What is Omphalos Protocol (OMPL) | What is OMPL token | Omphalos Protocol (OMPL) ICO
OMPHALOS
The Protocol Powering Decentralized Finance and Web3 Ecosystems
- Omphalos is an adaptive base cryptocurrency with scalable chain interoperability.
FEATURES
Blockchain Interoperability
OMPL will connect to Polkadot network for cross-chain interoperability, enabling OMPL asset and data to move between multiple blockchains.
DAO Governance
OMPL is a community led and operated project, everyone has power to govern and vote on proposals for future development.
Equilibrium Value
OMPL has an anti-inflation mechanism for maintaining a stable purchasing power of equivalent to $1 USDT.
Automatic Rebase
OMPL protocol adapts an elastic supply model and automatically adjusts supply with rebasing. Price goes up, wallet balances increase; when price goes down, balances decrease.
Programmed Smart Contract
OMPL enables self-executing smart contract and automatic distribution based on price data from decentralized CPI Oracle.
Non-dilutive Ownership
OMPL holders own a part of the network, and their percentage of ownerships will remain fixed with non-dilutive supply model.
Omphalos vs Ampleforth
There was a time when Ampleforth (AMPL) was considered to be one of the most promising DeFi projects to ever appear in the blockchain ecosystem. The idea of creating a stable but flexible DeFi-based currency resilient to market volatility was ambitious, and for a moment the token gained the attention of cryptocurrency investors. But in the end, Ampleforth failed to achieve widespread success.
The biggest problems of Ampleforth turned out to be its centralization and inability to provide a more user-oriented mode of governance. Furthermore, Ampleforth gained some bad press due to glitches occurring while listing the token on exchanges. Ampleforth made one thing obvious: the fact that the crypto community desperately needs a next-generation stablecoin with extensive, expanded functionalities.
The time for waiting is over: a worthy heir to Ampleforth’s ambitious idea has finally appeared. Omphalos (OMPL) is an adaptive base cryptocurrency with scalable chain interoperability, that enhances the stablecoin concept with great amount of extra features, such as a more efficient rebase mechanism for Supply-Price Equilibrium, decentralized governance and DeFi ecosystems.
In ancient Greek, the word Omphalos means the navel of the world. True to its name, Omphalos aims to become the cornerstone asset for decentralized autonomous blockchain communities working together to build open financial solutions. Decentralization is the key aspect of OMPL: since Ampleforth failed mainly due to its corporate centralization, Omphalos is dedicated to not making the same mistake.
Omphalos will be employing a fork of the sophisticated Polkadot governance system, which will ensure all updates to the Omphalos protocol happen entirely on-chain based on a set of rules, through community stake-weighted voting. The protocol is driven by algorithms and smart contracts, and governed in every aspect by the community. Omphalos owners are not powerless token holders, but powerful council members responsible for on-chain voting on all project-related matters, even the most important ones such as protocol upgrades and network parameter updates.
Every decision is reached through a consensus between all OMPL owners, to ensure that Omphalos continues developing into a transparent, trustless and incorruptible platform.
Aside from decentralization, the most important feature of Omphalos is cross-chain interoperability. Omphalos believes that if a cryptocurrency is to become the real digital currency of the global community, it must overcome the bound of blockchain fragmentation and limitation, and allow digital assets, value, and information to flow freely in multiple blockchains that together make a decentralized financial ecosystem.
Omphalos aims to be the ultimate successor to Ampleforth’s idea of a stablecoin with expanded functionalities. It has all the components required for it to become the base currency of a decentralized financial system: a true cornerstone of the DeFi univers!
Omphalos Details
Distribution Supply: 15,000,000 OMPL (Available at launch)
Total Supply: 100,000,000 OMPL (Note: Total OMPL supply is subject to change via rebase)
Rebase Period: Every 24 hours, initial rebase is set to occur 24 hours after the first wave of OMPL distribution.
Launch: 18:00 UTC, October 16th, 2020
**Exchange Rate: **Targeting at 1 USD/OMPL
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