Onomy Protocol (NOM)
Onomy is a decentralized layer one protocol built to provide rails for the $6.6tn/day foreign exchange market to plug into DeFi. It’s a forex marketplace to trade stablecoin pairs and access DeFi across all chains. Powered by Cosmos, Cardano, and Polkadot, it allows users to easily mint, trade, and lend stablecoins cross-chain.
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What is Onomy Protocol
Onomy is a decentralized protocol built to enhance the foreign currency exchange marketplace. This is accomplished through the issuance of virtual denominations of traditional currencies, known as stable coins, from the Onomy Reserves (ORES). All issued denominations are collateralized by the Onomy Protocol Token (NOM) which when locked in the contract, enables the issuance of the currency denominations (Denoms). The Onomy Exchange (ONEX) facilitates high-speed transactions between Denoms and NOM while providing secure price discovery for collateral ratios and automated management of ORES accounts.
The Onomy Network (ONET) is built using a Proof-of-Stake implementation of an innovative concurrent byzantine consensus mechanism that utilizes rank aggregation to order all transactions fairly, without byzantine leaders’ interference. NOM token holders are incentivized to stake and delegate to validators to secure and govern ONET through NOM-based rewards. NOM that is not staked or delegated to validators may be used to mint Denoms through ORES. The value of NOM is derived from the right to participate in the network governance and mint Denoms.
DetailsToken supply: 100,000,000 NOM
Soft cap: 50,000 USD
LegalBlockchain Platform: Cosmos
Registration year: 2020
Token infoTicker: NOM
Token price in USD: 1 NOM = 0.50 USD
Accepted currencies: BUSD
Private Rounds: 20%
Team & Partners: 20%
Strategic Reserve: 40%
Onomy Protocol Roadmap
In Q1 2021, we moved our Equity, Natural Rights, Market, and other multi-year developments into the Onomy Protocol GitHub. We implemented multiple testnets of the Onomy Network and integrated the Onomy <> Ethereum bi-directional bridge. Additionally, we developed a custom bonding curve contract and deployed MVP of our bonding curve platform, which will also host our initial bridge product showcasing the Onomy <> Ethereum bridge. This quarter has also seen our Initial marketing announcements and grant submissions for bridges to Ava Labs, Cardano, and others, as well as the commencement of our financing rounds.
Additionally, we completed a successful audit of the bonding curve contract through the wellestablished NCC Group, a UK-based information assurance firm handling top-level cybersecurity audits having over $350M in revenue in 2020 and over 2,000 employees.
In Q2 2021, we focus our efforts on the design and development of our initial products, the release of our mainnet, and launch the Bonding Curve Offering. Our commercial website will be released in tandem with planned public announcements and marketing campaigns of Onomy‘s private financing rounds, backers, partners, and mission.
Initial versions of the following products are anticipated to be released:
- Onomy Network Mainnet
- Onomy Validator
- Onomy Wallet
- Onomy Stake
- Onomy Bonding Curve Platform
- Onomy Bridge Hub
In Q3 2021, we focus our efforts on further refining the features and user experience of our existing releases. This includes the implementation of Single Sign On for multiple blockchain private keys, powered by Natural Rights.
We additionally anticipate to release Onomy Exchange, deploying Market - our hybrid Automated Market Maker and orderbook. Additionally, Onomy Mint will be launched, enabling the minting of Denoms, followed by the debut of the oUSD denom, and CEX listings of $NOM.
In Q4 2021, we focus our efforts on continued feature and UX improvement of existing releases. We additionally anticipate the release of Denom Staking and additional liquidity rewards, including the Onomy Liquid Stake tokenized liquidity product.