Update

Behind the Coin: Obsidian (ODN)


Based on source material from Hacked.com

By Kent Hamilton

Today, I wanted to cover a platform that has been flying under the radar. With a market cap of $11,809,673 and ranking 264th on CoinMarketCap, the Obsidian altcoin I’m about to talk about has some serious potential. I talked with the CEO recently to better understand what Obsidian is all about.

Obsidian is a privacy platform with a flagship secure anonymous messaging service. The current version of Obsidian Messenger works on Windows 10 and we have now almost completed porting this to Android. Our developers are looking at the feasibility of iOS to follow. We are building a secure, anonymous instant messenger service so that each user is in control of their own data. Our anonymous sign-on allows for greater privacy and security, moving away from existing VC-led networks which are not transparent, exploit user data for profit, and assist in unwarranted censorship of civilians in many countries around the world.

Obsidian’s anonymous messaging showcases what can be done on their privacy platform. In regards to new exchanges, Peter stated: We are in touch with exchanges, and our major focus is on building out an extensible messenger application, recruiting high-quality in-house team members, and evolving our business processes and systems.

Once the Android app is launched, we will focus on partnership opportunities, and work collaboratively with our communities.

It sounds like Obsidian wants a working Android and iOS app before approaching larger exchanges but that should be happening soon as the mobile apps are launched.

Obsidian is a Proof-of-Stake coin, meaning investors who own a certain amount of ODN will receive a reward for holding it. In the future, one of the lead developers who contracts for Obsidian, Claus Ehrenberg of VisualCrypt AG, has promised to implement that masternodes to move Obsidian towrads a decentralized infrastructure. It is estimated that if this is achieved, one masternode will cost 10,000 ODN. Currently, masternodes are not implemented, which means that all stakers can enjoy approximately 10–20% additional ODN to be rewarded per annum.

As for what’s next, Peter stated they are looking at integration and partnerships with other organisations that have aligned philosophies and focuses on data privacy, information distribution, decentralized storage, and payment processing. They are also looking to partner and support interesting startups to help support them and onboard them to Obsidian platform in a variety of ways.

After Obsidian launches its Android messenger app, I could see this helping them get listed on some of the larger exchanges. I believe they have a solid product, but lack the liquidity needed for more investors to invest at this point. That will change soon as their product matures. I will provide more updates over the next few months to update the Hacked.com community.

Disclaimer: Analyst does not have investments in Obsidian (ODN)