Website : https://omnitude.tech/
Whitepaper : https://omnitude.tech/whitepaper.html
What is Omnitude ?
Omnitude is a stand-alone blockchain solution that integrates blockchain technology with current eCommerce systems, enterprise structures and supply chains.
The Omnitude platform acts as a center-layer software program that permits interoperability between contemporary software program systems and blockchain functionalities, permitting companies to adopt blockchain technology and its advantages (e.g. immutability and transparency) without converting changing or disrupting existing systems. moreover, Omnitude is an open-sourced venture that permits builders to conceive and install solutions on its ecosystem.
Omnitude is designed to eliminate the current obstacles within the eCommerce enterprise, that consists of:
supply Chain Inefficiencies
identification confirmation (consumer Onboarding)
Omnitude is a permissioned community with a view to be constructed on Hyperledger. Nodes will be controlled by using parties which have been whitelisted by means of the Omnitude basis, where the extent of access is contingent at the role of the participants.
There are 2 predominant differentiators of the Omnitude platform:
Integration of an identification & deliver Chain solution for eCommerce industry
Omnitude’s proposed solution consists of 2 center components that after incorporated together, represents a unique price proposition specifically for eCommerce:
single become aware of & proof of interaction (POI) answer
clients will each possess an Omnitude identity (OID), reducing the effort required by way of merchants to establish consumer identity exponentially and streamlining the client onboarding revel in. client desire and purchase history will automatically be recorded into their OID. traders will also own their very own OIDs, allowing clients to jot down critiques.
deliver Chain answer
objects could be tracked during the supply chain via unforgeable cryptographic identifiers, wherein all facts may be recorded on Omnitude’s blockchain. both clients and stores can tune the objects since the start through a the front-stop utility, whilst traders could make staggered payments in line with their development within the supply chain to lessen counterparty risks.
Delegated sensible Byzantine Fault Tolerance (DPBFT) Consensus algorithm
Omnitude uses a completely unique consensus mechanism called the DBPFT (Delegated realistic Byzantine Fault Tolerance) consensus algorithm that’s not often utilized by different projects. the primary blessings of using DBPFT is that it gives on the spot transaction finality, a high transaction charge, and high scalability
Omnitude’s native token – known as ECOM – is a software token this is required to get admission to the Omnitude surroundings. ECOM tokens will serve the following functions:
economic Incentive to comfy environment Infrastructure: collaborating nodes will obtain a share of the block rewards for the function of validating transactions
agreement method for participants: ECOM could be the local forex for contributors to make use of Omnitude’s range of answers and functionalities
for the reason that ECOMis a application token, its price will boom proportionally to its usage and call for. The community impact emanating from eCommerce enterprise as a whole is a impressive proposition, given the ubiquity of online purchasing. The sheer numbers of on-line transactions – even though Omnitude had been to take a small part of the cutting-edge pie – could necessitate community utilization and would boom the fee of ECOM.