Omnitude set to transform enterprise business with the move of its ECOM token to Stellar and the introduction of micropayments to users

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Omnitude is converting its token from the current Ethereum based ERC20 standard to Stellar’s  platform in a move that will create a hybrid blockchain. Stellar will become the framework for the ECOM currency within Omnitude’s Hyperledger network, allowing for the combination of technologies.

Omnitude plans to become an anchor in the Stellar network which will allow it to exploit the huge benefits of integrated native token payments with fiat, exchange, compliance and name federation.

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Omnitude ID will be the first application they have committed to delivering this year on this new blockchain framework, sticking with the timelines committed to on their extensive roadmap.

“Although the Ethereum network has offered an excellent starting point for the construction of Omnitude’s systems and business, its future potential is not as aligned to the needs of the Omnitude network as Stellar is. As the Omnitude network grows, the demands for it to be able to handle large volumes of transactions are paramount in delivering its enterprise-enabled capabilities, ” says Chris Painter, CEO and founder of Omnitude.

“Stellar’s high scalability, fast transaction times and low fees are the perfect solution for Omnitude’s predicted large volume transactions and throughput and we see the integration of Stellar into Omnitude Core as pivotal in Omnitude breaking down the barriers for mainstream adoption of blockchain technology.”

The move comes in the wake of a full assessment of the Omnitude Core platform, a progressive solutions architecture that is the base foundation infrastructure and environment for the Omnitude ecosystem and all its applications.

Omnitude Core brings together the best of Hyperledger technology – incorporating the latest and innovative Hyperledger Fabric and Indy frameworks (release 1.2) and projects such as Calliper, Composer and Quilt, to deliver a far more robust ecosystem, established within a malleable architecture.

The unique integration of these toolsets and key capabilities creates a platform design with new functionality and enhancements giving enterprises the flexibility to integrate blockchain solutions across their business and even integrates cross-enterprise, benefitting both enterprises and their customers alike.

“Much of our technology utilises Hyperledger blockchain components and we initially anticipated conversion to a Hyperledger-based token, however, our industry has been very impressed with Stellar as a cryptocurrency platform. It suits the needs of our platform and our community perfectly, so ultimately the decision was an easy one,” said James Worthington, CTO Omnitude.

The ecosystem looks set to specifically transform eCommerce by offering a variety of applications like Omnitude ID, where users create a unique trusted ID within the Omnitude ecosystem where they maintain their personal information, gain control over who shares their personal data and can sign on across the entire ecosystem with their Single Sign On access.

“Stellar’s performance in both throughput (over 1k TPS) and its speed of finality (2-5 seconds) is crucial in delivering the micro-transactional economy within the Omnitude platform. The benefit of low transaction fees means that this can be passed on to both the ecosystem and clients as a cost-effective and viable ecosystem benefit,” Worthington said.

Omnitude confirms that users will now receive monetary compensation in the form of micro-transactions, which will reward users who choose to share their data with businesses within the network – a move that comes in sharp contrast to how Google and Facebook handle (and benefit from) users data.

“This will disrupt the relationship between customers and brands. We all know that earned data is far more valuable than paid data. By choosing to share, customers will be able to contribute valuable information on their habits, profile and preferences to businesses and brands that deliver excellent products and experiences. Having customer need and desire central to their offering will now give organisations a real competitive data advantage. Welcome to the trust economy,” said Jon Harris, Omnitude’s Chief Branding Officer.

Omnitude is moving towards a functioning mainnet at a pace, and we will be holding an access all areas Omnitude Core/ Omnitude ID preview live on YouTube on November 5th at 16.05 GMT. The demo will offer a glimpse under the bonnet of the Omnitude Core master system, how it works and transacts and how users can interact with, set up and control their Self-Sovereign Identity.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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