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 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 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 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.
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 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.
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.
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!
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:
Growth Reserve eliminated and replaced with real-time minting.
Buy-back System defined and committed in our white paper.
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.
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’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!
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.
A review of Opu rewards, bonuses, and our distribution model
Things are evolving rapidly here at Opu Labs. As we edge closer towards our token pre-sale on June 26, we wanted to take the time to explain our token economics as clearly as possible.
The latest version of our whitepaper can be found at http://ico.opu.ai/whitepaper. In version 2.2 you’ll find new charts and literature surrounding our Growth Reserve, which we established to maintain a sufficient long-term supply of OPU coins (see below).
Opu Labs has built a distribution model based on a 2% penetration of the online skincare market although our research indicates that up to 30% of skincare consumers are amenable to using an app to help manage their skin health. And given our plans to provide APIs to 3rd party developers, we need to be prepared, which is why we built a Growth Reserve into our plan.
Growth Reserve tokens will be issued primarily for rewards. However they will only be sold when the market cannot satisfy Opu Network demand. This means we will actively buy back tokens from public holders to make them available for purchase on a real-time basis. This supplies the market with liquidity but will not increase the tokens in circulation.
As Opu Wallet adoptions increase, it’s expected that the number of users will quickly outpace the number of traders. However, our model ensures that a sufficient supply of tokens will properly flow into the ecosystem over the course of 5–10 years.
We estimate that roughly one-third of the Growth Reserve tokens exchanged within the Opu Network will be awarded through the Opu Rewards program while the remaining two-thirds will be purchased to fulfill transactions.
The vast majority of our users will be using OPU coins to purchase skincare products and services.
For full details, see Appendix 1 on page 68 of the whitepaper.
Opu Coin Distribution
We’ve put together a detailed forecast for how we see the circulating supply of OPU coins stacking up following the ICO.
At the end of our crowdsale, the circulating supply will consist of well over 90% crowdsale tokens versus less than 10% in Opu Rewards tokens
Team and partner tokens are subject to a one year lock followed by a 12 month vesting period
All ICO and Opu Rewards holders will be encouraged to join the Opu Holding Bonus to further reduce the circulating supply
Growth Reserve tokens will only begin to make their way into the ecosystem after our application is live — one to two quarters following our crowdsale
More detailed graphs surrounding the distribution timeline can be found on pages 76–79 of the whitepaper
Opu Holding Bonus
The Opu Holding Bonus will be used as a reward mechanism for crowdsale participants. We will be allocating a minimum of 220 Million OPU as a bonus to contributors over the course of a 12 month period. During the ICO, whitelisted members can allocate their OPU to the Holding Bonus smart contract in exchange for a monthly bonus, which will be determined by final allocation amounts.
Participants agree to vest their stake for one year in return for monthly payouts
Unsold ICO tokens can be transferred to the Holding Bonus contract
The final bonus pool will be determined after the crowdsale to ensure the bonuses are reasonable to both the team and holding participants
At the end of the one year vest, the entire stake will be returned to the user; along with the 12 monthly bonus rewards
A detailed outline on how to participate in the Opu Holding Bonus will provided in a follow up document during the ICO.
OPUdrop has exceeded expectations with over 30,000 participants and counting! In light of the rapid growth we’re seeing in our Telegram channel, we have reworked the distribution of the Opu Rewards program to match market sentiment.
The team has decided to allocated an additional 15 Million OPU for a continuation of the airdrop program — to be launched during the ICO. In order to reward our early participants, the second airdrop will provide users with a reward of 500 OPU as opposed to the initial 1,000 OPU reward.
In addition to this, all Opu Rewards participants are now eligible to participate in an Opu Rewards Holding Bonus — similar to the of the ICO Holding Bonus. 15 Million Opu has been set aside as a minimum bonus for participants who want to opt-in to this program.
Similarly to the ICO Holding Bonus, Opu Rewards users will vest their stake for one year in exchange for a monthly bonus. At the end of the one year vest, the entire initial stake will have been returned to the user along with the 12 monthly bonus rewards. Users will have the option to contribute to the Holding Bonus or to withdraw to their personal ETH address (found in your opu.ai dashboard) 15 days following the completion of the ICO.
Our Bitcointalk Bounty thread has been relaunched. All participants on our old thread have been accounted for and will be rewarded accordingly.
Our pre-sale set to launch on June 26th. We have over 60,000 people who have created an account with their personal Opu Wallet at Opu.ai. And we have a large and growing whitelist for the ICO itself.
For users who still want contribute to the private sale, please note that KYC and contributions must be completed before June 24th. All whitelisted members have been emailed with a link to complete KYC before being able to participate in the pre-sale starting on June 26th.
It’s been a busy few weeks here at Opu as we ramp up private sale activity, extend our website, continue to refine our whitepaper, and focus on marketing and community building.
And it’s going pretty well if we don’t say so ourselves! In fact, it’s surpassed our initial expectations. It seems interest in our Skincare Intelligence Platform has really taken off:
8,268 skin profiles
4,146 user images
It’s great to see our community growing at such a phenomenal rate and that’s reflected in our social media communities too — see below. To keep pace, we’ve been onboarding some additional Telegram Moderators and Community Managers.
We had some amazing uptake on our recent airdrop. It seems it didn’t take all that long to pass 30 million OPU Coins to 30,000 participants!
If you missed out this first time around, don’t worry, we will be distributing additional airdrop tokens in the same way right across the ICO. In the meantime, if you’re keen to get hold of some OPU, why not take part in one of our other Opu Rewards programs?
Private Sale: New Price List For June
Given the high demand for our private sale, we have updated our bonus schedule: you’ll find full details here. The current private sale bonus of 100% will only be available until June 7th, after this the bonus will decrease each day until the pre-sale begins, when the bonus drops to 66.1%.
Whitelisting won’t be open indefinitely, so please sign up to be considered. If you’ve already applied, you’ll hear from us directly very soon.
Note, the pre-sale ends July 10th and the public sale begins on July 17th.
In addition to using your Opu Wallet, Airdrop participants will be able to register their own personal ETH wallet address. However, Opu Coin withdrawals to personal wallets won’t be possible until August 21st — 14 days after ICO ends.
Here’s what our community’s saying about Opu… and the numbers speak for themselves!