ICO Analysis: Opiria

Opiria is a global decentralized marketplace for the secure and transparent buying and selling of personal data. Based on Ethereum, the platform enables consumers to use their personal data to create a passive income stream.

“Opiria is a market research platform that allows companies to understand in real-time what consumers think, experience, see and feel in order to design better products and services. The revolutionary approach is to establish a direct line between companies and consumers by targeting an addressable market of 2 billion people all around the world who have smartphones. This allows Opiria to gather opinions and feedback from them everywhere and at any time.”

Opiria brings together detailed consumer profiling, subjective feedback and opinions from consumers, and data from many channels such as; web browsing, eye tracking, emotions, data from wearables and smart devices, smartphone usage, and online shopping. Giving companies unique sources of personal data they haven’t had access to before.

They already have an existing product. It’s a survey app, and you can try out here. It’s extremely basic – you just answer some survey questions and apparently get paid for your time. It did not fully work when we tried out the Android version.

The architecture of the Opiria platform will be an extension of their existing app. The main data collecting features include, but are not limited to:

  • Data storage database module
  • The smart contract for trading personal data between consumers and companies
  • Emotion detection module
  • Smartphone/mobile device usage tracking module
  • Wearables (e.g. fitness tracker) data tracking module
  • Smart devices (e.g. smart home, smart scale) data tracking module
  • Survey browser plug-in
  • Emotion detection browser plug-in
  • Eye tracking browser plug-in
  • Web-browsing behavior browser plug-in
  • Social media module

Token

The PDATA token allows app users to buy or sell personal data. Also, consumers can participate in surveys in exchange for PDATA tokens.

The idea is for consumers to store their encrypted data on the platform, labeled with some basic ID indicators like sex and age. If the company wants information on people that meet those indicators, they will offer that consumer PDATA for their data.

There’s a three-tier token system where consumers will be offered money for their data based on the amount of PDATA tokens they have staked. The consumers holding the most tokens will be allowed to sell their data before consumers with fewer tokens.

The project vitals are below:

  • Hardcap: $30-35 million
  • Total Supply: 750 million
  • Private sale: ended. they collected $5 million
  • Pre-sale: 20% bonus Apr 20- May 4 ($2500 min contribution) here

The token distribution is as follows:

  • 60% crowdsale
  • 13% development
  • 20% Company/Team: 20%
  • 5% Advisors
  • 2% Bounty

In terms of fund allocation, they don’t break down percentages, The following is word for word how they explain where the funds will go:

  • Opiria platform development: technical development of the platform
  • Opiria platform global expansion: Enter new markets, found local subsidiaries, acquire existing local companies
  • Grow consumer database: Acquisition of panel companies, initial compensation for signing up, marketing activities

Team

Located in Germany, they are a fully staffed, existing company. In 2017 their Survey App earned $300,000, with 4,000 users and 50 customers/companies.

They have a four-person sales, and a nine-person software development team

Dr.-Ing. Christian Lange: Founder/CEO

Lange founded Ergoneers GmbH in 2005, which he developed into Ergoneers Group with subsidiaries and sales partners in more than 20 countries. Within 10 years he boot-strapped Ergoneers Group from $0 to a $5+ million in revenue without any equity investment. In 2015 he exited Ergoneers Group.

Marlene Gagesch: Founder/CTO

After working as software developer and requirement manager at Siemens she joined Ergoneers GmbH in its early start-up phase. She headed the software development department and under her management, the company’s software product grew into an internationally successful complete data acquisition and analysis platform with 1,000+ B2B customers.

Ten fairly decent advisers will help them along. Here’s three that stood out:

  • Ismail Malik – Founder & CEO BlockchainLab
  • Dr.-Ing. Wolfram Remlinger – R&D Audi AG
  • Daciana Octavia Sarbu – Alliance of Socialists and Democrats, European Parliament

Verdict

People are starting to realize that their privacy and personal data is worth something. In fact, it’s a $250 billion a year market. As websites like Facebook start to clamp down on the pirating of data, companies are going to need new sources for in-depth personal data research.

Opiria will offer new ways to acquire this data, like through the use of eye movement tracking technology, and wearable fitness data tracking modules.

Risks

  • The above photo is from a company called ergoneers.com/. The two Founders of Opiria used to be upper management at Ergoneers. The questions that have yet to be answered involve the fact that the Opiria website and whitepaper only mention Ergoneers in their work history section. They never mention patents or partnerships. It seems like the two founders are using Ergoneers’ credibility and technology ideas to inflate the value of their current idea. -2

  • This is the reason Opiria is getting so much buzz. They say their platform is being used by all those car companies. But the only evidence of this is Ergoneers’ prior innovations. Opiria’s “working product” that they are hyping up so much, is lackluster. It’s simply a survey that supposedly users get paid to take. There is no way companies are paying for this app. See for yourself -2
  • The 21,000 Telegram members are either fake or paid. They are advertising very hard and must have some kind of bounty program. The team hired Amazix to run their ICO promotions and social media. All my questions were answered promptly by either copy pasting me a whitepaper page, or saying “we will ask the team about that and get back to you”.  They still haven’t got back to me 48 hours later.-3
  • These guys are running some sort of bounty program cause the advertising is insane. However, their whitepaper does not mention allocating tokens for bounties. In fact, their token allocation is the vaguest thing ever. 60% for the people 20% for the team and 5% for advisers. This is unacceptable. -3
  • There will no doubt be numerous competitors to Opiria in the future. -1

Growth Potential

  • As you can see, the team has plans to earn $250 million in revenue by 2023. Nothing wrong with dreaming big. There is something like 2 billion people using smartphones. +2
  • The Cambridge Analytica/Facebook investigation brought a lot of data privacy concerns to light. It seems like the world is ready for a project similar to this.+3
  • We were skeptical, and can’t find evidence of partnerships or patents to such state of the art technology as Eye Tracking modules, and wearable exercise trackers. But it looks like they could possibly be getting it from their previous company https://www.ergoneers.com/en/data-capture-software-and-analysis-software/d-lab/eye-tracking/ . +3
  • Their major competitor in blockchain is DATUM, whos current market cap is $40 million. Datum on paper is less attractive than Opiria, as they only focus on a few objective channels (mostly social media) and neglect subjective opinions and consumer profiling. They also don’t have a customer base or working product. +3

Disposition

There’s a slight chance this team innovates some sort of revolutionary data collection device, which leads to companies utilizing their platform.  0/10 (Score will be updated if the team provides crucial answers.)

Investment Details

 

*all unsold tokens will be burned.

Image courtesy of shutterstock

Author:
Joshua Larson is also known as the "Bullshit Man" for his ability to spot it a mile away. Avid ICO researcher and contributor. Former professional poker player/backer. Spent 10 years analyzing hand history, stats, and player data. Discovered blockchain in late 2016, and never looked back. He now uses his analysis skills to investigate ICOs full time. What a perfect match, because in today's crazy world of ICOs, information, passion, and diligence = dollar bills!