Overview of ECOMI for beginners

• Overview of ECOMI
• How does ECOMI work?
• VeVe Platform
• OMI Token
• Conclude

Overview of ECOMI

Non-fungible tokens (NFTs) have become a hugely popular trend these days with several DeFi protocols developing the space widely. Notably, you cannot swap them for ERC-20 tokens. Instead, they can only represent ownership of unique items. To provide a one-stop shop for digital collections, ECOMI (OMI) was created.

However, the ecosystem created by ECOMI is much more than that, with the blockchain network looking to provide users with an all-in-one digital platform that includes economy and security in the digital space. digital.

ECOMI is a Singapore-based technology company that allows users to buy and sell collectibles through VeVe, its non-fungible token marketplace. The company has received support from ORBIS Blockchain Technology Ltd. 

ECOMI aims to be the world's largest NFT marketplace, where users have access to several brands on a flexible and secure platform to enjoy the benefits of ownership, control, rights privacy and decentralization.

The purpose of ECOMI is to protect and collect premium licensed digital collections using distributed ledger technology. Besides its most famous project VeVe, the company is also looking to solve issues related to security and data protection through the development of the ECOMI secure storage wallet.

ECOMI Logo

How does ECOMI work?

ECOMI has several functions. You can use the VeVe platform to buy collectibles or interact with them in real time using augmented reality. Some of the salient features include:

ECOMI . Wallet

ECOMI has its own wireless hardware wallet. Transactions are made using the native token of the ECOMI platform – the OMI token, which also allows you to buy collectibles or stake your tokens. This wallet is secure by never being connected to the internet, thus keeping funds safe from malware and preventing hacker attacks.

The Metcalfe Effect

The platform relies on Metcalfe Effect to play a key role in the growth of its user base. The Metcalfe effect is a law that states that the value of a communication network is proportional to the square of the number of connected users of the system, quantifying the increase in this value.

NFT Scarcity

All digital collections on the VeVe platform are limited in number in batches known as “Series”. Blockchain and the NFT standard are used to create them. For example a series can have 10,000 collections and these sets have 5 rare categories. Ranges from “Common” for 62% of the total to “Extremely Rare” for just 1%.

Blockchain Technology

ECOMI combined with GoChain.

Unlike many DeFi protocols, ECOMI does not rely on the Ethereum network, citing scalability and high fees. Instead, ECOMI uses GoChain, a public web 3.0 Blockchain founded in 2017. It handles 100 times the volume of Ethereum while keeping compatibility.

Notably, GoChain can execute up to 1,300 transactions per second, making it an ideal network for dApp viability. As stated above, GoChain remains fully compatible with Ethereum, which allows ECOMI to leverage the existing GO20 and GO721 token standard implementations. The ECOMI NFT smart contract is also compatible with the token standard. ERC-721. making it achieve long-term stability and compatibility.

NFT Minting

ECOMI's digital collections are created by minting new NFTs in its blockchain contract. Each NFT has an associated Uniform Resource Identifier (URI), a unique string of characters that identifies the logical or physical resource used by the web technology. These URIs associate that NFT with a set of metadata that includes the collection name, its licensors, its brand, series, and all its attributes, like clothing, props, tapes discs, pictures, etc.

Ownership of NFT

Ownership of each newly minted NFT is sent to an address designated for ECOMI for security and management on behalf of the owner. VeVe is a centralized platform that combines the display of available digital collections, while ECOMI maintains ownership of all collections in the system.

Register

To access VeVe and ECOMI, you must first register. You can use your Gmail to sign up. Furthermore, all transactions in the ECOMI network require the user to sign an authorization from their app or their Collect Wallet.

Gaming

The VeVe platform allows users to interact and play with the digital collections they own to create deeper interactions. Additionally, augmented reality allows users to play a wide range of single and multiplayer games within the VeVe platform.

VeVe Platform

VeVe Platform.

It is a cross-platform app that works on mobile, desktop and web. VeVe provides digital asset distribution and storage services in the form of digital collections. It allows users to buy, sell and collect licensed NFTs using Blockchain technology.

By joining the platform, you can showcase your digital collections in your personal gallery through the ECOMI community. There, other users will not only rate and comment on your work, but also share their properties. The platform also offers a VeVe store. It acts as a secondhand market, an augmented reality gallery. VeVe has cooperated with many famous brands, such as NFL, MLB, Batman, Superman.

The VeVe app gives consumers a real sense of ownership over premium digital collections. Users can purchase popular, unique or one-of-a-kind digital collections through the app store, share them on social media services or transact with the VeVe network, all at their fingertips. your.

OMI Token

ECOMI has its own OMI token. It serves as a medium of exchange and ensures an immutable record of ownership. It is a GO20 token, built on the GoChain blockchain. Sometimes, users may have to add GoChain as a custom network, depending on the wallet they are using.

OMI tokens drive the entire economy of VeVe, as users can buy, sell, and trade digital collections using OMI. These tokens also work to pay gas fees whenever a transaction occurs. After an ECOMI user purchases a collection, the OMI token goes to an inaccessible smart contract. for permanent storage. Anyone can purchase OMI tokens with their credit or debit card through an in-app purchase.

The current circulating supply of OMI is 110 billion. Meanwhile, the VeVe platform holds a large portion of OMI tokens. The distribution of OMI tokens is as follows:

• VeVe Reserve Wallet: 300 billion (40%) tokens.
• VeVe Vault Wallet: 40 billion initial liquidity.
• Platform development: 150 billion (20%).
• Team, advisors and board members: 150 billion (20%).
• Circulating supply: 110 billion.

ECOMI users can store their OMI in a cold hardware wallet . Besides, OMI lists on any major exchange like Binance , AscendEX or Bittrex .

Conclude

According to ECOMI, digital collectibles have rapidly grown into a multi-billion dollar market. The pop culture collectibles industry is the latest to enter this digital revolution. ECOMI is an attractive opportunity for many NFT enthusiasts as well as investors. We hope that through this article, we have provided enough information about ECOMI that readers need, and please look forward to reading upcoming NFT related articles.

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