By rewarding users who contribute more to the network, Omega Network aims to build a sophisticated network that balances popularity and scarcity.
The Omega Network (OMN Coin) project was created with the first goal of making blockchain accessible to all by supporting the launch, mining and distribution of cryptocurrencies via smartphones. The article describes the mission of the OmTech team and how they aim to achieve it.
Our Mission: Building an OMN cryptocurrency and smart contract platform. Harness the decentralization of science, engineering, and technology to transform the world and revolutionize people’s internet usage habits.
Our Vision: Build a one-tier trading platform with high liquidity connecting traders, exchanges, institutions, DeFi platforms, wallets and dApps.
In addition, apply applications of Web3 technology to life.
To do this, we would build the first 1,000,000 decentralized nodes around the world. The first million nodes are pioneers in installing and using the OMN (Omega Network) application. The software is available from Google Play or the AppStore.
When we reach one million nodes, we will pre-mainnet. When we reach ten million nodes, we organize the main mainnet.
OMN Network is the result of the Omega Network team’s efforts to create a true alternative currency similar to the PI Network. We aim for Om to become a gold coin and PI to become a diamond coin.
Many alternative currencies have come and gone, others have changed, but all have problems. Omega is known as the PI of all Altpi-Frees as it has features similar to PI and acts as a pre-SCP system focused on decentralization and security. SCP results from the Federal Byzantine Agreement and is a new consensus method that uses the Byzantine Fault Tolerance Protocol
(BFT).
Although there are similarities with PI’s protocol, it differs in the hashing algorithm.
Cryptocurrency (or crypto, digital currency) is a form of currency developed with the main purpose of replacing current legal currencies.
– Peer-to-Peer Transactions: No third party will interfere with your transactions.
– Decentralized: Cryptocurrencies are not controlled by any organization.
– Security: Blockchain technology makes electronic money almost completely secure.
– Cannot be counterfeited: cryptocurrency is a digital asset; it is not physical, so it cannot be counterfeited.
Cryptocurrencies are more popular and accepted than ever as a type of digital asset with many new and superior features compared to traditional assets. Crypto is not only owned by famous businessmen, billionaires and financial experts like Elon Musk and Robert Kiyosaki, but it has also received more and more support and acceptance from big financial institutions like PayPal, Mastercard, SEC (Securities Commission). etc.
Cryptocurrencies have come under the spotlight since the introduction of Bitcoin. The goal of cryptocurrency protocols like Bitcoin is to maintain a live, decentralized ledger of transactions while fending off double-spending attacks by malicious Byzantine actors deviating from the protocol. Bitcoin transaction book consensus is secured by a network of miners competing for rewards on the blockchain. This mining or proof-of-work comes at a high cost. Proof-of-work-based consensus protocols are also slow, taking up to an hour to adequately confirm a payment to avoid double-spending.
The token economy is essentially a new way to stimulate human behavior. The main method of mechanism design is to name a mechanism that motivates actors to act rationally in a certain way based on their ability to achieve the outcomes that society expects. To add value to OMN, we encourage pioneers to share real goods, services and expertise with their OMN scales. In parallel, we will make the OMN listing available for trading on major electronic exchanges; Integrate Web3 into our network to facilitate transactions with Metamask and Trust-Wallet.
On the other hand, OMN tries to find a balance between popularity and scarcity. We want to make sure our users get more OM when they contribute to the network. OMN’s goal is to build an economic model sophisticated enough to achieve this priority while being universal to use for all.
Design requirements for the OMN economic model
Simple: create an intuitive and transparent model
Fair Distribution: Give a critical mass of the world’s population access to OMN
Scarcity: Create a sense of scarcity to sustain OMN price over time
Meritocratic Mining: Reward contributions to building and maintaining the network
OMN – token supply
Token Issuance Policy
Total Max Supply = M + R + D + C
M = total mining rewards
R = total referral rewards
D = total developer rewards
C = total connection part
M = ∫ f(P) dx where f is a logarithmically decreasing function
P = population count (e.g. 1st person joining, 2nd person joining, etc.)
R = r * M
r = referral rate (50% overall or 25% for referrer and referrer)
D = t * (M + R)
t = developer reward rate (25%)
M- Mining Supply (Based on a fixed mining supply per person)
This offer is then shared over that member’s lifetime based on their engagement and contribution to network security. The supply is released over the lifetime of the member with an exponentially decreasing function similar to Bitcoin.
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