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🕵️‍ ICO Watch
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Past-ICO Review: Odyssey’s Arduous Adventure

  • Eric Eissler
    🕵️‍ ICO Watch

    It will be an odyssey to take on the shared economy of things, there are already multiple players inside and outside the cryptosphere

Past-ICO Review: Odyssey’s Arduous Adventure
Cover image via u.today

Odyssey wants to take a stake in the shared economy of things, where ownership of objects is not owned by one but by many. Uber, Lyft, AirBnB, these are just some of the companies that make up the shared economy of things. Odyssey wants to use Blockchain to create better networks of sharing platforms which are more decentralized. Odyssey has a long way to go, with a target date of full systems operational somewhere by October 2019 or 2021 according to the roadmap.

Financials

Odyssey raised $50 mln in a one-day token sale and has had much hype around the token. The token was offered to the public markets a day after the ICO ended and skyrocketed up from $0.02 to almost $1.00 in four days! However, the glory was not had long, after peaking close to one dollar Odyssey fell back to just above its entry price four days later. Now, the current price is next to nothing at $0.003215, at the time of writing. The market cap is at $15.2 mln and there are 4.75 bln tokens in circulation out of 10 bln total.

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Team  

The team behind Odyssey is obscured and only the two primary advisors Yi Shi and Justin Sun are listed on the site. Yi Shi is the CEO of Shanghai’s Avazu Holding, while Justin Sun is behind Tron coin. Advisors are one thing, but not listing the team is a major red flag. Usually, information about the team is transparent because these companies want people to invest in them and given all the scams that have been associated with ICOs and crypto, people tend to shy away from companies where the team is not visible. However, this did not stop the investors, considering the ICO raised $50 mln.

Strong social media

There are some 40,000 followers on Telegram and more than 100,000 on Twitter, so there is a good base of people who are interested in the company and what it wants to do. Recently, according to a tweet the wallet and payment system is now live.

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Sharing is caring

According to the website, the system functions on ratings and rewards for services provided. Therefore, it will be the service provider and his/her interactions with providing clients service that to a level that is satisfactory will allow this person to carry on their work and be known for doing a good or bad job. Obviously, people who do will be recommended and rewarded, whereas poor performers will not, and eventually (author’s guess) be removed from the system. Competition for this type of service is already high both in and out of the cryptosphere. Odyssey has the cards stacked against them in terms of already existing competition and a long way to launching a product.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News
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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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