The Oyster Protocol Has Forked Into Opacity, A File Sharing Tool Project
The Oyster Protocol Has Forked Into Opacity
The Oyster Protocol is a hybrid IOTA/Ethereum platform for smart contracts. It is intended to assist sites to gain revenue. The protocol recently forked into Opacity. This will be a tool, which helps with the sharing of files uploaded via Oyster. The fork took place on November 6, 2018, after the founder of Oyster was accused of a pump and dump operation via the network.
A New Project Name
A month after accusations of an exit scam by its founders, the Oyster Protocol is looking to change its name as part of a rebranding effort. Thus, it can start afresh both internally and in the eyes of the public. On a release on Medium, the CEO of the company announced that they would now be called Opacity. Most users of the platform already know the name Opacity. It has often been used to access files on the protocol. Opacity will be a tool that is used to share files.
The Medium release stated that all costs were in full display for public viewing. The management of the project will not draw a salary from November to December 2018. After it forked into Opacity, 27 million extra tokens were released. This brought the supply of all OPQ tokens to 130 million.
The Exit Scam
Despite being a recognizable crypto project, the project has lost a lot of good faith. Unless it can do something to change public sentiment, it is a project about to die. This has caused the company to increase transparency to fight off some of the accusations it has faced in recent times.
This was after Bruno Block, the founder, sold over $300,000 PRL tokens that he is accused of acquiring fraudulently. The exit scam was revealed by a Redditer. The person discovered that there was an issue with the smart contract on October 29, 2018.
The person revealed that 5,000 of the tokens were bought for one ETH using a smart contract that had been tampered with. These tokens were then sold on KuCoin for a huge amount. The entire process took place in just minutes.
After the revelations, investors came together to sue the Oyster Protocol. The investors want to find legal aid, get the evidence and plaintiffs. If the lawsuit succeeds, it could send shock waves in the crypto world. Besides that, it would set presidencies for crypto-related cases. Thus far, it is a waiting game.
The Future of Opacity
After the fork, the team at Opacity plans to continue building. While they have had a slowdown in recent months due to the various issues mentioned above, they plan to continue developing. The project has paused trading of PRL and SHL since October 29.
They plan to re-list on various exchanges once they resolve any outstanding issues. They are striving to ensure there is liquidity in the community as soon as they can. For the SHL, they have stopped combining the SHL and PRL into a single token due to legal issues.