ICO Analysis: Opet
In almost every single country, elementary education is mandatory, free and aimed to be of the equal quality. Upon graduation, students start high school where the quality of education differs between schools and to maximize their chances of admission to top universities, the highest quality of education is a must. Unfortunately, it is a brute fact that not everyone is blessed with the best economic opportunities as wealth is not distributed equally. As the less fortunate cannot afford expensive private tutors and cram schools, he or she starts this race behind and has lesser chance to win it.
Õpet is a platform with the goal of helping the less fortunate high school students have alternative ways to enhance their education and increase their chances of admission to better universities. The main product that Õpet Foundation presents to solve this problem is a chatbot companion reinforced by artificial intelligence and machine learning. The AI recommendation engine technologies which back this companion are used also for YouTube, Netflix, and Spotify. Thanks to its constant interaction with the student, the chatbot receives more and more information over time, all stored on the blockchain, and is able to provide more accurate and extensive information and advice thanks to the use of machine learning.
Covering GCSE and A Level curriculum, Õpet provides an efficient and affordable digital alternative to costly private tutors. Non-stop engagement with the student allows the bot to provide useful information, advice, and help to the student, increasing the likeliness of an admission into top universities. But that is not all. Stored information about the student’s credentials such as certificates and exam scores will be available to the respective parties such as admission offices in the future, so we can say that Õpet is aiming to become an all-in-one solution for students through their high school experience and application process.
OPET tokens will be used for a digital private tutor companion service which is the primary use-case of the platform. This chatbot companion based on artificial intelligence and machine learning shall be used mainly by high school students. Another use of the token is to gain access to the blockchain for record validation. Platform users will be able to store their education information on the blockchain and any party desiring to validate these records will have to use OPET tokens.
The initial total supply of OPET is 100,000,000 tokens with the following token distribution:
- 30% team and advisors
- 14% partnerships
- 40% token sale
- 1% bounties
- 15% network incentive
The highest bonus during the private presale is 35% for contributions over 500 ETH, which is relatively high compared to ongoing ICOs. Team tokens are locked down for 12 months and then one-fourth will be released every three months. Advisor tokens are locked down for 12 months as well.
The team is planning to use the token sale proceeds as follows.
- 40% product development
- 20% marketing
- 20% team
- 10% administrative and legal
- 10% other
CEO Wilson Wang: Wang was a managerial director at Fosun Group, a multinational public company with over 10,000 employees, and held several positions at Temasek, an investment management company based in Singapore.
Viacheslav Shybaiev: Shybaiev has worked as the product manager of the mobile store at Opera Software.
Abhijeet Pawar: Pawar is a former employee of Rakuten, Japan’s largest e-commerce company.
Oleksandra Burmenska: Burmenska was a lead engineer at Samsung Kiev.
Michael Creadon: Creadon is the co-founder and the CEO of Traditum Group.
Jayarethanam Pillai: Pillai is an associate professor of economics and public policy at the American University of Central Asia, Kyrgyzstan.
Lim Boon Tat: Tat has worked as JC vice-principal at Singapore Ministry of Education.
Edward Ismawan Chamdani: Chamdani was a payment solution provider at Bank Danamon Indonesia and an IT architect at IBM Indonesia.
American University of Central Asia: Located in Kyrgyzstan, the American University of Central Asia is supported by the United Nations, World Bank, and Asian Development Bank.
Below is a breakdown of the risks and growth potential of Õpet.
- No MVP is available as of the time of writing. (-2)
- It seems unlikely for admission offices to accept data stored in Õpet as a part of students’ application packages. (-1)
- Almost 95,000 users in the Telegram channel implies high community interest. (+3.5)
- Listing agreements with Gibraltar Blockchain Exchange and LAToken Exchange. (+2)
- Extensive documentation. (+1.5)
To get offered admission into top universities, supplementary education such as cram schools and private tutors are almost a must, yet not everyone is fortunate enough to afford these expensive services. Õpet provides an alternative method to the less fortunate, offering them a digital chatbot reinforced by artificial intelligence and machine learning. This tool is developed to provide information, advice, and help to students, aiming to improve their test results and the quality of education. Along with information on students, their test results and educational qualifications such as test results and certifications will be stored in an immutable, trustable blockchain so that any relevant party such as admission offices will have the chance to use the platform in order to verify these qualifications, although at this point it seems quite unlikely. The absence of an MVP at the moment is a concern, yet the extensive documentation shows how serious the team is about the project. Listing agreements with several exchanges are already finalized, so some degree of minimal liquidity and volume right after tokens are listed is reasonable to expect. As the number of people in their Telegram channel is around 95,000, which is quite impressive, some community interest is there as well. Õpet receives a 4/10.
- Type: ERC20 – Utility
- Symbol: OPET
- Platform: Ethereum
- Crowdsale: October 1st
- Minimum Investment: 1 ETH
- Price: 0.02 ETH
- Hard Cap: 60,000 ETH
- Payments Accepted: ETH
- Restricted from Participating: Unspecified
Featured image courtesy of Shutterstock.