Omnitude: ICO Review The Blockchain is a technological revolution; the invention has brought to light a series of projects hoping to solve problems that exists in the current world which the current technology hasn’t been able to solve. Sophisticated projects have been developed thanks to the Blockchain innovation and building of smart contracts. However a lot is still left to be done and I want to introduce a project that solves the very big problems that exists in the E-commerce industry today in an innovative way through the Blockchain Technology. This project is OMNITUDE. What Is Omnitude? OMNITUDE is a blockchain smart platform that connects blockchain technologies, E-commerce platforms and enterprise systems involved in building end-to-end supply chains. A form of intermediary is needed to properly integrate Blockchain technology into the existing platforms without the need for replacing the existing infrastructure. The Omnitude platform will act as m...
OMNITUDE – Project Review In this paper I will be explaining some of the problems with the ecommerce industry and how Omnitude is going to provide an innovative way of solving them. Omnitude is a pioneering project to revolutionize connectivity between blockchain technologies, eCommerce platforms and enterprise systems. The problems: The common types of problems that businesses face in the ecommerce industry which the Omnitude platform is providing solutions for are stated below; 1. Ecommerce Fraud 2. Supply Chain 3. Identity Confirmation 4. The Cost of Doing Business Ecommerce Fraud: The present global eCommerce market is flawed and faces serious challenges, the biggest of which is fraud. The boom of the online ecommerce industry has also lead to exponential increase in online fraud. Apart from fraud, a lot of other problems exist currently in the industry. Some of which are stated below. Card Frauds: Card Frauds has grown to be an even bigger...
The cryptocurrency space has repeatedly come under different forms of malicious attacks to date with traders, exchanges and blockchains being targets of these attacks at different points in time losing millions of dollars worth of cryptocurrencies in the process. Bitcoin, ethereum, and the majority of other blockchains run on the proof of work PoW consensus algorithm. This has proven time and time again to be not only inefficient but also insecure. Insecurity of PoW All blockchains that run on Pow are vulnerable to a malicious attack called the "51% attack". A 51% attack is possible when a mining pool is able to attain more than 50% of the whole hashrate in a particular blockchain's network. When a mining pool or miner gains this, they will be able to rewrite the blockchain ledger (blockchain reorganization) and then steal the native cryptocurrency of that blockchain through an act called a "double spend". 51% attacks are not fictional this is a very ...
Comments
Post a Comment