Onomy is a decentralized protocol. The founder team has built it to enhance the foreign currency exchange marketplace. They plan to accomplish that goal by issuing stable coins – virtual denominations of traditional currencies – from the Onomy Reserves (ORES).
The company collateralized all issued denominations by the Onomy Protocol Token (NOM). When the latter is locked in the contract, it also enables the issuance of the currency denominations.
Meanwhile, the Onomy Exchange, also called ONEX, facilitates fast transactions between Denoms and NOM. It also provides secure price discovery for collateral ratios, along with automated management of ORES accounts.