Obsidian Set to Disrupt the Way We Chat, as it Nears End of ICO Raise

August 23, 2017 4:27 PM UTC

The old cliché ‘You can’t have your cake and eat it too’ means that when there are two good things, it’s rare that you can have both of them at the same time. However, one company is trying to just that with messenger applications and payment platforms. Combining these two vehicles into one cohesive unit will give users secure, private, censorship-free money and information transfer.

Obsidian Aims At Disruption

The Obsidian messenger application is a completely secure and private messaging application built on blockchain technology. However, more than simply a state of the art messaging application, Obsidian is a payment platform.

Users are able to transfer funds within the Obsidian ecosystem, thereby eliminating the need for additional applications or payment gateways in order to send funds. By combining these two features, Obsidian is bridging into space that is not currently available in the marketplace, and disrupting the whole messaging marketplace.

Current systems like Facebook Messenger and BlackBerry Messenger have a similar feature, but are limited by requiring users to have external third party payment platforms. This means that any time a user wants to send funds, they must first link bank accounts and credit cards to the messaging system for transfer. Cryptocurrencies, on the contrary, are private and secure, but do not fit within traditional messaging application platforms.

This poses sizable financial and privacy risks, given the porous state of social media security. Further, it opens the privacy of the transaction to the user and the credit card or bank, meaning that the transaction is no longer truly private.

Other messaging apps have created systems that allow for payments, like WeChat in China, but are not censorship free. In actual fact, WeChat has already been accused of leaking the private information of dissident users to government officials in China.

While messaging systems and payment platforms are both in the marketplace already, combining these two systems into one completely secure and private messaging system like the Obsidian application will disrupt both industries.

Initial Coin Offering for Development

Sound like a great idea? It is. Obsidian’s messaging application, combining payment and messaging applications together, is already in the alpha stage, as users are able to begin testing the product.

The product is built on the Obsidian platform, a C# blockchain based on Stratis, with both Masternodes and Service Nodes. The messenger application is the first to be built on the parent platform.

The company is currently conducting an ICO, and has already realized substantial success, selling nearly half of its digital tokens, ODN (for Obsidian Digital Network). The goal of the ICO is to further develop the platform, and create the light wallet integration.

The coins are deeply rooted in the messenger application, as well as future Obsidian apps. As a power source, it’s value is directly derived from usage and hosting of the Obsidian Platform as a whole. Not only will stakers be able to mint ODN through our 100% Proof of Stake system but they will also receive fees for hosting OSM messages and files (NetGen).

How Good is the Messaging Application?

The Obsidian Secure Messaging (OSM) application is essentially the most private and secure messaging application of it’s kind. The OSM is a light client offering end-to-end-message encryption with perfect forward secrecy (PFS) relying on electronic document handling.

Users can rest assured that their accounts are completely secure, as Obsidian IDs are protected with Curve25519 signing keys. This full level security means complete certainty in private messaging.

Further, for those users concerned about speed of response, a secondary parallel network is utilized in order to create faster-than-blockchain interactions. Both chains are completely secure and provide rapid text response and full security confidence.

Obsidian has also created end to end bcrypt sha512 encryption algorithms to ensure that messages and files can only be accessed by intended private contacts, and no one else. Only the intended recipient can access any of the data.

This means that users can remain completely anonymous. The end to end encryption ensures that messages, files, pictures, etc., are never seen by anyone besides the intended recipient. With timed auto-deletion of messenger transfers, past interactions will never be accessible to anyone.

Future Plans After the Tokensale

With the proceeds of the Tokensale, the Obsidian platform is planning substantial improvements and build outs.

To begin with, the company will complete the build out of the features noted above. The secondary network, as well as the wallet system and PoS node development will come online as work progresses.

The company will also continue to form new partnerships and seek to create new applications on the blockchain that will offer additional secure functionality.

The need for a dual functioning messaging application is clear, and OSM from the Obsidian platform will continue to gain users, benefiting the network and investors alike. Perhaps it is possible to have your cake and eat it too.

Last modified: May 21, 2020 9:36 AM UTC

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