Launched in 2018, Ecomi represents a blockchain-based platform built for the distribution and trading of premium digital collectibles. All of the collectibles on Ecomi are interactive objects that can be used for different purposes, from 3D figures that can be put in a virtual showroom, to rare comic books that can be read at any time.
Ecomi aims to serve a wide range of retail audiences, from small investors hoping to flip their collections for a profit, to those genuinely interested in saving a piece of virtual art for themselves. At this, Ecomi offers a convenient mobile platform called VeVe, through which all of the collectibles can be traded, stored, and demonstrated. It also allows sharing pictures of the NFTs via social media platforms, making bragging about the new collection easier than ever. In fact, the easy sharing option is an integral part of Ecomi’s strategy to popularize VeVe and facilitate its mainstream adoption.
Ecomi features its own utility token OMI, which is used as a backbone of the VeVe economy. VeVe doesn’t use OMI directly as a currency, but instead, it uses the so-called Gems at a price of 1$ each.
When users purchase Gems, a corresponding amount (1$ value of OMI per Gem) of OMI is acquired and moved into their wallets. When the user spends Gems to purchase a collectible from the Store, an NFT purchase happens in the background. Thus, OMI is spent on an NFT which is moved to a locked wallet while burning OMI and removing it from circulation. As for the peer-to-peer purchases from the Market, the seller pays a 2,5% fee per each transaction which is also burned the same way.
There are 750 billion OMI tokens originally minted on the GoChain, with the following distribution: 300 billion OMI for the VeVe Reserve Wallet, 40 billion OMI for the VeVe Vault Wallet serving liquidity purposes, 150 billion OMI for Business developmen, 150 billion OMI for the Team, and 110 billion OMI for the public and private sales. The public sales were conducted via an ICO on the BitForex exchange in May 2018 for a price of 1 satoshi each. Later on, OMI was moved from the GoChain to Ethereum, with the help of ImmutableX.
ImmutableX is a gaming- and NFT-oriented Ethereum Layer-2 solution with numerous features that greatly benefit projects like Ecomi. For example, the minting and transferring fees on ImmutableX are equal to zero, which means that NFTs can be created and traded in any quantity for free. Also, ImmutableX has a speed of 9,000 TPS, which exceeds Ethereum Layer-1 by about 450 times. This is achieved via zero-knowledge rollups with the scalable transparent argument of knowledge validity proofs provided to ImmutableX by StarkWire.
OMI is available on numerous exchanges, including BitForex itself, as well as AscendEX, Gate.io, OKX, and BitMart. As for the decentralized exchanges, Uniswap offers such an option, too. All OMI available for trading at the time of writing are based on Ethereum, however, all the remaining GoChain OMI can be swapped for an Ethereum-based OMI via the official site at any time.
VeVe and Secure Wallet
Despite having a strong focus on virtual collectibles, Ecomi has other projects as well. These include the aforementioned VeVe and another one, called the Secure Wallet. Both of them were presented in 2018.
As mentioned earlier, VeVe represents a mobile-first platform for trading, storing, and demonstrating interactive virtual collectibles. It features the Store filled with first-party virtual collectibles, the Market where users can trade them on a peer-to-peer basis, the Showroom where they can look at their collections, and the Feed where people come together and show each other what they have. The main currency in VeVe is a dollar-pegged Gem, which can be purchased in-app with a credit/debit card much in the same way that regular in-app purchases are performed. All the blockchain-based activities are hidden in the background, facilitating the process for those unfamiliar with the world of crypto and allowing them to benefit from the digital ownership granted by NFTs. Also, it’s worth noting that Gems are not transferrable and are only meant to be converted back to fiat once a user decides to withdraw the funds. At the time of writing, however, the withdrawal function is only available for the beta testers.
VeVe has partnered with some of the most iconic companies to provide the most exciting NFTs. Marvel, DC, Nintendo, Disney, and Citroën are just a few of those, and the list goes on.
The other project, the so-called Secure Wallet, is also worth mentioning for grasping the entire scope of Ecomi’s operations. Unlike VeVe, Secure Wallet is an actual physical product, i.e. a hardware wallet supporting over a thousand cryptocurrencies and digital assets, as well as NFTs. It’s a wireless Bluetooth-based electronic card that is paired with a smartphone app to provide access to the stored assets. For each of the currencies, up to five accounts can be created to separate different flows of crypto.
Secure Wallet utilizes CC EAL5+ certified secure element to provide unrivaled security and protect data from any sort of external tampering or stealing. The Bluetooth-transmitted data is protected by multi-layer AES256 encryption. At the time of writing, no hacks were documented that would involve Ecomi Secure Wallet.
Ecomi is a business structure operated by ORBIS, a blockchain technology company registered in New Zealand and founded by David Yu and Dan Crothers.
David Yu is known for a multitude of successful business ventures, from supply chain solutions for the food and electronics industries to collectible stores. He doesn’t, however, have as much expertise in blockchain and software development as the latter of the founders, Dan Crothers does. Dan has been working in the software industry for about 20 years. However, he only had his first ventures in the crypto space in 2017. In 2018, Dan and David released Secure Wallet and Ecomi Collect (later VeVe), both under the Ecomi brand. It has to be stressed that both of the founding members have little expertise in the field and Ecomi products are their first ever crypto ventures.