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⭐ Features
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Past-ICO Review: Olympus Labs

  • Eric Eissler
    ⭐ Features

    Crypto Indices are growing in popularity, but this company’s token price is shrinking

Past-ICO Review: Olympus Labs
Cover image via u.today

Crypto indices are garnering more attention and gaining more traction on the investment side of crypto. If you, as an investor can’t decide where to put your money for a crypto investment, then an index might be the best place. After all, many investors in traditional financial markets strongly believe in the index funds and so do many planning for retirement. Olympus labs is building a product that will allow investors to buy into indices, and maybe build their own (the wording is a bit fuzzy). In an interview with Forbes Magazine, CEO of Olympus Labs said,  “We have found that it can be hard for a crypto investor to find and invest in indices that are diversified and do well. [Author’s note: just for the record, the preceding sentence is not entirely clear: does he mean crypto indices or traditional ones] For those of us who are unsure how to invest in crypto, indices are the best way to track the market by buying into some which are either researched by professional managers or picked by industry experts you may trust.”

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Financials

Olympus Labs raised some $60 mln in a token sale that ended on Jan. 13, 2018. The token sale price was $2.18 for one MOT. However, it appears that some of the information is off because when checking CoinMarketCap, the token entered the market at $0.99 on Jan. 1, 2018 and shot up to a high of $3.05 on Jan. 9 just days before the ICO. After the ICO the price fell to $1.40 on Jan. 12 has been on a steady decline since then; currently sitting at $0.18 at the time of writing. Not a very impressive performance by any means. Market cap hovers around $7.5 mln and daily volume is close to $500,000.

Team

Kai Chen- CEO & Founder

Graduating from Yale and having an interest in investment lead Chen to work in banking and investment firms early on in his career, before founding Olympus Labs and another company.

Bharat Vishnubhotla- Head of Business Development

Vishnubhotla has a BA in business administration from USC. He previously worked at Accenture before coming to Olympus Labs.

Abel Bordonado Lillo- Full-Stack Developer

Has more than five years experience in web dev and gaming. He has worked on many other projects before coming to Olympus Labs.

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Boom to bust

Olympus Labs did a great job raising funds in its ICO but dropped the ball afterward. Checking out the numbers of followers on Telegram, they did not even crack 10,000. According to Twitter, there are more followers there, 34.7K to be exact, but generally in the cryptosphere to be legit you must have a lot of followers on Telegram to be taken seriously. According to the latest Tweet: Aug. 13, they are working on integrating with Bancor and are still developing the platform. Bancor was one of the biggest failures of 2017 and anything it touches turns to dust. With this info in mind, it would be safe to say that Olympus Labs are not going too far past the starting line.

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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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