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The Onomy Protocol is Starting NOM Token’s ICO Today

The Onomy Protocol is launching its native utility token on July 14, 2021. The price during the initial token offering will be $0.500000 per NOM, and the platform will accept BUSD in exchange. The company aims to raise $100,000 during the trade.

Onomy is a decentralized protocol. The founder team has built it to enhance the foreign currency exchange marketplace. They plan to accomplish that goal by issuing stable coins – virtual denominations of traditional currencies – from the Onomy Reserves (ORES).

The company collateralized all issued denominations by the Onomy Protocol Token (NOM). When the latter is locked in the contract, it also enables the issuance of the currency denominations.

Meanwhile, the Onomy Exchange, also called ONEX, facilitates fast transactions between Denoms and NOM. It also provides secure price discovery for collateral ratios, along with automated management of ORES accounts.

According to the team, they used a Proof-of-Stake implementation of an innovative concurrent byzantine consensus mechanism to build the network. This mechanism utilizes rank aggregation to order all transactions fairly and without byzantine leaders’ interference.

The company is trying to incentivize NOM token holders by offering them various advantages. For instance, users can stake and delegate NOM tokens to validators. As a result, they will simultaneously secure and govern the ONET platform through various NOM-based rewards. Customers can use the rest of the NOM tokens to mint Denoms through ORES. The NOM token’s value is derived from the right to mint Denoms and participate in the network.

The company firmly believes that the new finance paradigm will migrate on-chain, and stablecoins are the vehicle that will onboard liquidity from existing traditional institutions with much less friction. Thus, with many talented blockchain ecosystems, the decentralized finance’s future is definitely cross-chain.

Onomy aims to serve as the world’s de-facto Decentralized Reserve Bank and accelerate the centralized finance’s migration to DeFi.

Denoms are the company’s counterparts of real-world currencies. The platform mints them through the usage of NOM. They have to potential to become a trusted substitute for their represented fiat currencies.

The foreign exchange and virtual currency markets are viral and volatile in nature. However, the flow of virtual currencies between traders is exclusive to the virtual domain. Blockchain technology grants many benefits, and with its aid, virtual currencies eventually will be able to overtake their represented fiat counterparts as the preferred form of payment.

That is mainly due to benefits such as verifiable history, seamless peer-to-peer transactions, immutability, and the emergence of trustless ecosystems. After such changes, fiat currencies will become a means of collateral instead of a means of payment.

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