Blockchain technology is revolutionizing every sector of the economy thanks to its ability to securely record tons of transaction every second without the involvement of third parties. With blockchain, the much desired decentralization is very possible eliminating the issues of trust and breach of privacy associated with centralization. To add beauty to this gloss, the second generation of blockchain that is smart contract gives opportunity to third parties developers and organization to develop and host their application on the Etherum Virtual Machine (EVM) and subsequently paved way for decentralized applications (DAPPS) thereby reducing the influence of centralized applications.
The challenge
It is therefore saddening that as secured as blockchain technology is, millions of dollars have been lost to theft by hackers in the past few years of its growth. For instance in 2017, $534.8 million worth of NEM tokens stored in hot wallet of a Japanese exchange was stolen and just recently, there was a massive hack of Myetherwallet- an ERC-20 compatible online wallet where many tokens were lost to hackers.
These thefts are as result of compromised private keys of the associated wallet. While blockchain technology is secured, carelessness with ones keys and phishing attacks can make wallet become susceptible to hacking.
Furthermore, despite the upsurge in the market cap of cryptocurrency very little opportunity is in place to ensure conversion to paper money easily. The often available option is the exchanges which are often prone to attack and could be very challenging to navigate for a new user.
It is based on this milieu that the ECOMI team came up with an innovative project to solve both the issues of wallet security through her Secure Wallet and as well as the difficulty associated with conversion of cryptocurrency to fiat money with ECOMI One.
The Apposite Solution- ECOMI Ecosystem
The Ecomi Ecosystem is a hosting platform for decentralized applications that offers ownership, control and privacy and as well as optimum security to users. ECOMI allows users to take charge of their privacy and control and most importantly, the Ecomi Ecosystem has an extra layer of security that allows users to save their private keys offline. This additional security provides air-gapped security, a better improvement on other common physical hardware wallet. The ECOMI Ecosystem superiority over similar blockchain projects lies in its security edge which ensures that private keys are protected from phishing attack and not compromised. All these benefits are obtainable in her Secure Wallet. The Secure Wallet is built according to the best obtainable international standard which is certified CC EAL5 +. Other interesting features of this wallet are highlighted below:
Smart MX high security microcontroller IC secure element
Security certified according to CC EAL5+
Data storage period of 25 years
Endurance capacity of 500,000 cycles
Interfaces
Contact interface according to ISO/IEC 7816
Contactless interface according to ISO/IEC 14443 A
Voltage class: C, B, and A (1.62 to 5.5V)
Memory Management Unit (MMU)
High Speed 3 DES coprocessor (64-bit parallel)
High Speed AES coprocessor (128-bit parallel)
To ensure successful hosting on different operating system that is Android, IOS and Desktop. Appropriate mechanism that guarantees a secured registration has been designed and is shown in the diagram below.
Finally in the event of loss of private keys, restoration is made available with the robust capabilities of Secure Wallet by Ecomi. During the wallet sign up, a unique set of ‘seed’ is generated for the users, the users is expected to write this seed ( a unique set of 12 number code) on their recovery card which accompany the Secured Wallet. Users are expected to keep the Recovery Card safe and in the event of loss of their gadgets, they would be able to restore their wallet by purchasing another Secured Wallet, pair it with the host device and enter their unique set of seeds stored in their recovery wallet.
Some other proposed features on the Ecomi Ecosystem include decentralized application marketplace, ECOMI Exchange (liquity provider), a versatile peer-to-peer exchange platforms such as cryptocurrencies, messaging and social media platforms, data storage etc.
THE ECOMI One
A major hindrance to mainstream adoption of cryptocurrency for business and other everyday transaction is the difficulty associated with converting it to paper money. The Ecomi One would eliminate this bottleneck. Ecomi one is a multipurpose credit card built on the Secure Wallet technology. Ecomi one is a multipurpose card that will hold cryptocurrencies, fiat (USD, Euro, Pounds, etc.). With Econi One Card, users would be able to settle their bills even mundane payment such as payment for utility.
ECOMI Exchange
The Ecomi exchange offers a relatively easy to use cryptocurrency exchange to users. With Ecomi Exchange, users get to pay for goods and services using their Ecomi Card while the seller receives payment in fiat. The platform allows immediate conversion of cryptocurrency at any time to cash.
the ecomi exchange
The project road map
The Ecomi idea was born in the year 2017, adequate planning and research has been carried out to ensure its success. Several other milestones are indicated below
The investment Opportunity
It is no secret that early investors in promising cryptocurrency projects tend to reap huge return on their investment. ECOMI aim to offers 500 million of OMI Tokens during its token generation event to investors.
The relevant token sale figures are presented below
Total supply 1B
Token Offered for sale 500m
Price per token 0.1$
Token Symbol OMI
Private Sale 37.5M OMI
Pre-Sale 1M
Public Sale 1M
The project is presently at the Pre-Sale Stage and would end on 31st of May 2018 while the public sale would start on the 30th of June until the sale of 500m OMI tokens is achieved.
For futher information on this project, please get in touch with one of the following links
Alpha.Bountyix username: Daseento.