Denoms as Payment

Denoms are Onomy's counterparts of real-world currencies, minted through the usage of NOM. As Denoms became a trusted substitute for their represented fiat currencies, further integration of the virtual and real worlds will take place.

Both the foreign exchange and virtual currency markets are viral in nature, yet the flow virtual currencies between customers is exclusive to the virtual domain. Granted the many benefits provided by blockchain technology, virtual currencies will begin to overtake their represented fiat counterparts as the preferred form of payment. This is mainly due to benefits like seamless peer-to-peer transactions, immutability, verifiable history, and the emergence of trustless ecosystems. Once this happens, fiat currencies will change from being a means of payment to being a means of collateral.

Dealers in forex will not only have access to real fiat currencies markets, but also be able to convert fiat to virtual and virtual to fiat. Denoms will be minted and traded on Onomy with the market size of specific Denoms growing and shrinking with the demand for exchange following trade winds. Banks that offer virtual and fiat services will take over dealer roles. Retail aggregators that offer fiat-crypto pairs as well as fiat-fiat pairs will have a significant advantage over their counterparts serving only fiat or virtual. As the Mandalorian would say, “this is the way” to full-scale integration of the virtual with the real.

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