Omnitude will be converting its ECOM token from the current Ethereum based ERC20 standard to Stellar’s crypto platform in a move that will see Stellar become the framework for the ECOM currency within Omnitude’s Hyperledger network, allowing for the combination of technologies to create a hybrid blockchain.
Omnitude plans to become an anchor in the Stellar network which will allow it to exploit the huge benefits of integrated native token payments with fiat, exchange, compliance and name federation.
Omnitude ID will be the first application they have committed to delivering this year on this new blockchain framework, sticking with the timelines committed to on their extensive roadmap.
“Although the Ethereum network has offered an excellent starting point for the construction of Omnitude’s systems and business, its future potential is not as aligned to the needs of the Omnitude network as Stellar is. As the Omnitude network grows, the demands for it to be able to handle large volumes of transactions are paramount in delivering its enterprise-enabled capabilities, ” says Chris Painter, CEO and founder of Omnitude.
“Stellar’s high scalability, fast transaction times and low fees are the perfect solution for Omnitude’s predicted large volume transactions and throughput and we see the integration of Stellar into Omnitude Core as pivotal in Omnitude breaking down the barriers for mainstream adoption of blockchain technology.”
The move comes in the wake of a full assessment of the Omnitude Core platform, a progressive solutions architecture that is the base foundation infrastructure and environment for the Omnitude ecosystem and all its applications.
Omnitude Core brings together the best of Hyperledger technology – incorporating the latest and innovative Hyperledger Fabric and Indy frameworks (release 1.2) and projects such as Calliper, Composer and Quilt, to deliver a far more robust ecosystem, established within a malleable architecture.
The unique integration of these toolsets and key capabilities creates a platform design with new functionality and enhancements giving enterprises the flexibility to integrate blockchain solutions across their business and even integrates cross-enterprise, benefitting both enterprises and their customers alike.
“Much of our technology utilises Hyperledger blockchain components and we initially anticipated conversion to a Hyperledger-based token, however, our industry has been very impressed with Stellar as a cryptocurrency platform. It suits the needs of our platform and our community perfectly, so ultimately the decision was an easy one,” said James Worthington, CTO Omnitude.
The ecosystem looks set to specifically transform eCommerce by offering a variety of applications like Omnitude ID, where users create a unique trusted ID within the Omnitude ecosystem where they maintain their personal information, gain control over who shares their personal data and can sign on across the entire ecosystem with their Single Sign On access.
“Stellar’s performance in both throughput (over 1k TPS) and its speed of finality (2-5 seconds) is crucial in delivering the micro-transactional economy within the Omnitude platform. The benefit of low transaction fees means that this can be passed on to both the ecosystem and clients as a cost-effective and viable ecosystem benefit,” Worthington said.
Omnitude confirms that users will now receive monetary compensation in the form of micro-transactions, which will reward users who choose to share their data with businesses within the network – a move that comes in sharp contrast to how Google and Facebook handle (and benefit from) users’ data.
“This will disrupt the relationship between customers and brands. We all know that earned data is far more valuable than paid data. By choosing to share, customers will be able to contribute valuable information on their habits, profile and preferences to businesses and brands that deliver excellent products and experiences. Having customer need and desire central to their offering will now give organisations a real competitive data advantage. Welcome to the trust economy,” said Jon Harris, Omnitude’s Chief Branding Officer.
Omnitude is moving towards a functioning mainnet at a pace, and will be holding an access all areas Omnitude Core/ Omnitude ID preview live on YouTube on November 5th at 16.05 GMT. The demo will offer a glimpse under the bonnet of the Omnitude Core master system, how it works and transacts and how users can interact with, set up and control their Self-Sovereign Identity.