If you go out and ask the average joe what Google is, most likely he will say that it is a search engine. If it is Facebook, then the probable answer is a social network. In reality, these firms primarily deal with data, so it would be not wrong to call them “data companies”. Their extensive user-bases provide them with extensive data to work with. Moreover, their dominance when it comes to the amounts of user data they possess creates a large barrier of entry for smaller data companies.
While companies, such as Facebook and Google do enjoy a certain amount of dominance in data, the market still suffers from certain problems. Data acquisition is one problem for instance, because the existing market is complicated and highly fragmented, causing data practices to be inefficient and ineffective. Another problem is with data processing as data provided by companies of interest are usually hard to verify. The third problem that is discussed in the Omnilytics Protocol whitepaper is with data action. Collecting data first-hand is inconvenient, expensive and takes a long time, although the blind trust in data obtained by an external third-party might be extremely costly.
To solve this issues, the Omnilytics team provides a market intelligence platform enhanced with machine training, machine learning, and artificial intelligence to process extensive data sets. Although the team is currently focusing on the fashion and beauty industry, the platform is designed to handle data of any industry. The decentralized training of these technologies enables the platform to highly scale. Among its many use-cases, data auditing, industry research, consumer insight, and image recognition can be seen as the most notable ones.
Five different nodes, namely data sharper nodes, data acquisition nodes, data sharper super-nodes, data acquisition super-nodes, and data validation nodes, are the main actors of the platform. The platform contributors are asked to stake their OMN tokens before submitting or validating any data. If the data provided by these agents are spotted to be false, their stake in the system will be destroyed, partially or completely. In the case of honest and truthful data, they will be rewarded with OMN tokens. These agents’ true submissions are further incentivized by a reputation system. The higher a contributor’s reputation is, the more rewards he or she will get. Thanks to this incentivization mechanism, the data submitted to the platform is expected to be of high quality.
Some of the OMN token’s other functions and utilities are micro-payments in the platform and to gain access to the platform’s tools and services.
Although a public sale is not announced as of the time of writing, the roadmap shows that a token generation event will take place in the fourth quarter of this year. The total supply of OMN tokens, the token distribution and how the team is planning to use the token sale proceeds are not made public yet. The only publicly available information regarding the token sale is that the team is looking to raise a total of 50,000 ETH.
Claire-Ariane Lorber: Lorber has worked as a strategy analyst at Le Groupe La Poste and as an M&A analyst at Societe Generale Corporate and Investing Banking Bucharest and SODICA Corporate Finance.
Veen Dee Tan: Tan is the former head of marketing at FashionValet, a Kuala Lumpur based fashion online retailer company.
Darius Sit: Before joining QCP Capital as a managing partner, Sit was a trader at Dymon Asia Capital, an alternative investment management firm located in Singapore, and at BNP Paribas. He is currently advising other cryptocurrency projects like Algorand and Õpet Foundation as well.
Geoffrey Arone: Currently a partner at Arrington XRP Capital, Arone has worked as the chief scientist at Experian, as the product manager of consumer products at RealNetworks and as a product manager at Oracle
Arrington XRP Capital: Arrington XRP Capital is a well-known venture capital firm founded by Michael Arrington, founder of TechCrunch, focusing on digital assets.
500 Startups: 500 Startups is a renowned venture capital fund focusing on early-stage projects.
Leng Hoe Lon: Lon was a portfolio manager at Tudor Investment Corporation, a managing partner at Goldman Sachs, the director at ABN AMRO Bank, the vice-president at J.P. Morgan Singapore and an analyst at Deutsche Bank.
Giulio Xiloyannis: Xiloyannis is the chief operating officer at ZALORA Group, a fashion retail company based in Singapore.
Below is a breakdown of the risks and growth potential of Omnilytics Protocol.
- None to little details regarding the token sale is public as of the time of writing, which makes the evaluation of the project regarding estimation of potential returns on investment quite hard. (-3.5)
- Blockchain technology is definitely a good fit for the data management market. (+3)
- The decentralized use of computer science technologies, such as artificial intelligence, machine training, and machine learning fits the market need. This also brings the possibility of high scalability. (+4)
- Many important venture capital firms and individual investors show interest in the project. (+1.5)
Contrary to common belief, the primary business of most of the world’s leading firms such as Facebook and Google is to deal with data rather than merely providing services like search and social media to the public. Still, the data management industry suffers from certain problems regarding data acquisition, data processing, and data action. The Omnilytics Protocol provides a decentralized market intelligence platform enhanced with advanced computer science tools like machine training, machine learning and artificial intelligence, aiming to overcome these issues. Backed by many important venture capital firms and individual investors, the use of the blockchain and these computer science technologies definitely fit the goal. As of the time of writing, no information on token metrics and how the team will deal with unsold tokens are made public yet, two factors which are usually of significant importance when it comes to evaluating any return on ICO investment. Although the project itself is promising, this lack of financial information makes it hard to estimate any promising return for now. Omnilytics Protocol receives a 5/10.
- Type: ERC20 – Utility
- Symbol: OMN
- Platform: Ethereum
- Crowdsale: Unspecified
- Minimum Investment: Unspecified
- Price: 0.000125 ETH
- Hard Cap: 50,000 ETH
- Payments Accepted: ETH
- Restricted from Participating: China and the United States
Featured image courtesy of Shutterstock.