[TRANSCRIPT] Live Stream May 29th — Odyssey Protocol
Sophie Guan (Project Lead Odyssey): Could you introduce more about the technical team to our community?
Jack Chen (Technical Lead Odyssey): Our Odyssey (OCN) project has a great technical development team of around 30 members, including architects, developers and product design.
Sitting here today are the 3 core members of our tech team. Myself — Jack Chen, and sitting next to me are Tom Lu and Ray Chi, the 2 core members in my team.
As the technical lead of Odyssey project, I have over 10 years of JAVA development experience, including system architecture design for 10 million User level platforms. My expertise is more on distributed system architecture design and micro services. My technical research also includes Hadoop and MapReduce.
Tom has 10 years’ experience on service end development and his expertise is on C++. Tom has rich experience working on global MNC products.
Ray has very rich experience on APP development especially on architecture design for payment related product and systems.
Sophie Guan: Jake could you introduce more about the current tech team structure?
Jack Chen: Sure.
So our tech team is divided Into 4 sub-teams including OCN Chain Team, Application Layer Team, SDK/API team and DAPP team.
My own priority is to lead OCN Chain development and protocol level development
Ray is leading Application Development Team and OCN interface with Merchants and Business Partnerships.
Tom is leading SDK/API team, providing API to 3rd party platforms to be integrated into OCN ecosystem.
Sunny Mao is in charge of Dapp Development and Development Community.
Sophie Guan: It will be great to have the tech team introduce the progress made so far. Could you tell the community what has been the progress now?
Jack Chen:
Yes, so firstly, we have launched OWallet and completed the Integration of OWallet with real-life scenarios. We have our made-available API to support Integration to more platforms and Apps to use cryptocurrency for business and personal transactions. We have also established a backend merchant management system for financial records, analysis and auditing purpose.
Sophie Guan: How about OCPay?
Jack Chen:
Yes OCPay is the payment solution of OCN ecosystem. It’s at testing stage. Android version will be released early June and IOS version by end of June. We will continuously upgrade the features to support more merchants and businesses to use cryptocurrency payment solutions.
Sophie Guan: From technical perspective, how do you see the blockchain industry at the moment?
Jack Chen:
Blockchain industry is booming nom. While, the 1st generation blockchain was born in 2009, which is bitcoin. and followed by ethereum, which made significant improvement especially on turing-complete scripts, it enables the blockchain to move the next level, the 2nd generation.
However, the low TPS issue is still the challenge the whole industry Is facing.
The transaction speed is still very slow and takes high transaction fees. So the whole industry is trying to come up with a better solution to bring blockchain industry to 3.0 generation.
We all know that bitcoin use UTXO account system to record transactions, and It does not have a complete user account system, this anonymous and encryption result in better privacy. However, such account system will not be able to support smart contract. Ethereum brings in a more complete account system to enable smart contract to trigger transactions between different accounts.
So currently most new blockchain projects are trying to develop a blockchain with better TPS to enable more transactions per second.
Another perspective is the diversifying of consensus mechanism. from POW to POS and DPOS, which will balance the speed, efficiency and accuracy.
Particularly this year, we see more projects work on cross chain research and development to support different blockchains and different smart contract.
Projects are also developing more user-friendly API to enable more Dapp to be integrated. We have seen different industries start to adopt blockchain solutions such as government administrations, medical, agricultures etc.
The whole direction of blockchain Industry development is to develop a more complete and easy-to-implement protocol level to enable more Dapps to be developed and utilized.
Sophie Guan: Could you help the community especially those without technical background to understand what is Virtual Machines?
Jack Chen:
Yes. Virtual Machines is an environment to execute smart contract. Virtual machine runs the code of a smart contract. By utilizing virtual machines, smart contract developed by different operating system could be run on Ethereum and execute with same result. So, it enables cross-platform capabilities.
Sophie Guan: What is the background of OCN chain and why do we develop it?
Ray:
We have seen more and more public chain now in the industry. Every different blockchain has their own focus in terms of technology and industry. Every blockchain is like creating a unique and isolated world. In order to create better synergy in the whole industry, we can not rely on only one particular blockchain. We need to utilize the best of each blockchain and better integrate the resources in the industry.
So cross-chain interoperability has become a really hot topic recently.
The focus of OCN chain is in the direction of cross-chain interoperability and to enable businesses especially small to medium size business to develop, promote and manage their business effortless.
OCN chain will Leverage the advantages of the current public chains, connecting the data and asset between different blockchains.
So OCPay is actually a payment platform built on top of OCN chain and its cross-chain interoperability. So eventually OCPay will be able to support different business platforms on different blockchain, you can ride a bike, make travel bookings, reserve hotels etc.
We all know that currently, to transfer asset between different accounts, it need to create a new block. And transactions on new block need to be verified by nodes and using different consensus mechanism. This is a very time and energy consuming process. For example, Ethereum, a new block is created every 15 second and need 12 block verifications to complete each transaction. This is only the speed problem of the blockchain itself. If we consider application level issues, it takes even more time. When a user initiates a transaction, it takes minutes for another user to receive, which is not ideal in real life payment scenarios.
Think about 11.11 on Taobao there are 256,000 TPS. This is only one angle to look at the blockchain technology and it’s really at its early stage. The whole industry need to improve many things such as encryption methods, p2p broadcast, consensus protocol and parallel computing. So every project is trying to improve from one way of another to overcome the current challenges. And OCN is very glad to be part of the industry. We are trying to make more contribution to the blockchain industry.
We hope we would make have more developers, merchants, products or platforms to be integrated to OCN to develop and manage their business with OCN Chain and provide more efficient, cost effective solution to make business landing on blockchain in a smoother way and benefit from blockchain technology soon.
Sophie Guan: Could you help the community understand more about cross-chain interoperability?
Tom:
Sure. More internet companies start to look at blockchain technology and start the research and development of blockchain technology. As more and more projects are doing their own blockchain, it becomes more and more important and brings more attention regarding how to bridge different blockchains.
I think many of you are curious about what is cross-chain interoperability.
Cross-chain interoperability is like the bridge between different blockchain to support atomic swaps, asset transfer and information synchronization.
At the moment, all blockchains are isolated from each other and can not conduct effective value and data exchange. It’s like an intranet.
However, cross-chain is a very complicated technology. It need to consider how to conduct verification of different blockchain, how to manage data input in a decentralized way. Basically, how to collect and verify the information from other blockchains.
Currently, there are 3 main stream solutions: 1) notary schemes, 2) sidechains/relays 3) hash-locking
These are all involving a intermediate role to complete the cross chain work. The difference is just using different intermediary and using different protocol between different blockchains.
Sophie Guan: Could you explain what is atomic swaps?
Tom: atomic, as the name indicates, it’s a unit that can not be further divided. It means for one instruction is run, it’s either executed or ended. basically, yes or no. when we do a cross chain transaction, an asset is transferred from chain A to chain B. then the asset from chain A is reduced and chain B is Increased. the value increase of chain B Is an atomic operation and will not be executed halfway or interrupted. It’s either executed on both A and B, or due to errors, executed on none of them.
Sophie Guan: Could you put into simple words, what does it takes to do cross-chain interoperability?
Tom:
Yes.
First, we need to understand how each chain works in terms of consensus protocol and encryption methods.
2nd, we need to create our own protocol to enable communication and encryption of cross-chain operations.
Last but not least, as the cross-chain intermediary, we need to build a trustworthy mechanism to verify the correctiveness of the cross-chain transactions.
Sophie Guan: Could you please explain more about OCP?
Jack Chen:
In Odyssey ecosystem there are two Tokens. Everyone knows about OCN, and we have recently introduced OCP.
OCP is OCN Chain’s official payment token, which will be used in Odyssey(OCN) ecosystem and OCN Chain to pay for OCN Chain services such as asset registration and transactions.
OCN, which remains as the official token of Odyssey(OCN) Ecosystem, will entitle all token holders with voting rights such as super nodes election and other ecosystem development mechanisms design. Token Holders and Super Nodes in future will also be able to receive OCP as incentive.
Total OCP Issue Amount is fixed as 10 Billion. Same as OCN. OCP will be distributed only as airdrops to OCN token holders. Not as Token Sale. All OCP collected in future by the ecosystem as OCN Chain network usage fee will be re-distributed back to all OCN token holders as incentive.
Sophie Guan: What’s the plan in future to charge on OCN Chain, such as network usage and asset registration and transfer?
Jack Chen:
We will leverage the community in future to design the mechanism. For example, we could setup a threshold level for asset transfer and smart contract, below, the transaction and service which will not be charged.
When there are many transactions happening and especially when there is congestion in the network, we could use OCN ID to prioritize those transactions run by better qualified users with better credit. Another example we could consider is for those transactions run by less credit IDs, OCP can be paid or up-charged to speed up the transaction. All these mechanisms we will design together with our community and token holders.
Sophie Guan: Many community members are curious about our partnership relationship with TRON and especially with our plan to design and develop our own blockchain OCN CHAIN. Could you explain more about the partnership in future especially regarding technical perspective?
Tom:
TRON has been one of our most important partnership since DAY1 and will remains so in future.
With our new technical development plan of developing OCN Chain, and especially focus on cross-chain interoperability, we will prioritize TRON to be the 1st batch of blockchain to support the interoperability.
In OCN Chain’s development, we will develop a standard cross-chain protocol and Tron will be the 1st batch for us to work on the implementation.
In future we will also work with other partnerships, to support more cross-chain functions.
We will work on how to support token transfer from other blockchain to OCN chain, and circulation of tokens from other blockchain on OCN Chain, with OCN Chain as the intermediary.
All this will be available on OCPay to support better asset management flexibility.
Summer Xu (Marketing Lead Odyssey):
LATEST BUSINESS DEVELOPMENTS & PARTNERSHIPS
TRON
ODYSSEY will run for TRONs Super Representatives. Super Representatives play a key role in governing the TRON community by ensuring basic functions, e.g. block generation and bookkeeping, and obtain corresponding earnings. Additionally, ODYSSEY is testing and evaluating TRONs Mainnet as potential platform for building our infrastructure that will allow the next decentralized sharing economy.
SEMI & SEMA
Odyssey has a strategic partnership with Singapore Economics & Management Institute (SEMI) and Singapore Economics & Management Advisory (SEMA). ODYSSEY will be part of SEMIs curriculum to educate about Blockchain tech. ODYSSEY will build new partnerships in Singapore and around the world through SEMA.
DUCATUS
Ducatus is creating an ecosystem that links Ducatus to people and the various industries that serve their needs, from lifestyle, travel and hospitality, to health, charity and more. It is powered by a combination of world-class digital infrastructure, an extensive network distribution system and a suite of related Crypto-Economy businesses, including Ducatus Cafes in Singapore and Bali, and a projected 100 more franchises worldwide in the next 3 years. Odyssey has partnered with Ducatus to allow users to transact using the Odyssey Coin (OCN) at Ducatus platforms, the first of which is the acceptance of OCN at the Ducatus Café in Singapore.
SINGAPORE FINTECH ASSOCIATION
The SFA is a cross-industry not-for-profit initiative that provides stakeholders and market participants across the Fintech sector with a platform to facilitate a marketplace for collaboration and solution building in Singapore. Odyssey will look to work closely together with the SFA and use it as a vehicle to be connected to like-minded blockchain players and enthusiasts to foster strategic partnerships and spread the idea behind Odyssey’s protocol of building the next-generation decentralized sharing economy & Peer to Peer Ecosystem.
ACCESS
ODYSSEY has officially become a Member of the Singapore Cryptocurrency and Blockchain Association ACCESS. ACCESS facilitates the exchange of ideas, knowledge and resources in the cryptocurrency field. By partnering with a wide range of organisations, the association also aims to promote the use and development of its Members’ digital currencies and Blockchain across multiple industries. Odyssey believes that a united public voice and platform for the Singaporean cryptocurrency and blockchain community will allow all players to have stronger engagement with the private sector and government.
AWS
ODYSSEY announced that it has officially partnered with AWS Technology. With access to AWS cloud services in Southeast Asia, ODYSSEY will enable a new form of global sharing economy to fly.In the future, through access to AWS services in Southeast Asia, ODYSSEY will depend on the AWS cloud service advantages, continue to shared economic blockchain technology, effectively reduce transaction costs of industry participants in sharing economic operation, build reputation/credit based business system.
