stated that the the project is building it’s own permissioned blockchain on top of Hyperledger. Hyperledger is an open source, global, collaborative project hosted by the Linux Foundation.
Most projects creating their own blockchain have used this method. It allows for the tokensale to help fund the resources required to pursue the native blockchain.
What about the team?
Omnitude has taken a slightly different approach to filling out their team using consultants in key positions. The CEO Chris Painter is the managing director of Pixel by Pixel, a full service ecommerce integration, marketing and design firm.
The co-founder and advisor Robert Belgrave is more on the technical side and acted as an advisor for Dadi (recent ICO). These two members can act as leads to the two keys of this projects success, marketing (customer acquisition) and development.
The Omnitude team has opted to hire two consultants for the heavy tech work, including a blockchain consultant and a Hyperledger consultant. The advisors are a varied group including Sally Eaves, Tiago Henriques and The Blockchain Mob.
Links to core team members and advisors are below:
Christ Painter — Co-Founder/CEO
Robert Belgrave — Co-Founder/Advisor
Benjamin Van Every — Blockchain Consultant
James Worthington — Hyperledger Consultant
Sally Eaves — Governance and Education Advisor
What’s up with the ICO?
Token Distribution & Fund Allocation
The Omnitude crowdsale is beginning on March 28, registration is currently open. This was a two part ICO that included a public presale (sold out) and the public crowdsale.
The hardcap for this sale is $21,000,000 which is in the normal range for the current ICO environment. Based on the fact that the team eventually plans to develop their own blockchain the hardcap is lower than comparable projects.
A total of 55% of the total ECOM tokens will be sold to the public (50% crowdsale, 5% public presale) .
The presale has sold out but registration is open for the crowdsale. The base price per token at ICO is $0.46 ($0.40 for presale). There is no bonus during the crowdsale.
Team member tokens will have a 5 year lockup with 20% released per year. Unsold tokens will be burnt.
Marketcap & Token Supply
The project at hardcap will have a marketcap of approximately $21 million (55 million ECOM) if no additional tokens are released at the time. In the current ICO environment the calculated marketcap is towards the lower mid range in terms of amount.
There are not a lot of comparable projects but a lightly similar existing business to blockchain product, Simple Token, currently has a marketcap of $95 million.
The total token supply will be 100,000,000 ECOM. We have no idea what marketcap or price ECOM will achieve but do like to compare it to other similar tokens for analytical pleasure.
Social
The Omnitude Telegram group has 16,500+ members. The Telegram is active and there are usually one or two core team members present and actively moderating including CEO Chris Painter. Both Chris and Greg Painter have personally responded to DMs from Crypto is Fun in the past.
The team is not very active on Medium and most articles contain basic information pertaining to the token sale.
Twitter has over 10k followers and 300 tweets.
This crowdsale is receiving high hype scores from various ICO ratings outlets and the overall hype in the community is beginning to build. Current projects have been gaining hype after presale, closer to the conclusion of the crowdsale and it’s likely that this will follow a similar pattern. Since the presale was open to the public it behaved in this way, initial hype, slowed down, gained rapid hype towards the end.
Overall
This project is trying to solve a real problem in a big way. In a short time there are going to be many ecommerce companies looking to use the blockchain to their advantage. If successful, Omnitude should be able to provide them with what they need which is simple integration of blockchain into their current operating systems.
The large scale vision which includes their own blockchain (based on hyperledger) is ambitious but the roadmap provides them the time they need to accomplish it.. The most challenging aspect of this product is one that all similar products are facing, customer acquisition. Only time will tell if there will be one winner or multiple (our pick!) and if the projects with the best products or best marketing will come out on top.
As with any investment do your own research, we do not rate ICOs or projects we just provide unbiased analytics and overviews for all to use.
ICO Info Sheet
Author:dhavid19
https://bitcointalk.org/index.php?action=profile;u=1795848
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