Opu Labs Announces New Board Members and Advisors

Provided by www.freepik.com.

While we continue the work on our upcoming marketplace release, we have some great news about new additions to our team.

Ali Kole and Stormy Simon have recently joined the Opu Labs, Inc. Board of Directors. We are thrilled to have them join us!

Stormy Simon

Stormy was an instrumental player in the development of Ecommerce through her 15 years at Overstock.com. She entered the company as a temp in 2001 and within 2 years had become the VP of Branding with her production of the iconic “Discover the Secret of the Big O” campaign. Stormy went on to develop many departments winning numerous awards for her efforts in marketing and customer care. She was the International spokesperson for years and has been featured on CNN, Forbes, Inc. 500, and many other media outlets. Stormy was named a 2016 Power Player by the National Retail Federation and Top Innovator from Utah Women’s Tech Council. In 2016, she left Overstock as President and member of the board to explore the emerging cannabis industry where she currently lends services to female owned start ups, serves on the Board of Directors for High Times and Advisory Board Member of CannaKids.

Ali Kole

Ali Kole is a beauty addict, CEO, advisor and investor.  After 16 years at McKinsey, Bain, Harvard Business School and Microsoft, Ali realized it would be a lot more fun to create a career aligned with her passion.  This led to 8 years at LVMH creating, acquiring, running and reshaping beauty brands, as Chief Executive Officer of skincare brand Ole Henriksen and SVP of Strategy & Business Development for Sephora.  She co-created Kendo, the brand incubator behind Fenty, Marc Jacobs Beauty and other disruptive influencers, and now advises beauty investors and brands. Ali is a personal growth and wellness devotee and loves makeup free days spent hiking, teaching sensual dance, and enjoying spa and adventure travel.  After 9 years in LA, she and her husband Keith moved to Boulder CO and are happily settling into mountain living.

Also we have two new welcome additions to our outside advisory board, – both experts with deep experience in FinTech and blockchain technology.

Quentin Herbrecht

Quentin is a serial  entrepreneur who has worked with more than 20 successful ICOs. He is also a representative for several VC funds including FasterCapital and has extensive experience in advisory, mentorship and ICO development.

Chen Si Yuan

Chen Si Yuan is the Founder and CEO of the Northern Capital investment company.  He has acted as a financial advisor to over twenty ICOs. He has extensive experience as a fund manager, securities trader and market development manager.

We hope to have more news soon regarding the upcoming product release, the results of the recent skincare challenge survey as well as news on partnerships.

Image provided by www.freepik.com.

Opu Coin Smart Contracts Released on Ethereum

We are pleased to report that the OPU Coin smart contracts have been successfully deployed on Ethereum! The official contact address is as follows:

0x55f359A60D458D3D215E7A51539084FC3F65DaAD

 The token tracker page for OPU Coin can be found here: https://etherscan.io/token/0xedf66033e74cd7734316c4cb5aeaa2e8f7f620c8

 Note, do not rely on any other blockchain contracts or addresses using the same name as Opu, Opu Labs, or Opu Coin. Given that we have conducted the development of OPU Coin as an open source project, there are some unauthorized versions of the smart contract appearing on Etherscan. These addresses should never be used and will not be    recognized by Opu Labs as legitimate tokens. Unauthorized usage of our smart contract code is a copyright and trademark violation and we strongly request third parties to contact us if they would like to use the code in any way.

Over the course this quarter, we will be executing the various OPU Coin allocations and enabling OPU functionality across the platform. In addition, we are actively working on our Marketplace which will include the release of both the Android and iOS apps. So expect to see more news from us soon!!

Opu Coin Distribution Update

Introduction

Opu Labs would like to thank our community for the strong participation in our Opu Rewards program. We are super excited to share that so far we have over 123,000 accounts on opu.ai and over 30,000 users in our Telegram group. Over 50,000 users have completed a skincare profile and of those users, 28,000 have submitted skincare images to help train our AI engine.

From our community’s participation in our social airdrop and our new skincare research challenge, this consumer support has been integral for Opu to partner with our first group of skincare brands (stay tuned for more information). To support these partnerships, Opu Labs had allocated 189,000,000 OPU (189 Million) towards Opu Rewards for the token sale phase. Here’s how those rewards have been distributed thus far:

Please note that as of December 20th, the Brand Research Challenges and Skincare Rewards will continue while the rest of the ICO programs will come to an end.

Because of the large number of participants in Opu Rewards, we’ve been receiving daily requests about how OPU earned from the program will be distributed. In this post, we discuss those questions and provide some background on our policies.

Recent ICO Price Crashes

Before we provide our answers to the most commonly asked questions, it’s important to provide some context on the state of the ICO market since Opu Labs first launched. From our review of ICO performances over the past 6 months, we found that over 90% of publicly traded projects are currently trading significantly below their ICO Price. As many of you know Bitcoin has dropped from it’s peak of $20,000 USD in December 2017 to a current valuation of around $3,500. Similarly, Ethereum has experienced over a 90% drop in value from it’s peak of $1,200 to a current price of around $85.

Why is Opu Labs telling me this?
Observing these market movements has been an extremely beneficial learning experience. In response we have already taken several value building steps – we significantly reduced our hard cap, significantly reduced our total supply, reallocated the pools, and implemented numerous mechanisms to promote price stability. And most importantly, we have learned that premature bounty distributions are one of the main causes of price crashes on secondary cryptocurrency exchanges.

Despite all the volatility in the markets over the past few months, Opu Labs hit its softcap and generated significant market interest in our platform. So going forward, Opu Labs plans to release its full platform ecosystem BEFORE listing on any secondary exchanges. Rather than taking  the “traditional” approach of listing on an exchange immediately after the close of ICO, Opu Labs will instead release the Opu Marketplace before listing on public exchanges to avoid unnecessary price speculation.

But wait, I want the tokens I earned!

We understand that some Opu Rewards members will want to liquidate their tokens based on their experience with other coin offerings. So why can’t you do this with the Opu coins you earned? Here’s why we won’t be listing Opu immediately on secondary exchanges. With a large percentage of our issued supply allocated to Opu Rewards participants, we will carefully manage how the tokens make their way onto the open market.

Opu Labs allocated 1.35B OPU to the ICO (50% of our total supply) and 103,201,401 have been contracted by investors to date. So the Opu Labs public sale will end on December 20th, 2018 and no additional OPUs will be sold to the public after this date. The remaining OPUs in our supply will be allocated to OPU marketplace purchases and a portion of them possibly burned at a later date.

In parallel with the Opu Marketplace going live, Opu Labs will introduce the Liquidity Bridge to enable public holders to transfer their OPUs to buyers on the Opu Marketplace. The company is targeting to have the Opu Marketplace fully functional by the end of Q1 2019.

Exchange Demand

Liquidity is a huge concern with most cryptocurrencies. In the past, the easiest way to tackle liquidity was to list on as many exchanges as possible. Opu Labs has been and is currently still being approached by dozens of exchanges (over 50 to date) to list on their exchange. We are thrilled to get this much interest. However, we will take a methodical approach and pick those exchanges who fit our business model and vision the closest.

As our Liquidity Bridge will provide token holders with liquidity directly within the ecosystem, Opu Labs has decided to wait to list on exchanges until both the Opu Marketplace and the Liquidity Bridge are live.

Now, let’s explain how this affects Purchasers and Opu Rewards token holders.

When will I receive my OPU from Opu Rewards?

All purchasers of OPUs who passed KYC will receive their tokens as promised within 14 days after the close of ICO. We want to encourage purchasers to continue to hold their OPU through our holding bonus program. Instructions and details surrounding the holding bonus program will be sent directly to purchaser’s login email(s).

All OPU earned from Opu Rewards will be available for in-app utility following the close of our public sale and the launch of the OPU marketplace with products or services available in your geographic region.

For those rewards holders who would like to hold and later sell their tokens, we will start unlocking a portion of those tokens after we have listed on our first few exchanges, but not before this date. We will make regular announcements on the status of the marketplace and exchange listing progress.

Our intention is to provide our early adopters with an opportunity to purchase skincare goods & services at a discounted rate thanks to their early support for the project. But at the same time, we must take every necessary precaution to minimize token dumping, price speculation and to promote real utility.

As we continue to build out the Opu ecosystem, we hope our rewards participants will appreciate the pure utility for which the OPU Coin has been designed. We fully intend to promote liquidity for all of our ecosystem participants and want to stress that this distribution method is intended to benefit the largest number of holders over the long-term.

Thank you for your patience and support. We encourage you to continue to participate through the new Brand Rewards and Challenge Program and track our new feature releases over the next few months.

Sincerely,

Opu Labs

We’ve hit our softcap! Last chance to purchase OPUs from the public sale

Security Audit Complete. 2.7B perpetual supply finalized.

We are pleased to inform you that last week we hit our softcap. This paves the way for us to complete the public token sale on December 20th as planned and to move on to the next phase of the platform and business development.

In conjunction with this last phase of the public sale, we have published the following “Final Stretch Pricing for Opu Coin” which you can see on our website. This will be the last chance for public purchasers of Opu Coin to purchase the token prior to our release of the Opu Marketplace.

Completion of Security Audit

We engaged with New Alchemy to conduct a full security audit of OPU. The results are complete and the audit report is posted here. Our code has been deemed “trustful” and all significant issues identified by the auditors were addressed. We are now doing final testing of the code on the testnet in preparation for release on the mainnet soon.

 

Elimination of Real-Time Minting

After receiving a wide variety of feedback during this public sale period, we made the decision to remove the real-time minting feature from the smart contract. As those who have been following us will know, we originally created a reserve in order to account for the very large consumer base we expect to adopt our token in the skincare market. We then eliminated the reserve in favor of a real-time minting function which would have been limited to rewards tokens issuance. For the final release of OPU coin however, this has been completely eliminated and we will go to market with a 2.7B perpetual maximum supply. This will create even more scarcity for the token going forward. You can see our revised model in the latest version of the white paper.

There will be more news coming soon related to new platform features and services. Please stay tuned!

Smart Contract and Tokenomics Update

We have just completed the audit of our Smart Contract and as a result have made the decision to drop the ERC-223 standard in favor of ERC-20 so Opu Coin holders will enjoy more robust security. Also, based on feedback from the community, we decided to adopt real-time minting which eliminates the need for a growth reserve. This will make the post-ICO token economy even more attractive while providing for stable long-term growth. Furthermore, Opu Labs will be implementing a smart contract to fulfill network transactions from public token holders before minting new tokens. We have defined this Buy-Back System in our latest white paper update which is now available on our website.

Real-Time Minting: Introducing Live Scalability & Efficiency to the Opu Economy

Users who earn Opu Coin through token-creation events will receive these tokens through real-time minting rather than from a pre-minted supply in a growth reserve. This simply means that new OPU reward tokens will be created with each token-creation event rather than issuing them from a reserve created at launch. By switching to a real-time minting system, Opu Labs will be able to effectively scale with the market for five or more years of growth.

Buy-Back System: Introducing High Liquidity & Fast Token Exchange

The Buy-Back System will be created to establish a method for public token holders to sell their tokens and to fulfill user transactions on the OPU network. This system provides liquidity to public holders and also ensures that Opu users are protected from external market volatility. The smart contract will use an average market price for OPU purchase orders that are created within the application. In the case where a new transaction cannot be fulfilled from a public token holder (due to price or supply), new Opu Coins will be minted in real-time.

Pool Reallocation: Introducing New Allocations

With the elimination of the Growth Reserve, we have taken this opportunity to adjust the overall allocations. We have added tokens to the OPU public sale pool to take it up to 50% and reduced the cold storage, founder/team and partner pools. This reallocation is in line with the excellent feedback we have received from the community.

As a result of the increase in the size of the ICO token pool, we will revalue the token sales price from the previous rate of $0.059259 per OPU to $0.037000 per OPU. This pricing will be fully retroactive and all previous purchasers will be compensated with bonus tokens to match the new rate. This is not a discount but rather the result of the increase in the size of the ICO token pool.

Impact on Token Scarcity

The net positive effect of these changes will be to drive the projected tokens per wallet from just over 13,000 after launch to approximately 408 by year 5. This is a 33X increase in token scarcity across the ecosystem and should be expected to drive OPU coin towards significant value creation.

Furthermore, for the first two years of trading the public holder allocation will represent the vast majority of the circulating tokens due to the combination of holding periods for team/founders and the addition of the Buy Back System.

Summary of Changes

To summarize, the following changes have been made to Opu Labs’ token model:

  1. Growth Reserve eliminated and replaced with real-time minting.
  2. Buy-back System defined and committed in our white paper.
  3. Increase in ICO Pool and token sale repricing.

Our token re-distribution is geared towards aligning with more traditional ICO structures while simultaneously incorporating innovative features to allow for long-term growth within our ecosystem. Combined with our new Buy-Back System, Opu Labs has created numerous new ways to drive utility of the Opu application and manage speculation on secondary exchanges.

For more information on these new feature, please visit our website and download the updated whitepaper.


For more information about Opu Labs’ ICO, visit: http://ico.opu.ai/

Read our Whitepaper: http://ico.opu.ai/whitepaper
Join our Telegram group: https://t.me/opulabs
Catch us on Twitter: https://twitter.com/opulabs
Follow us on Facebook: https://www.facebook.com/OpuLabs/
Check us out on Instagram: https://www.instagram.com/opulabs/
Connect with us on Reddit; https://www.reddit.com/r/opulabs/
Read what we’re saying on Medium: https://medium.com/opu-labs
For inquiries, contact: ico@opu.ai

Opu Labs ICO Update — Opu Brand Connect, Exchange Partnership, Token Sale Update, and More…

As we reported last month, we exceeded 100K registered users on our platform out of which 40% shared their valuable skincare profile information. We have now exceeded 114K and the numbers keep growing. In response to the great traction, we are pre-announcing today Opu Brand Connect which will enable skincare brands, marketers and researchers to gather valuable information from consumers while providing rewards in the form of Opu Coin. We have started signing up marketing partners for the service and will be making announcements over the next few weeks. The target date for the Opu Brand Connect launch is October 1st so stay tuned!

Opu Skincare Challenge #1 (Airdrop)

The first challenge using these new features will be offered by our team. Opu Labs Skincare Challenge #1 is a tailored Airdrop which will consist of 35,000,000 OPUs awarded to users who have completed their Opu skincare profile and who participate in a rigorous skincare product test using Opu Labs tools. Eligible participants can earn a minimum of 2000 OPUs for the completion of the defined tasks with additional bonuses available for users who go above and beyond the baseline tasks. Opu Labs will post the kickoff of this challenge on our social media in the coming weeks. All skincare enthusiasts are welcome and we encourage you to refer your friends to earn additional Opu Coins;-)!

Opu Coin Shop

Last month we also posted about our plan to give liquidity directly to ICO holders of OPU coin. Since then, these plans have significantly advanced. We are now looking to integrate this functionality into the Opu Coin Marketplace. The Opu Coin Marketplace will be a user friendly storefront where consumers and marketers purchase OPUs in order to use them within the network or for other purchases. Our ICO Participants will be able to place orders with their earned and purchased OPUs within the Opu Coin Marketplace in order to sell them directly to the OPU internal market as an alternative to secondary exchanges. With this system in place, the Opu Network will become a major acquirer of Opu Coins going forward.

First Exchange Partnership

Opu Labs has entered into an agreement with the Bancor Network to list OPU after the completion of our ICO. The Bancor Protocol provides an on-chain, fully decentralized solution for continuous conversion between tokens through a low-cost, perpetual, algorithmic and adjustable liquidity mechanism. Bancor compliant tokens are called​ Smart Tokens, and connect to form the Bancor Network​ for​ decentralized liquidity​.

Bancor Token Relay

Bancor’s smart token platform is a great fit for OPU and we plan to connect the Opu Coin Marketplace to the network.

Partnership with TokenDesk

We will be extending our token sale to the TokenDesk Platform. TokenDesk is a direct token marketplace for FIAT and cryptocurrency crowdfunding, giving investors a technical solution to purchase Initial Coin Offerings Tokens in a faster, safer and more reliable way.

TokenDesk simplifies the purchasing process by providing a single platform where participating ICOs are listed in one place, as well as offering expert‘s help to evaluate the ICOs. We will be adding the TokenDesk widget to our home page and purchasers outside of the US and Japan will be allowed to purchase tokens on our site as well as on TokenDesk’s portal.

Update to Terms of Token Sales

As of today, we have sold approximately 73 million OPUs and coincidentally have also rewarded about 73 million OPUs to users. We have received a lot of market feedback and have been observing the recent results of other ICOs on the market. Based on this analysis, we are updating our token sale terms as follows:

The original hard cap of $37M was determined after looking at our extended 4–5 year budget in line with recent blockchain industry practices. Conversely, the softcap was set to be in line with market launching a full minimally viable product. Given the continued progress of our development efforts combined with better than expected user registrations, we believe that lowering both the hard and soft caps to $20M and $2M respectively is appropriate. Additionally, these lowered caps will directly contribute to price stability and lowered volatility post-ICO.

With respect to the ICO closing schedule, we understand that many of our Opu Rewards and Airdrop participants are anxious for us to close the ICO and distribute the tokens. However, after looking at the recent performance of many ICOs on the market, we believe it is in the best interest of everyone involved to continue to build real value in parallel to conducting the token sale. For this reason, it is mandatory that we extend the sale until the end of the year.

The Time Is Now

These combined updates make Opu Coin ever more attractive — real commercial service launches, adoptions ahead of expectations, and serious solutions for token liquidity and price stability. As one of the primary holders of OPUs, Opu Labs is very excited about the recent updates and prospects. For users such as yourself, the time to participate is now!

Please join us by purchasing your OPUs directly at http://ico.opu.ai.

Opu Labs Update: Bonus Period Extended

Pre-sale bonus remains at 42.9% thru July 31

The Pre-sale is designed to validate our online process and to get market feedback. We have been able to quickly achieve both goals this past week. We currently have a high volume of people going through the KYC and sign-up process, and we’ve had more than 30,000 people use our skin scanning technology app.

Nevertheless, given the current bear market conditions, it is unanimous among our team and advisors that we should extend the current bonus level for another 30 days.

Effective today (July 2), the 42.9% Pre-sale bonus will be extended until July 31 — and the ICO closing date will be targeted for September 30th.

In addition, we are lowering the Soft Cap to $3M. We originally set the Soft Cap at $5M back in December, but since then we have made excellent progress in developing our platform. We believe that we will be able to launch our service in selected markets for much less than $5M; and that $3M will be more than sufficient to get the first commercial version of our platform live.

With major institutional investors planning to invest in cryptocurrency, we believe that the market will correct in the near future. But we also believe that market conditions like this are the best time to jump in!

We’ll keep you posted on further developments as they happen. Stay tuned.

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
For more information about Opu Labs’ ICO, visit: http://ico.opu.ai/

Read our Whitepaper: http://ico.opu.ai/whitepaper
Join our Telegram group: https://t.me/opulabs
Catch us on Twitter: https://twitter.com/opulabs
Follow us on Facebook: https://www.facebook.com/OpuLabs/
Check us out on Instagram: https://www.instagram.com/opulabs/
Connect with us on Reddit; https://www.reddit.com/r/opulabs/
Read what we’re saying on Medium: https://medium.com/opu-labs
For inquiries, contact: ico@opu.ai

Join Our First Skincare Research Challenge Today!

We would like to thank you for the tremendous success of our AirDrop campaign – 125K users and growing! Opu Labs is now turning our focus from social engagement to the expansion of our skincare analysis service. Our goal is to better understand your skincare needs so we can provide you with the best options on skin care products and treatments.

Opu Labs today introduces our first Skin Care Research Challenge. We will provide users who have completed an Opu skincare profile with the ability to earn at least 2000 OPUs for completing the survey. The first part of the survey should take approximately 15-20 minutes to complete. Participation will be guaranteed for the first 1000 users who complete all the steps. You can find the challenge on the Opu menu.

Register and complete the challenge on our website to receive OPU Coins as your reward.

Opu Labs enables you to positively improve your skin health. As your Pocket Skin Care Advisor, Opu Labs will provide users with exclusive access to treatment centres, brand specialists and product manufacturers. And all at your fingertips.

Stay tuned for more reward programs from our skincare brand partners.

Meet Our First 100,000 Users!

We’re delighted that Opu Labs has reached a first major milestone — exceeding 100,000 registered users. It’s not only reassurance that there’s significant need for a blockchain-backed skincare solution — it’s evidence that what we’re building is already making a difference.

The data has us very excited. Of 100K registered users, 38K completed skincare profiles! Looking at our user stats so far, some interesting details and trends are emerging.

Let’s take a closer look at some of the key findings:

Gender

Given our focus on blockchain thus far, we’re very pleased to see 37% of our audience is female — a percentage much higher than a typical ICO audience. Yet with 23.9K men sharing their skincare information, this provides a very strong user base for those interested in the emerging men’s skincare market.

Age

In terms of the age distribution of our users, we see a wide range — from teenagers to a decent percentage over 60. However, the largest group is found among those aged 25–35: 39.5%.

User Location

One of our most exciting statistics is that we are seeing user registrations from 230 countries — essentially covering the entire globe! We’re definitely seeing a great deal of traction in Asia — Thailand, China, Japan, Korea, Indonesia and India — where two-thirds of the global mobile phone users reside. But the largest single country (as previously reported) is Vietnam which accounts for 17.9% of the total. Brazil, Russia, Ukraine, EU, Nigeria and the US make up the remainder of the top countries.

Skin Type

We ranked skin type according to the three main criteria: dryness, oiliness, and sensitivity; on a scale of 1 (low) to 10 (high). And in each case the vast majority ranked their skin types as between a 5 and 6. The average score for each was dryness at 5.60; oiliness, 5.70; and sensitive, 5.62.

Skincare Budget

One of the key data points we will be tracking is consumer budget and our average user spends $251 per month on skincare. Impressively, some 25% of our users typically spend over $300 per month. Overall, our profiled users spend $9.3M per month which means almost $112M per year.

Skin Concerns

By far the biggest skincare concern we see from our users is acne; a condition which affects nearly three quarters (70%) of them. Given the young audience we have this is not surprising — and we plan to focus quite a bit on acne. Other concerns identified — accounting for 30% of the users — included: blackheads, dryness, aging, redness, dullness, wrinkles, and uneven tone.

So…what does this data tell us? First, we have already gathered a significant group of users who spend a lot on skincare and cover the entire globe. And with this picture of our users and their concerns emerging, we can now begin to tailor our platform to their needs. This type of insight is the kind which brands, dermatologists, and product specialists can use in their efforts to make products and services more effective everyone.

Stay tuned for more exciting announcements.

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

For more information about Opu Labs’ ICO, visit: http://ico.opu.ai/

Read our Whitepaper: http://ico.opu.ai/whitepaper
Join our Telegram group: https://t.me/opulabs
Catch us on Twitter: https://twitter.com/opulabs
Follow us on Facebook: https://www.facebook.com/OpuLabs/
Check us out on Instagram: https://www.instagram.com/opulabs/
Connect with us on Reddit; https://www.reddit.com/r/opulabs/
Read what we’re saying on Medium: https://medium.com/opu-labs
For inquiries, contact: ico@opu.ai