About Obsidian ICO
The Obsidian Platform coalesces blockchain and private anonymous messaging and consists therefore of two main parts:
- The Obsidian Coin (ODN)
- The Obsidian Secure Messenger (OSM)
Obsidian Coin is based on the STRAT coin by Stratis, which is in turn based on Bitcoin. Our use of the Stratis C# code base enables us to strategically choose new features as they are tested and proven on the Stratis platform. ODN can also be kept in sync with tested new features from Bitcoin, including features such as the SegWit scaling solution.
The Obsidian Secure Messenger (OSM) is based on so far unpublished prior work of one of our developers who is leading the messaging architecture of our project. It is currently available as a working alpha version which should be available for preview in the coming weeks.
At this point, the ODN coin and the OSM messenger are not yet mature and not linked. The initial scope of this project will be the decentralisation of the messengerƅs storage, making the messaging nodes available for hosting by anyone, providing the nodes an ODN fee per message, and offering light wallet functionality in the OSM messenger client to be able to pay for the traffic produced.
Initial Coin Offering and Distribution
The crowdsale will end when either all 58.8 million coins being offered for exchange are sold for the fixed exchange rate detailed below, or on 26th August 2017 at 03:00 UTC. There will be an initial coin emission of 98 million ODN. Staking rewards in year one are 10% of the initial amount of coins. We plan to reduce or remove the staking reward model once we have gathered additional data about the Obsidian network economy. The exchange rate for ODN coins is fixed at:
- 1 BTC = 21433 ODN & 1 ETH = 2192 ODN
- 15% ODN (14.7 million coins) will be distributed among the members of the core team.
- 25% ODN (24.5 million coins) will be sent to multiple accounts to be used for direct OSM licensing, integration, and ongoing development. ODN from this allocation will in addition provide ODN options as an incentive for 2nd tier developers, designers, marketing, advertising and any other ongoing Obsidian costs.
- 60% ODN (58.8 million coins) will be sent to another escrow address and this part will be offered to the interested parties in the ICO and Pre-sale.
- 50% of this will be available to exchange for ETH and BTC in the ICO.
- 50% will be reserved for VC funding and strategic partnerships.
After the ICO completes, the total distribution model will be as follows. 50% of the final amount raised in the ICO will be divided into two escrow accounts:
- 30% will be used for advertising, marketing, developers, daily operational costs of the company and similar expenses. This will also include a monthly salary for the core and 2nd tier members of the team.
- 20% will be kept as company assets, for ensuing compliance with all the appropriate regulatory agencies.
- The remaining amount will be divided between the core founding members. The final use and distribution of the second half of the ICO final amount will always be decided by majority vote of ICO founders and is intended for funding ongoing Obsidian-related work.
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