Decentralized Finance Projects: Omnitude (eCommerce blockchain)

Electronic commerce or e-commerce is the dissemination, sale, purchase, marketing of goods and services that rely on electronic systems, such as internet, television, or other computer networks. E-commerce involves the transfer of funds and electronic data exchange, management systems and data collection automatically. E-commerce is one of the business most often cultivated by the people in the world because it provides a promising advantage. But in recent years a lot of losses caused by credit card fraud. Last year a report stated that the rate of credit card fraud attacks on e-websites increased dramatically. At that time, the level of fraud attacks as early as 2016 appears to be at least 15% higher than the 2015 total. The percentage turns out to be much higher due to increased e-commerce fraud to 33% by 2016 compared to 2015 according to Experian data.

Credit card fraud rates on e-Commerce and marketplace sites are reported to have jumped 33%. The United States is the country most at risk of e-commerce fraud. This e-commerce scam also occurs on shipping and billing addresses. The biggest component of this trend is the fact that 2016 is a record year for data breaches. There were 1,093 data breaches last year, up 40% from 2015, according to the Identity Theft Resource Center.

Sentinel Network Data Book 2016, announces a surge of consumers who report that their stolen data is used for credit card fraud, from 16% in 2015 to more than 32% in 2016.Number of records Data breaches are a signal that future fraud activities will be held. This is further reflected in the growing number of consumers reporting credit card fraud in 2016. So far in 2017, the same trend continues as the number of violations has increased by 56% compared to 2016
This does not include clean fraud (legitimate cardholder impersonation), account takeover, identity fraud, and retransmission fraud. From a consumer standpoint, cheating may arise from fake reviews and a slim reputation system that creates a metaphor of trust - research shows up to 1/3 of online reviews are false and serves to support the merchant itself or damage the reputation of a competitor.

The application of Omnitude from 'Single Identity' and 'Single Reputation' to blockchain will provide a means to help merchants reduce the most common form of eCommerce fraud, Identity Theft, where fraudulent transactions are made using different identities, usually spent on others. credit card or account In giving Single Identity users to blockchain, Omnitude will lighten the merchant's need for maintaining and securing a large local database containing sensitive personal data about their customers. Such databases risk being compromised by 'hacking'.

Immortality will also reduce Merchant Fraud (i.e. prepayment prepayment, but with subsequent delivery failures) by facilitating the gradual release of payments depending on the delivery stage. This will be done with a smart contract over Omnitude that tracks the progress of the item as it passes through the entire supply chain (eg identified with the painted graphene 2D security tag or serial number). Micropayments with gradual release, transparent readability, and immutability, all work to reduce merchant fraud. Risk of Return Fraud is naturally minimized by reducing the use of credit cards.

Omnitude is a platform built on hyperledgers that integrate blockchain into the eCommerce and enterprise systems involved in building end-to-end supply chains, with the original 'ECOM' utility token serving as the base layer of completion for the platform. Utilizing Omnitude as an integration layer between these systems enables rapid deployment of blockchain technology without the need to replace existing infrastructure.

Omnitude can help achieve:

• Creation of a transparent and accountable manufacturing and supply chain

• Decreased eCommerce fraud significantly

• Single customer identity empowerment for use across all Omnitude connected e-commerce sites

• Block integration between enterprise systems such as ERP & WMS

... and many more solutions from Omnitude and the community in the form of Omnitude DApps.
Omnitude is a radical concept in an eco-blockchain system. Utilizing Omnitude as an integration layer between existing systems enables rapid deployment of blockchain technology without the need to replace the current system.

Omnitude not only creates its own blockchain solution that integrates enterprise systems, supply chains and eCommerce platforms. But it also allows the application developer community who can imagine, build and implement a blockchain solution for real-world problems.

The Omnité platform itself will be open and transparent, allowing anyone to design and build Omnitudo applications to integrate with existing solutions in eCommerce, supply chains and enterprise systems.It aims to revolutionize eCommerce and supply chains with blockchain technology The Omnitude Foundation will seek to echo the decisive characteristics of blockchain technology, by being Open, Secure and Transparent.

An ECOM token will be launched with Omnitude on the Omnilayer platform. Merchants, customers, and suppliers will require ECOM to participate in the Omnitude ecosystem.
The ECOM token will serve several primary functions:

1) A native method of settlement between parties to access ecosystem resources.

a. Merchants will make payments in ECOM to other ecosystem participants to use the on-ledger Omnitude solutions for Supply Chain Provenance, Delivery Cycle, Transparency Data, Single ID, Single Reputation and Proof-of-Interaction.

b. Customers will make payments to merchants using ECOM, cryptocurrencies, or FIAT.

2) An incentive for ecosystem participants to operate and secure the ecosystem.

a. The consistency of Omnitude’s immutable blockchain will be guaranteed by a distributed, peer-to-peer network of validating nodes running the Omnitude Core client application. In return for enforcing Omnitude’s Delegated Practical Byzantine Fault Tolerance (DPBFT) consensus algorithm, validating nodes will share in ECOM block rewards.

3) A means to raise funds for long-term development of Omnitude.

a. Through the crowdfunding, the Omnitude Foundation is raising funds for the initial issuance of ECOM, and for the development and launch of the Omnitude ecosystem.

b. The ECOM coins issued during the crowdfunding will be the initial float to bootstrap the ecosystem.

Ticker: ECOM
Tokens: 100M (Team & Advisors = 12%, Omnitude Foundation = 33%, Pre-sale Investors = 5%, Main-sale Investors = 50%)
Inflation: None (no further tokens issued)
Private pre-sale cost: $0.40 USD/ECOM
Private pre-sale cap: 5 million ECOM (2 million USD)
Token Sale cost: $0.46 USD/ECOM
Token Sale hard cap: 50 million ECOM (23 million USD)
Total sale cap: 55 million ECOM (~25 million USD)