One of the most talked about issues in the world today is that of users' internet data. In a world where the right data could be worth billions of Dollars, the security and privacy of user data has never been more important. Unfortunately, big techs have consistently shown us that they cannot be fully trusted with the safety of our data.
One solution to these problems is a decentralized internet that gives users complete control over how their data is being stored and used. With the advent of blockchain technology, this has never been more within reach.
Omnisphere is a platform that leverages blockchain technology to provide a trustless, efficient, and decentralized internet.
WHAT PROBLEMS DOES OMNISPHERE SOLVE?
- The Problem of Data Privacy:
Users are growing increasingly more worried about the privacy of their data. In a global survey, over 78% of people said that they felt very concerned about their data privacy.
In a world where tech giants and large corporations continue to monetize user data and give users little or no control over their data, it is imperative to find a solution that prioritizes users and gives them complete control over how their data is being used and stored.
Omnisphere solves this problem by storing user data on a trustless and decentralized blockchain platform. With Omnisphere’s use of smart contracts on a blockchain, users now have complete control over their data and can require payments for third parties to get access. This immediately brings value due to the massive power shift from tech corporations to users.
- Energy Efficiency in the face of climate change:
One of the most critical issues in the world today is climate change. Information and communication technologies account for roughly 2% of all fossil fuels emission in the world. This number is set to increase by ten-fold before the year 2030. It is now more important than ever to build innovative data technologies that drastically reduce fossil fuel emissions in the ICT industry, and this is precisely what Omnisphere has built.
The Omnisphere data technology uses sophisticated smart contract protocols existing on the blockchain, which massively reduces the redundancies in current data storage methods. This also reduces the energy needed for data storage, fossil fuel emissions and ultimately slows down climate change on earth.
- The Blockchain trilemma:
One problem often encountered with most blockchain solutions, is the blockchain trilemma. It was impossible to have scalability, security, and decentralization in one blockchain technology, so projects often chose two and sacrificed the last. Omnisphere solves this trilemma uniquely and innovatively by using two networks layered on each other; this is known as sharding. Sharding allows blockchains like Omnisphere to scale up rapidly without having to sacrifice security or decentralization.
HOW DOES OMNISPHERE WORK?
Omnisphere combines decentralized capacities, blockchain, and private full-stack applications in a novel way that allows them to deliver an efficient and decentralized internet.
The Omnisphere is divided into three layers;
- The Omnigrid: a distributed peer-to-peer network of computers that deliver computing, storage, and network capacity.
- The Omnichain: hosts Omnisphere's smart contracts and validates transactions on the main platform.
- The Omniverse: the layer that makes data privacy possible. It contains unlimited Unispheres, which has countless private UNIWEBs, UNIAPPs and UNICHAINs.
The OSP Token
The OSP token is the native Omnisphere token that enables transactions to be carried out on the blockchain. The OSP token facilitates the payment for computing and network services and the setup and maintenance for Unisphere. It is used to remunerate capacity providers and pay transaction fees, where users can stake them to earn rewards, and use them to participate in community voting exercises.
There will be a total of 1 billion OSP tokens, and the token allocation is done in four parts;
- The co-sponsors and founding teams will account for 16% of the total OSP to be released six months after the mainnet launch.
- The Foundation will account for 6%, which will be released three months after the mainnet launch in batches.
- The investors will account for 6% of all tokens. The investment is in three rounds; the seed round, round A, and the ICO round.
- Capacity providers also referred to as miners will account for 72% of the total OSP, which will be released according to Omnisphere's mining model.
As the future of the internet is decentralized, it will be interesting to see how this project develops over the next several years. Complete user control of data will change the way the world operates and massively impact the technology space, and this is exactly what Omnisphere is set out to do.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.