Onomy: The pioneer of blockchain technology innovation in the forex market.

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Blockchain technology brings innovative solutions to the forex market

The forex market, as one of the largest financial markets in the world, has long been plagued by various pain points. In recent years, the development of blockchain technology has brought new opportunities to this traditional market. Through the application of decentralized technology, forex trading can become more efficient, transparent, and secure.

A project called Onomy is working to bring blockchain technology to the forex market. The project aims to manage and process all transactions in this vast market through a robust blockchain infrastructure. Onomy recognizes that digital currencies, especially stablecoins, can effectively address many challenges faced by traditional fiat currency exchanges. However, currently, fiat currency holders find it difficult to directly obtain stablecoins, and Onomy is striving to fill this market gap.

Can Onomy, which completed a $10 million financing, build a decentralized forex market?

The Onomy Network is a foundational blockchain built on the Cosmos SDK, specifically designed for decentralized applications. The project was established in December 2020 by two experienced professionals. One of the founders previously worked at a large investment firm and has years of experience in the blockchain field; the other is an engineer with extensive experience in finance, energy, machine learning, and other fields.

In November 2022, Onomy completed a financing round of $10 million, supported by several well-known investment institutions. This round of financing demonstrated the industry's broad recognition of Onomy's vision and technology roadmap.

One of the main features of Onomy is its openness, permissionless nature, and high interoperability, supporting cross-chain token minting, trading, and stablecoin lending. The project utilizes EntangleMint bridging technology to facilitate cross-chain stablecoin trading, acting as a decentralized exchange and enhancing cross-chain liquidity.

Using the Inter-Blockchain Communication (IBC) protocol, Onomy can seamlessly connect with other blockchains in the Cosmos ecosystem. The project has established the Arc Hub as a central integration point to facilitate interoperability between different blockchain ecosystems, ensuring a unified user experience. The core of the Onomy network is its native token NOM, which secures the network through a proof-of-stake consensus mechanism. NOM holders can earn staking rewards through delegation or validation, enjoy governance rights within Onomy, pay Arc bridging fees, and serve as collateral for stablecoin issuance.

Onomy's product system includes multiple components:

  1. ONET ( Onomy Network ): Runs on the Cosmos ecosystem, utilizing Tendermint BFT consensus and the IBC protocol. It serves as a powerful P2P protocol to validate transactions and rewards validators for their contributions through NOM.

  2. ONEX (Onomy Exchange ): A powerful cross-chain decentralized exchange that supports efficient and liquid cryptocurrency trading. ONEX integrates automated market maker (AMM) and order book methods to facilitate stablecoin trading linked to major fiat currencies.

  3. Onomy Access: A non-custodial multi-currency wallet that integrates the functionalities of specific tokens, such as staking and governance. Users can access DeFi opportunities through a single QR login without the need for multiple wallets or browser extensions.

  4. ORES ( Onomy Reserve ): As the reserve bank of the Onomy protocol, ORES manages Denom collateral, increasing the total coin flow on the platform. This reserve further supports debt curve issuance, ensuring stable and predictable operations.

Onomy, which completed a $10 million financing, can it build a decentralized forex market?

Onomy manages Denom through ORES, bringing fiat-pegged stablecoins into the DeFi ecosystem. These Denoms enable users to trade, lend, and mint stablecoins within the Onomy ecosystem, expanding a stablecoin economy that includes not only USD variants but also EUR, GBP, and JPY.

The Onomy network maintains the value stability of its stablecoin through reserve ratios, minimum collateral ratios, and other control mechanisms, keeping it aligned with fiat currencies. Additionally, the Onomy protocol simplifies user access to NOM through a debt curve issuance, achieved via deterministic pricing and a highly liquid market. This continuous token model replaces traditional token presale methods by continuously minting new tokens based on demand and algorithmic pricing.

As blockchain technology continues to be applied in the financial sector, innovative projects like Onomy are expected to bring revolutionary changes to the traditional forex market, providing users with a more convenient, efficient, and secure trading experience.

Can Onomy, which completed a $10 million financing, build a decentralized forex market?

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TokenVelocityTraumavip
· 07-16 19:57
The new project is here to get everyone excited.
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ShibaMillionairen'tvip
· 07-16 11:37
Still stuck in traditional forex, just play with coins and that's it.
View OriginalReply0
LayoffMinervip
· 07-13 20:20
This trap has potential. Let's get started.
View OriginalReply0
SandwichTradervip
· 07-13 20:15
The coins of the exchange all make me burst.
View OriginalReply0
ZkProofPuddingvip
· 07-13 20:00
It's again relying on the sdk package.
View OriginalReply0
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