Opporty Updates: April 5–18, 2018
Two weeks have passed since the last Opporty update, and we have been busy. Today, we are very excited to share a couple of key updates about our latest achievements. Enjoy!
Cryptocurrency Wallets
We are pleased to announce the release of the Bitcoin and Ethereum transit wallets for our website users. The system creates wallets automatically after a client has registered at the Opporty marketplace. The wallets’ addresses are clickable, and are displayed under the user profile in the admin account.
Ethereum wallet accepts ETH and OPP tokens and Bitcoin wallet accepts BTC. After making a deposit, the updated balance will be seen in the account. Most of the work is already done, but we are constantly improving the system to make the process as user-friendly as possible.
The Opporty BTC payment concept is displayed below:
- User requests BTC wallet address for a transaction.
- Backend generates a temporary wallet address.
- User receives address.
- User creates a transaction to the BTC address.
- Backend detects an incoming transaction to the appropriate temporary wallet, converts the BTC amount to OPP tokens, and applies the tokens to the user’s wallet.
Escrow
Decentralized Escrow is a powerful tool that provides safe and secure business transactions in the marketplace by resolving disputes between counterparties in a rational and fair way.
The general concept of decentralized Escrow is easy to understand.
The involved parties are a client, a supplier (or a service provider) and a judge. The client creates a smart contract on the Opporty marketplace and specifies the contract name, description, price and contract terms. The contracting parties are also mentioned in the contract, which is created within the blockchain ethereum system.
Parties have the option to accept or deny the request for a contract. The agreement goes into effect after being accepted by all parties. After that, the contract status changes from “new” to “accepted” and the contract creator remits a payment. The money remains frozen in the contract until the terms have been satisfied. Once completed, the status changes to “paid”. After the service provider sends a report of completion to the client, the contract status is displayed as “work done”.
If the client is satisfied and confirms the payment, the status changes to “closed,” and the money is sent to the provider’s wallet. If the agreed terms are not met, the client has the right to refuse, and the status changes to “claimed.” In this case, the judge receives a contract review request and a report of completion for consideration.
The judge has to decide whether the rendered services satisfied the terms of the contract, or if the money should be returned to the client. The prevailing party will receive a notification to receive the payment in their account after the judge’s decision.
Opporty Landing
The Opporty team values our customers all over the globe, and we are especially pleased to present our landing page, localized and adapted for Korean users.
We continually update our landing page to provide our followers with the latest information. We have recently added excerpts from media publications about the Opporty project.
What’s next?
Previously in our blog we announced the implementation of Plasma Protocol. The child blockchain, which gathers all network operations and forms them into a blockchain, has already been created. The Opporty team is now working on the backend part of it.
We are well on our way to implementing a full-scale database for the storage and reading of transactions, simultaneously covering event processing and withdrawal algorithms. Also, we are creating a periodical block creating mechanism and API for user transactions. The script for running regular checks of hashes (transactions) in the ethereum network is under development as well.
A Bitcoin contributor account is already a work in progress. We have been receiving a lot of questions from BTC holders about funding the Opporty project, and we can finally share some good news.
We are planning to create an exchange parser and BTC to OPP token converter. This will enable a customer to send a request for moderation after presenting a payment report. If the status changes from “pending” to “accepted” during the data check, the client will see the estimated amount of OPP tokens to be transferred to their account.
Opporty’s project development and improvements have gone into high gear. Stay with us for our next exciting news and updates.
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