ECOMI - REVOLUTIONIZED BLOCKCHAIN WITH MAXIMUM PROTECTION OF DIGITAL ASSET

Our everyday life evolved ever since the introduction of blockchain platforms. It has the ability to facilitate smart contracts which can be executed automatedly provided agreement is reached. This breaks trust on third party to implement a transaction or agreement. For example to individuals can bet on a game that Real Madrid could beat Barcelonar. As we speak only a trusted middle man can act as a escrow, demanding a transaction fee or wager fee. Smart contracts and blockchain technology are changing all of that; smart contracts innovation is now capable of determining who to deposit the winning bet to after completion of the game. However this can only be achieved by yet another platform called the oracle. Oracle serves as a call point for the smart contract to decide the result, and exist as a weak point in this ecosystem. External data base can also be tampered with. For instance party 'A' can use privileged access to meddle with a data source to win the game or intercept a result.

Interfering with data is tempting, when financial incentives are involved. Cryptocurrency and smart contracts are now used to make such actions void. Oracles are now built on Consensus meaning the smart contract won’t take its result from a single oracle but from other oracles in consensus, producing a result that is decentralized.

INTRODUCING ECOMI ECOSYSTEMS

The ECOMI eosystem is a platform that combines a range of decentralized applications, with unique offline storage devices, to provide maximum protection of private keys, real-world cryptocurrency payments, and brings the exciting new world of crypto-collectables to the mainstream. This ecosystem will be supported by ECOMI and community initiatives, which will focus on building decentralized applications that offer ownership, control and privacy, by securely storing private keys on the Secure Wallet or the ECOMI One. The ECOMI Ecosystem will have a second layer of security unlike any other ecosystem in blockchain. With the use of the Secure Wallet, and ECOMI One, all private keys created for both cryptocurrency and decentralized apps will be held offline. This in turn will create an ‘air-gapped’ security level, which improves security as compared to other physical hardware wallets.

KEY FEATURES OF THE ECOMI ECOSYSTEM

🔰SECURITY: Security is a major proposed feature of the ECOMI Ecosystem, which seeks to ensure private keys remain protected and are less likely to be compromised. This world class security standard will be maintained by storing private keys offline in the ECOMI physical hardware wallets (the Secure Wallet) and the ECOMI One. It is envisioned that these two physical hardware wallets can be used in conjunction with DApps and services within the ECOMI ecosystem, allowing any ECOMI-based product or service to securely store their related private keys in offline storage.

🔰HOST REGISTRATION FEATURE: Since the Secure Wallet only supports the BLE (NFC) interface for communication, it needs a host (Android or Apple smartphone, and soon a desktop computer) to sync with the cryptocurrency networks and ECOMI Decentralized Apps. The mechanism has been designed for the wallet to register the hosts in a secure way. When a host device (Android or Apple smartphone) sends a request to the Secure Wallet, it provides a UUID (Universally Unique Identifier) with description to the card. The card will generate a UUID which is pushed to the host device so it can generate the device key (which is SHA256 value of UUID). The Secure Wallet will generate the same device key following the same protocol. Both the device and Secure Wallet will then confirm the key by challenge-response mechanism. If passed, the device will be registered as a host of the Secure Wallet.

🔰HOST LOGIN FEATURE: When a registered host device wants to login to the Secure Wallet, it calculates its own device key by sourcing the UUID stored in the host. The login process is a challenge-response mechanism preventing any man-in-the-middle attack. After successful verification, the Secure Wallet card grants the host device access to the wallet.

🔰HIERARCHICAL DETERMINISTIC WALLET FEATURE: The Secure Wallet supports the Hierarchical Deterministic (HD) wallet defined in BIP-32, BIP-43 and BIP-44. The user can generate a number-style mnemonic sentence on the Secure Wallet, which is displayed to the user via the app on the host device. The Secure Wallet will calculate the seed and generate the master node inside the secure element. The mnemonic sentence is confirmed and verified by entering the sum of all sets of numbers into the app to ensure users have captured the mnemonic sentence correctly.

🔰FIRMWARE UPDATES FEATURE: It is possible to update the secure element firmware over-the-air (OTA). The new firmware is encrypted by a loader key and can be delivered through the network. The App can directly install the encrypted firmware to the Secure Wallet. The loader of Secure Wallet will decrypt and verify the firmware using the loader key and install the new firmware after the validation occurs.

🔰LOSS AND BACKUP RESTORATION FEATURE: Security and restoration of private keys is extremely important, and the Secure Wallet has very robust restoration capabilities. Even if owners lose their Secure Wallet and / or their host device, their private keys will likely remain protected. During the setup of the Secure Wallet, a ‘Recovery Seed’ is generated within the app, as already outlined in the Hierarchical Deterministic Wallet explanation above. When the seed is generated, the user should write this in the ‘Recovery Card’ supplied with the Secure Wallet and store it in a very safe place. In the event that the Secure Wallet is lost or stolen, the user can purchase a replacement Secure Wallet, pair it with the host device, and enter the Recovery Seed from the Recovery Card to restore their private keys. In the future, ECOMI plans to make use of biometric technologies to make the process simpler and more secure.

ECOMI ECOSYSTEM UNIQUE PRODUCTS

➰SECURE WALLET
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The Secure Wallet is a credit card-sized, cryptocurrency private key hardware device that helps to ensure the protection of digital assets. The Secure Wallet is designed to be impenetrable to malicious cyber-attacks, since it never connects directly to the Internet or to an online device insecurely. It's main features are:

⏩Top-of-the-line security

⏩True cold wallet

⏩Loss recovery and restoration

⏩Everyday convenience

⏩Physical transaction confirmation

⏩Supports Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash and soon ERC20

⏩No strings and no fees (other than standard blockchain fees)

⏩Long life lithium battery

⏩Waterproof and a bend capability of 15 degrees

⏩Environmentally friendly

➰ECOMI ONE

ECOMI One is a credit card-sized, global payment card. Built on top of the Secure Wallet technology, ECOMI One will securely hold cryptocurrencies, fiat currencies (e.g. USD, GBP, EUR), as well as NFC-enabled debit, credit, and loyalty cards. The in-wallet exchange creates the potential for cryptocurrencies to be exchanged for fiat currencies, either directly within the app or automatically at the point of sale. ECOMI One is envisioned to be a truly global card allowing you to spend both your fiat currency, and cryptocurrency, anywhere in the world. ECOMI One will be a constantly evolving piece of technology, which aims to offer a growing suite of tools for everyday use, and will be an integral part of the ECOMI Ecosystem.

➰ECOMI APP

This will enable users access to all ECOMI services and features from one central location. Users can access the products and services within the ECOMI ecosystem using the ECOMI desktop and mobile apps, as well as browser extensions for certain features.

➰ECOMI NFC

Near Field Communication (NFC) is a set of short-range wireless technologies that allow contactless communication between devices like smartphones or tablets. Contactless communication allows a user to wave a device over another. NFC compatible device to send information easily, without needing to go through multiple steps setting up a connection. The Secure Wallet and the ECOMI One are both NFC activated. By utilising the ECOMI App, users will have the ability to load multiple credit cards, gym passes, travel cards, NFC locks, hotel room keys and any other NFC operated device.

➰ECOMI VAULT

ECOMI Vault protects your data. It is a software-as-a-service (SAAS) solution. The user interface is similar to common data storage services such as Google Drive or Dropbox, whereby users can upload files to their Vault, create folders, and organise their data. To keep data further organised, within the Vault there are specific sections for different types of data such as passwords, credit cards, files, and much more.

➰ECOMI COLLECT

ECOMI collect is created to proffer solution to non adoption of digital assets collectibles. ECOMI Collect gives users access to browse a wide range of high quality licensed, digital products, in an easy to use and well-designed app. Crypto-collectables can be easily purchased, and then securely stored on the Secure Wallet or ECOMI One. Once purchased, owners of collectables have access to view, trade, or augment their digital collectables from within ECOMI Collect.

THE ECOMI TOKENS OMI

This a cryptographic token that will be used on the ECOMI ecosystem for transactions. Token holders are likely to be incentivized to support the network and receive access to products and services within the ECOMI Ecosystem, by staking OMI Tokens, rather than spending tokens. It is possible that participants in the crowdsale who make purchases above a certain amount will be issued a free Secure Wallet, subject to terms and conditions, to trigger mainstream adoption and create liquidity across the ecosystem.

TOKEN INFORMATION AND ALLOCATION

ROADMAP

FOR MORE INFORMATION PLEASE VISIT THE FOLLOWING CHANNELS

Website: https://www.ecomi.com

Telegram: https://t.me/ecomi

Twitter: https://twitter.com/ecomi_

Facebook: https://www.facebook.com/ecomi.ecosystem

Bitcointalk: https://bitcointalk.org/index.php?topic=3609319

Medium: https://medium.com/ecomi

YouTube: https://www.youtube.com/channel/UCXs7g8WclERvGIKm6cmE1NQ

Author Information

E-mail: [email protected]

Bounty0x username: sebastianlbj