As we enter into the second half of the year, it’s a great time to reflect on the Odyssey(OCN) Project and speak about the great roadmap we have ahead. We want to first say thank you to all of the supporters of Odyssey(OCN). Here at Odyssey(OCN), we pride ourselves on transparency and honesty, and we would like to use this open letter to the community to talk about our partner oBike´s decision to cease their business in Singapore, and review our progress so far and our future road ahead.
Most recently, oBike announced they will cease their business in Singapore. With oBike being a strategic partner to Odyssey(OCN) we understand $OCN token holders are concerned about the future of this partnership. Rest ensure that the partnership is still ongoing with oBike still operating in other countries where the OCN Wallet can be utilized. We will follow up with the oBike team and share with you any new information that are relevant to the $OCN token holders. To gain more information about oBike’s operation in Singapore, please see their official statement that will be released shortly.
Singapore and major cities worldwide have introduced or will introduce new regulations which is related to the issues oBike among other bike-sharing companies are facing regarding bike vandalism and users’ bad behavior when using sharing-economy based services. While we respect oBike’s decision to streamline their organization, it brings up an important point for Odyssey(OCN) in terms of the current limitations and challenges we are facing from regulatory policies and consumers’ mindsets to be successful while building the future of the decentralized sharing economy. It is these issues that Odyssey(OCN)‘s Social Credit Score is aiming to fix. With it, we can in the future reward good behavior and punish bad behavior inside the sharing economy. Our main focus is to build a reliable and technically sound decentralized sharing economy.
There are many issues currently in the sharing economy, as were described in Odyssey(OCN) whitepaper. The issues in the sharing economy are extremely nuanced, but can be simplified down to a few topics.
First is the centralized nature of sharing companies, and how the majority of the platform’s revenue goes to the owners of the company and not the platform’s sharers.
Secondly the cost of operating a sharing company is prohibitively high, because of data storage and transmission and regulatory issues. In fact, some of the largest sharing companies in the world, are just now reporting their first profits after many years of operating. These issues are something that our project is working directly to address and solve.
As a whole, some cities and governments are blocking innovations due to their regulations, which prevents innovators from building sustainable businesses. We have seen similar regulations and limitations in other sharing-economy business models (not only biking).
We ourselves have experienced areas that we have not been able to move as quickly or efficiently as we would have liked, either because of prohibitively high costs or regulatory issues still surrounding cryptocurrencies internationally. With that being the case, Odyssey(OCN) continues to move forward on our mission and we are very happy to share with you an updated roadmap in the near future.
While we are very optimistic on our mission and have not changed our main goals, we are being realistic in shaping our initiatives over the short term to adopt and overcome these regulations. We want to remain committed to our token holders to ensure healthy growth both for the long-term and short-term perspective. With the challenges the sharing economy is facing and with new trends and developments within the Blockchain/crypto industry, we want to take this chance to explain how Odyssey(OCN) will be moving forward. Below we will briefly highlight our upcoming features that will be added to our roadmap. These roadmap updates will ensure that Odyssey(OCN) adoption will increase on a larger scale and volume, and the newly announced revolutionary revenue-sharing OCN Exchange (OCNEx) will be a key component for increased scale and volume.
OCNEx is the crypto sharing exchange we are very excited to announce. In the spirit of the sharing economy, we will introduce a business model where the revenue is shared and trading fees are refundable to the users of the exchange. This sharing of revenue with platform users, rewards the users while also generating revenue for Odyssey(OCN), as part of a self sustaining initiative. This new model of a “sharing exchange” is becoming more and more popular internationally, and you will see other exchanges follow suite, while Odyssey(OCN) continues to be on a leading edge with the development of OCNEx. Look forward to more details about OCNEx the next coming weeks.
OCNChain, and the launch of Odyssey(OCN)s testnet and mainnet are very important milestones in the lifecycle of any cryptocurrency. This independence from the Ethereum blockchain, where currently OCN serves as an ERC-20 token, will allow developers to create d-Apps for the sharing economy on the OCNChain. As the ecosystem develops more it will be integrated with OCPay and other features of the Odyssey(OCN) Project including merchant integration and other features of the project.
Lastly, we have the upcoming $OCN and $OCP 1:1 Airdrop. This airdrop will have its first snapshot on August 1st, and then will continue distributing over a 50 month cycle. $OCP will serve similar to the gas used to power transactions on the Ethereum network, and the $OCP & $OCN relationship will be very similar to NEO & GAS. With this setup OCNChain could settle thousands of small transactions, very quickly, using an off-chain settlement solution. This will allow for the network to have fast speeds, and small transactions costs.
As the lead at Odyssey Protocol, we thank you for the chance to this update with the community and we look forward to working with our team to publish the updated roadmap shortly and the details of the upcoming OCNEx.
All the best,
Odyssey Protocol Foundation