Behind the Coin: Obsidian (ODN)

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. According to the Peter McClory (CEO):

“Obsidian is a decentralized privacy platform with a flagship secure anonymous messaging service. The Obsidian Messenger works on Windows 10 and we have now almost completed porting this to Android, with iOS to follow soon. We are combining a secure, anonymous instant messenger service with a decentralized network so that each user is in control of his or her own data. Bypassing traditional centralized data centers 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 is building out its anonymous messaging service to showcase what can be done on their privacy platform. The messenger app is being marketed well beyond the crypto world. The Obsidian Messenger works on Windows 10 and is currently being ported to Android with iOS to follow soon after.

In regards to new exchanges, Peter stated: “We are in touch with a number of exchanges. Our major focus is on building our messenger application, recruiting high-quality in-house team members, and evolving our business processes and systems. Once the Android app is launched, there will be a larger team in place, alongside partnership opportunities to help us shift focus to completing more exchange listings.” 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, masternodes will be available, and are estimated to cost 10,000 ODN. Currently, masternodes are not implemented, which means that all stakers can enjoy approximately 10% additional ODN to be rewarded.

As for what’s next, Peter stated they are looking at apps related to data privacy, information distribution, decentralized storage and payment processing. They plan to open up the network for third parties to develop add-ons to existing apps such as in-message games, stickers, emojis etc. They are also looking to partner and support interesting startups with little or no blockchain experience and help to support them and onboard them to Obsidian platform in a variety of ways.

After Obsidian launches its Android and iOS messenger apps, 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 community.

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

Featured image courtesy of Shutterstock. 

Kent - Co-Founder of Burial insurance and Final Expense Life Insurance, where we help you find the best life insurance.