The crypto world has been in a state of growth and expansion for quite some time now, with the emergence of new blockchain based firms aiming to revolutionize the traditional economic system. One such platform is the Singapore based Odyssey, which primarily is a decentralized sharing economy and peer-to-peer ecosystem. The Odyssey (OCN) is among the altcoins that has managed to gain quite some popularity despite being in the competitive market for less than 6 months.
The brains behind Odyssey (OCN), aim to apply the blockchain technology to the flourishing peer-to-peer economy to compete and eventually replace the likes of Airbnb and Uber. Their vision is to lessen the concept of private ownership of resources being shared along a blockchain and introduce a system that is relatively little centralized and offers a high degree of security and trust as compared the traditional system. Odyssey’s brave new world gives everyone the power to contribute to the economy, as a whole, all the while not restricting the ownership to anyone is particular.
According to the whitepaper,
In the future, sharing will become the norm and private ownership will be a luxury. One may own nothing but everyone can simply share everything. One can adjust your expenses flexibly in accordance with the demand. One will purchase something to the extent that one actually needs it instead of spending more. Sharing will enable utilization of spare resources and increase the overall income and welfare of the society
Making peer-to-peer sharing more efficient through smart contracts is there first step in order to materialize their vision.
How does it work?
Odyssey has integrated the blockchain smart contract feature with AI and big data to create and empower its peer-to-peer sharing ecosystem, which relies on three main contributors,
- Service providers
The perk of odyssey is that a single person may undertake the role of either or, all three roles simultaneously in different sharing systems, which are all linked by the Odyssey backbone.
To elaborate further, the service providers will use tokenized assets on the blockchain in order to offer their services for sharing. Exactly in the same way Uber offers car rides while Airbnb offers beds to its consumers. The consumers then, can utilize the shared services offered by the service providers. Lastly, the reviewers play the role of quality control of sorts, through the blockchain. Due to blockchain’s cryptographic nature, all information is secured and transparent. The blockchain also being inherently distributed allows for all levels of access to information.
Odyssey’s rating system
The rating system of Odyssey is unique in the sense that it uses the OCN coin as both, the fuel and the incentive for the blockchain’s further development. The more OCN a person holds, the more rewards he can reap.
What makes Odyssey different from other cryptocurrencies?
Instead of focusing on business or trade like Bitcoin or even being a platform for secure identity verification like THEKEY, Odyssey focuses on peer-to-peer sharing, in order to specifically compete with the likes of Airbnb and Uber. With the popularity of platforms like Uber and Airbnb, it is definitive that this kind of economy is gradually taking over the world. Even though Airbnb Australian rival TravelbyBit is already breaking barriers by accepting cryptocurrencies, Odyssey aims to unite all sharing under its blockchain.
How will Odyssey revolutionize the traditional peer-to-peer service?
Odyssey plans to do away with the age-old company model. A group will no longer have to unite in order to provide a good or service, if those can be provided by individuals that are strung along the blockchain. Odyssey also strives to break sharing monopolies, which run counter to the spirit of the endeavor.
Along the supply side of the sharing economy, those who profit the most are owners of valuable assets. Given that everyone can easily turn their asset into shared capital assets, ownership of valuable goods are typically concentrated in a small group of well-off people. In conclusion, not everyone can afford the ownership of valuable assets.
By unlocking the potential of all individuals to participate in a sharing economy, Odyssey hopes to simultaneously empower the masses while making all services both cheaper and more freely available.
OCPay- Odyssey’s payment platform
Odyssey continues to drive forward their mission of a decentralized sharing economy with the development of OCN chain.
The focus of OCN chain is in the direction of cross-chain interoperability and to enable businesses especially small to medium size businesses to develop, promote and manage their business effortless.
says Jack Chen, Technical Lead with Odyssey Protocol. The development of OCN chain will power Odyssey’s revolutionary payment platform OCPay.
So eventually OCPay will be able to support different business platforms on different blockchains, you can ride a bike, make travel bookings, reserve hotels etc.
Odyssey’s dream team
Odyssey lists its two primary advisors as Yi Shi and Justin Sun. Yi Shi is the CEO of Shanghai’s Avazu Holding, while Justin Sun is the driving force behind Tron coin.
The advisory team also includes Goh Jian Kai, founder and CEO of RateX, a Southeast Asian cross-border payment solutions system.
Odyssey’s business model is dependent on powerful and profitable partnerships to bring it closer to achieving its goal of a multi-faceted sharing ecosystem. It has already partnered with billion-dollar multinationals like Amazon Web Partners and IBM.
Its earliest partners were OBike, a stationless bike sharing service in Southeast Asia, and TRON, a leading cryptocurrency aiming at decentralized content creation and distribution.
What does the future hold for Odyssey?
OCN is not a mineable cryptocurrency, unlike Bitcoin and others, so OCN mining isn’t the way to go to accumulate these tokens. The market cap of the Odyssey cryptocurrency stands at 40.12 million USD as of June 2018, with a price of around 0.0088 USD.