Does the world need another cryptocurrency, when there already are 12,870 of them?
The answer is yes and let us tell you why.
In 2009 amidst a devastating global financial crisis, ‘Satoshi Nakamoto’ put to work the world’s first blockchain, enabling anonymous cryptographic electronic money to become a viable alternative to traditional central bank currencies. Bitcoin made its appearance as a cryptocurrency at the same time that Apple put the iPhone on the market, Elon Musk launched the first Tesla, Airbnb was founded, Twitter and Netflix video streaming began and the world’s first crowdfunding site Indiegogo went live.
Since then, the world has increasingly become more connected. Nearly 8 billion people have gone onto social media, everyone is shopping online across national borders, and even young children are exchanging information at the global level. In the new connected world we need to be able to move money around as freely and as cost efficiently as we do information. Yet when it comes to money, the world is still operating out of traditional national fiat currencies as before, currencies that can take 6 cents of every dollar for banking services and delay transactions for days.
This is why cryptocurrencies have caught attention and gained traction. And this is why we have founded Omnia DeFi. To build a more free flowing, cost-efficient universal wealth distribution system powered by blockchain cryptography.
In the past, people, indeed nations, secured themselves by putting their money into gold. In more recent times fiats such as the U.S. dollar are based instead on the confidence that the national economy will deliver, bolstered by political arrangements. Nowadays more and more people are weighing the pros and cons to decide between gold and Bitcoin.
Presently about 300 million people own cryptocurrencies, some because they have no other option but to turn to Bitcoin. Lebanon, El Salvador and other high inflation countries, for example, have gone crypto because the value of people’s salaries and savings managed in fiat currency was rapidly depreciating down to almost zero. These national monetary systems needed a reset, and needed it now.
But perhaps the strongest argument for rejecting cryptos is that there are no real values backing them. It’s all based on speculative trust that these digital currencies will somehow maintain their value. But this is often not the case. The crypto market can be highly volatile. Bitcoin, Ether, Dogecoin can all unforeseeably shoot to the moon on one day and take a deep dive on the next. Furthermore, not all designers of cryptos pay close enough attention to what money actually is and how currencies will necessarily need to function to support economic realities.
In fact, when it comes down to it, gold itself has relatively little practical use and therefore less true value in modern society. It is real estate that stores the value of nearly 78% of the world’s global wealth. And in 2008 collectible art proved to be safe harbor investments that people turn to in times of crisis.
This is where Omnia DeFi comes in, and why our story needs to be told.
Valuable art and real estate worth around 500 million dollars have been committed to serve as the test cases for the Omnia Asset Token (OAT) and Omnia Stable Coin (OSC).
The time is ripe for a model next generation cryptocurrency that sets all the right standards to safeguard against volatility, particularly inflation. One stabilised by real-world assets with real value, and endowed with all three functions of modern money: store of value, unit of account and medium of exchange. And beyond all this, our educational initiatives will help everyone better understand and feel more at ease using crypto money.
As Nils Elmark, futurist and author of The New Local Economy, remarkable about Omnia DeFi:
We need to re-focus cryptocurrencies from being an investment for selfish greed to being a vehicle that frees capital and secures values for everyone.