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ECOMI : Review

raghav007(0)

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#cryptocurrency

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Overview :

ECOMI Ecosystem is a secure digital economic ecosystem supported by Ecomi Technology Pte. Ltd.. ECOMI aims to bring blockchain technology to the mainstream in one user-friendly platform. It offers the many benefits of decentralization, privacy, and control in the palm of your hands, made possible with our Secure Wallet and ECOMI One cards. At the core of ECOMI is a desire to create a range of usable and functional products, which will be achieved using a mixture of existing technologies, proprietary tools, and numerous standing partnerships.

Features :

Host Registration :Since the Secure Wallet only supports the BLE (NFC) interface for communication, it needs a host (Android or Apple smartphone, and soon a desktop computer) to sync with the cryptocurrency networks and ECOMI DApps.
Host Login :
The host login is currently only available for smart phones but will shortly be available on desktops.
Security Channel :The communication between the host and the Secure Wallet is encrypted by a session encryption key, and some data needs additional HMAC-SHA256 protection. The encryption key and MAC (Message Authentication Code) key are derived from the login challenge, device key mentioned above, and different derive strings. The KDF (key derivation function) used here is SHA256.

What is ECOMI ? or ECOMI Ecosystem :

ECOMI is a security, economy and digital ecosystem supported by ORBIS Blockchain Technologies Ltd. ECOMI aims to bring blockchain technology to the mainstream by offering a user-friendly all-in-one platform. The company is actively working on tackling the issues of security and data protection (namely private keys) in the crypto sphere. They also want to make cryptocurrencies more user-friendly and increase their efficiency when being used by different entities. In order to do this the company is creating a digital assets ecosystem on the blockchain, delivering the benefits of decentralization, ownership, privacy and control. ECOMI’s products offer the following:

The Secure Wallet –
A cryptocurrency and private key hardware device that ensures the protection of digital assets via a convenient credit card sized device. Designed to be completely impenetrable by malicious attacks, the Secure Wallet’s infrastructure ensures that it is never connected directly to the Internet, or insecurely connected to an online device, thus maintaining the most secure asset protection. The Secure Wallet is paired with a host device (an Apple or Android smartphone) via an encrypted wireless / Bluetooth connection. Another feature that makes the wallet stand out is that it’s waterproof and has a bend capability of 15 degrees. The Secure Wallet will launch with the capacity to securely store five cryptocurrencies – Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and very soon it will offer ERC20 support. By the end of 2018 the Secure Wallet will support over 30 currencies.
ECOMI One –
Built on top of the Secure Wallet technology, ECOMI One will securely hold your cryptocurrencies, fiat currencies (e.g. USD, GBP, EUR), as well as your NFC-enabled debit, credit, and loyalty cards. ECOMI One addresses the utility problem of cryptocurrencies and their day to day usability by offering a consolidated all-in-one wallet with the capability to hold all the aforementioned assets in ‘One’ place. With the integrated debit card – accepted where all major debit cards are accepted – ECOMI One card holders can spend fiat and cryptocurrencies, using technologies such as NFC and EMV. The in-wallet exchange allows cryptocurrencies to be exchanged for fiat currencies, either directly within the app or automatically at the point of sale.
ECOMI Collect –
ECOMI Collect will offer a new type of collectable in the form of a ‘Non Fungible Token’ (NFT) – essentially a digital asset that has a verified owner. These NFT’s represent unique collectable items (such as rare cards or characters) that exist in the digital space and can be traced to a verified owner. In an easy to use and well-designed app users can browse a wide range of licensed digital high-quality products. Once they are purchased, collectable owners can view, trade, or visualise these digital collectables using the latest Augmented Reality (AR) technologies, which now are standard in Apple and Samsung phones. ECOMI has secured the first crypto-collectable license – the internationally renowned brand tokidoki.
ECOMI Vault –
ECOMI Vault protects your data. This can include, but is not limited to, all forms of intellectual property, for example a piece of music, literature, or specifications of revolutionary new technology, as well as personal data such as usernames, passwords and also credit cards. Using a combination of distributed ledger technology and offline private key storage (Secure Wallet or ECOMI One), ECOMI Vault offers a maximum level of protection for personal and commercial data. ECOMI Vault is a software-as-a-service (SAAS) solution. Users can upload files to their Vault, create folders, and organise their data. To keep data organised, there are specific sections for different types of data such as passwords, credit cards, files etc. within the Vault. When data is added to ECOMI Vault, each file gets a verified, timestamped record of all activity that takes place within said file. This include times when the file was added, viewed, updated, accessed, shared and more.
ECOMI App –
At the heart of the ECOMI ecosystem there is the ECOMI app. Through this app users will be able to access all ECOMI services and features from one central location. ECOMI apps will be developed by ORBIS Blockchain Technologies Ltd. During this initial development period ORBIS will create guidelines for development within the ECOMI Ecosystem.

Competitive Advantage :

What stands out is ECOMI’s fairly wide scope. In regard to the four products that the company plans to develop, it has to be said that each has competitors. They might lose to those more focused competitors who are putting all their resources towards solving one problem.

ECOMI does have a unique solution with the Secure Wallet, and that product is finished and ready to be purchased. What makes it better than competitors like Ledger Nano S is that they never connect to the internet directly. It remains to be seen if the benefits are significant enough to move people to this solution rather than the hardware wallets. Furthermore, ECOMI One and ECOMI Vault are both unique in their ways compared to the current competition. In regard to Ecomi Collect, it is the only cyrpto-collectable app with licensed brands, such as Tokidoki. However, both of these projects are not yet fully developed, hence we will need to wait and see whether their features will still be unique at the time of their release.

Size of Potential Market :

ECOMI is aiming to target a mass market with their products, as they are covering all of the following spaces:

Decentralized application marketplace
Exchange (providing liquidity)
Protection and storage of personal data, including basic identification, usernames, passwords, credit card information, passports, licenses and more.
Recording, protecting and sharing of intellectual property.
A broad variety of P2P asset exchange platforms including cryptocurrencies, messaging platforms, social media, encrypted file and data storage

The team’s aim is to build a global ecosystem, however for the time being it seems that their main focus is on the American and Asian markets. These two markets are promising in regard to in-game collectibles and also have the largest amount of cryptocurrency users and owners.

Token Information :

ECOMI intends to run a Token Generation Event (TGE) to develop the wider ECOMI Ecosystem. ECOMI will sell approximately 500,000,000 OMI Tokens (OMI) during the TGE. It is envisioned that the sale of these tokens will both raise funds for the ECOMI long-term initiatives, and secondly, raise awareness and support for the ECOMI Ecosystem. The purchase of tokens during the TGE allows purchasers to obtain OMI tokens at a fixed price. In future, users who have no tokens will have to buy OMI tokens from existing token holders in order to use products and services in the ECOMI Ecosystem.