Omnitude

Brief Summary:

Omnitude is a light weight plug-n-play model built on top of Hyperledger and it aims mainly at porting the existing ecommerce platforms to blockchain tech with ease and with little efforts. ECOM token will be used as a utility token to settle between Merchants, customers and suppliers and as an incentive for ecosystem participants.

Detailed Look:

As briefed above, Omnitude aims to port enterprise ecommerce platforms to blockchain tech swiftly and be cost-effective at the same time. Omni also aims to reduce the payment fees that comes with any ecommerce platforms and to cut frauds by maintaining a single identity reputation.

Omnitude is built on top of Hyperledger and will leverage the featrues and advantages of Hyperledger. Omni will use the DBPFT (Delegated Practical Byzantine Fault Tolerance) consensus algorithm offering a high TPS, and high scalability. For each block, there will be ’N’ validators out of which one will be randomly selected as leader and once the transactions are executed by the validators then the hash code gets calculated for the newly created block, and broadcasts the hash code to the network.

Hyperledger protocol has MVCB architecture so omni will follow the Model, View, Control, Blockchain architecture.

View- this is where the web or mobile UI is present
Control- this handles the interactions between the view, data models and the Omni APIs
Data models — manages off-chain data
Blockchain — actual transactions and smart contracts

I can go in technical but rather I prefer to redirect to the whitepaper for the architecture explanations if you are techie.

Omnitude platform revolves around the Single Reputation idea which is aimed to build trust between merchants, customers and suppliers. OIDs form the base element of the whole transaction life history, this means the product is tracked automatically and objectively.

What are the advantages of Omni?

Reduced frauds –

1.by providing users with a Single Identity on the blockchain, Omnitude will reduce frauds as the sensitive data is not being kept on Merchant or provider databases

1. Also by paying in crypto, Omni also reduces the credit card chargeback frauds

2. Omni will release payments depending on stages of delivery reducing Merchant related risks and frauds

Supply Chain solution –

One great real world use case for blockchain is the supply chain industry as it helps to track items throughout and makes it immutable by writing it to the chain. Smart contracts will be running on the nodes to track each item and its progress to release payments to shippers or suppliers. At key points trusted ‘witnesses’ are written immutably to Omnitude’s blockchain.

Single Identity-

Merchants can easily track their customers with an Omnitude Identity (OID) and this will be the customers’ single identity in the Omnitude blockchain. Using the mobile App, customers can indicate their identity to the customers to speed up the entire process and to earn ECOM from the merchants.

True reviews-

Omnitude uses Proof-of-Interaction (POI) takes the customers’ Omnitude ID (‘OID’) transacted with a merchant and a record will be encrypted and written to the Omnitude blockchain used by the merchant. So, a customer who has actually transacted with the merchant only can submit a review and in turn Merchants can provide their customers with ECOm tokens for reviews and also can offer a loyalty program.

Product:

Alpha is available to try
Phase 1 release in Q1 2019and Phase 2 in late 2019

Roadmap:

Phase One expected to launch in early Q1 2019 will launch the platform which will enable the interconnectivity between other platforms and later in 2019 is Phase two which is to design apps on the platform and allow communities to build apps.

Investors:

No information found in the whitepaper or website

Partnerships:

Strong partnerships relevant to the industry
Cs.cart — an established business in the industry
Swisscom Blockchain

Metrics:

Total max supply: 100 Million ECOM
Total Hard cap- 20.7 Million USD
Total sold: 50%

Core Team:

Core team looks strong with relevant tech and industry background
All have linked in profiles
They are a pack doing different things — good sign
Advisors:
There are advisors but no all-star advisors

Positives:

Unsold tokens burnt — this will increase the token value for the investors. Also, the total is capped at 100M and no more tokens will be generated
Passive earnings through master nodes- only need 20,000 ECOM nodes
Omnitude Tracker App
Team and advisor tokens are vested based on time with 20% being released each year for 5 years.
Great hard cap

Negatives:

Adaptability- It will be hard to migrate a big ecommerce giant like Alibaba, Amazon as they would be able to develop their own blockchain if they wanted to.
No hype in the community- slowly building now
Cannot see a clear plan on how the existing systems can be migrated- would be good to see small steps as only the smaller ecommerce platforms will move to Omni

Verdict:

Omnitude looks like a project with a good real-world use case and what I like is that it is trying to introduce the blockchain tech without disturbing the current ecommerce ecosystem and makes the portability easier. But it will be a big challenge for Omni to disrupt the ecommerce industry as the giants will not come to Omni but there is always going to be a big market for Omni to play around.

Score: I am no one to give a score- All these are my humble opinions

Disclaimer: This is not an investment advice. These are my humble opinions about the project and I request you to do your own due diligence.