ECOMI Collect Part 2: How Does ECOMI Collect work?
Tags: Nft, Collectibles, Distributed Ledgers, Blockchain, Digital Collectibles

ECOMI Collect is an application that allows users to buy, sell and trade premium licensed, digital collectibles and other related virtual goods. Although the first release will be the ECOMI Collect mobile app, it is also being developed as a cross-platform tool (desktop, web etc…) for the delivery and storage of digital collectible content. This all sounds great, but let’s dive into the underlying tech so you can also understand just how it works, and why ECOMI Collect is poised to change the world!

Blockchain Protocol

ECOMI Collect is a marketplace where users can buy, swap, sell and store digital assets in the form of digital collectible non-fungible tokens (NFTs). The authenticity, scarcity, and ownership of digital collectibles are managed using Distributed Ledger Technology (DLT).

ECOMI has recently partnered with GoChain to support our digital ecosystem with increased security and transaction speeds, scalability and the ability to operate at much much lower costs.

GoChain has built the world’s only full-service, enterprise-grade public blockchain protocol based on an industry standard codebase. It is the only network protocol that offers enterprise-level support, high transaction speeds, and upgradeable smart contracts.

“GoChain’s network has moved away from unpermissioned Proof-of-Work (PoW), to a secure and trusted network of validators via their Proof-of-Reputation (PoR) consensus. With these speeds, ECOMI users will be able to interact and buy/sell/transfer their assets in seconds, for 10,000ths of a penny.” — Adam Norris, GoChain Director of Marketing & Community

Token Standards, Minting, and Generation

The OMI token (ECOMI’s native token) will be deployed as a GO-20 token on the GoChain MainNet, whilst the NFTs will be based on the GO-721 standard. The NFT standard allows for a verifiable digital scarcity of collectible assets with proven authenticity, and immutable proof of ownership.

To facilitate the purchase and trade of digital collectibles, ECOMI Collect utilises the OMI token, built on the GO20 standard. When a purchase of a digital collectible is made, the OMI tokens will be exchanged for the NFT, and you will become the registered owner of a brand new digital collectible!

Moreover, ECOMI has and will continue to acquire the world’s biggest licenses and brands from pop culture to characters and series across a number of categories. In doing so, we are able to create collectible series’ from a single license, similar to the way physical trading cards bring out new series and characters over time.

In order to create a new digital collectible, we ‘mint’ a new NFT in our blockchain contract. Each NFT is provided with an associated URI which links that NFT to a set of metadata about the collectible, including the collectible name, licensor, brand, series, and links to the NFT’s various digital assets, such as clothing, actions, props, etc…

These identifiers also confirm that the collectible is legitimate, and allow you to trace/verify it’s ownership and sale history, ensuring that the collectible you’re receiving is the one you purchased.