Otppay - The Omni Token Platform for Payments

About Otppay

OTPPAY is a blockchain powered wallet for buying, exchanging, selling and paying services. The main aim of this blockchain is to allow the global trading of crypto assets in a secure environment. OTPPAY intends to become the world’s large platform for crypto asset exchange, by using a low fee, escrow based system. Furthermore, OTPPAY also allows fiat to crypto conversion using a bridged system. Using their artificial intelligence and machine learning based transaction matching engine, Ottpay will allow users to convert any cryptocurrency into their OTTPAY tokens, and vice versa almost instantaneously as the system matched buy and sell orders.

The OTPPAY system will provide vendors with safety and convenience, whilst allowing them to receive funds in cryptocurrency without risk. Besides this, vendors will also be able to change their default payment option to any cryptocurrency, OTPPAY tokens, or even fiat currency to protect from cryptocurrency volatility should they wish. As always, these transactions will be handled by the OTPPAY matching system to reduce conversion time to a minimum.

The OTPPAY project has an extremely ambitious roadmap, some of which seems unrealistic given the lack of blockchain experience the team brings.

Besides this OTPPAY also intends to develop an omnipresent data-mining system that will integrate with eKYC databases and hyper-ledgers to select and filter anti-social transactions from their platform, blocking them from interaction with their market place, and protecting users of the OTPPAY system. Lastly, the team hope to implement an AI based engine to develop a crypto credit rating (CCR) system to allow merchants and users to benefit from a credit score of sorts.

Funding, Token and Distribution Plans

OTPPAY is based on the Ethereum blockchain, and uses the ERC-20 standard for its token, which will trade under the ticker ‘OTP’. The token sale began with a private sale that ended on March 3^rd, selling a total of 61M OTP, and was immediately followed by a pre-sale which run between the 5^th of March and 3^rd of April, offering 16,000 OTP/ETH, and selling out 21M OTP. Currently the campaign is in the first stage of its ICO sale, offering a rate of 1 ETH/8000 OTP (+15% bonus), which will end on the 3^rd of May. The last phase of the sale, (ICO phase 2) will run from the 4^th of May until the 2^nd of June, offering the same rate safe phase 1, with a reduced 10% bonus. The hard cap for the project is set at 71,250 ETH.

Of the 1 billion token total supply, 20% will be reserved for the OTPPAY team and advisors, 67% will be sold during the private sale, pre-sale and ICO rounds, and the remainder will be used for their referral and bonus schemes, as well as payment for employees. The team has provided a detailed breakdown of their planned expenses in their whitepaper, the most important of which are detailed below;

·         40% allocated to engineering, including research and development

·         15% used for operations

·         12% for marketing and promotions

·         10% for partner engagement/onboarding

How much potential does it have?

Overall, we believe that OTPPAY has a very strong idea, however in our opinion the project does not have a very strong team, and has overly ambitious goals. The obstacles they set out to overcome are certainly no small feat, for anybody, not just a startup. They do however have a team of advisers onboard to assist them in their development and marketing process, which may help them achieve such lofty goals. To break down our review of this project into a few small descriptors please see below;

Team strength: 5/10

Business plan: 8.1/10

Odds of success: 6/10

Potential: 8/10

Whilst the project certainly brings creativity and promise, a weak team, overly ambitious goals and disproportionate caps make this project difficult to gauge in the long term. We think, for now at least it would be wise to wait for a few more developments before contributing, particularly as the project does not yet have a functioning MVP.

For a more detailed look, check out their whitepaper: https://otppay.io/Assets/otppay-whitepaper/OTPPAY_White_paper_v1.1.pdf
To find out more information, please visit https://www.otppay.io/

Jamalaezaz:
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Ethereum Address: 0x05CAbdFE623E127a034B19349180984E8bB051C5