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!
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.
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For more information about Opu Labs’ ICO, visit: http://ico.opu.ai/
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:
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.
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%.
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.
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.
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.
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.
Our Pre-sale launched on June 26th. We are currently offering a 67% bonus on all purchased tokens. We’ve worked hard to make sure that there’s real value for all OPU coin holders; both in the short and long term, and that those that contribute early on are rewarded.
Opu Labs US Private Sale
Opu Labs has selected California-based growth capital marketplace, Manhattan Street Capital (MSC), to onboard and accredit U.S. purchasers during our Initial Coin Offering (ICO). You can see our official press release here.
In order to ensure a fully compliant accreditation process, we were keen to engage an experienced financial services firm which could efficiently support potential U.S. purchasers in a process separate from our global ICO site.
Manhattan Street Capital is the premier online fundraising platform; helping companies raise IPO capital, and assisting ICOs to become legitimate securities offerings — using the correct Regulation A+, Regulation D, and Regulation S processes.
Opu Labs Roundtable: Keith Teare (left) and Marc Bookman (right)
Opu Labs Video
“I believe this is a really important industry with a lot of customers who really care about good quality service, and I’m excited to be part of the team that’s advising the Opu Labs token sale.
Keith Teare, Tech Visionary and Opu Labs advisor
Our CEO, Marc Bookman, recently sat down with our advisor, Keith Teare, to discuss and answer questions about the importance of skincare, blockchain technology, and how Opu Labs’ ecosystem will benefit consumers, product marketers, and dermatologists.
There will be four main pre-sale stages and bonuses will be available throughout. Here’s how each stage stacks up:
Runs June 26–29
Cost is US$0.035556 per token
Runs June 30-July 2
Cost is US$0.041481 per token
Runs July 3–5
Cost is US$0.047407 per token
Runs July 6–10
Cost is US$0.053333 per token
The main token sale starts July 17. No percentage bonuses will apply after this date. During the ICO, tokens will cost the equivalent of US$0.059258. Token distribution will begin 14 days after the ICO finishes.
It’s not a popularity contest, but we’re pretty happy with how are follower numbers keep growing:
We’re extremely excited that international tech sector veteran, Keith Teare, has joined the Opu Labs team as our latest blockchain advisor.
Keith will work closely with CEO, Marc Bookman, as well as with the wider team as we begin our ICO activity in earnest.
A British entrepreneur now resident in Silicon Valley, US, Keith needs little introduction. He has founded numerous successful high profile tech companies, including pioneering domain registry, RealNames; Europe’s first ISP, Easynet; and the world’s first internet cafe, Cyberia. He was also a co-founding shareholder of leading digital media news brand, TechCrunch.
Keith currently serves as executive chair at VC firm, Accelerated Digital Ventures, and has advised on a number of successful ICOs — including Crypterium, ICOBox, R_Block, MediChain, and now Opu Labs. He is also an investor in Push Doctor.
He’ll be an asset to our already strong team of blockchain experts, who include Brennan Bennett, Toomas Allmere, Sydney Armani, Naviin Kapoor, Jay Manciocchi, and Martin Lind.