Opacity — March Update
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“How can you really trust who is accessing your valuable, personal data? Breaches are still very much an issue…” — Sweet Elyse
“OPQ is the up-and-comer…” — Altcoin Buzz
These quotes emphasize what Opacity Storage is all about and how excited we are that people are taking notice. We are continuing the journey towards Opacity 1.0 and we’re glad you are along for the ride!
The primary accomplishment this month was the release of the Opacity 1.0 Website on March 23. We invite you to visit and learn more about what’s coming, if you have not yet had the chance. We hope everyone visits and shares, discusses Opacity with friends, and we thank everyone for the fantastic support so far!
In The News
We were featured in another Altcoin Buzz Community article on March 22.
Additionally, the benefits of Opacity were discussed in a blog by Elyse and Connor (Sweet Elyse) on March 23 — OPACITY | THE FUTURE OF DISTRIBUTED STORAGE?
Marketing Update
Growing our community is a major component of our current marketing initiative as we believe the more people are involved, the more people will learn about what Opacity is all about — your data, your business!
The Twitter Giveaway for 3,000 OPQ ran from March 25–28. The winner was @djsinghchahal. Congratulations @djsinghchahal, and thanks to everyone for participating!
The Telegram 3,000 Member Giveaway started on March 20 and ended on March 30. The original 3,000 OPQ amount increased to 10,000 OPQ thanks to generous contributions from community members! We reached the 3,000 member goal and the winner was hellomynameismg. Congratulations, hellomynameismg!
The goal of the Twitter giveaway was to increase our Twitter community followers - we successfully increased by 88 followers (8%) over the course of the month.
The goal of the Telegram giveaway was to increase our Telegram community members - we successfully increased by 316 members (12%) since the start of the promotion.
We’ll be launching more community events in the next few weeks and increasing Opacity’s exposure through other channels so we can continue to grow our community leading up to the 1.0 launch.
Development Update
Opacity 1.0 development has been progressing well. Below is a summary of current progress.
Design — 95%
- Website complete.
- Completed all designs for the new user registration process, the login, and file management screens.
- Will add ‘free trial’ feature to the website.
- Need to update copy on all pages of the 1.0 web application.
Frontend — 50%
- Website complete.
- Completed flow of the new user registration, ready for QA.
- Working on login and file management integration.
- Not yet started — ‘free trial’ feature.
Backend — 50%
- Completed data structure to capture new user registration account data.
- Completed process for managing payments via send to wallet or Metamask.
- Working on client library to integrate encryption for file upload, manage uploads through the new storage nodes, and manage file related metadata.
- Not yet started — file download integration and ‘free trial’ feature.
Testing — 15%
- More testing will continue as code integration moves further along.
Financial Update
March expenses came in at $84,047 in total. This was ~$7,000 under our forecast amount of $91,372 in last month’s update.
We saved a significant amount in hosting costs from start of the year with the clean-up of redundant servers and other components used for hosting the tangle, down from over $10k/mo in Jan/Feb to $2.8k/mo for April. Hosting cost will remain low until we onboard storage plans in 1.0. Headcount-related costs dropped as well due to Bill, Taylor and Alex K.’s departures.
PSA: Decentralize your OPQ tokens from Kucoin
ATTENTION: 37% of total OPQ supply is held on Kucoin (top 2 holders).
This is a significant risk to you! Any assets not in your direct control are at risk of total loss. This has happened numerous times across many exchanges — it’s not theoretical, it’s very real. Only keep assets on an exchange while actively trading.
Why is this important?
- It is dangerous for you: You are at risk of a total loss of funds in case of an exchange breach. This recently occurred at Cryptopia, but luckily did not affect Opacity at the time.
- It is dangerous for Opacity: If there is a major breach that impacts our holders, it will reflect on the project, regardless if it’s our fault or not.
What can I do?
- Use a hardware device such as a Ledger for long term storage.
The ledger is a hardware based wallet device that stores your crypto coins and tokens and protects your private key. Only you should have access to the device and it doesn’t expose your private key when connecting to other services. - Add COSS.io exchange for active trading.
Our secondary exchange is COSS.io. While it has had limited OPQ volume, they have been great supporters of Opacity since the beginning. They have been investing in improving their platform and we encourage our community to give them a serious look. - Use any other personal ETH wallet.
OPQ is an ERC20 token and compatible with any ETH wallet. You will own your private keys and not be susceptible to exchange hacks and issues.
Whatever you do, always follow best practices in safeguarding your assets!
Visit Kucoin today and take action.
