15 Insights on Obsidian Platform ICO
Aug 19, 2017 Posted / 6825 Views
Based on Stratis, the Obsidian platform is a C# based blockchain, with both Masternodes and service nodes. They have even developed an APP called the Obsidian Secure Messenger 'OSM' application, which is currently under public alpha testing.
The Obsidian platform provides a private communication enabled with a cryptographic coin, by connecting with a protected messenger application that gives a decentralised communication network. This feature provides flexibility against attacks on the communication servers by replacing them with decentralised nodes which any person can host, and thus receive Obsidian coins as return.
Obsidian coin is based on the STRAT coin of Stratis, which is based on Bitcoin. The use of the Stratis C# code base gives us to intentionally choose new features which are tested and proven on the Stratis platform. It can also be kept in collaboration with tested new features from Bitcoins, as well as features such as the SegWit scaling solution.
The messenger is going to be a light client to the Obsidian blockchain and a messenger app that offers uninterrupted message encryption with perfect forward privacy (PFS) relying on Elliptic Curve Diffie-Hellmann (ECDH). Their IDs are a ten digit identifiers protected with Curve 25519 signing keys. OSM has no user accounts or association to an email address or telephone number. They cannot be related to any personal data by itself. For message transport, the envision is for a derived parallel network to allow faster than blockchain message exchange within the application, including great payloads like images and files.
The ODN is built on a C# codebase using source from the Stratis Bitcoin NBitcoin/ NStratis project and theStratis Bitcoin Full Node implementation. It runs on the .NET Core technology, thus making it developer friendly and able of running on various operating systems such as Windows, different versions of Linux, and more recently some Mac OS X versions.
The ICO will end if either all 58.8 million coins being offered for exchange are sold for the fixed exchange rate , or on 26th August 2017. There will be an initial coin emission of 98 million ODN. Staking rewards in year one are 10% of the initial amount of coins. They plan to decrease or discard the staking reward model once they have gathered extra data about the Obsidian network economy.
The exchange rate for ODN coins is fixed where1 BTC will be equal to 21433 ODN and 1 ETH will be equal to 2192 ODN. 15% ODN i.e 14.7 million coins will be distributed among the members of the core team. 25% of the ODN i.e 24.5 million coins will be sent to multiple accounts to be used for direct OSM licensing, integration, and ongoing development. 60% of the ODN i.e 58.8 million coins will be sent to another escrow address and this part will be offered to the interested parties in the ICO and pre-sale.
After the ICO completes, the total distribution model will be 50% of the final amount raised in the ICO will be divided into two escrow accounts out of which 30% will be used for advertising, marketing, developers, daily operational costs of the company and similar expenses and 20% will be kept as company assets, for ensuing compliance with all the appropriate regulatory agencies and the remaining amount will be divided between the core founding members.
Elliptic Curve Diffie-Hellman is the most protected form of asymmetric key cryptography recognized today. It offers much more safety than RSA at the same key length. No data will be stored on a server at any point in time because there is no centralised server or organisation. The time based auto deletion feature is active at all times for encrypted payloads, which are temporarily stored on nodes.
Obsidian is built with overall accessibility and OS cross compatibility as near term goals. Android is a main focus, as well as iOS.
May be Yes. They recognise the need to build value for the ODN coin, and the need for the messenger app to be free of charge, in turn to attain mass adoption. Their current range is for a message to cost between $0.00 and $0.000023.
Annually 10% from Proof of Stake, which will be available to be reviewed in due course. It might stay at this rate for two years, then reduce to 0%.
A node is a wallet that also is connected to the internet. There can be different types of wallets and nodes, but they are internally equivalent.
They store the complete blockchain and protect consensus in the blockchain payment network. The requirements for a full node are enough disk space for the blockchain and an intermittent connection to the Internet in order to keep themselves up to date. They are used by the light nodes in order to enable their payment functionality.
In order to host a Masternode 10,000 ODN are necessary as security, and the probable return is approximately 10% annually. Additionally, it is technically feasible for users to pool the required ODN to host a Masternode.
The features of OSM are that they are Decentralizede and are censorship resitant as well, it allows integration of secure and encrypted applications, utilizes blockchain technology, end to end encryption, can sign up anonymously, personal information is hashed, ability to take coins, timed auto delete feature, collect and monetizes user information etc.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.