Patience is Key: Rescheduling and ORCA Project Update
We have received numerous calls from our community members to delay the token generation event and feel we can still make improvements to our platform prototype and enhance the programming code. Following latest talks with our advisors and partners, ORCA is postponing the launch of the token sale.
The updated token sale date is to be announced by the ORCA team in the following week.
Meanwhile, we are on the lookout for the next date of the sale, our developers are doubling down on bringing about a working product for testing as soon as possible. We are maintaining a user-oriented avenue and strongly believe that our community will influence the success of the project.
Closed platform beta: coming ahead of schedule
We have some bullish news as well. The updated development plan of the ORCA Open Banking platform points out the release of a closed beta by July of 2018. As European banks are having trouble to structure secure API connections, ORCA team is taking a proactive approach and has started contacting the banks to offer assistance in figuring out ways how to accelerate the process.
PSD2 clearly states that the directive has to be transposed into the national laws of the EU Member States by 13 January, however, the great majority of states have not done that yet. Due to sluggish activity from the Member States, ORCA is shifting its focus on developing the crypto-oriented dimension of the platform.
The subsequent phase of the platform beta will integrate payment and transfer initiation capabilities and opening/closing accounts within crypto exchanges and apps listed in the ORCA decentralized App Center.
Closed beta coming in July is structured to be a crypto-aggregator tool designed for ORCA early adopters. In order to avoid security breaches, initial phase of the beta version will function as a read-only engine which will help to track crypto assets in real time. The aim of presenting a closed beta to our supporters offers a multitude of benefits: it helps to test the platform connectivity, develop the know-how of API gateway implementation by establishing connections to crypto exchanges before proceeding with the banks, and enables to gather user feedback about the usability which will be later used in future iteration cycles.
Following stage of the platform beta will integrate payment and transfer initiation capabilities and opening/closing accounts within crypto exchanges and apps listed in the ORCA decentralized app center.
Commercial banks will then be added on top of the platform once APIs are securely provided. Currently, a lot of conventional lenders have not been too eager to prepare for PSD2 in advance. To be fair though, we have to mention that it is not the case 100% of the time as some of banking service providers are willingly inviting IT-based enterprises like ORCA to develop solutions in their sandboxes.
“The key for successful implementation lies in ongoing iteration cycles of the project. At first, you build a prototype, something that works on a simple architecture and you build on that. Using this method not only do you implement more complex functions gradually, but also notice threats and vulnerabilities of the code in advance.” — Dmitrij Radin, CTO of ORCA Alliance.
Update cheat sheet
- Private presale round still on: ORCA continues to run on a private presale mode and invite all interest parties to contact our investor relations department at email@example.com | firstname.lastname@example.org for details;
- ORCA roadshow: ORCA team is finishing up its trip to Seoul, Tokyo and Hong Kong. At the moment, ORCA delegation is getting back to the office. During the visit. Orcans participated in Deconomy 2018 and Beyond Blocks conferences, met prospects, secured investments and helped to spread the Open Banking message in Asia.
- ORCA Smart AI: Our whitepaper has been updated with the latest section regarding a set of algorithms also called ORCA AI which will provide ORCA platform users suggestions how to optimize finance administration. Find it in our web: https://goo.gl/8qi3cL
- Open Banking, still have no clue? Read this and get educated.