Key Concepts
Evolution of Technical Infrastructure:
Technologies evolve at their own pace. What might be considered by larger masses as an application today, might evolve to become a platform tomorrow[12]. So, when does a technology really becomes something in the background and enables community to thrive and build over it? Just like Internet of today when compared with the one in 1993.
Most Public Blockchains begin their journey in a similar fashion. From being a backend node that's operating somewhere on the internet, to having some exchanges and explorers that help users users interact with the cryptocurrency.
Front-end development, quality UX experiences on the web take a lot more time to surface. Even during Q1 2017, almost all of the live web 3.0 projects had a Mediocore at best User experience on web.
Today, the possibilities and frontiers of Mobile are yet unexplored.
Opoch takes bold strides using available technologies to drive mass scale adoption.
Network Effects
Network effect is the phenomenon where increased number of people and participants increase the overall value for all participants.
Internet is a very good example of it. The more people use internet, more useful it becomes for everyone. Social media takes advantages of the same concept.
Experience on Ride sharing services depends on waiting times for a cab. Waiting time for cab depends on the number of drivers on the platform. Number of drivers on the platform depends on the business available over the platform. Business on the platform depends on users using the app on regular basis. Users using the app depends on the experience on the platform. That completes the loop. That is the power of network effects on experience.
Trading Time
Opoch solves the time of discovery and communicating a trade request by having positive network effects in the ecosystem[14]. The more peers are present in a geography, the easier it becomes to provide a seamless experience to every incoming new user.
But, so who are going to be the early pioneers who struggle and experience a not-so-great experience so that in the future every new user, just has to download an app, and s/he can get along the blockchain train under a minute.
It might be hard to believe but their were many individuals who gave away bitcoins for free in talks, conferences and otherwise to help spread awareness.[15] We do not need to give away anything, we just need to make sure that whoever wants to exchange them, we are available. Thus, enabling an ecosystem with community at its centre and technology to support it.
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Payments
M-payments, payments done via mobile (specifically smartphones) is rising. The M-payments market is expected to grow at a CAGR of 21.8% from 2015-2019.
These are the traditional m-payments transaction numbers. Cryptocurrency with no geographical boundaries can open another set of exponential growth channel for m-payments. But if cryptocurrency are to reach their full M-payments potential, the ability of consumers to transact and pay for products/services through these devices in an easy, safe and reliable manner must be addressed.
Smart-Phone Revolution
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From a utility point of view, doing a cryptocurrency transaction without a third-party intermediary is a challenge for both businesses and customers.
Customers have to go through centralized services (Wallets/exchanges) for doing basic interactions with the decentralized world, from buying cryptocurrencies to using it, which makes users' funds prone to hacks and failures. That basically means we have not been able to decentralize even the first step of entering and exiting the Crypto world.
On the other hand, decentralized wallets (Hierarchical Deterministic wallet) provide much needed security but that comes with limited usability.
Businesses on other hand face several challenges in building for future global markets. For example, being limited to accept only One-time transactions makes it impossible to use cryptocurrencies across different business models like subscriptions, variable pricing plans etc.
We believe building an open community that facilitates Fiat-Crypto trades at scale is necessary to kick-off the next phase of adoption. The more frictionless and Peer-to-Peer Cryptocurrencies become, more users and use cases would arise. To facilitate this
On User front:
We are building mobile app with core around
In-built mobile wallet with social recovery of private keys
Peer to Peer fiat-crypto marketplace
Decentralised exchange to enable further adoption and become currency agnostic platform. (fiat currency as well as cryptocurrency)
On Business front:
We develop APIs for businesses to create business specific smart-contracts with one-click, enabling them to accept cryptocurrency payments across their preferred business model. This would essentially help the ecosystem expand with first m-payment ecosystem for cryptocurrencies.
The mobile app is built on micro-service architecture so that other services like
Margin-trading
ICO marketplace
Lending
and others can be built by community and partners with the help of existing protocols or by creating new protocols.
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