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Cryptocurrencies and blockchain applications are gaining in popularity in society across the globe. However, there are many more possibilities to explore and leverage the power of blockchain in the long-term. Therefore, it is important to bring all the different aspects of blockchain under one roof to facilitate real world identities and assets securely into the digital market. A key feature that is making crypto and blockchain attractive for users is its anonymity. However, many are seeking to identify a means of connecting personal information to individual digitally-owned assets. In an effort to address this concern, ONINO has come into play.
ONINO, a layer-1 blockchain, cross-chain metadata registry that provides an information storage solution, seeks to allow users to connect to any wallet. Powered by state-of-the-art technologies, ONINO enhances the aspect of scalability and security. In addition, it provides for a friendly and easy to use interface. ONINO features one core product, an interconnectable wallet on a layer-1 network that can be connected to other networks, allowing you to display your stored data. Making it simple to use, it needs a one-time verification that will allow the verified data to be applied to other dApps. This said, it is the simplest solution for web 3.0 identity.
The idea is to connect wallets to real identity with the objective of increasing relevance. The ONINO ecosystem is an active tool that is allowing upcoming applications to use a decentralised chain to merge your digital identity with metainformation with personal property. Thanks to the layer-1 index chain, users can verify their assets from different networks in a single wallet. In addition, this platform allows for outstanding use cases, ranging from digital assets to identify and verify information in Business to Business (B2B), Business to Consumer (B2C), and Consumer to Consumer (C2C).
Problems & Opportunities in Today’s Blockchain World
The blockchain world has come a long way but it is still facing some challenges in the market. However, this ecosystem is attracting various fields, thus providing for various opportunities. Even at this, the number of opportunities will increase as the challenges and problems are addressed. Currently, the major concern in the market is that digital assets are disconnected from real-world identities.
Over time, the concept of cryptocurrency and blockchain has gained favour in various industries. As such, many companies and institutions are adopting these concepts as they venture into the crypto sphere. As much as these large institutions are borrowing this concept, they are also seeking to bring in new value to all blockchain-based technologies. The incorporation of blockchain tech in the different industries is also seeing the rise of new challenges.
Crypto technologies are expanding into more segments of industries and the population at large. As such, more individuals tend to lose track of the millions of projects arising from blockchain tech. Keep in mind that digital assets are also scattered in a number of networks, making it tedious for individuals to keep track of their assets. A lack of decentralised solution that collects, stores, and verifies information from various networks into one unified place reads as a major problem.
It is important to bring together different technologies into one ecosystem to ease scalability. This lack of interaction within blockchain networks not only limits decentralisation but it also hinders the advancement and relevance of blockchain tech. The problem arises as a result of placing boundaries on innovation and free trade. In addition, it also limits economic growth in the different industries. Looking at the different blockchain platforms available, there has not been a single platform that connects validated or verified real-world entities with their digital assets in different blockchain networks.
Solution – The ONINO Platform
To help address the problem of disconnected digital assets from real-world identities, the platform is incorporating new and state-of-the-art tech as well as ideal products. The cross-chain metadata registry tech allows users from the different networks to link metainformation to their respective wallets in any ecosystem. This solution of linking assets and personal information on different chains promotes extended functionality on dApps over all the available networks.
The main product of the ONINO network is its interconnected wallet. This wallet connects to all other wallets while retaining the aspect of privacy and security. Users will be able to write information and link it between a number of wallets to the ONINO decentralised registry blockchain, thus allowing the users to connect to an unlimited number of chains and wallets.
Other than connecting to various wallets and chains, the ONINO wallet has the ability to read and display the holdings of the different wallets. The wallet will then aggregate the collective information into a comprehensive dashboard. Standing out as its unique capability that provides solution to the anonymity crisis in the blockchain sphere, the ONINO wallet allows users to associate personal information with their wallet of choice.
To help prevent cases of fraud in the ecosystem, this platform provides a means of keeping track of who and what information was released to the specific individual. Therefore, people will be able to limit the information they release, while at the same time remaining anonymous to others who are not involved in any of the transaction processes. Keep in mind that the technology in place will allow you to share information only with the relevant persons or institutions.
Features of ONINO
The functionality of ONINO is made possible thanks to its outstanding features, as a layer-1 information storage solution that allows for connection to any network features metadata registry, dual-chain architecture, as well as a scalable ecosystem. A better understanding of these features is as explained below.
Metadata registry
As a layer-1 blockchain, cross-chain metadata registry, the platform is designed to provide a simplified arena whereby the individuals do not misinterpret or have a difficult time operating within the platform. The metadata registry promotes a simple interface that will connect the verified data to an individual’s desired wallet.
Dual-Chain Architecture
This feature allows users to use any network to link meta information to individual respective wallets in any existing ecosystem. In addition, it retains a decentralised and standardised way. It is thanks to this feature that privacy and security are upheld, while at the same time allowing you to retain full control over your data at all times. This provides a solution to storing personal data in a decentralised way. On the ONINO data chain, participants decide on the data to share and who should receive this information. As such, the aspect of privacy is withheld and in turn provides the user with full data ownership.
Scalable Ecosystem
Developers and users enjoy a user-friendly platform, thanks to ONINO’s layer. As a result of the scalable ecosystem, it allows for the seamless integration of various web 3.0 dApps into a secure network. In addition, the platform works with both native on-chain dApps and other chains.
The added advantage that comes as a result of the above features include protection, transparency, and control, as well as ensuring verification. In reference to protection, all personal and sensitive user data is always protected. Individuals requesting data are made visible to users from the non-public chain, thus promoting transparency. Data must be verified and, as such, only the specified personal data will be released to the individual or institution requesting the data. Lastly, participants have complete control over their own data.
Use Cases of ONINO
The ONINO ecosystem provides value to various use cases in the market by serving as an enabler to various applications. In addition, the platform promotes flawless applications, while at the same time linking your digital assets into one wallet. The following use cases are applicable thanks to the ONINO ecosystem.
- Identity verification
Institutions, companies, and individuals can easily verify their identity in the digital space. As such, institutions that includes schools, insurance companies, as well as financial institutions, can choose to use their own blockchain developers or the platform’s services to develop limitless level-2 projects. Such projects may include streamlining business processes, introducing and implementing new business models, as well as providing better protection and security for their data.
- Asset identification and verification
The fields of art and/or innovation can benefit from asset verification by preventing cases of counterfeit or theft of art pieces.
- Document digitalisation
Other than protecting assets as seen above, tangible documents can also be digitised by validating and storing them in ONINO wallets. As such, documents such as contracts can be concluded, while ensuring that they are documented in a decentralised and fraud-proof manner. Individuals can also store their education documents, thus boosting transparency between individuals and employees.
- Insurance
The aspect of full anonymity in blockchain tech has locked out practical use of the insurance field. ONINO wallets represent verified identities that play a key role in creating decentralised and secure insurance systems as layer-2 applications. To meet this objective, the ONINO blockchain comes with the ability to map smart contracts, allowing for the verification on the decentralised network, which comes with the added advantage of preventing fraud.
- Digital twin solution
Corporations and institutions take advantage of these solutions as a Software as a Service (SaaS) product. The different companies can have this service customised to suit their operations. The applications will vary. However, this use case will address the B2B, B2C, as well as C2C scenarios.
ONI Token
The ONI token, the native utility token of the ONINO blockchain and ecosystem, is used to fuel transactions necessary to write and read data from the blockchain. As a utility token, it enables for the use of upcoming layer-2 applications; the need to purchase ONI tokens and become a part of the overall ecosystem in existence. In addition, ONINO is seeking to provide a platform that stimulates the token distribution across the globe to not only ensure a strong foundation as well as boost its growth in the community. The initial stages will see ONI on the Binance Smart Chain. The token will then be migrated to the platform’s layer-1 architecture with the help of ChainBridge soon after the development is completed.
Token holders can generate passive profits by staking their ONI token in the ONINO farm. In an effort to provide this staking rewards for validators, the platform will have an ONINO Staking Reward Fund that will hold 15% of the initial token supply.
The ONI token value seeks to remain stable and prove to be a good investment. To meet this objective, the network will retain low transaction fees to help ensure that the day-to-day applications remain affordable to users. Long-term preservation of the ONI token value as well as the effort to reward token holders in the long-term has been made possible through the Buy Back Mechanism. There will be an increasing number of activities in the ONINO ecosystem to give participants the ability to earn a little bit extra. The Buy Back Mechanism ensures that 5% of the transaction fees are sent to a burn wallet, which in turn adjusts the token’s availability and value.
According to the official medium platform page, $ONI will launch on PancakeSwap, stating:
“Today, we are happy to announce that our first DEX launch will be conducted on the popular platform PancakeSwap! With 2.8 million monthly users, PancakeSwap is the largest decentralized platform and currently holds a total locked value of $12 billion.
The launch will take place on January 22nd at 8 pm CET.”
The above launch is bound to be a success, considering that the initial pre-sale early in January 2022 was sold out in about 3 minutes, raising 1400 BNB.
Conclusion
Crypto enthusiasts now have a reason to smile as they can connect all their wallets without compromising on security and anonymity. Considering the increasing cases of fraud, the ONINO ecosystem seeks to prevent such cases by allowing individuals to keep track of who and what information was released to the specific individual or institution. As a blockchain, cross-chain metadata registry, it provides an information storage solution, allowing users to connect to any wallet. The system promotes simplified scalability, thanks to its user-friendly platform, without compromising on security.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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