What is Odyssey?
Odyssey (OCN) is an Ethereum-based protocol based on trust and credit for an economy of sharing. Its main goal is to encourage the formation of a new blockchain-based ecosystem of trade where both parties can maximize their potential gains from a trade and cut overhead costs that have long hindered the development and ready usage of such systems. The Odyssey system is comprised of two main components: service providers and service consumers, which both use the platform to leave reviews of the opposing party, which keeps records of the reviews and whether a provider or consumer has received “Likes,” “Dislikes,” or “Recommends.” It is also balanced by a team of developers, community operators, an exchange market for its system native token, OCN, and can be connected to DApps, all of which are overseen by a decision committee.
History of Odyssey
The token sale for Odyssey began on January 1st, 2017, during which 6 billion OCN tokens (out of a total supply of 10 billion) were sold and distributed to participants. In February 2018, the project’s credit-based universal protocol system and rewarding mechanisms were implemented, and in October 2018, the project began implementing batches of its sharing economy and p2p sharing platforms. By mid October 2018, the coin had become a top 100 coin by market capitalization value.
How Odyssey Works
Odyssey makes use of Ethereum smart contracts in order to create its sharing-based ecosystem. Its main smart contract is designed to create an “economy stimulation mechanism” that encourages its users to contribute positively to the ecosystem in order to obtain its maximum benefits. To do this, it uses an incentives system where the more a service offered by a user is purchased, used, recognized, or recommended, the more incentives they will receive. The main Odyssey smart contract is also the same smart contract through which all DApps and “sub ecosystems” within the Odyssey platform will interface.
As a platform for the sharing of goods and services, Odyssey is taking a unique approach to the whole decentralized exchange/lending idea by incorporating some of the features which make similar commercial services like Craigslist, Yelp, Uber or Airbnb successful. As a blockchain-based platform it enjoys the following advantages:
Decentralized, minimalized operating and transaction costs. Transactions can be made quickly, without having to wait for a centralized source of approval or pay extra costs associated with 3rd party service providers.
Open source and scalable. The code behind Odyssey’s platform is 100% open source and therefore readily available for anyone to contribute improvements to its scalability.
Trustworthy and anonymous. Users can leave reviews of one another and establish a credit history within the system all while maintaining their anonymity (if they so choose).
Incentivized participation. Odyssey’s incentivization program helps to ensure that there is enough supply and demand for services by offering users rewards for certain kinds of participation, including early adoption.
Efficient distribution and matching. Odyssey’s main smart contract helps to equalize supply and demand sides, meaning one side will never be too abundant or go without use.