The sharing economy has been rapidly emerging as a large and expanding force. This is caused by declining transaction costs. Smartphones, internet connectivity, and the cloud allow consumers to efficiently search for their desired goods and services, understand terms, ensure timely logistics, and enforce the agreed-upon contracts.
Odyssey aims to reduce overall operating cost, increase marketplace efficiency and boost ROI of product & service providers in the Global sharing economy & peer to peer ecosystem. (1)
A sharing economy enables us to convert the transaction of property ownership into the transaction of right to use. Basically, it is a realisation of the “on- demand” transaction which highly increases the efficiency of use for assets and services, and simultaneously, reduces overall costs.
However, according to Odyssey, the state of the current sharing economy is far from optimum. The following problems are occuring at the moment:
Data security and privacy
Many sharing economy companies are “data controllers” because they decide how personal data will be collected and how it is used. Users may be required to share a range of information about themselves, including their location, address, job or the services they provide or use. Users are becoming more aware of and concerned about the way that their data is collected, stored and shared. These kinds of data can be result into malicious attacks resulting in the disclosure of user’s personal data. Controlling and dealing with personal data is integral to the activities of sharing economy platforms.
Regulation vs. Reputation
The rise of peer-to-peer networking and the burgeoning “sharing economy” has been a hot topic in many government policy conferences, where participants explore whether any new regulations are needed. In a wide-ranging discussion economists, industry representatives and academics hashed out a complex system. They covered changing business models, potential regulatory obligations and consumers’ increasing dependence on reputational feedback mechanisms. The Sharing economy is still a highly regulated in certain countries due to government policies, and is even banned in many.
Sharing is costly
Current Sharing economy platforms are two-sided systems characterised by strong network externalities, creating the tendency towards natural monopoly and allowing for high-margins to be earned by the platform itself. This raises the operating cost borne by sharing asset providers. Along the supply side of the sharing economy, those who profit the most are owners of valuable assets. Given that everyone can easily turn their asset into shared capital assets, ownership of valuable goods are typically concentrated in a small group of well-off people. In conclusion, not everyone can afford the ownership of valuable assets.
Everyone can contribute to the “sharing” participation, the rating system of the sharing economy and the sharing community, however, there is no effective incentive mechanism to encourage users to participate, well behave or contribute to the ecosystem’s self regulation.
Sharing is segmented
The sharing economy is not yet interconnected. Every industry has its own central node, its own rules and mechanisms, its own user information and transaction information. This current state of affairs is against the original principle of sharing everything and connecting everything. The sharing economy is segmented into many closed circles. Odyssey believes the potential of the sharing economy can only truly be unlocked if all parts are interconnected into a single sharing economy ecosystem.
Odyssey is trying to build a sharing economy where everything can be shared and everything can be connected. Everyone should have the full ownership of the data they possess and create. Data must be freely owned, and will not be used to exchange for the right to participate in the sharing economy system. Everyone who contributes to the Odyssey sharing economy will receive proportional incentives for their contribution, according to the Odyssey incentive mechanism. According to Odyssey, the sharing economy should be non-monopoly, unbiased for everyone and autonomous in nature.
In the Odyssey, individuals, groups and Dapps will be able to contribute to the ecosystem in the following roles; Service Provider, Service Reviewer, Service Consumer, Community Operators, Developers and Miners.
Service Provider (SP)
As the foundation and core value creators of the ecosystem, service providers will be incentivised with Ocoins (OCN) based on the Odyssey incentive mechanism.
Service Reviewer (SR)
SR is an important role in the ecosystem by providing objective, thorough reviews of previously purchased services, which will benefit both the SP as well as potential Service Consumers. This behaviour will be incentivised with OCN based on the Odyssey incentive mechanism. Interactions such as Like/Dislike/Comment/Share/Recommend will be incentivised with OCN as per the Odyssey incentive mechanism. The incentive mechanism will factor in both the quality of interactions and the user’s Credit record. Improper interactions will be penalised with both OCN reduction and Credit reduction.
Service Consumers (SC)
SC is a critical role in the ecosystem. SC purchase services with OCN, consumer’s behaviour quality during the entire service lifetime will also be recorded and will dynamically impact the SC’s Credit. According to Odyssey, all these data are the foundation to be build a Credit-based, decentralised sharing economy and the foundation of the peer to peer ecosystem.
Community Operators (CO)
In order to preserve the autonomy of the ecosystem, CO will be selected based on his/her Credit and overall contributions. CO will receive OCN incentives for monitoring and reporting services that are against the Ecosystem’s benefit and operational protocol.
All developers who develop Dapp Sub-Ecosystems, or develop supporting services/tools for Odyssey or Sub-Ecosystems will receive OCN incentives based on Odyssey’s incentive mechanism. Odyssey will also incentivise developers to contribute to the ecosystem protocols, bug fixing, system upgrade, etc.
After Odyssey releases it’s Public Chain, miners are intended to play a significant role in the ecosystem. Miners will receive transaction fees.
Use of the Token
The native digital token of Odyssey, OCN, is another major component of the ecosystem on Odyssey. The Distributor of OCN shall be an affiliate of the Foundation. When the native blockchain is online, OCN is designed to be used as virtual crypto “fuel” for using certain designed functions on Odyssey (such as executing transactions and running the distributed applications on Odyssey), providing the economic incentives which will be consumed to encourage participants to contribute and maintain the ecosystem on Odyssey.
Company, team and advisors (2)
It is uncertain who the team behind Odyssey is. There is a hunch that it’s Obike, but that is not confirmed from our side. More info will follow.
Odyssey has a list of advisors mentioned on their website, we will discuss a few of them in this article.
Chief Advisor: Yi Shi, (3) Yi Shi is the founder & CEO of technology company DotC United Group. The company owns mobile advertising platform Avazu, app developer DotC and data business intelligence platform Noogenesis. He is recognized 3 times by Forbes as one of China’s and Asia’s 30 under 30 entrepreneurs, made to 2016 Fortune China 40 Under 40, and Hurun 30 Under 30 for China 2017.
Chief advisor: Justin Sun, (4) He is the founder and CEO of TRON, who has been hailed as “the next Jack Ma”(Alibaba founder). (5) Listed in the Forbes Asia “30 under 30” twice, named a “Global Shaper” by the World Economic Forum and is a former Ripple representative in China.
One of the partnerships is with oBike. (7) OBIKE will be the first sharing economy market place to be compatible with ODYSSEY Protocol. oBike is a station-less bike sharing platform, providing a more sustainable, healthy, tech-friendly, and economic mode of transport. Customers can pay for the oBike using OCN. Founded in Singapore in January 2017, oBike is Southeast Asia’s first smart station-less bike-sharing company. In August 2017, oBike completed one of the largest fund raise in Southeast Asia, raising 45 million USD from global leading sharing economy companies. (8)
Another partnership is with TRON. (9) TRON is a world-leading blockchain-based decentralised protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. For a detailed read about TRON, go to our article. (10)
Odyssey also partnered up with QTUM. (11) Odyssey announced that it is exploring the Qtum blockchain protocol, for its ability to offer greater flexibility and cheaper transactions. (12)
‘18 Q1-Q3 (Phase 1): Ocoin wallet. Credit-Based Universal Protocol for ODYSSEY Sharing Economy Ecosystem. Incentive Mechanism for sharing economy participants. Obike to be the 1st sharing economy platform to be compatible with ODYSSEY Protocol.
‘18 Q3 – ‘19 Q3 (Phase 2): Integrate subsequent batches of sharing economy and P2P system to ODYSSEY ecosystem, with services across more standard product and services (like bike sharing) to more customized product and services (like accomodation sharing). Odyssey will adopt latest solution to address inherent limitations within Ethereum Blockchain technology especially for high-frequency and small amount transactions.
Odyssey will also consider employ a strategy to deal with the scaling challenge. For example, by performing off-chain transactions in a safe and reliable manner, then record these transactions in the Ethereum Virtual Machine at a later time.
‘19 Q3 – ‘21 Q3 (Phase 3): To build one data and transaction system to connect all sub-ecosystems, leveraging the universal Credit-based Odyssey protocol. Utilizing data across all sub-ecosystems, leveraging AI and Big Data Technology to increase overall market effectiveness, user acquisition ROI and ecosystem health growth.