Pi Network Opens Video Contest for Pioneers

By rewarding users who contribute more to the network, Omega Network aims to build a sophisticated network that balances popularity and scarcity.

The Omega Network (OMN Coin) project was born with the first goal of bringing blockchain to everyone by supporting the introduction, mining, and distribution of cryptocurrencies through smartphones. The article details the OmTech team’s mission and how they plan to achieve it.

Our mission: Build an OMN cryptocurrency and smart contract platform. Use decentralization of science, engineering, and technology to change the world and revolutionize people’s Internet usage habits.

Our Vision: Build a one-layer trading platform with deep liquidity that connects traders, exchanges, institutions, DeFi platforms, wallets, and dApps.

Furthermore, apply Web3 technology applications to life.

To do that, we would build the first 1,000,000 Decentralized Nodes around the world. The first million nodes are pioneers in installing and exploiting the OMN (Omega Network) application. The software is available on Google Play or AppStore.

When we reach one million Nodes, we will conduct a Pre-Mainnet. When we achieve ten million Nodes, we will organize the Main-Mainnet.

OMN Network is the product of the Omega Network team’s effort to create a true alternative currency similar to PI Network. We aim for Om to become a gold coin and PI to be a diamond coin.

Many alternative currencies have come and gone, and others have changed, but all have problems. Omega is known as the PI of all Altpi free because it has similar functions to PI and acts as pre-SCP systems focusing on decentralization and security. SCP results from the Federal Byzantine Agreement and is a new consensus method using the Byzantine Fault Tolerance Protocol

(BFT).

Although there are similarities to PI’s protocol, it differs in the hashing algorithm.

Cryptocurrency (or crypto, digital currency) is a form of currency designed with the main purpose of replacing current legal ones.

– Peer-to-peer Transactions: No 3rd party will interfere with your transactions.

– Decentralized: Cryptocurrencies are not controlled by any organization.

– Security: Blockchain technology makes electronic money almost absolute security.

– Cannot be counterfeited: Cryptocurrency is a digital asset; it is not physical, so it cannot be faked.

Cryptocurrencies have become more popular and accepted than ever before as a type of digital asset with many new and superior features compared to traditional assets. Crypto, as well as being owned by famous businessmen, billionaires, and financial experts such as Elon Musk, and Robert Kiyosaki, has also received more and more support and acceptance from major financial institutions such as PayPal, Mastercard, SEC (Securities Commission), etc.

Cryptocurrencies have come into the spotlight since the introduction of Bitcoin. The objective of cryptocurrency protocols such as Bitcoin is to maintain a live decentralized transaction ledger while defending against double-spend attacks from malicious Byzantine actors that deviate from the protocol. The consensus of the Bitcoin transaction ledger is secured by a network of miners who compete for rewards in the blockchain. This mining, or proof-of-work, comes with a hefty cost. Proof-of-work-based consensus protocols are also slow, requiring up to an hour to reasonably confirm a payment to prevent double-spending.

Token economics is essentially a new way to stimulate human behavior. The main method of mechanism design is to designate a mechanism to motivate actors to act rationally in a certain way, based on their capacity, to produce the results expected by society. To add value to OMN, we encourage pioneers to exchange real-life goods, services, and expertise with their OMN balances. In parallel, we will deploy OMN listing on major electronic exchanges for trading; integrate Web3 into our network to make transactions with Metamask and Trust-wallet easier.

On the other hand, OMN seeks to strike a balance between popularity and scarcity. We want to ensure that our users get more OM when they contribute to the network. OMN goal is to build an economic model that is sophisticated enough to achieve this priority while being universal for everyone to use.

OMN Economic Model Design Requirements

Simple: Build an intuitive and transparent model

Fair distribution: Give a critical mass of the world’s population access to OMN

Scarcity: Create a sense of scarcity to sustain OMN price over time

Meritocratic mining: Reward contributions to build and sustain the network

OMN – Token Supply

Token Emission Policy

Total Max Supply = M + R + D +C

M = total mining rewards

R = total referral rewards

D = total developer rewards

C = total connection part

M = ∫ f(P) dx where f is a logarithmically declining function

P = Population number (e.g., 1st person to join, 2nd person to join, etc.)

R = r * M

r = referral rate (50% total or 25% for both referrer and referee)

D = t * (M + R)

t = developer reward rate (25%)

M- Mining Supply (Based on fixed mining supply minted per person)

This supply is then released over the lifetime of that member based on their level of engagement and contribution to network security. The supply is released using an exponentially decreasing function similar to Bitcoin over the member’s lifetime.

Stay updated with Omega Network via the following links:

Website | Twitter | Telegram

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