Blockchain is the most secure form of technology when it comes to record-keeping and facilitating transactions. However, current devices aren’t secure enough to prevent hackers from stealing your crypto savings saved on the wallets or exchanges.
Top exchanges like KuCoin, Binance, Bitfinex and many others were the victims of cyber heists in the past that resulted in the draining of billions of dollars worth of crypto assets. That’s when ECOMI comes into the picture to serve the crypto community by offering the safest wallet with an easy to access ECOMI One card.
It is developing an impressive product line that can help bring crypto adoption to the mainstream. Founded by the creators of VeVe, Is ECOMI coin capable of driving the mass adoption of cryptocurrency by providing secure storage and seamless transfers? Let’s find out today in this post –
What is ECOMI?
ECOMI is a secure digital ecosystem that aims to bring blockchain technology to the mainstream using a user-friendly approach in its products. The term “digital ecosystem” refers to apps and services that come within the scope of ECOMI secure wallet and ECOMI One card (physical hardware).
ECOMI is supported by Ecomi Technology Pte. Ltd, which is a Singapore based company and founded by the creators of VeVe, the leading mobile-first NFT marketplace with over 250K users and 400k digital collectibles in sales.
ECOMI aims to address and solve the two concerning problems surrounding blockchain technology i.e security and mainstream adoption. Recent cyber heist on the popular crypto exchange i.e KuCoin has questioned the safety of crypto coins bought by the users. ECOMI aims to solve it by providing the world’s safest (as the team claims) ECOMI secure wallet that secures the private keys and add a layer of security features (like Biometrics) that can thwart anyone from stealing crypto coins from the wallet.
ECOMI also plans to encourage mass adoption of cryptocurrencies and make them commercially viable like fiat. This part is taken care of by its second product offering i.e ECOMI One card. It will allow users to store and spend a range of crypto-assets including its native token OMI anywhere in the world with a little limitation.
ECOMI Team Members:
The core team members are –
David Yu – CEO:
David Yu is the current CEO and director of ECOMI. At the age of 17, he founded Games R Us Ltd. He has 21 years of experience in the retail industry and working with Intellectual property, transforming licenses into brands. More about him can be found in his profile.
Daniel Crothers – COO:
Daniel is a serial entrepreneur who founded several successful startups. He’s the co-founder of VeVe and entered the crypto industry back in 2016, garnering an experience of over 6 years in this space. More about him can be found in his profile.
Mikel Duffy – CTO:
Mikel is the current CTO and has over 15 years of experience leading technical teams. He has played a key role in leading the blockchain advisory department of KPMG and several AI firms. He has a passion for developing blockchain based products like wallets, DAPPS etc. More about him can be found in his profile.
Joseph Janik – CIO:
Joseph is an Australian entrepreneur who owns multiple businesses. He is a successful trader and entered the blockchain industry back in 2016. He’s known for his passion for creating thriving marketing and online business.
What is ECOMI Coin OMI?
ECOMI Coin i.e OMI is the utility token that is primarily used as a medium of exchange when a user trade digital collectibles on the VeVe platform. OMI is also used to maintain the digital ownership of collectibles that are immutable in nature.
ECOMI Ecosystem & OMI:
The token is used for application and content access throughout the ECOMI ecosystem. All ECOMI products & services including ECOMI Collect, DAPPS and Vault will be funded by OMI tokens using cold storage private key staking, one-time payment, per-access payment or recurring payments.
Staking OMI:
Users who opt for paid subscription model are eligible for staking OMI tokens. Staking provides access to all services, free of ongoing costs. A certain number of tokens are required to be held in the address (private key) associated with the DAPP being used.
If the user removes the staked tokens, he has to opt for another payment method like a monthly subscription to continue using ECOMI services.
Staking is available on ECOMI Collect, Vault and many future DAPPS
A look into the ECOMI Security Feature:
ECOMI secure the private keys by keeping them safe offline in the physical hardware wallets i.e the Secure wallet & the ECOMI One. Additionally, the security feature is certified as CC EAL 5+, which is the highest security grade for government level deployments.
The Secure Wallet has a number of security features to protect the private keys that include the following –
- Security Element
- Host Registration
- Host Login
- Security Channel
- Hierarchical Deterministic Wallet
- Secure Firmware Updates
- Security Protocols
Security Element:
Secure wallet adopts the NXP Smart MX secure element (SE) with the following set of features –
Host Registration:
Secure Wallet needs a host (Android or iOS) to sync with the cryptocurrency blockchain and ECOMI DAPPS. When the host device sends a signal to the Secure Wallet, it provides it with UUID (Universally Unique Identifier) with a description to the card.
The card will then generate a UUID which is sent to the host to generate the device key. Both the device and the secure wallet will then confirm the key by the challenge-response mechanism to register the device as a host to the Secure Wallet.
Host Login:
When a registered device the login signal to the Secure wallet, it cross-checks its own device key by sourcing the UUID stored in the host. The challenge-response mechanism help prevent any attack by the third party in between the process. After verification, the Secure wallet grants access of funds to the host device.
The Secure Wallet can be purchased from the official website.
Security Channel:
The security channel encrypts the communication between the host and the Secure Wallet by using a session encryption key.
Hierarchical Deterministic Wallet:
The wallet supports Hierarchical Deterministic by letting the user generate number-style mnemonic sentences on the Secure Wallet which is displayed to the user on the host device.
Firmware Updates:
The app can directly install the encrypted Firmware update to the wallet using the loader key. The loader of the Secure Wallet will decrypt the encryption using the loader key and install the new firmware after validation.
Security Protocols:
Just like any other crypto wallet, ECOMI Secure Wallet encourage users to note down the recovery phrase which is then used to gain access to the wallet in an event of loss or theft of physical hardware. Similar to a hardware wallet, all you need is to enter the recovery phrase by connecting the new device and you’re back in action
ECOMI Product Offerings:
Following is the list of products offered/proposed by ECOMI –
- Secure Wallet
- ECOMI One Card
- ECOMI App
- ECOMI Vault
- ECOMI Collect
Secure Wallet:
The Secure wallet is the core product offered by ECOMI, providing easy to access features using Android or iOS devices. It’s your on-the-go wallet with the highest grade of security features. Here’s its comparison among the top crypto wallets in the market –
All the steps of integration and user access have been shared above in the security feature.
ECOMI One Card:
ECOMI One is a credit card-sized payment card that can be used globally. It holds a range of cryptocurrencies, fiat currencies (USD, GBP, EUR) and NFC enabled debit, credit & loyalty cards. One is the step towards bringing cryptocurrencies mainstream by making it a one-stop solution for all the transaction needs.
ECOMI Exchange:
The ECOMI Exchange is a cherry on the cake for ECOMI One Cardholders. It enables smooth transactions of cryptocurrencies into fiat anytime, anywhere. The merchant will receive fiat currencies.
Users will have the option to select the default cryptocurrency for fiat purchases within the ECOMI app. To make ECOMI one compliant, Users have to apply to use ECOMI One Card and complete KYC procedures.
ECOMI App:
The app is the heart of the ECOMI Ecosystem. It’s a place where users can access all features and services of the whole ecosystem. ECOMI has plans to extend its app development feature to the public by allowing any developer to build apps that are requested by the community or build any app of his own.
ECOMI Vault:
In short ECOMI vault protects your data. Using a combination of DLT (Distributed Ledger Technology) & offline private key storage, ECOMI Vault offers maximum level of data protection.
ECOMI Collect:
ECOMI intends to obtain the necessary licensing rights for collectibles in the form of NFTs that has a verified owner and offer them through ECOMI Collect. Users can browse and purchase digital collectibles. Once purchased, the asset is stored safely in the wallet which can be viewed, traded or augmented by the owner.
Token Distribution:
Here’s the breakup of the token distribution shown in the Whitepaper –
The team has also shared the allocation of funds distribution for the growth of ECOMI ecosystem –
The total supply of OMI tokens is 750 billion
ECOMI Benefits:
NFT Compatible:
The Secure Wallet and ECOMI Collect can store ERC721 tokens which is a standard NFT token for digital assets i.e NFT.
Friendly UI & Seamless transfer:
The Secure Wallet easily connects with any Android or iOS mobile device, making it easier for users to access the wallet anytime, anywhere. Moreover, ECOMI One card allows seamless transactions globally using cryptocurrencies by converting them into the set fiat currency.
Highly Secure Wallet:
The ECOMI wallet is highly secure and rated CC EAL 5+, the highest level of security certification which makes it one of the most desirable devices amid the crypto boom.
ECOMI Drawbacks:
No Roadmap after 2019:
After skimming through the Whitepaper, it comes to my knowledge that the roadmap hasn’t been updated since 2019. Though the project is posting monthly blog posts on its Medium blog, the roadmap is yet to be updated on the Whitepaper, in fact the complete Whitepaper needs a V2 update like Mirror Protocol
Limited Trading Platforms:
The flipside of owning OMI tokens is its inability to trade across popular exchanges. OMI is yet to be listed on Binance and Coinbase. This delay has limited its growth in price and popularity.
Not Free:
Unlike Trust Wallet or MetaMask wallet, ECOMI wallet isn’t free. It cost $199 and you have to pay in OMI tokens to access all its features. This model may discourage the users who are already used to free storage wallets. However, given the security feature, it may attract more traction in future.
Competition:
Either in storage wallets or in crypto cards, everywhere there’s competition. On one side we have Ledger and Trezor wallets dominating the storage space and on the other side, we have Binance card & CRO coin card gaining higher adoption rate compared to ECOMI One card.
Lack of Marketing:
Have you heard of ECOMI Secure Wallet when you’re planning to purchase a crypto storage wallet or have you heard of ECOMI One card when you’re planning to buy a crypto card? In most cases, the answer will be No. That’s the whole point, ECOMI has failed to market itself properly, which is concerning especially in the long term survival.
ECOMI Coin Price:
Please check the latest ECOMI coin price, shared below –
ECOMI Coin Price Prediction:
Needless to say, early investors have enjoyed whopping returns of over 1000% by investing in ECOMI OMI tokens. The token has its fair share of rise and fall. It hit an all-time low of $0.00000337 in November 2019 and was quick to rise in the bull run of 2021, reaching an all-time high of $0.01343. The run didn’t last long and the coin fell back to $0.0014 per token.
At the time of writing, it is trading at around $0.006 and showing signs of stability in the key area. The long term growth can only come with the increased adoption rate of ECOMI products and that seems to be quite challenging given the low marketing activity and rising competition.
Investing at this point in time may be a good decision since the market is moving sideways. However, it is very difficult to predict the price of the coin until there’s some news on project development and future roadmap.
Where to buy ECOMI Crypto Coin?
OMI tokens are available on limited exchanges. OKEx, AscendEx & Bitforex.com are some of the exchanges that have listed the token. Unfortunately, it is not listed on Binance and Coinbase which has dented its image and visibility to some extent.
Is ECOMI Coin worth Investing?
ECOMI is a thoughtful project with well-defined product offerings. The team had tried addressing the concerning issues of wallet security and mainstream adoption of cryptocurrency by creating in-house products i.e ECOMI Secure Wallet and ECOMI One card.
The ecosystem also includes ECOMI Collect that help trade and store NFTs. Although the features are tempting for any investor to jump in and buy OMI which is the utility token of the ecosystem. However, lack of awareness coupled with rising competition is consistently deteriorating its chances to become the next MOON coin.
There’s no roadmap past 2019, the wallet isn’t free and the lack of data on the project adoption rate has closed my bets on OMI. Personally, I am neutral to negative on ECOMI and it can only change if the team decides to pull up their socks and get back to promoting their products. If you’re interested to invest in ECOMI coin, I suggest doing your due diligence and market research.
This completes my review of ECOMI coin. In the next post, I will cover NEAR Protocol. If you’re a fan of blockchain technology then please do share it on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.