Coinomy — Bankless At Scale

TL;DR: Coinomy is a building a full-stack online economy, based around a marketplace of products and services. We develop products that allow our users to go #bankless, pay fewer fees, and accumulate wealth by managing their finances in an optimal manner.

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Coinomy is not an exercise in technology, but in product design and growth.
Our first step is launching a marketplace for products and services, coupled with a savings and payments system.

Background — The “Blockchain Company” Problem

Nobody thinks of Facebook as a “PHP company”.

Facebook growth numbers
Facebook growth numbers
Success is defined by growth outcomes, not by the underlying technology.

With over 2 billion users, Facebook is not defined by the technology it runs on, for anyone but developers. Facebook did not raise money from investors by touting the tech it runs on, nor does it serve as an ambassador for LAMP. There are hardly mentions of the impressive tech stack beneath the hood of the social network in its quarterly reports.

The KPIs that matter to investors tend to be: MAU, MoM growth, Churn, CPA, LTV, conversion metrics. These metrics aim to provide simple and unbiased answers to two important questions:

  1. Does the market need the product?
  2. Is the company successful in acquiring and retaining users?

Answering in the negative to either, under normal free market conditions, would mean failure — for the company and its team. The business world is not an academic exercise, and having the best product and technology on paper does not usually translate into success.

Coinomy’s mission is not developing great technology, but identifying it, and applying it in a manner that appeals to a large number of users.

Developing a Scalable, Full-Stack Economy

  • Trade of Goods and Services
  • Payments System and Currency — Payment Processing | Currency Conversion | Escrow.
  • Wealth and Identity Management — Savings | Custody | Identity Management | External Payments.
  • Investment Systems — Equities, Project Funding, Leverage, Currency Exchange, Portfolio Tracking.
  • Auxiliary Financial Systems — Insurance, Derivatives, etc.

As of right now, the systems responsible for the trade of goods and services, which facilitate employment, are multiple mechanisms away from the systems that facilitate the accumulation of wealth.

Payments systems, acting as intermediaries between the layers, are designed to collect the highest fees possible, as money moves between the stops. Financial Intermediaries act like sinks, eroding the earnings of freelancers, the thin profit margins of small business owners, and investors. Every system is designed to lock up as many funds as possible, with fees on money in, money out and on any balance kept.

Coinomy’s first layer, the base product upon which all other products are to be based, is the marketplace. A full-featured marketplace for products and services — freelancers and shop owners, where all transactions, be it employment or trade, are based on the exchange of cryptocurrency. That’s what we’re building a deploying first, as the real economy, a base upon which the rest of the layers stack.

Coinomy Sunrise Period

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