Did you know that companies across the globe use your personal data to design their products and services? Personal data is an integral part of product development as it enables companies to innovate and create products that meet customers’ needs.
It’s a bit unsettling to realize that big companies have all along being using your personal data without your consent. Worse still, is the fact that they make money out of it while you get nothing.
Opiria is changing this narrative by introducing PDATA, a persona fata marketplace where you can easily sell personal data to companies that need it.
What is Opiria?
The Opiria platform, with its PDATA tokens, is a decentralized market place where individuals can directly sell their data to companies for a fee. While Opiria is a platform, the PDATA tokens are a cryptocurrency that puts value on personal data.
By creating a profile on the Opiria platform, users are given the PDATA tokens which control how they use their personal data. Users can easily make a decision on the amount of private data they need to disclose on the platform. More data released translates to mote PDATA tokens.
The Opiria network is a smart contract based platform that enables users to create contracts with companies by granting them access to their personal data. On the network, users get paid via the PDATA tokens after the smart contract is executed.
The problem it solves
The data brokerage industry has grown over the years to reach $250 Billion per year. Opiria is democratizing data exchange via PDATA while ensuring that consumers can sell their data while maintaining their privacy.
As it stands, the current market for data is disorganized and chaotic, as consumers lose data and privacy and companies get low quality, scanty data. There are loads of new products which are introduced into the market every day, but statistics show that up to 80 per cent of these fail. Because of this, companies are willing to pay a premium for high quality consumer data. Even with improved consumer data research, more companies continue failing. There’s a gap in the supply of quality consumer data that’s available for companies as most consumers reviews are fake. Opiria is changing this.
Who’s the company behind Opiria?
Opiria is the company behind the Opiria platform and the PDATA tokens. Basically, Opiria is a research company that enables other companies to better understand the needs of their customers by helping them aggregate consumer data. Opiria provides companies with consumer feedback and information of existing products. This information is important to companies as they use it in their product development in their bid to create products and services that the consumers like.
Product on offer
The product on offer is Opiria, basically a digital personal data market place. In the platform, the issued PDATA tokens are the means of exchange. Opiria does a great job to eliminate fiat currencies. However, it’s important to note that Opiria users can cash out their tokens with hard cash. Participating companies can order for personal data using fiat currency, although the platform quickly converts this to cryptocurrencies
With that out of the way, let’s look at how the product works:
How Opiria works
The Opiria ecosystem facilitates a two way token exchange between consumers and companies. Consumers sell their private data directly to companies which compensate them with the PDATA tokens.
Either the consumer or the company can initiate the sale of data.
The Opiria platform is fully decentralized. As such, no middlemen are involved in the sale of personal data and consumers have the benefit of getting real value for the data they provide. For companies, the platform enables them to quickly access consumer data that they need.
To become part of the Opiria network, users need to create a profile on the network. Here are the steps to doing that.
- First, register an account using the Web or App
- Fill out a survey that discloses personal information.
- Fill out additional surveys on interests, financial data, education, etc.
- Install the Opiria App on your phone
- Install the Opiria plug in on your browser. These help you define the amount of personal data you wish to disclose.
It’s important to note that Opiria doesn’t store any data. Instead, all consumer data is stored the consumer device. Opiria only encrypts data using asymmetrical cryptography with the use of private and public keys. It then shares this data on a peer to peer network and only the person with the private key can access this data.
The system runs Ethereum smart contracts. Generally, a company will make a request on the platform, for a specific kind of data set. The platform then matches the request with the available consumers’ data and if they agree to sell their data, a smart contract executes and they receive a specific number of PDATA tokens.
It’s worth noting that the Opiria network is decentralized and trustless and will be a perfect way of fulfilling the requirements of GDPR with regards to personal data privacy. Opiria delivers consumer data privacy by using consent, anonymity and transparency.
One of the major advantages for investors is that they are assured that their data will get instant buyers. Being an ERC20 based project, users are required to have an ERC compliant wallet to buy and/or sell tokens.
How advanced is the project?
Opiria is one of the few ICO’s that have a working product even before they publicly sell their tokens. Hereby the current and future milestones:
The Opiria network team currently consist of 15 people divided over three divisions namely; management, sales and development. We will now only mention the most important members:
Dr. Christian Lange – Founder and CEO
Christian is an experienced entrepreneur and former founder of Ergoneers Group, a company he founded in 2005. He’s credited for growing the Ergoneers brand into a company with a presence in over 20 countries. Christian is a mechanical engineer and holds a Ph.D. in Human Factors and Ergonomics.
Marlene Gagesch – Co founder and chief technology officer
Marlene boasts of a wealth of experience working as a software developer at Siemens. Marlene has also been involved as a software developer at Ergoneers GmbH, where she grew the company’s software product internationally, and gaining over 1000 B2C customers in the process.
The software development team is in charge of the product’s core development and improvement. Key members of the development team include Toma Corbu, a software architect, Marius Balaban, a front end developer, Dorin Danilov in charge of app development and Daniel Turcan, an app developer among others.
Total number of tokens; 450 million
Each token to be sold at $0.1 in Eth
Private sale-$50 000 capped at $5M
60% to crowd
13% for purchase of data and community development
20% to founding team
5% to advisors
5% to bounty programs
How will the team’s 20% be used?
- 25% will be available immediately, roughly 1 month after the TGE.
- 25% of them will be locked for 6 months
- 25% of them will be locked for 12 months
- 25% of them will be locked for 24 months
PDATA tokens are distributed immediately by Opiria’s smart contracts. They will become usable 30 days after the public sale whilst the bonus tokens will be activated 30 days after the main tokens are activated. All tokens which will not have been bought at the end of the crowd sale will be destroyed.
Use of Funds:
Operia will use the proceeds of the token generation event for the development and global expansion of the platform, key expenses will be the following:
- 30 % will be used for the development of the platform
- 45% will be used for global expansion
- 25 % will be used for customer acquisition
Opiria Token Dynamics:
Every cryptocurrency projects needs a token, and PDATA is Opiria’s token cryptocurrency. The PDATA token is a utility token and is used in the following way:
- Opiria Network is an existing company with over 4000 consumers already using its platform to sell personal data. This makes the product an attractive proposition for investors who like investing is a tried and tested project. So far, over 540 companies are buying personal data from Opiria and four sales partners are helping to distribute the product in the market.
- Opiria has already developed an Apple and android App that enables users to easily become part of the network.
- Opiria has also partnered with big organizations like Mercedes Benz, Audi and GM.
- Consumers are allowed to exchange their tokens with real money making it a source of passive income.
- Compliant with GDPR: The European Union has forged new privacy rules which are drafted up in the ‘General Data Protection Regulation’. It seeks to give people more control over how organizations use their data and introduced hefty penalties for companies who do not comply with these rules. These new rules will come into effect on 25 May 2018.
Any project involving blockchain technology has some form of risk and Opiria is not different. Here are our main concerns:
- Operia boasts of an existing product, and whilst that might be true, the blockchain version of their product has not been developed yet. In fact, the blockchain version will not launch before March 2019, which is quite a long time.
- We do not like the fact that 25% of the team tokens are released at the same time as the crowd tokens whilst the bonus tokens are locked for another 30 days. We are of the opinion that the team tokens should be locked under the same conditions as the bonus tokens. The non-vested percentage of 25% for the team is still a significant amount which (in our opinion) will cause downward pressure on the token price once being unlocked and released on the exchanges
- Regulatory risks: The status of the blockchain across the globe is uncertain following widespread crackdowns by governments.
- This project depends on attracting consumers and other parties at a level sufficient to become (or remain) useful or viable. Any such lack of use (or interest) could negatively affect the development of their service.
- Blockchain risks- Because Opiria is an ERC 20 based project, its functionalities are dependent on the health of the Ethereum platform. The Ethereum platform has experienced some downtime and congestion in the past.
There is a great need for products and solutions that provide privacy and data guarantees and PDATA is offering a product that gives the user back control over their own identities whilst also monetizing that data to earn a passive income.
We have a couple of concerns regarding this project and the main concern is the fact that the non-vested percentage of team tokens are being unlocked at the same time as the crowd tokens whilst the bonus tokens are locked in for another 30 days. We believe that this will cause a downward pressure on the value of their token.
Operia receives a score of 71% based on our scoring system for ICOs.
This is not investment advice, this report merely reflects the opinion of the writer.
- Incorporation status PDATA
- Team openness Fully transparent
- Blockchain Developer Cayman Islands
- Technical White Paper Available
- Advisors 8
- Available Project Code Available
- Prototype Available
- Token supply 50,000,000
- Distributed in ICO 60%
- Token price (USD*) 1 token = 0.10 usd
- Token Launch price exchange (USD*) Not available yet
- Emission rate No new coins created
- ICO Market Cap 30,000,000
- Whitelist date Apr 23rd, 2018
- Sale period Apr 25th, 2018 to May 08th, 2018
- Accepted currencies ETH
- Token distribution date 30 days after end of public sale
- How are funds held Smart contract
- Bonus schedule 20% bonus in presale