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Opennity Basic Review

Project overview

Via a distributed ledger solution Opennity project will build a community referral platform. The following information about the project is available in public sources:

PROJECT BRIEF

Name

Opennity

Ticker

OPNN

Project type

Community Platform

ICO BRIEF

Public sale start date

1st Round: 8:00 - 8:20 PM (GMT+8), June 5, 2019.

2nd Round: 8:30 - 8:50 PM (GMT+8), June 5, 2019).

3rd Round: 9:00 - 9:20 PM (GMT+8), June 5, 2019.

Public sale end date

Not defined

Token type

ERC20

Token usability

Utility

Total token supply

1,000,000,000

Token supply for sale

20,000,000

Part of tokens for sale

2%

Soft cap

Not defined

Hard cap

Not defined

Token price

1st Round: 1 OPNN = 0.21 USDT/ 4,000,000 OPNN

2nd Round: 1 OPNN = 0.24 USDT/ 6,000,000 OPNN

3rd Round: 1 OPNN = 0.27USDT/ 10,000,000 OPNN

Bonuses

Not defined

Lock-ups

Lockups not defined

Currency accepted

ETH, KRW

Min contribution

Not defined

Max contribution

200 USDT

KYC

Yes

Additional emission

No

Registration country

Cayman Islands

Restricted list

Not defined

TEAM & ADVISORS

Team members

6

Key member (executives)

  • Eddie Yeung

  • Sum Chi Ho

Advisors

8

 

 

Documentation

This report is based on the project’s website, whitepaper, and social media channels. We note that documentation is quite comprehensive. The project’s Github account is also available.

The public MVP of the blockchain platform itself is not available.

Regarding the content of the official documentation and the webpage, it provides a comprehensive explanation of all key business aspects of the project but lacks in-depth technical details.

 

Conclusion:

The official documentation provides detailed information about the project. There is no blockchain MVP at the moment.

 

 

Business model overview

Opennity aims to:

  • Create job opportunities for users in the blockchain industry

  • Help enterprises to apply blockchain technology in their business

  • Encourage the community’s active contribution to develop a community economy

  • Allow cross border and cross-industry transactions

  • Enhance the efficiency of locating global professional services providers

  • Ensure proper automated settlement and transparency through Blockchain

 

Simplified business model may be illustrated as follows:

Simplified workflow process chart is provided within the project’s whitepaper as follows:

 

 

Conclusion:

Opennity business model aims to facilitate all advantages which the blockchain implementation may give in the area of referral management. Therefore, blockchain reliance may be a key competitive advantage, if utilized and marketed properly.

 

Technical overview

At the time of writing, the project launched an MVP of the blockchain itself and there is no project’s GitHub available.

According to the technical description, the solution will have the following features:

  • Search and rating system – users will be able to filter service providers by category as well as track and compare such providers

  • Information database of service providers

  • News and media sharing

  • Community interactions such as referrals, ratings, reviews, etc.

The platform itself will be based on IOTA DAG solution which will provide required scalability, transaction rates, and micropayments.

 

Conclusion:

The team does not provide public MVP of the blockchain solution itself.

 

Roadmap

The following Roadmap is available on the project’s website and relates to the current period:

 

Conclusion:

We note that the main platform is supposed to be released in Q4 2019. The roadmap covers business development activities, however, the milestones are not specific and will be hard to evaluate.

 

Team & Advisors

The following information on the team members and advisors was taken from the project’s website at the time of writing. The team consists of 6 members which are listed below:

Name

Position

Total Experience

Professional Achievements

LinkedIn

Affiliation with project

Connections

Endorsements/ Recommendations

 

Team

Eddie Yeung

Co-founder

15+ years

-

Yes

Yes

261

Yes

 

Sum Chi Ho

Co-founder

10+ years

-

Yes

Yes

177

Yes

 

Roger Lee

CTO

13+ years

-

Yes

Yes

144

Yes

 

Benny So

CMO

10+ years

-

Yes

Yes

500+

Yes

 

Catherine Kwok

Marketing director

2+ years

-

Yes

Yes

500+

No

 

Rufus Chen

Developer

8+ years

-

Yes

Yes

116

Yes

 

 

The project has 8 advisors covering major areas of business development, however, their LinkedIn accounts’ links are not provided.

According to the project’s website, there are no claimed partnerships.

 

Conclusion:

We note that not all of the advisors have LinkedIn accounts.

 

 

Market outlook

According to a recent Verified Market Intelligence report, global referral management market was valued at USD 1.4 billion in 2016 and is expected to grow at 21.87% per year and reach USD 8.5 billion by 2025.

The team does not provide an in-depth market analysis in the project’s whitepaper, however, basic information about target markets and associated marketing activities is provided.

There is no competitor analysis in the whitepaper, however, we note that the market is highly segmented and there are a lot of players in it, however, majority of them are non-blockchain companies.

 

Conclusion:

We note that target market is currently highly segmented and difficult to enter, and the main success factor for the project is to deliver its blockchain solution as promised with all features mentioned in the whitepaper for the purposes of becoming global decentralized platform for simple jobs.

 

ICO details

According to publicly available information, 1,000,000,000 OPNN tokens will be supplied with 2% of tokens for sale in total.

Tokens will be allocated as follows:

30% - community reward

30% - strategic partnerships

40% - Opennity reserve

We note that there is no information about any lockups. It is also unclear what will happen to unsold tokens and there is no smart contract.

The team does not provide the “use of proceeds” scheme.

 

Conclusion:

We note that it seems that all tokens are not locked up by any means and some of them are scheduled for various rewards, promotional activities, etc, which may put pressure on the token price. We also note that there is no smart contract and it is impossible to prove the vesting terms.

 

Token economics

OPNN is an Ethereum-based ERC20 utility token. 1,000,000,000 tokens will be
minted.

Token will be used as:

The token will be used as follows:

Service Providers

  • Advertising - service providers can use tokens in order to purchase advertising space on a platform in the form of banner ads. Tokens can also be used to purchase a higher ad rank when being listed on the platform

  • Media Promotion - tokens can be used to purchase different forms of media promotions with Opennity’s media partners. Promotions can take the form of articles, videos, and even live meet-up events.

  • Build Community - using tokens to start groups and building of communities in different regions of the world.

 

Community

  • Rating Service Providers - users can use tokens to review service providers they’d like to recommend. A rating system will display each service provider based on the ratings they receive from the community, with the highest rated service providers appearing first.

  • Acquisition of services - tokens are used to create listings for types of services being sought after.

 

Companies

  • Listing the Job Offering - when companies are trying to employ a blockchain professional, they can use the tokens to list the job vacancy in Opennity with a smart contract. The tokens can be used as a reward, given to referrers for helping find candidates.

  • Getting Service Providers - if there is any tasks connected to blockchain development, marketing, and community building, etc., the companies can use the tokens to employ any service providers.

 

It is unclear if fiat money will be accepted within the platform.

 

Conclusion:

We note that OPNN is a regular utility token, however, we would like to note that specific fees within the platform are not yet set.

 

Social media analysis

At the time of writing, the project has the following social media coverage:

 

The project website traffic analysis based on Similarweb.com is as follows:

Conclusion:

The project has decent social media coverage for the current sale stage.

 

Conclusion

Based on the available information and ICORating analysis we have identified the following strengths and weaknesses of the project.

Project strengths:

  • The team already has a significant combined experience;

  • Decent social media coverage for the early stage project;

  • Project operates under Cayman Islands legislation

  • Existing problem on the market

Project weaknesses:

  • No vesting terms for bonus/bounty tokens

  • There is no blockchain MVP (according to the team, the beta will be released probably in June to their partners)

  • Roadmap does cover business development milestones, however, the milestones are not specific and will be hard to evaluate.

 

Contacts

The project can be contacted through the following channels:

 

Website

Facebook

Telegram

Twitter

LinkedIn

 

 

 

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $1000 from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.