If you are into cryptocurrency or just got into it newly, then is article is definitely for you. Let’s assume you are new in this and your mentor or guardian advises you to buy the ECOMI cryptocurrency but you don’t know how exactly.
Well in this article, we would not only be exposing you to all you need to know about ECOMI coin but will also be giving you a step-by-step guide on how to safely buy ECOMI and store it in your digital wallets.
So, without spending much time, let’s get to it.
What Is OMI Crypto?
OMI is a cryptocurrency that is the governance token of the ECOMI is a blockchain project that was developed in Singapore. This company is owned by Mr. David Yu who is currently the CEO of the company. ECOMI was also co-founded by Joseph Janik and Daniel Crothers.
ECOMI collaborated with ORIS Blockchain Technologies Ltd and brought forth a platform that offers digital collectibles like digital streaming, in-app purchases, and other services and products.
The name of this platform was previously ECOI Collect but is currently known as the VeVe app. They launched the VeVe app in 202 and are available on both android and iOS smartphones.
Over half a million digital collectibles have been sold so far since the launch. The uniqueness of the app has brought so many popular and powerful brands rallying towards them, such brands like Cartoon Network, Warner Brothers, Universal Studios, and many others.
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ECOMI’s Success
ECOMI launched an Initial Coin Offering (ICO) on May 12, 2019, which only lasted a day. ECOMI was also able to secure 15 licenses in 2019 and also established NFT support together with a cryptocurrency wallet.
Also included is their OMI token support. In an interview, ECOMI said that they are confident that they have created a platform like no other to dominate the world of buying, protecting, and collecting licensed digital collectibles, all done through Distributed Ledger Technology.
Currently, OMI is ranked 2404 on the Coin market cap with its token seeing an uptrend of up to 110.94% recently.
After signing up in any of the crypto market; see How To Earn Interest On Crypto: Interest And Earnings
Why Is OMI Different?
Unlike various cryptocurrencies which can be bought for various crypto exchanges with fiat currencies, to buy OMI from any of these exchanges, you would need to purchase Bitcoin first of all before you can use it to buy the OMI cryptocurrency.
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What Problems Does ECOMI (OMI) Solve?
ECOMI is targeted at solving a handful of issues. For example, the ECOMI network is top on protecting your digitally licensed assets.
So, to achieve this, the ECOMI network provides its users with a hardware wallet, which, technically, is one of the most secure ways to store your cryptocurrency.
Hardware wallets store your assets offline and keep your funds out of the reach of hackers. Hardware wallets also require buttons to confirm transactions, which is very helpful because no matter how good the hacker is, they can’t press a physical button over the internet.
How Does ECOMI (OMI) Work?
ECOMI is an Ethereum-based protocol that also has branches in the Binance Smart Chain ecosystem.
The ECOMI network is in collaboration with multiple protocols including a collection system Dapp, augmented reality, and a hardware wallet.
The dream of thee ECOMI developers is to one day be able to have her users use augmented reality galleries and be at liberty to take real world items and add it to the blockchain through this integration
ECOMI Collect App
The ECOMI collect app is sort of like a browser app which lets you go through the market and get vital details on digital collectibles.
You get to see details like scarcity, network, last sold amount as well as the past owners of note. These details give you the much-needed edge when you are into NFT collection.
The Dapp also allows you show off your fancy collections to the entire art community. With some easy steps, you can set up a showroom for your collections where members of the community can view as well as comment and ask questions about the pieces.
ECOMI Secure Wallet
The ECOMI Secure Storage offers you a wireless, card-sized, hardware wallet which employs high tech security protocols including meeting CC EAL5+ security standards.
You are also at liberty to send and receive crypto assets directly from your hardware wallet.
The hardware wallet is also equipped with a Dapp which aids in simplifying and monitoring all transactions
OMI
OMI, which is the main utility token for the VeVe and ECOMI marketplaces provides high level of interoperability as it pertains to wallets, DEXs, and DeFi.
The OMI token meets the ERC-2o standard and can also be staked to secure low-risk returns.
Gems
On the VeVe Dapp, a stable coin known as GEMs is used. You can easily swap your GEMs for OMI tokens using the VeVe application.
The function of this GEMs stable coin is just to provide users with simpler accounting options.
How to Buy OMI Crypto
If you have been reading through this article, then you are definitely here to know how to buy OMI or ECOMI crypto currency.
As I earlier said. I have put together a step-by-step procedure to help you buy and start trading OMI token easily.
Here are the steps you will need to buy ECOMI crypto:
Step 1: Register on a Crypto Exchange
First step to take on your journey to buy the ECOMI coin is to register at a legit cryptocurrency exchange. Most preferably Coinbase, which is a popular and secure option.
Now it is important to note that you won’t be getting the ECOMI from Coinbase but rather you would be buying other currencies like Bitcoin or Ethereum from Coinbase which you can then use to buy ECOMI.
All you need to do is visit the Coinbase website or get their mobile app, click on register, put in your email, then confirm your account using the confirmation email.
The link in your email would help you confirm your account with a valid phone number which would eventually lead you to the setting up your 2-factor authentication.
Afterwards, follow the steps to complete your identity verification and you are good to go.
Step 2: Purchase Cryptocurrency
After registration, you will have to purchase the crypto currency which you desire. There are various ways to purchase.
First you would need to add a payment method, in which case can be a bank transfer or credit/debit card.
Using card transfer can be a bit slow but cheap but making use of a card transfer is quite fast but comes with some added fees. In all, it depends on your location and which payment means is most convenient for you.
To buy cryptocurrencies, all you have to do is click the “Trade” button on the page and select the crypto you wish to purchase, input the amount you want and confirm the transaction.
Step 3: Transfer the Amount to an Altcoin Exchange
To get your OMI, you would need to go over to an Altcoin exchange and trade your funds. OMI is an altcoin and can only be gotten from certain Altcoin exchanges like Gate.io which is a recommended platform.
All you have to do is carryout the registration process just like when you opened the Coinbase account, then set up your 2FA authentication for extra security, then you are good to go.
Step 4: Deposit Crypto to Make the Exchange
Some exchanges might require you to perform the KYC process before you would be granted access to all its services.
This process takes between 30 minutes to a few days depending on the exchange policies. Once you are done with your KYC, you would be granted access to all the features present in the exchange.
You would need to transfer your bitcoin from your Coinbase account to the Altcoin exchange. To do this, navigate to the wallet section of the exchange, select bitcoin which would show you the BTC address for receiving Bitcoin.
Copy this address to your clipboard with the “copy address” button. Next, go over to your Coinbase account, move to the portfolio section, select “send” for Bitcoin.
You would be prompted to input the recipients address, which all you need to do is paste the previously copied address from your clipboard in this section, select the amount you want sent and click the “send” button.
Once the transaction has been confirmed, it should take a couple of minutes for the transaction to be complete. Now, head over to your Gate.io account where you would receive a notification of the payment received.
Step 5: Trade OMI
After confirming you have received the Bitcoin payment to your Gate.io account, the next step is to head over to the “exchange” section.
On the search bar select BTC or whichever crypto you wish to buy which in this case is “ECOMI/OMI”. On typing “OMI”, “OMI/BTC” should pop up. Select this trading pair.
After that you would see a new page with the options “BUY OMI” button and “SELL OMI” button.
Select “BUY OMI”, then select the “Market” tab, input the amount of BTC you want to send then click “BUY OMI”.
How to Sell OMI Crypto
To sell ECOMI is pretty easy and is done using the same exchange you bought ECOMI from.
After signing in to the exchange, choose the amount of OMI you wish to sell, and at what price you wish to sell.
Head over to the exchange section and place your sell order with these parameters. Once you confirm the transaction and details.
The transaction would be completed and you have successfully sold your ECOMI.
Frequently Asked Question
ECOMI is a cryptocurrency and due to the current market volatility has been experiencing a downward trend of recent. If you wish to invest you should keep an eye on the general market and determine if the investment is worth the risk.
ECOMI is a Singapore-based company responsible for VeVe which is a blockchain-based NFT marketplace that enables users to buy, sell, and trade their digital collectibles
Technically they are both same but the difference is OMI is the cryptocurrency offered by ECOMI while ECOMI is a blockchain project which represents the company that started this project.
The official ECOMI Chain Swap Site is the only manual means to swap your GoChain OMI, and wrapped OMI (wOMI) to the new Ethereum OMI token.
Conclusion
To get your hands on ECOMI is pretty basic if you follow the steps above, all you need now is to get hold of the funds you wish to invest in and get on your way.
It is also important to note that cryptocurrency is a very volatile market and as such you should be cautious when investing in it.
References
- https://www.stilt.com/blog/2021/11/omi-crypto-everything-you-need-to-know/
- https://www.securities.io/investing-in-ecomi-omi-everything-you-need-to-know/
- https://www.finder.com/how-to-buy-ecomi
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