Onomy Protocol

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Onomy converges traditional and decentralized finance through cross-chain liquidity aggregation and stablecoins.

History

Since 2019, research and development commenced of three key technologies: Equity, Natural Rights, and Market.

Equity: Byzantine Fault Tolerant Consensus Protocol leveraging rank-choice preferential voting. Natural Rights: Non-custodial private key management suite and device authorization, providing a single sign on solution to manage assets from various blockchains. Market: A custom hybrid orderbook + automated market maker solution for the Onomy Exchange, providing market, limit, and stop orders.

Onomy is built with Cosmos SDK. We have iterated through multiple private testnets that include the integration of the Ethereum <> Onomy bridge, leveraging Althea Net's Gravity Bridge. We have aligned multiple partnerships for bridges to other chains and recently co-announced with Ava Labs' Avalanche chain: https://twitter.com/John1wu/status/1414947802283757583?s=20

The main public distribution of the underlying protocol token, NOM, will be via a bonding curve contract that acts as an automated market maker providing instant liquidity. The bonding curve contract received a successful audit by the well-established NCC Group, a UK-based information assurance firm handling top-level cybersecurity audits having over $350M in revenue in 2020 and over 2,000 employees. You can learn more about the bonding curve here: https://docs.onomy.io/nom-distribution/bonding-curve-offering

Product

The Onomy Network (ONET) is a Cosmos-based decentralized peer-to-peer computational network that processes transactions submitted by users and rewards operators in ONET‘s native protocol coin, $NOM. The blockchain trilemma is solved, with the ONET achieving scalability, decentralization, and security without compromise. Built on a proofof-stake (PoS) model, validators yield $NOM for upholding network-wide integrity, with disincentives for ill-willed behavior.

The Onomy Exchange (ONEX) bridges the gap between the Forex market and the realm of virtual currencies. ONEX is a base-layer decentralized exchange used by Onomy participants to trade $NOM and Denoms. ONEX is integrated with the Onomy Reserve to handle reserve accounts‘ maintenance and rebalance collateral ratios.

The Onomy Reserve (ORES) governs minting of stabilized virtual currencies, called Denoms, utilizing $NOM as collateral. As Denoms became a trusted substitute for their represented fiat currencies, currency flow grows as Denoms become the go-to means of payment, with P2P transactions processed in an efficient, immutable, and selfstabilizing manner. The ORES also enables collateral-based stablecoin lending, enhancing the DeFi lending market. The Onomy Reserve delivers additional technical functions, indispensable to protocol’s framework.

Team

Onomy was co-founded by Michael Bazzi and Charles Dusek, with former experiences between the two including Fidelity Investments, Microsoft, and ConocoPhillips among other various independent projects such as ASIC / GDDR6 mining hardware. The Onomy team has significantly expanded to over 20 members including machine learning experts, software engineers, project managers, and designers from companies and universities such as Lido Finance, Casper Labs, JP Morgan, and Harvard.

https://linkedin.com/in/lalobazzi/ https://linkedin.com/in/charles-dusek/

Competitive Landscape

Stablecoins such as USDC, USDT, BUSD, DAI, sUSD, and Terra ecosystem. Decentralized exchanges such as Uniswap, Sushiswap, and Serum.

Onomy separates itself through key technologies that specifically target onboarding traditional finance in a manner that provides immensely less friction than our competitors. This includes certified distributions of our software, a hybrid Orderbook + Automated Market Maker exchange solution, on-and-off ramps that comply with current regulatory frameworks, and more.

Onomy leverages a crypto-collateralized stablecoin framework, rather than an algorithmic or fiat-collateralized framework.

Onomy is multi-chain, allowing value to seamlessly transfer between prominent blockchain economies.


Goals/Results

Onomy Protocol has Goals/Results stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.

SWOT

Onomy Protocol has a SWOT analysis stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.

References

1. Application Specific Blockchains: https://medium.com/onomy-protocol/application-specific-blockchains-addressing-the-shortcomings-of-smart-contracts-84662e4d4843
2. Wall Street Meets Blockchain: Onomy Protocol Builds Financial Infrastructure for CeFi to DeFi Migration: https://btcmanager.com/wall-street-blockchain-onomy-protocol-financial-infrastructure-cefi-defi/
3. Onomy Protocol Partners with Avalanche to Build Cross-Chain Stablecoin Economy: https://medium.com/onomy-protocol/onomy-protocol-partners-with-avalanche-to-build-cross-chain-stablecoin-economy-f17dfc72d588


External Links

https://onomy.io