ECOMI Review: Transforming the Digital Collectible Space
ECOMI is best known right now for its non-fungible token NFT marketplace, given that NFTs are so hot currently. However the ecosystem created by ECOMI is more than that, with the blockchain looking to eventually offer users an all-in-one digital platform encompassing economy and security in the digital space.
ECOMI is a Singapore-based project being supported by ORBIS Blockchain Technologies Ltd. Besides its best known VeVe project the company is also looking to solve issues related to security and data protection through the development of the ECOMI Secure Storage Wallet.
The team is also working to make cryptocurrencies more user-friendly, and is doing this currently through the creation of its digital assets (NFT) ecosystem on the blockchain. With VeVe users get to enjoy the benefits of ownership, control, privacy, and decentralization.
ECOMI’s aim is to create the world’s best platform to purchase, protect and collect premium licensed digital collectibles using Distributed Ledger Technology. ECOMI consists of two elements, the VeVe marketplace (previously called the ECOMI Collect ecosystem) and the ECOMI Secure Storage Wallet.
VeVe (ECOMI Collect) Overview
What was once known as ECOMI Collect has evolved into the platform VeVe. Launched in December 2020 VeVe is an app allowing users to buy, sell and trade premium digital collectible and other virtual items. The app has a number of features in addition to being a simple marketplace.
Users are able to show off their collectibles in a personal showroom and are also able to display them in scenes and as augmented reality creations. A social feed lets them share with others, and all the users within the community are able to show their appreciation by commenting on publicly displayed collectibles.
VeVe also has future features planned, such as a gamification that will offer in-app gameplay and the ability for apps to interact with one another.
Everything on the VeVe platform is carried out using the native OMI token, including transactions, staking, and access to premium features.
Secure Wallet Overview
The Secure Wallet is a hardware wallet, similar to the Ledger, Trezor, Opolo, and others. It is roughly the size of a credit card, and is an ideal crypto cold storage wallet. The Secure Wallet never connects to the internet, which keeps asset safe from malicious actors online.
The Secure Wallet connects to a mobile app wirelessly and employs CC EAL5+ security standards to provide the highest level of protection for private keys.
The Secure Wallet is not only for storing ECOMI’s OMI token. It can store over one thousand digital assets, and even has support for storing NFTs securely.
ECOMI has chosen to employ blockchain technology in VeVe platform in a number of ways that make the entire experience possible. Below we go into more details regarding all the features and functions found as part of the VeVe experience.
Non Fungible Token (NFT)
The main attraction that draws people into VeVe are the digital collectibles, or non-fungible tokens (NFTs) offered through VeVe. Without the blockchain component it wouldn’t be possible to utilize the NFT standard, which provides verifiable digital scarcity, proven authenticity, and immutable proof of ownership. The NFTs on VeVe also allow for rich metadata to be included with each NFT. The NFTs on VeVe use the GoChain GO-721 standard.
Utilizing blockchain technology has allowed for the creation of the OMI token, which is used in the VeVe ecosystem for transactions, staking, and access to premium features. There were 750 billion tokens minted and they use the GO-20 standard. The token is also deflationary as all tokens used to purchase new NFTs on VeVe are sent to a locked smart contract address, thus effectively being removed from circulation, or burned.
All the digital collectibles produced by ECOMI are released in limited number Series. Within each series there may be divisions among the NFTs into rarity categories such that a Series that has 10,000 NFTs in total might see rarity that ranges from Common (representing 62% of the total) to Secret-Rare (representing 1% or less). This is made possible by using the blockchain and the NFT standard. Scarcity allows for the appreciation of the collectible assets.
One of the key benefits of using blockchain technology in the creation of digital collectibles is the ability to protect against counterfeits. Because each NFT is a uniquely generated asset that’s been recorded in the blockchain and is tied directly to the verified owner of the NFT there is no worries over counterfeit items being sold.
By using blockchain technology the VeVe marketplace is able to facilitate the effortless buying and selling of digital collectibles within the app. Users are able to perform trustless transfers of assets on a peer-to-peer basis.
When a transfer of ownership occurs it happens immediately, with no delay. The new owner gains access to the item, and the previous owner no longer has any access or rights to the item.
All about ECOMI Collect – Now VeVe
VeVe is a mobile platform application used for the storage, purchase, sale, and delivery of digital assets. It is a marketplace for unique collectible NFTs where the ownership, scarcity, and authenticity of the collectibles is managed with blockchain technology. Below you can learn more about how VeVe works, and some of the current and planned features of the platform.
Rather than using the Ethereum network for its NFT platform and native token, ECOMI has made the decision to use the GoChain network in order to avoid the throughput and congestion issues associated with the Ethereum network.
The GoChain network has shown itself to be 100x faster than the Ethereum network, and has transaction costs as low as $0.00001. Compare that with the Ethereum network, which continues to struggle with just 13 transactions per second and transaction costs that were at $40 in February 2021 and remain between $10 and $15 as of April 2021. The GoChain network is seen as the ideal choice for dApp viability by the ECOMI team. Plus, the GoChain is 100% Ethereum smart contract compatible, which means the ECOMI NFT smart contract is compatible with the Ethereum ERC-721 token standard.
Proof of Reputation
The Proof of Reputation algorithm is the consensus mechanism used by the GoChain. Unlike the Proof of Work algorithm that distributes computing power randomly to validate network transactions, or Proof of Stake in which tasks are assigned randomly to nodes, the Proof of Reputation algorithm is both energy efficient and fast.
In the case of PoR transactions are not mined as in Proof of Work, nor is it dependent on random nodes. Instead PoR secures the network the old fashioned way, through the promises of large corporations that the NFTs offered are authentic. These corporations are also responsible for securing information in the GoChain database, and blocks are added by inserting information directly from the provider.
This essentially creates a digital chain of ownership and certificate of authenticity backed by the reputation of the company or creator who owns the art the NFT is based on. According to GoChain's description of its services:
By using trusted nodes, transactions can be verified very quickly and the volume of transactions the network can handle increases by orders of magnitude, similar to systems we use every day that can handle high volumes, like a Google search or Visa payments, those systems can handle high load only because they trust the servers and the network they are running on
Minting and Generation
New digital collectibles are created in VeVe through the process of minting new NFTs in the blockchain contract. Each NFT minted is also given a unique URL that links to metadata about the NFT which can include the series, brand, licensor, collectible name, and links to any associated digital assets.
When the NFT is minted the ownership information is sent to an address that’s assigned to ECOMI for security and management on behalf of the owner. VeVe operated under a hybrid model whereby ECOMI maintains centralized ownership of all the records regarding the NFTs created as platform users buy, sell and trade those digital assets.
All transactions on the platform also require the signing authorization from the users app or from their Secure Wallet.
The store, or marketplace, is where users go to purchase new NFTs, to browse available NFTs, or to purchase NFTs on the secondary market. The app collects the NFTs into brands and categories, and has an excellent search and filter tool that assists in easily and quickly finding the desired content.
Each user has their own store profile created, and the marketplace can deliver personalized content suggestions based on the previous actions of the user on the platform. Purchases on the platform are made using a stablecoin called “GEMS” and these can be purchased using either OMI tokens or with fiat.
Users can choose to inspect any individual collectible, whether in the store or secondary marketplace and view the information associated with it. This information can include the ownership history (previous owners’ usernames, with no identifiable information), purchase history, value over time, edition number, licensor and associated visual assets. Users can ‘like’ and comment on any digital collectible as well as share it in-app and on major social channels.
The secondary marketplace of VeVe allows users to connect with one another and trade, buy and sell, or put their NFTs up for auction. Sellers are able to list digital collectibles they own for a fixed price, or they can set up a seven-day auction with a reserve that needs to be met in order to complete the auction.
Items in the marketplace are able to be added to user watchlists, which also allows for items to be monitored. Users are also able to view any of the collectibles set to public, and can make offers to buy or trade for any of the items available in the secondary market.
Master Collector Program
The Master Collector Program is a planned feature that will allow users to stake their OMI tokens to secure Master Collector status. By gaining Master Collector status users can gain early access to digital collectible releases, limited edition collectibles, bonus OMI tokens and more. Staking will take place in a special section of the VeVe wallet called the Powerchest. Functionality is expected to be added sometime during the second quarter of 2021.
The primary actions a user can take to increase their Master Collector level are:
Paid: A user can accelerate their progress through the levels, unlocking further features and benefits by purchasing and staking more OMI tokens.
Unpaid: For users who choose not to accelerate financially, they can earn OMI tokens from in-app activity and then stake these earned tokens.
Benefits of ECOMI Master Collector Rankings Include:
- Early access to digital collectible releases
- Limited edition collectibles
- Bonus OMI tokens
- Access to rare and limited edition digital collectibles (secret-rare), only available to ECOMI Collectors. The higher the collectors ranking the higher % chance of receiving limited edition NFTs and rewards.
Augmented reality is one of the key features of the NFTs created within ECOMI. The augmented reality feature allows users to bring their NFTs out of their mobile devices and project them into the real world.
And when projected the NFTs look just like a real-world object. Users can manipulate it and move it around to view at any angle. Users can interact with their collectibles, moving them around in the real-world, or in the future they will be able to place their collectibles into ECOMI games.
The AR experience also allows users to customize their collectibles by adding props and accessories through the Scene Creator. Then the entire scenes can be shared in AR mode. Eventually users will be able to scale their AR creations to fit whatever area they are in, whether that’s a tabletop setting or a large outdoor area.
Each VeVe user account comes with a personal showroom where the users can show off their digital collectibles. Showrooms can be customized through the choice of which NFTs to display, and by selecting a background image and layout for the displayed NFTs.
Showrooms can also be set to either public or private. Public showrooms can be viewed by any VeVe user, and can even be shared across social media platforms. Other users are able to comment on public showrooms and leave “likes.”
The scene creator will allow users to create an entire scene, which might include NFTs, accessories, props, and background images. When compiled, the scenes can create full, visually rich 3D environments.
The scene creator will work with an easy-to-use visual editor, where users will be able to add and delete items from a scene, as well as manipulate them within the scene using a number of tools. Items can be moved, scaled, and rotated. They will also be able to change camera angles and lighting in the scene to get the perfect frame.
Once the scene is completed to the users satisfaction they will be able to share it to their feed and across social media. All the scenes also use the ECOMI AR features.
Virtual goods are items that will be made available as props and accessories (hats, trees, backgrounds, animations, etc.). These items are not collectibles and will be available both free and for purchase within the marketplace. Virtual goods will initially be offered by ECOMI, but in the future should also include user generated content that can be created, contributed, and sold within the Virtual Goods Market.
In-app gaming is another planned feature, which will allow users to play with their digital collectibles in a number of ways. These games will be created using the AR features of VeVe and access to the games will be determined by the collectibles owned by the user.
For example, certain games might require a specific NFT to play. Games will be both single player and multi-player, and one of the benefits of playing games will be the chance to earn OMI tokens, experience points toward Master Collector levels, or even win various NFTs and virtual goods.
The Social Wall is a part of the VeVe user profile, and is where community members can connect and interact with one another. The Social Wall allows for sharing any NFTs, scenes, and virtual items. The Social Wall also allows users to display some personalized content that is consistent with the users interests and personality.
Users can follow one another from the Social Wall, and there are also a number of ways for users to show appreciation for the Social Wall of another user, such as liking, commenting, sharing and also giving a ‘tip’ in OMI tokens.
VeVe has already formed partnerships with some huge brands, including Warner Bros., Capcom, Adventure Time, the NFL, General Motors, and DC Comics.
Some of their most popular collectibles to date have come out of their Ghostbusters, Batman, Ultraman, and Harley Quinn drops. The team also confirmed that Star Trek will be added in the second quarter of 2021.
The ECOMI team is led by CEO David Yu, who is also the CEO of the company. David has started a number of companies over the years, but the most well-known of these is the Games R Us Ltd company, which he started in 1997 when he was just 17 years old.
Over the 24 years since he has gained immense knowledge of the retail industry and how to launch brands successfully. He has twice been named a Finalist in the Ernst & Young Entrepreneur of the Year award, and in 2014 his company was ranked 12th in the list of “Deloitte Fast 50” companies.
A second co-founder of ECOMI, and its COO, is Daniel Crothers. He has also founded a number of companies over the years, including a media company he co-founded that had millions of monthly page views and a similar number of social media followers. He continues to hold interests in a number of businesses, but his passion has been in the blockchain space since 2016.
The third co-founder of ECOMI is Joseph Janik and he is involved in the project as an advisor, having moved on to his role as founder and CEO at Movement Food in Canada, and more recently Earnest Solutions. Earnest is a place where innovation and creativity inspire thoughtful work.
Through a fusion of brand and product development, interactive web design, digital marketing strategy, and multimedia production we seek to create engaging experiences and foster relationships that are collaborative and meaningful.
The technical development work at ECOMI is overseen by CTO Mikel Duffy. With over 15 years experience in leading successful technical teams, Mikel has experience in both blockchain and AI technologies. Prior to joining the ECOMI team he was a technical lead in the blockchain advisory department at KPMG in Taiwan. In his spare time Mikel has developed cryptocurrency exchanges, wallets, multiple other DApps and has a doctorate in philosophy.
Perhaps one of the most valuable members of the ECOMI team is Alfred Kahn, who acts as Head of Licensing for the company. He is responsible for acquiring licensing programs with all the brands that ECOMI is working with. He is also the CEO at Kidtagious Entertainment, where is known for discovering children’s intellectual properties in foreign and domestic markets and turning them into global megahits.
Kahn has spent more than 30 years distributing and promoting iconic brands such as Cabbage Patch Kids, Teenage Mutant Ninja Turtles and Yu- Gi-Oh! He is also credited for the marketing and licensing programs for other iconic brands like Mario Bros., Zelda, Donkey Kong, James Bond, WWF, Polly Pocket and more. The true highlight of Kahn’s career is that he is the man responsible for bringing Pokemon to the world.
The OMI token underpins the entire ECOMI ecosystem and is needed for the purchase and sale of NFTs within the VeVe ecosystem, and as a way to stake and access additional features and benefits within the app.
The tokenomics of OMI are deflationary, and combine Uniswap-type big buybacks and burns with the in-app stablecoin called Gems to make it seamless for mass market users on IoS/Android. But under the hood, everything runs on the native token, OMI.
There are two basic tokenomics used by ECOMI to ensure that OMI remains deflationary, and that the OMI reserve on VeVe remains highly liquid:
Tokenomics 1 - With each purchase of a new NFT, the equivalent in OMI is burned from the in-app reserve (1.5 billion so far), and 10% of the purchase pays for buybacks from exchanges. So if I buy a $100 NFT, $100 of $OMI is burned and $10 goes to buybacks. In addition, the team has added a 2.5% transaction fee in VeVe and those GEMS will also be sent to be burned. As of April 13, 2021 more than 3.1 billion OMI have been burned. You can see the number of burned tokens in the Out of Circulation Wallet.
Tokenomics 2 - With each secondary market purchase, 100% of the fiat payment the company receives for the stablecoin used to buy the NFT goes to buybacks from exchanges, to keep the OMI reserve liquid. More simply, 100% of secondary market payments go to buybacks.
There are 750 billion OMI tokens that will be created, 20% of which were offered in a May 2019 ICO. In addition, 40% of the tokens are being reserved for the VeVe platform to ensure ample liquidity.
Based on data from CoinMarketcap.com the token didn’t begin trading until February 15, 2021 and was initially trading at $0.000597. As of April 13, 2021 that figure has increased to $0.007937, which is better than 100x the initial trading value.
Note that the token is not extremely liquid and trades on just three exchanges currently – Gate.io, AscendEx (BitMax), and BitForex.
The VeVe marketplace uses GEMS in its transactions to make the platform more accessible to those who aren’t familiar or comfortable with cryptocurrencies, wallets, and things like private keys. GEMS are a type of stablecoin, with their value pegged to $1 at all times.
Users can purchase GEMS on the platform using fiat currency. It is also possible to exchange OMI tokens for GEMS via the process explained here.
ECOMI Secure Storage Wallet
The Secure Wallet is a wireless, credit card-sized, hardware cold storage device that protects private keys. The Secure Wallet is designed to be impenetrable to malicious cyber-attacks as it never connects directly to the internet or insecurely via an online device.
The Secure Wallet is securely paired using an encrypted Bluetooth connection to the host device (iOS or Android smartphone). Removing the need for a wired connection reduces the likelihood of being compromised, whilst allowing for the highest degree of portability.
On the Secure Wallet device itself, the user can view balances and feedback information on the e-paper display. Further interactions with the Secure Wallet are carried out via the ECOMI Secure Wallet App. (Android / iOS).
Using the Secure Wallet App, users can:
- Maintain full control over the transfer of private keys in and out of the Secure Wallet
- Securely store and manage Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and over 1,000 more coins
- Full support for GO-721 and ERC-721 NFTs
- See all cryptocurrency balances
- Send and receive all supported cryptocurrencies
- View transaction history
- Create up to five individual accounts per cryptocurrency
Secure Wallet Main Features
- Top-of-the-line security
- True cold wallet that never connects directly to the internet
- Full loss recovery and restoration
- Physical transaction confirmation
- Supports over 1,000 cryptocurrencies
- No fees (other than standard blockchain fees)
- Long life rechargeable lithium battery
- Waterproof and a bend capability of 15 degrees
- Environmentally friendly components
Wallet Loss, Backup and Restoration
Security and restoration of private keys is extremely important and the Secure Wallet has a very robust restoration capability. If owners lose their Secure Wallet and / or their host device, their private keys will remain protected. During the setup of the Secure Wallet, a Recovery Seed is generated within the app.
When the seed is generated, the user should write this in the Recovery Card supplied with the Secure Wallet and store it in a safe place. In the event that the Secure Wallet is lost or stolen, the user can purchase a replacement Secure Wallet, pair it with the host device, and enter the Recovery Seed to restore their private keys. In the future, ECOMI plans to make use of biometric technologies to make the process simpler and more secure.
With the launch of the VeVe platform, and the current rage for everything NFT, ECOMI is off to an excellent start. Much of that might be attributed to the partnerships they’ve formed, which allows them to mint exceedingly popular NFTs.
And with Alfred Kahn in charge of licensing we can only imagine that the number of popular partnerships will continue to draw more users to the platform.
Early investors are no doubt pleased with the over 100x gains from the OMI token over the past few months. With so few exchanges currently covering the token that should only get better, particularly if they could get a listing on Binance.
And the Secure Wallet, while we weren’t able to actually test it, appears to be a solid competitor to existing hardware, cold wallet solutions.
Overall we found the entire project to be quite impressive from a developmental standpoint, and perhaps more importantly in terms of the NFTs that will be available given the incredible partnerships that have already been forged.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.