Onomy Protocol price 

NOM

The ecosystem play to onboarding FX volumes on-chain entails several steps that aid Onomy’s goals:

First off, Onomy is building a Cosmos-based application-specific chain which helps alleviate concerns over scalability, throughput, and transaction fees by having validators that exclusively secure its products.

Secondly, Onomy has chosen to build its own multi-chain mobile wallet, which facilitates multi-protocol asset management, with features like staking, governance, and NFT collections available from a single interface that simplify the user experience instead of forcing users to rely on multiple, yet incomplete browser extensions.

Thirdly, the protocol is building the Onomy Exchange, a hybrid DEX that combines a traditional order book experience with AMM liquidity pools. Users may place advanced orders unavailable on AMMs via the order book interface, while still being able to provision liquidity of any crypto or stablecoin pairs to the underlying AMM. Effective cross-chain trading is then enabled through custom-built bridges and integration with the Inter Blockchain Communications Protocol (IBC). In addition, the Onomy Exchange will be natively deployed on multiple chains, serving loyal liquidity.

The creation of a vibrant product ecosystem will bootstrap the launch of the Onomy Reserve, the protocol’s stablecoin issuance system. To recap, FX volumes need an exclusive, secure, high throughput, and cost-effective infrastructure whose performance is not dependent on misc events like a hyped NFT mint, hence the Onomy Network. Onboarding non-crypto natives requires an all-inclusive wallet from which they may manage all their assets, hence Onomy Access. FX pairs must be traded on a feature-packed DEX that leverages traditional tools like market, limit, and conditional orders, but which is also interoperable, non-custodial, and has a powerful charting engine. Lastly, once all the infrastructural needs are in place (which are independent, yet interconnected products with market fit), the Reserve can be deployed, providing immediate utility for the Denoms as well as integrations within other Web3 ecosystems, facilitating their adoption as means of payment, credit, FX trading, remittance, and more.

Onomy places great emphasis on building intuitive interfaces, so that the onboarding and usage experience is well suited to both newbies and crypto pros.

The protocol serves as a vertically-integrated ecosystem, fostering Web3 adoption through a suite of products that allow users to trade on a DEX as they would on a CEX, effectively deploy assets through DeFi non-custodially, bridge across liquid ecosystems, and use decentralized stablecoins.

For example, through the built-in bridges deployed on Onomy’s Exchange, trading cross-chain is as simple as placing a limit order, with no reliance on multiple browser extensions or need to switch networks. The DEX utilizes a hybrid model that employs both order book and AMM functionalities. This unlocks additional functions, once reserved only to traditional centralized exchanges, of which we include stop-loss orders, limit orders, and advanced charting through a native TradingView integration. Onomy’s Exchange will support trading of crypto pairs listed through permissionless pools, stablecoins, and the NOM token across chains.

An additional nod to Onomy Protocol’s care towards intuitive interfaces is represented by Onomy Access, a non-custodial iOS and Android mobile wallet with support for multi-chain asset storage (including NFTs), and ability to engage in multi-protocol staking and governance from a single interface, effectively making browser extensions obsolete and greatly improving the current state of UI/UX in Web3.

The aforementioned components are powered by Onomy Protocol’s application-specific blockchain network. As a Cosmos-based network, the Onomy ONET will achieve 100x the efficiency of Ethereum and effectively solve the blockchain trilemma of achieving scalability, decentralization, and security, while also enabling Onomy to leverage the Inter-Blockchain Communications Protocol (IBC) to simply bridge to all Cosmos-based chains. At a later stage, the Onomy team will deploy Equity, a custom consensus protocol utilizing leaderless ordering of transactions. Taking lessons from Machine Learning (ML) and Artificial Intelligence (AI), Equity will provide the throughput needed for high frequency Forex trading, as well as preventing validator front-running, a significant threat to decentralized economies.

Onomy was co-founded in December 2020 by Lalo Bazzi and Charles Dusek. Bazzi is a former associate at Fidelity Investments and ex-Microsoft cloud solution strategist with close to four years of experience operating in the blockchain space. Dusek, on the other hand, is an accomplished engineer with more than a decade of experience working in energy finance, private equity, machine learning, and consensus systems. Together, they developed mining hardware, utilizing ASIC chips, and established a global infrastructure partner network.

The two founders are joined by a 20+ strong team that also includes known developers, designers, researchers, and marketing specialists.

Staking is overseen by a decentralized network of performant validators that guarantee the security of Onomy’s Proof of Stake (PoS) blockchain. Users can participate in the validation by delegating their NOM to their preferred validator, obtaining yield in exchange for supporting the network. Validator honesty is incentivised, whilst ill-willed behavior is promptly penalized through slashing.

In addition to securing the network through validators, Onomy’s products undergo a comprehensive development process, where system specifications and logic are first defined using a mathematical language called TLA+, then formally verified and audited by leading cybersecurity firms once developed.

The Onomy Protocol NOM token will initially be tradeable via the bonding curve interface. DEX and CEX listings will follow shortly thereafter, with all relevant information to be disseminated via the protocol’s official channels.

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