Omnitude (ECOM) ICO Analysis: Enterprise eCommerce Meets Hyperledger Technology
Executive Summary
Project Description
Omnitude wants to address some of the pressing concerns in the eCommerce and supply chain sector. Firstly, they want to tackle the growing issue of fraud in the sector. These days, fraudsters impersonate legitimate account holders, take over their accounts, and use them to make purchases. Furthermore, the financial supply chains that are supposed to ensure the release of cash after delivery of goods are very inefficient. This inefficiency stems from their dependence on manual processes; processes that are time-consuming, expensive, and inaccurate. In addition to these, there is an uptick in the amount of fake reviews on eCommerce platforms. Some of the fake reviews are done by the merchants themselves, in a bid to boost their reputation. Competitors also initiate fake reviews to damage their rivals’ reputation. Lastly, online payment merchants have to pay excessive fees to gateway providers; sometimes, they pay up to 2.9% of the transaction amount.
To tackle the issue of eCommerce fraud and identity theft, Omnitude provides all users with a single blockchain identity. This identity will give customers a simplified and speedier onboarding experience. Furthermore, all users’ identities and their profiles are saved on the Omnitude blockchain such that whenever they want to transact with other merchants on the platform, their identities and preferences are automatically verified and the transaction is completed instantly. As regards the gateway provider fees, Omnitude plan to use the blockchain’s low transaction fees to replace the status quo.
Omnitude aims to solve the issue of supply chain inefficiency with a system that facilitates the release of payments depending on the stage of delivery. This system will track deliveries stage-by-stage along the supply chain and ensure that the seller’s claim is accurate. Omnitude also have a system in place to forestall fake customer reviews; the Proof of Interaction system. Here is how it works: it verifies that a transaction has indeed successfully occurred between 2 parties. Once there is proof that the transaction took place, the system will allow the customer who made the purchase give the merchant a review.
The Omnitude ecosystem will be built on the Hyperledger blockchain protocol and its token, ECOM, will be the common settlement method in the ecosystem. In order to enjoy the on-ledger solutions, merchants have to make and receive payments in ECOM. Customers, on the other hand, can choose between ECOM, fiat or other cryptocurrencies. ECOM will also be used to incentivize nodes, thereby securing the platform, and enabling even further development.
Hard Cap and Valuation
There will be a total of 100 million ECOM tokens and Omnitude aim to raise $24.7 million for 55% of the token total. The remaining 45% will be shared as follows: 33% goes to the Omnitude foundation — to incentivize the development of the ecosystem, and the final 12% is for the team and their advisors. The team and advisor tokens are locked for 5 years and every year, 20% is released.
Private pre-sale cap: 10 million ECOM (4 million USD)
Public sale cap: 45 million ECOM (20.7 million USD)
Total cap: 55 million ECOM (24.7 million USD)
All unsold tokens will be burnt.
Price Per Token
During private pre-sale, 1 ECOM = $0.40.
During public sale, 1 ECOM = $0.46.
Important Dates
ECOM pre-sale started on the 30th of January and finished on the 12th of February. The public sale is planned between 28th March and April 25th, and Omnitude has plans to complete platform testing by the 4th quarter of 2018.
Marketing Power
As at the time this post was published, Omnitude had over 10,400 followers on Twitter, over 16,100 users on Telegram, 1000+ subscribers on Facebook, over 130 followers on Medium, and 136 Reddit readers.
Prominent Advisors
Sally Eaves
- Official Member of Forbes Technology Council.
Simon Cocking
- Editor-in-Chief at CryptoCoin.News.
Team Members’ Areas of Expertise
Business experts
Chris Painter, Founder & CEO
- Managing Director at Pixel by Pixel, a digital marketing and eCommerce agency, for 9 years.
Robert Belgrave, Founder & Advisor
Ben Bennett, Operations Director
- Co-founder & Director at Brightshade, a business consultancy firm, for almost a year.
- Founder & Director at Second Voice, a business consultancy firm, for over 2 years.
- Sales Director at Hanson Wade for over a year.
Target market experts
Chris Painter, Founder & CEO
- He spent 9 years at Pixel by Pixel, a company that has a similar target market with Omnitude.
Marketing experts
Chris Painter, Founder & CEO
- From his time at Pixel by Pixel.
Jon Harris, Brand Director.
- Creative/Graphic Design Director at The Large Print Giveth Ltd.
- Creative Head at Ann Summers for over 12 years.
Lianne Byrne, Marketing Director
- Director at GoGoFlamingo, a marketing consultancy firm, for almost 2 years.
- Senior Digital Marketing Manager at Newtown Partners for almost a year.
- Senior Digital Marketing Manager at The Bitcoin Foundation for almost a year.
Legal experts
No team member with legal expertise.
Software engineering experts
Benjamin Van Every, Blockchain Consultant
- Senior Quant Development Consultant/Engineer at various companies.
- Master’s Degree in Physics from Oxford University.
James Worthington, Hyperledger Consultant
- Director of Enterprise Analytics and Reporting Strategy at Edgewater Ranzal for 3 years.
- Solution Architect at Turner Broadcasting System for 8 years.
Andrew Starmer, Project Manager
- Implementation Project Manager at WPM Education for almost 6 years.
Blockchain development experts
James Worthington, Hyperledger Consultant
- CEO at Belltane LLC, a full-service Hyperledger solution provider, for over 2 years.
Token sale structure experts
No team member with notable expertise in token sale structure.
Token economics
No team member with notable expertise in token sale structure.
Disclaimers:
- Nothing written in this article is a legal or an investment advice.
- Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.
The analysis was produced by Research Center team members: Alexander Bugaj, Mark Jedd, Eugene Tartakovsky.
We are constantly working on improving our work and welcome all constructive feedback. Let us know what you think.
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Another interesting project!
Man, if all projects that have finished their ICO will deliver on all of their promises in the coming 3 years, the world would look totally different. Let's find out which projects are actually going to do that ;-)
Building on Hyperledger, this could be interesting :-)