Odyssey
With tonight’s second article were hopping back over into ERC20 token land with Odyssey (I keep spelling this wrong). Odyssey is a unique token for us as its not only an ERC20 token but its also the first token that will be integrated with the Tron network. Were going to dive into the token and see how all of that will work as well as what the project is looking to achieve.
Odyssey’s mission is to build the a next generation sharing and peer to peer ecosystem through the reduction of overall operating cost, increasing marketplace efficiency, and boosting the ROI of providers in the sharing economy. Those are all nice words, but what does that all really mean. Basically, they are going to take all the fragmented group of services and companies and attempt to aggregate them into one ecosystem, theirs. The new common thread for all of these services? OCN and the Odyssey protocol.
Odyssey itself is built on top of the Ethereum blockchain and is an ERC20 token. The ICO for OCN started on January 11th 2018 and had a goal of selling 4 billion tokens. The team was able to raise that in a short 48 hours and raise a total of $50 million for their project. Impressive to say the least! The current stats for OCN are as follows: the current price is $0.00848 or 124 sats or 0.00002009 ETH. Market cap is just over $17 million and has had a daily volume of $17 million or the same as the total marketcap. The total supply of OCN is 10 billion coins with a current circulating supply of 2 billion.
Now, I stated at the top of the previous paragraph they sold 4 billion tokens, but the circulating supply is 2 billion, what gives? Well, for those tokens bought in the ICO, half of what was purchased was required to be locked up until a given date. That date is April 22nd. At that time the other 2 billion will be available to the ICO investors for trading. There is currently a lot of speculation as to what will happen to the price due to the release of the extra 2 billion tokens. I will not be commenting on price action or speculating on price in this article.
Now revisiting the issues that Odyssey saw with the sharing economy they identified a fragmented system with high costs and an issue with review systems. Were going to take a look at those today and how the Odyssey protocol approaches and solves those issues specifically in this next section.
For the fix to the fragmented system, the answer Odyssey has is both the most straightforward and complicated of all of these. They are building the Odyssey protocol and will use OCN on it. Simple in that sense but how will all of this actually stack up and work together? What is their grand design. The chart below illustrates how the overall system may function. Typically, I bring describe the feature before showing my promotional image, but I had a lot of difficulty deciphering this one so I’m showing it before hand, so as more is read the picture will begin to make more sense. In addition, I’m going to be explaining this largely from a user perspective as opposed to a service provider or developer as thats what I will be and with what I am most familiar.
Overall, we have the Odyssey protocol and on top of the Odyssey protocol may be built decentralized applications (dApps) that would represent an individual sharing economy application. In the example here we have something like a social media site where users may share, like, and review other’s posts. In the system of our mythical dApp we have two entities, the service provider and the service consumer. The service provider of course provides a service such as a bike sharing (Obike) or ride sharing service to a customer. That customer may pay for that service then with their OCN. That interaction is the foundation of the sharing economy.
Now to expand upon that, lets say our customer enjoyed their bike and service provided, they can then leave a review in the system about their experience. The better the review and more helpful it is, the better it will be for everyone else seeking to use the service. Odyssey has identified that for the sharing economy, such as AirBNB, the review system is critical to the success and livelihood of the ecosystem.
Odyssey wishes to compensate and promote useful and constructive reviews in their ecosystem. By leaving great reviews, users will be able to increase their “credit rating”. Once a user reaches a minimum level of credit they become eligible for OCN rewards for their contributions until a certain max cap is reached. A user’s credit rating fluctuates based on the quality of their reviews and contributions. Now the best reviewers, selected by their overall contribution and credit score, will be designated as “community operators” in the system. These operators will have direct paths to receiving credit and the best opportunities for maximizing their credit score, and thus their OCN benefits.
Lastly, these services will be available on multiple dApps that will all be using the Odyssey protocol. Your OCN gained from great reviews in one area may be spent on any other app that also is connected and further promotes growth and use of the OCN system. Furthermore, the rules and standards for improving credit and maintaining a good standing will be consistent across all apps and with all of these apps running on one protocol that have connections to all other sharing services, cost of transactions may be reduced and information may be efficiently shared between all parties.
To summarize, the Odyssey protocol will be the framework on which all sharing dApps are to be built (hopefully). These dApps will accept OCN as forms of payment for their services. Users are rewarded for actively participating in the platforms they use in the form of OCN benefits. Those benefits are determined by a user’s credit rating which is generated from their activity on the platform and the quality of reviews/contributions to the community. All of the standards for these credit ratings will be maintained across the system allowing for consistency. Lastly, all of the sharing apps will be linked together and thus be able to efficiently use information between them.
For developments in the Odyssey system, look no further than their roadmap. Currently, they are in the first milestone phase and have four goals: release their wallet, launch their protocol, launch their reward mechanism, and launch Obike on their protocol. Speaking of Obike, Odyssey has partnered with them to be the first sharing service offered on their protocol. In addition to that news, the team recently announced OCPay, which will be a mobile payments app that users their protocol.
There are many exchanges that list OCN for trade, but nearly all of the volume is on Huobi with 55% on their BTC pairing and 34% on their ETH paring. Other notable exchanges that list OCN include Kucoin, , Bit-Z, and HitBTC. All of those exchanges offer a BTC pairing for OCN. Links below.
Huobi —
Kucoin —
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Bit-Z —
HitBTC —
To follow the progress and learn more about the Odyssey protocol please see the following links.
Website —
Twitter —
Reddit —
FAQ —
Whitepaper —
Thank you for reading tonight’s second article. I spent a great deal of time combing through the white paper making sure I understood how the various actors would be interacting on their platform and I hope to have provided a clear, concise, and accurate illustration of that for you!
Today’s first article was over . Tomorrow’s article will cover DENT. If you would like to receive the latest updates from me or my thoughts please follow me on here or on Twitter or on InvestFeed @thant11. Thank you, good luck trading, and I need to return some video tapes.
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Ethereum is trading inside a rising channel on its 1-hour time frame and barely dipped to support before making another test of resistance. This suggests that bulls are eager to get back in the game and might be strong enough to push for an upside break.
Price found enough support around the mid-channel area of interest, which was near the moving averages’ dynamic inflection points. Speaking of moving averages, the 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This means that the uptrend is more likely to continue than to reverse.
However, RSI is already dipping into overbought territory to reflect weakening bullish momentum. Stochastic is pointing up but also in the overbought region, which suggests that bears could still take over. In that case, another dip to the middle of the channel around $400-410 could be possible as this lines up with the 100 SMA dynamic support.
Geopolitical risk appears to be providing some support for cryptocurrencies as traders are reluctant to buy the dollar. There is threat of military action on Syria after an alleged chemical attack in Damascus over the weekend and escalating tensions could have repercussions on the US.
Besides, trade war fears aren’t completely out of the picture just yet. US CPI has also been weaker than expected, preventing the dollar from rallying strongly on more hawkish FOMC minutes.
As for ethereum itself, the cryptocurrency is higher on the launch of Golem on mainnet. This allows people to put their computer’s excess CPU power to use for other people, a project three years in the making. The current release should allow developers to find out if it is feasible to run with real money.
Golem works through a software client, which connects the two parties in the network – those that sell computational resources or providers and those that want to rent CPU power or requestors.
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