What is Onomy Protocol (NOM)?

What is Onomy Protocol (NOM)?

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March 28, 2023 by Admin
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What features make Onomy Protocol (NOM) unique from other blockchain protocols? What is Onomy Protocol (NOM)? Onomy Protocol (NOM) is a blockchain-based distributed ledger platform designed to facilitate trustless, transparent and secure digital identity and asset exchange of digitized real-world assets. It is a fully decentralized distributed ledger platform that utilizes blockchain technology and smart
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What features make Onomy Protocol (NOM) unique from other blockchain protocols?

What is Onomy Protocol (NOM)?

Onomy Protocol (NOM) is a blockchain-based distributed ledger platform designed to facilitate trustless, transparent and secure digital identity and asset exchange of digitized real-world assets. It is a fully decentralized distributed ledger platform that utilizes blockchain technology and smart contracts to enable trusted and secure asset transactions.

Onomy Protocol is designed to provide a secure, real-time, and transparent means of tokenizing digital assets, with users owning the rights to all digital assets in the network. It is expected to deliver infrastructure for the decentralized exchange of digital assets, with a focus on enabling trustless, secure and transparent asset transfer, tracking and ownership across a wide variety of industries.

The main objective of Onomy Protocol is to support the secure, efficient and transparent exchange of digital assets and data. It is expected to be developed as an open system that is easy to maintain, upgrade and secure. It will be composed of a set of core components including a consensus mechanism, a distributed ledger and a secure validator network.

The consensus mechanism will be what ensures the security and trust of the network by determining which transactions are accepted and executed on the network. Meanwhile, the distributed ledger will be what stores the frequently updated state of the network. The secure validator network will be responsible for verifying and confirming the transactions on the network.

Onomy Protocol is expected to offer advantages such as instant and reliable transactions and secure storage of sensitive data. It also provides an immutable ledger of secure transactions, ensuring the transparency and trust in digital asset transactions. In addition, NOM enables users to retain their digital asset ownership rights, allowing them to confidently trade without relying on third-party authorization.

Overall, Onomy Protocol is expected to be an integral part of the digital asset infrastructure, enabling trustless, secure and transparent asset trades, tracking and ownership. With the use of blockchain technology, users will be able to securely exchange digital assets with high confidence, resulting in more secure, efficient and transparent transactions.