Inside the New Ormeus Ecosystem – Taaz Gill – Medium
Part 1: Ormeus, ORME and OMC
by Taaz Gill
Recently you might have noticed a shift in terminology across the Ormeus group of products and services. With the upcoming release of the Ormeus Cash Coin (OMC) and our recently announced working partnership with COTI in their state-of-the-art point of sale system, the team at Ormeus felt there was a need to redefine what Ormeus is and how all the various pieces work together as a harmonious whole. It was this desire to provide an overview of our structure that led to the creation of a new name — The Ormeus Ecosystem.
The parent of this Ecosystem is Ormeus Coin (Ormeus). This organization is a DAO — a Decentralized Autonomous Organization. This means the organization is run by a pre-determined set of rules and guidelines that are permanently a part of the organizational structure through the use of smart contracts, which is a piece of code.
The smart contracts contain the various parts or layers of the organization — the record of transactions, the consensus rules or governance, and the layout of the blockchain protocol, including the complete network of computers that are keeping track of the network of transactions. In this case, Ormeus is built on the Ethereum platform and was established using the ERC-20 protocol.
DAO’s achieve a machine consensus on the rulesets and smart contracts via token governance. This protects the organization from any unwanted changes that might change the overall purpose of the organization.
Ormeus’ first token is the ORME. This is the core token that sits at the center of the entire Ormeus Ecosystem. Like its parent company, ORME is also built upon the Ethereum blockchain structure with an ERC-20 protocol. Ormeus’ original business was the mining of cryptocurrencies. It started with Bitcoin, but quickly progressed to include Litecoin and Dash mining as well. As of February 2018, the system was averaging income of about US$8 million a month.
As a part of its smart contracts, 40% of all cryptocurrency profits generated by the rigs goes back into the purchase of more hardware. Also added in is a custom-built Artificial Intelligence (AI) engine which optimizes the mining activity to ensure the greatest return on investment possible.
In November 2018, Ormeus has added the ability for a percentage of all profits to be traded on a public exchange. The trading is handled by an AI program which calculates hundreds of times per second the best coins to buy and sell. Since its integration into the Ormeus system, this program has continued to generate serious profits for the company, even during the 2018 bear markets.
So how does all of this affect the value of ORME? Well, as a part of Ormeus’ smart contract structure, the company created the Ormeus Reserve Vault (ORV), a smart contract controlled system that requires Ormeus to deposit a fixed percentage of all company net profits into the ORV. As the company continues to grow and prosper, so will the ORV. And since the value of ORME is directly tied to the value of the crypto assets within the ORV, the coin will continue to increase in value as long as the company shows profits.
And that’s where the complete Ormeus Ecosystem comes into play.
One of the first steps in this new Ecosystem is the Ormeus Cash Coin (OMC). Due to be released in the 1st quarter of 2019, OMC is a new type of cryptocurrency known as a Transactional Coin. This is a type of virtual currency that maintains a stable transactional price, something that to date Bitcoin has been unable to do. In addition, it’s non-fiat asset-backed, making it a Collateralized Transactional Coin (CTC), which is possibly the first of its kind.
OMC isn’t pegged to any one specific asset — rather it is tied to a variety of assets that provide overall stability to the coin’s value. The collateral for the coin is held trustlessly in smart contracts, so users don’t have to rely on third parties to confirm or redeem. In a first of its kind design, Ormeus Cash has avoided a fiat-collateralized concept by indirectly backing the currency with reserves of Bitcoin, Bitcoin Cash, Dash, Litecoin and Ethereum. Everything is on the Blockchain and no fiat is needed.
In this article, we’ve explored the initial creation of the Ormeus Ecosystem and the structure of ORME and OMC within the overall system. In our next part, we’ll explore additional, new areas of growth that are planned for the Ormeus Ecosystem in the coming months and years. With the breadth and scope of the new system, it’s safe to say we’ve only scratched the surface of what’s to come.