Meta description: Odyssey protocol is a decentralized peer-to-peer protocol that offers one of the first sharing economy blockchain in the world. The protocol is an open source platform that aims at minimizing operating costs, privacy and incentivizing participants on the network.
Recent statistics from sharing economy companies such as Airbnb and Uber, show the industry is expected to grow to double its current value by 2021. The US sharing economy industry currently serves over 44 million individuals in various strata and is expected to rise to above 89.5 million people by 2021. Odyssey foundation is in line to revolutionise this industry by providing a trust based network on the Ethereum blockchain to lower operation costs and keep transactions anonymous.
Odyssey Foundation’s mission is to build the next-generation decentralised sharing economy through a peer-to-peer ecosystem. ODYSSEY (OCN) is aiming to reduce the overall operating cost associated to the overall economy in a bid to increase and better market efficiency. This will in turn boost the returns on investments in this global sharing ecosystem through an efficient and easily accessible peer-to-peer network.
The platform is built on the Ethereum blockchain with the OCN token being used to run the platform. The ERC 20 token has had a positive end to the week as the coin closed 60% higher than the start of the week. The token was first offered to the public on January 11th 2018 and has seen the price fall after the recent February cryptocurrency bloodbath.
How does Odyssey come in?
Currently, the world is obsessed to private ownership of materials, products and services. However, this is set to change with the massive adoption of smartphones, smart devices, cloud services and the internet. The world is more inter-connected this time than at any other point in history. This has allowed a rapid growth in the need to share goods and services globally as the transaction costs dwindle out. To get a desired item or service you just need to have an internet connection and a device. This has made the sharing economy more interesting and cheaper in terms of transaction costs.
The sharing economy currently faces issues of data security and privacy, high transaction and operational costs, segmentation of each sharing company and
ODYSSEY (OCN) platform offers its users a P2P ecosystem community that is distinguished by its unique qualities and idiosyncratic characteristics. The sharing community is expected to provide a decentralized network that minimizes the operational costs, offers opportunities to monetize content, improved efficiency in dissemination of information, and faster payments on the platform.
The first bike sharing dApp, oBike, which is created on Tron (TRX) blockchain partnered with Odyssey last December. This prompted the outspoken and very responsive founder of Tron, Justin Sun to tweet on the partnership enticing investors. A month later, Justin tweeted that Eddie Wu, a co-founder of Alibaba, had bought the coin sparking a massive buying spree of OCN tokens. Two days later, the coin reached its hard cap of 4 billion, closing the ICO.
Odyssey token (OCN) jumped by over 30% this week to close the week at $0.012287. This comes as the token’s daily trading volumes soared above $40 million for the second time this week. The coin is currently available on various exchanges. Huobi’s exchange BTC and ETH trading pairs account for over 80% of daily trading volume of the OCN token.