Fiat currencies have long been a great way to transfer value, but in the face of the digital revolution, they are starting to become obsolete. After all, moving fiat money across borders is difficult and expensive. In addition, they cannot easily connect to blockchain-based protocols and are not the most transparent when it comes to provisioning.
On the other hand, stablecoins can solve all of these challenges but are not easily accessible for Fiat owners.
Onomy Protocol is designed to bridge the gap between the fiat and stablecoin worlds through an ecosystem of blockchain-based products, including the stablecoin issuing protocol, the native blockchain network, the decentralized exchange (DEX), the cross- Chain bridge, and the wallet solution.
What is the Onomy Protocol?
Onomy Protocol builds a multi-chain DEX that provides a standard interface between traditional finance and decentralized finance (DeFi).
The platform aims to break the heavy dependency that is building up around Ethereum’s DeFi ecosystem by giving users of every major chain that supports intelligent contracts potentially access to the same suite of assets.
With that, Onomy is poised to provide genuinely integrated on-ramps for DeFi across all blockchains, moving away from today’s short-sighted approach to ensuring that both home and business users can maximize asset liquidity without worrying about individual chains have to.
By building a bridge between Forex / CeFi and DeFi, Onomy hopes to unlock the $ 6.6 trillion per day forex trading industry – increasing liquidity in the DeFi market while providing a roadmap to get started. Who want exposure to digital assets without volatility. In addition, Onomy is developing a custom bridging hub that enables users to seamlessly transfer assets between supported chains.
What is the Token Onomy Protocol (NOM)?
The platform’s native utility and governance token is NOM, which Onomy uses for various purposes, such as It is also used for administrative purposes.
Who founded the Onomy Protocol (NOM)?
Onomy was founded in December 2020 by Lalo Bazzi and Charles Dusek. Bazzi is a former employee at Fidelity Investments and a former strategist for Microsoft cloud solutions with almost four years of experience in the blockchain space. On the other hand, Dusek is an accomplished engineer with over a decade of experience in energy finance, private Equity, machine learning, and consensus systems. Together they develop mining hardware, use ASIC chips and build a global network of infrastructure partners.
Team Onomy currently has more than 20 employees, including developers, designers, researchers, and marketing professionals.
How does theonomy protocol work?
Onomy Protocol’s application-specific blockchain works on Cosmos. Cosmos is considered by many to be one of the most advanced blockchain platforms available today, with 100 times the efficiency of Ethereum, high throughput, and an active inter-blockchain communication protocol (IBC).
The platform provides easy-to-use rails to bring fiat into the crypto world through crypto-backed stablecoins known as denominations (or demons). They are issued by the Onomy Reserve (ORES) and can be used for transactions, loans, and payments. At the same time, Denoms can freely enter and exit the Onomy ecosystem, opening up new unparalleled opportunities in the traditional financial world.
Denoms can be pegged to the value of any primary fiat currency, e.g., Euro (EUR), US Dollar (USD), British Pound (GBP), Japanese Yen (YEN) … This is the first time that there is only one security, NOM, can be used to mint stablecoins linked to multiple fiat currencies directly.
To ensure that denoms maintain a stable value, Onomy uses control mechanisms such as retaining a secured minimum rate and using reserve ratios to inflate/deflate the currency to reach face value with the appropriate fiat currency.
Denoms can be traded on the Onomy Exchange (ONEX) and many other crypto assets and the platform’s utility token – NOM. They are also being migrated across chains as the Onomy Bridge integrates several well-known blockchain networks such as Cosmos, Ethereum, Avalanche, Cardano, and others.
To provide the ultimate user experience, Onomy has developed a new technology called “Natural Rights.” This technology uses proxy re-encoding to make it easier to manage private keys through authorized devices and enables QR single sign-on when working multiple keys. With Natural Rights, users have complete control over their assets but don’t have to manage multiple wallets for each chain – which significantly improves the user experience.
Onomy Reserve (ORES) and Onomy Exchange (ONEX) work in the Onomy Network (ONET). ONET is used to process transactions. As a result, the value transfer process is fast, secure, and, above all, irreversible. While ONET is currently being developed with Tendermint in mind, Onomy will later introduce Equity, a Byzantine fault-tolerant consensus protocol that establishes a proper order for all transactions over the network, preventing a lead-up and simultaneously time allowing the network to support high-frequency trading. ONET is a network of secure authenticators. Each validator must bind a fixed minimum amount of NOM directly or via a trust to participate in the network consensus. NOM validators and stakers are animated as an inflation reward.
As of August 2021, Onomy is in the early stages of its development roadmap. The current timetable (as described in) Onomy lite paper) says first versions of the following first products will be launched by the end of the fourth quarter of 2021:
- Mainnet from Onomy Network
- Onomy Bonding Curve Platform
- Onomy exchange
- Onomy wallet
- Onomy Bridge Hub
Onomy also plans to conduct public NOM tokens through a unique Bonding Curve Offering (BCO) using a validated smart contract deployed on the Ethereum chain. Unlike traditional token sales models, BCO works as an Automated Market Maker (AMM) contract that automates the relationship between pricing and supply and provides a predetermined, liquid price. The exact date is not yet known.
What Makes the Onomy Protocol Unique?
Onomy aims to have all of the world’s currencies in the chain. As seen with a surge in USD stablecoins of over $ 100 billion between August 2020 and August 2021, the transition from traditional funding to decentralized funding is not only inevitable; it will happen. This provides an opportunity to expand beyond the US dollar and add traditional forex exchanges to the chain. In addition, interoperability between many major blockchain economies should be prerequisites for unlocking global financial inclusion and opening global liquidity for the new economic model.
To that end, Onomy includes many unique features designed to enhance the DeFi experience, increase liquidity and stimulate attendees. Some of the main differentiators of onomy are:
Onomy introduces a new type of stablecoin called denoms. They use the best bits of fiat money (value, stable utility, recognition) combined with the superior functionality of digital currency (crypto-safe, tamper-proof, and free of charge). Border).
In short, Denoms provides a more efficient way to trade a wide variety of stablecoin denominations while opening up new pay lines through the burgeoning DeFi sector.
Onomy leverages new technology to provide users with a consistent experience no matter which blockchain they choose. This ensures that users can coin denoms in Onomy’s native chain while trading and operating liquidity from multiple blockchains to provide an ideal experience for ONEX users.
The DEX, which has been further developed for Onomy Exchange, uses a model that combines both order book and AMM functions. This unlocks other previously available features to traditional centralized exchanges, such as stop-loss orders, limit orders, and advanced charting. Onomy business will support cross-chain trading for stablecoin denoms, NOM tokens, and other cryptocurrencies.
Register only once
Managing private keys and using decentralized applications (DApps) on multiple blockchains can be challenging. Users often need to run numerous wallets and carefully work how and when they log in. many different uses. Onomy eliminates this shortcoming with a secure single sign-on solution for managing private keys called Natural Rights. Accordingly, users can use QR to log into addresses on multiple blockchains.
A network of decentralized validators maintains the integrity of the PoS blockchain running on Onomys Cosmos. They are encouraged to act honestly through the NOM reward system and are punished if they fail to meet their obligations. Individual users can contribute to the authentication process by delegating their NOM to a validator of their choice as an incentive. Additional staking mechanisms are implemented for both denoms and NOM tokens.
The onomy protocol is administered by the NOM holders as a decentralized autonomous organization (DAO). These owners can weigh their opinions and contribute to critical decisions that contribute to the development of the onomy ecosystem by initiating and voting on governance proposals.
According to Coinmarketcap