OOMI is a decentralized finance project launched on the Stellar Network. The new token OOMI, is a utility token with a limited supply of 44,400,000 with only 500k available on some Stellar Exchanges and the balance reserved by the OOMI DAO for the token’s primarily utility which is to provide project funding for small businesses.

The developers are taking advantage of Stellar’s reliable foundation for financial projects; utilizing Stellar’s SSC technology (Stellar Smart Contract) to express transactions that are connected using its multi-signature constraints and joint-entity crowdfunding technology.

The SSC creates a new immutable storage of agreement terms for the holders of the OOMI token, cryptographic authorization, and integrated transfers of value for crowdfunding.

The token is governed by a Decentralized Autonomous Organization managed by students of levelupadvisors.com which we will cover later. The current chairman of the board, Tene Williams is also co-founder of a new e-learning platform, levelupadvisors.com, focused on entrepreneurial education offering courses on everything you could want to know about how to start or scale any business. The OOMI Protocol runs tightly together with the certificates of completion received by the students of levelupadvisors.com. “We wanted to create a decentralized platform that could help the students fund their start-up and scaling efforts” says Tene Williams. Which is the primary utility of the token.

The students of levelupadvisors.com purchase OOMI tokens to fund another student’s project. With the multi-signature SSC technology, students don’t have to worry about whether their project will have enough donations or investors. The purchase of each token adds funding to another students’ project. Projects are posted at OOMIfunds.org.

Stellar Transaction Fee vs Ethereum Gas Fees

The Stellar platform was chosen over Ethereum due to the blockchain’s simple process for verifying transactions without the need for mining like bitcoin or staking like Ethereum to validate transactions. The Stellar Consensus Protocol created a way for all nodes to reach a consensus on the validity of transactions. David Maziers from the Stellar Development Foundation (SDF) wrote an in-depth report that describes the components of the algorithm.

Comparing the two, Ethereum uses a proof of stake algorithm that’s a high barrier to entry for some validators which are required to stake 32 Eth to validate a node on the Ethereum 2.0 Network which at the time of writing this article would be approximately $66,304.00. Creating high gas fees (gwei) to pay validators to process transactions. As of the time of this writing the standard gas fee averaged $3.50 USD to process approximately 80 transactions in 3 minutes. Alternatively, the Stellar Blockchain’s transaction fee averages .00001 XLM (less than a penny) while processing 1000 transactions per second read more.

Tokens on the Stellar blockchain are decentralized and move from one wallet to another without the need for 3rd party intermediaries like in the traditional banking system. So, transactions are settled in seconds, not days like when you send a wire.

Students of levelupadvisors.com purchase OOMI tokens with Stellar’s native token XLM. Student’s have a choice to collateralize their project with their certificate of completion and their purchase of the OOMI tokens according to the protocol they can receive as much as 250k USDT depending on the amount of OOMI purchased to collateralize their project.

For those living in countries with struggling economies, the crowdfunding platform is stabilized by pairing XLM/USDT to establish the price of OOMI. This allows students to fund projects without worries of the exchange rate between other currencies from students participating worldwide.

Stellar Development Foundation (SDF) has been around since 2014

The project utilizes a seasoned and stable blockchain managed by the Stellar Development Foundation (SDF) established in 2014 and was founded by Jed McCaleb, who is also the co-founder Ripple Labs and former co-founder of Ethereum. The Stellar Development Foundation (SDF) promotes financial freedom by empowering people with censorship-resistant, borderless, and stable financial services. It aims to benefit the unbanked and help eliminate global poverty by hedging against economic instability, regardless of geography, religion, race, status, gender, or politics.

We look forward to hearing more about this exciting project to fund small businesses around the world.

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