Purchasing Mechanics Part II: Wallet Demonstration
Tags: Ecomi Updates, Wallet, Blockchain, Digital Collectibles, Ecomi

In our last update, we gave you a behind-the-scenes look into the purchasing mechanics within our digital collectibles platform and introduced you to the Gem model. To be completely fair, it was a lot of information to digest, so this week we thought it best to share a video demonstration with you so you can see exactly how it all works!

Before we get to the clip, we just want to remind you that the OMI token facilitates the transactions within the ECOMI ecosystem, including:

Purchasing digital collectibles and in-app items

Converting to/from gems

The exchange for the NFT (digital collectible) contracts.

However, these transactions occur behind the scenes through a combination of clever mechanics and blockchain architecture. As a reminder, our digital collectibles platform is designed as a mass-market product, and as such the Gem model was introduced to ensure that the wider public could use the app, without the steep learning curve which crypto and DLT often require.

Not only is this a crucial step to onboarding and retaining users, but it is also vital in creating an app that is as easy to use and understand as possible. With this in mind, our COO and Co-founder Dan has put together a demonstration of the in-app wallets (both for OMI and Gems) and shows you how simple it is to convert from one to the other. Check it out below!

Converting to and from Gems is easy using our Wallet capabilities.

Timestamps

00.30 min- First glance 1:05 min- Transaction history and information 1:42 min- Sending/receiving OMI, and in-app OMI wallet address 2:52 min- Converting OMI to Gems 4:01 min- Conversion completed and balances updated 4:26 min- Purchasing Gems directly (without converting OMI tokens)

Functionality, Style, and Capabilities

As you can see in the video, using and understanding the wallet function within the app is simple and intuitive. In case you missed part one of our purchasing mechanics, all of the associated blockchain transactions happen in the background, and owing to the speed of GoChain’s underlying technology, these transactions will never take more than a few seconds to process.

As a refresher on the inner workings, however:

You can acquire gems by converting OMI, or by purchasing them directly. If they are purchased using FIAT (like USD, AUD, CAD), the equivalent amount of OMI tokens are pulled from our reserve. The user will see Gems credited to their account, and in the background the OMI tokens are actually sent through the user’s OMI wallet, generating a transaction ID and information. This can be seen around 1:05 in the video above. When the Gems are eventually used to purchase ECOMI digital collectibles, those OMI tokens are then pulled from the Vault wallet and exchanged for the digital collectible, or non-fungible token. On the user’s end, however, the Gems used will simply be debited from their balance. After this exchange, the OMI tokens are taken out of circulation and permanently locked away, whilst the digital collectible simultaneously appears in the user’s collectible wallet.

For a more in-depth explanation please see part one below!

What If I Don't Have Any OMI Tokens?

Don’t panic if you haven’t got any OMI, you can purchase your Gems directly using your local currency by using the ‘buy now’ feature, and then use them to snap up your favorite digital collectibles

If you just cannot wait and want to acquire some OMI tokens before the app launches, they are available to purchase on Bitforex. We’ll keep you updated with other exchanges/purchasing options as they become available, and if you would like additional information please join us on Telegram where our Admins are happy to help.