The highly anticipated inaugural token sale of the newest cryptocurrency in the market – oCoin, which was created by oBike in partnership with TRON, a world-leading blockchain-based decentralized protocol, took place on 11th January 2018.
The ODYSSEY, the oCoin foundation announced that the token sale would only be open to institutional investors for the time being. There were a total of four billion oCoins for purchase. Ocoin (Odyssey Protocol's official token) reached their hard cap of 4 billion tokens within just 48 hours after the opening of the token sale.
ODYSSEY is a not-for-profit foundation that leverages blockchain technology. It seeks to make oCoin the official token and currency medium for carrying out all transactions in ODYSSEY’S blockchain. It aims to build a network of trust that eliminates the need for a third party or central body intermediaries during transactions.
The oCoin Odyssey Protocol
ODYSSEY has its mission as building the next-generation decentralized sharing economy and Peer to Peer Ecosystem. It seeks to increase the efficiency of the marketplace and boost ROI of product and service providers by reducing the overall costs of operation in the Global sharing economy and peer to peer ecosystem.
ODYSSEY will use the blockchain smart contract feature along with AI and big data to empower the ecosystem. It will create a trust-based protocol for all its ecosystem players that will have the following characteristics:
1. A decentralized platform and minimum operating cost.
2. Open source platform that is scalable.
3. A platform based on trust and anonymity.
4. Autonomous and better compliance.
5. It has incentives for participation.
It will also create a Peer to Peer Ecosystem Community that is characterized by the following features:
1. A decentralized platform with minimum transaction cost.
2. An easy to monetize platform.
3. Improved distribution and matching.
4. Faster transactions with no payment barriers
ODYSSEY’s objective is to build a faithful sharing economy that has the following characteristics:
1. Where sharing is the new ownership – everything can be shared, and everything can be connected.
2. Data must be owned freely; it would not be used to exchange for the right to participate in the sharing economy. Everyone should also have full ownership of the data they possess and create.
3. Freedom to share and freedom to earn. Earnings will be proportional to one’s contribution to the economy as per ODYSSEY’s rewarding mechanism.
4. Credit is priceless, and it should be rewarded.
5. The sharing economy should be autonomous.
oCoin currently accepts only ETH – Ethereum’s cryptocurrency token as it is based on the Ethereum protocol. Therefore all the wallets of the participants must be ETH ERC20 compatible to purchase oCoins. However, oCoin plans to support TRX, TRON’s cryptocurrency token in the not too distant future.
oBike, which is the biggest bike-sharing operator in Southeast Asia, is the first application to be compatible with the ODYSSEY protocol on the sharing economy. The strategic partnership between ODYSSEY and TRON would enable them to work closely on cross-ecosystem collaborations to benefit ODYSSEY’s sub-ecosystem like oBike.
oCoins can be used for a range of services have a variety of benefits for its investors. Apart from their potential to gain from oCoin’s exponential growth in value, investors can also use the coin to purchase online content. oCoins can also be used to buy any applications found on TRON’s platform. oBike users can also eagerly anticipate to be generating oCoins each time they ride, with the ability to earn more oCoins the longer they ride.
oCoin being the newest cryptocurrency on the market promises a range of potential benefits and seeks to create a trust-based sharing economy. oCoin will also have a wide range of application areas, and it will be functional on several cross-ecosystems which makes it ideal.