OmegaOne — ICO Review
Some information is missing. Updates will come soon.
Update on Oct 3rd. Apparently, Omega One has sent emails explaining ICO details to people who registered as early contributors. It is said they would like to raise 1M ETH… which is around $300m…
Token: OMT
ICO Date: TBD (Pre-sale available for 30ETH+ by sending an email to tokensale@omega.one).
Hardcap: TBD
“A decentralized automated trade execution system”
TOTAL 14.5 / 25
1 Business opportunity: 3/5
Description: decentralized trading platform like Kyber and all the platforms using 0x protocol.
They ensure:
- Liquidity (& low fees): as other decentralized exchanges, Omega One will provide a private exchange platform so that members can trade (internal matching) + Omega One will provide a way to break the remaining part of the trade (that has not been filled in the Private Exchange) in several small trades and will get the best exchange rate from the traditional platforms (external matching).
- Security: all the tokens will be locked in an Omega One wallet (the user will get the private key)
- Transparency: they will provide benchmarking and analytics of transaction costs to the members
Initially they will put ERC20 tokens and they want to expand to other crypto-currencies as well (BTC etc).
Role of the Token: Higher balances of OMT allow members to get access to preferential liquidity treatment (priority on execution etc) and discounted trading fees.
Competitors: as mentioned above: Kyber + exchanges running on 0x.
Competitive advantage: the only thing new I see compared to existing projects is the split of the trade into multiple trades that can be filled more easily at a lower cost (using different exchange platforms), which seems very interesting. To be sure that Omega One does not send micro payment to all exchanges all the time (0.001 ETH on kraken etc), there are what they called “Balance Sheet Managers” (like Reserve Managers in Kyber) who ensure that enough balances are hold on all exchanges on behalf of Omega One.
2 Technology: 3/5
Whitepaper: https://omega.one/static/media/whitepaper-eng-1.1.c5d248db.pdf
Seems solid. They have all the charts explaining how the entire system (Private Exchange + Hub dealing with the external exchanges + Trading Engine that will decide in how many parts the trade will be broken into etc).
There is also a big part explaining how the engine will work.
Release expected in Q1 2018 with a first version (the definitive version could be release only in Q4 2019…).
3 Team: 3/5 (only because of J. Lubin but we aren’t sure he is really involved in the project — TBC)
Very young team: the CEO Alan Keegan started a Bachelor in 2010.
Many people of the team (including the CTO Alex Gordon-Brander) worked at ConsenSys (a company that develops decentralized applications based on Ethereum), which is a good sign.
One of their advisors is Joseph Lubin, founder of ConsenSys and co-founder of Ethereum. However, as always, we do not really know how involved he is in the project. Nothing shows that it is not name dropping in the White Paper.
Team seems also to have done a lot of research on all topics related to monetary policy and macroeconomics.
4 ICO details: 2/5
No details except that as of Aug 23rd, they were asking for a pre-sale with this message I got from slack:
“Minimum purchase amount will be 30 ETH for early sale and each strategic buyer must successfully complete a KYC/AML process and sign an agreement. We expect to give these strategic buyers a 25% discount to the lowest price set in the public token auction after it is completed. Details on the structure of the public token auction itself will be communicated separately.
If you are interested in being a strategic buyer and believe you can help, please email the desired amount to be purchased (in $ or ETH terms, preferably ETH) and an explanation of how you could provide a strategic value to Omega One to tokensale@omega.one”
It is confirmed that we still have time to enter a pre-sale (minimum 30ETH).
5 Community & Communication: 3.5/5
As of Oct 3rd: 3600 people on Slack. On slack, they send a weekly update on the R&D achievements and next steps which is very positive initiative.
2650 on Twitter.
They have a Medium blog but that is not very active (last article in June 2017).
They provide an introduction video on Youtube (here) that is well designed. It is worth watching it as it summarizes quite well the project.
6 Verdict
- Invest mid-term (provided that token is available right after ICO, on main exchanges + they do not want to raise too much)
Enter the pre-sale and follow annoucements when it hits the exchanges in order to assess whether to sell or not. I am not sure that project will be able to compete against 0x and Kyber that seem to be much ahead in terms of progress.
However, since the decentralized exchanges projects are very trendy, it might be interesting to do at least a quick get-in/get-out.
BUT you need first to be sure that token will be tradable right after ICO + how much they want to raise + when will the token be on Binance, Bittrex etc?
Update: they would like to raise $300m… which is ridiculous
=> If the raising amount of $300m holds, NEGATIVE. More updates to come
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