ECOMI June Update

June 13, 2018. Rhys Skellern. Updates.

In the lead up to the ECOMI Crowdsale, the team has been hard at work behind the scenes to refine their business stratagem and streamline their proposal. As a result, there have been a number of positive business developments which have led to cost reductions. In turn, ECOMI is proud to announce a reduction in the crowdsale token price and total hard-cap.

Business Developments

In recent weeks, ECOMI has had a number of successes thanks to strategic partnerships and investments, as well as the business acumen provided by CEO David Yu. These include (but are not limited to):

  • Acquisition of a larger stake in our hardware manufacturing facility. This strategic investment has led to significant reductions in the cost of hardware, as well as research and development (R&D) costs for current and future products.
  • A number of licenses for ECOMI Collect have been negotiated down. This is largely due to the long standing relationships CEO David YU has established in 20+ years in licensing and branding, as well as a dramatic increase in interest from companies wishing to take part in the digital collectible revolution through ECOMI Collect.
  • ECOMI’s parent company (ORBIS) has announced a series A round of investment, which will occur outside of the current ECOMI fundraise plans.
  • Secure storage and sharing of information and data

What Does This Effect?

This update will not have any effect or impact on the current direction of the business or ECOMI’s ability to deliver the vision.

  • The price of the OMI token (ECOMI’s native token) has been reduced from 10 cents USD to 5 cents USD in the crowdsale.
  • These cost reductions and partnerships have allowed ECOMI to reduce the dollar amount required to complete the proposed developments. As such, ECOMI’s token sale hard-cap has been reduced by half, from USD44,625,000 down to USD22,125,000.

What Does This Mean for Me?

This reassessment of the token price, and token sale hard-cap, is in line with the companies goals to maintain integrity and transparency within the ECOMI community, it also results in, existing token holders will now be recieve with twice as many OMI tokens as their original purchase would have allowed.

As the company continues to prepare for the upcoming crowdsale, these changes and cost reductions will lead to increased opportunities, and greater successes, of ECOMI’s future business developments. The positive effects of which will be continue to be passed on to the wider ECOMI Ecosystem and its community members.

Why not reduce the number of tokens instead?

The OMI token will be used throughout the ECOMI ecosystem to purchase and trade digital collectibles, and can be staked in return for rewards or in lieu of paid subscriptions. When taking into account token economics, use cases and token velocity, it was decided that maintaining 1 billion OMI tokens in circulation was imperative to ensure the efficiency and liquidity of the ECOMI Ecosystem.