What is Obsidian?
Obsidian are aiming to create a secure and mobile messaging app with inbuilt privacy – like a ‘Whatsapp’ on the blockchain with privacy features. The primary goal of the project is to provide a 100% secure and anonymous messaging service. As Obsidian would not rely on centralized data storage, data would be safer, less at risk of being sold or given to authorities or censored, and users would be able to be in control of their data.
The app is free to use and it will be released on all major mobile platforms. As well as the messaging app, Obsidian are also planning to launch a professional network called “Obsidian Glass” (think of the crypto version of LinkedIn) in the future. There is no set timeframe for this, but Obsidian plan to release the messenger app and launching the Glass project as soon as possible.
Obsidian, although still small and not as known as it could or should be, initially gained a good level of respect within the crypto community, and is well liked by many investors and followers. A mobile messaging app that offers all of the benefits of being on blockchain, as well as inbuilt privacy, is an interesting and unique idea and could have a significant real-world use outside of the crypto community.
Mobile messaging apps are taking over communication- as can be seen by Whatsapp and WeChat almost replacing the use of SMS text messaging and phone calls for many. The primary goal of Obsidian is great: Presenting a messaging app that is truly anonymous and secure. The app is already active (in Beta stage) and the developers seem to know what they are doing. Furthermore, there is growing distrusgted of centralized apps such as Whatsapp (which is owned by Facebook). Obsidian is a professional project and could in theory become as big as WhatsApp or Linkedin when it’s launched and fully operational.
Obsidian have their own wallet which works on iOS and Windows, where one can hold and stake coins, but it needs to always be on to stake coins, which is unrealistic for most people.
The Obsidian Messenger App
The beta version of the app- Obsidian Messenger – OSM – is already available on Android – not yet for iOS – and would provide a way of anonymously sending messages, photos and payments. You can’t find it on Play Store, but you can download the .apk file via the official Obsidian website.
Some features of how the Obsidian app will work:
- All messages and attachments are encrypted end-to-end, so Obsidian can also safely be used for file transfers. Decentralized nodes will temporarily store the encrypted messages and files until the recipient goes online to receive them.
- Anonymous sign up is possible, no need to give any personal info
- Does not log user activity at all and sent messages can be deleted automatically if needed
- It is decentralized, so it is resistant to censorship
- The app can also be used to stake ODN, as well as working like a wallet
- In addition to messages and files, you can send ODNs as payments or rewards to other users through the app
Obsidian has its own blockchain, based on Stratis. ODN is a PoS coin, so it is not mineable, but one can stake it and win block rewards. Each new block is 1 MB in size and creation of new blocks take 60 seconds. The transaction capacity is 10 MB per 10 minutes. Obsidian pays 20 ODN reward per block and the transaction fee is 0.0001 ODN. Anyone who runs a wallet can stake the coin and get approximately 10-15% ROI rate per year.
Obsidian plans to add masternodes – but these are not available yet and it is thought one will need 10,000 ODN tokens for a masternode, although this isn’t confirmed.
Problems with Obsidian – Reasons for the price crash
However, there are two main issues regarding the investment potential.
There has been some uncertainty around the management team, and uncertainty about the future of the founder and lead dev Claus Ehrenberg, it is even unclear whether he is still with the company. It also isn’t clear how much crypto related experience the rest of the team have.
The main issue has been the almost lack of communication from the team in 2018, especially from the CEO Peter McClory. There have been very few updates from Obsidian lately, as well as very little news since December 2018.
It seems that the team came across some problems with the Obsidian platform, and are now working on a new blockchain platform called ODIN. It isn’t clear whether the existing problems they found with Obsidian will be rectified.
Furthermore, The developers pre-mined 99% of the total supply. Of this, 40% was distributed amongst themselves as the developer fee. 30% was offered for sale during the ICO. The remaining 30% is reserved for marketing purposes. The developers still control the majority of coins. This is potentially not good from an investment perspective, because if they decide to sell their coins, the price could suddenly drop. As the majority of the total supply is controlled by certain people, the project is effectively “centralized”.
Whilst the price of Obsidian did well after the ICO and especially in the crypto pump of January 2018 (where almost every cryptocurrency shot up), there has just been almost nothing, in terms of communication or positive news coming from Obsidian, to support the price, and hence the value of Obsidian has been falling since January 2018and the tra nsaction volume has been very low- seeming to average around $10,000 per day.
Obsidian would need some major news and reassurance of the team and continued progress, as well as getting onto a bigger exchange – currently it is only trading on Cryptopia and HitBTC – two very small exchanges – for there to be a drastic upshift in the price.
|Creator||Peter McClory, Vaughn Bullock, Claus Ehrenberg|
|Creation Date||July 2017|
|Headquarters||The United Kingdom|
|ICO Date / ICO Price||August 12, 2017 / 1 ODN = 0.15 USD|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 7.409.400|
|Available In||Can be used on its own app only / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||HitBTC, Cryptopia|
|Can You Buy It With Fiat Money?||Yes|