Before you get confused let me clarify the term BaaS – Blockchain as a Service. It is pretty similar to the well-known & prevalent SaaS, PaaS & IaaS models. Similar to these models BaaS leverages the Cloud-based infrastructure to provide blockchain-based solutions to their clients. Smart contracts, dApps (decentralized apps) & other functionalities of a blockchain platform are provided employing this model. Businesses & individuals are eager to adapt & employ blockchain technology but the complexities around understanding & implementing the emerging tech act as deterrents. BaaS basically provides one-stop solution where the blockchain company take care of all the technical tasks at the back-end & the Cloud services on which the blockchain resides keeps the services operating seamlessly. All you have to do as a client is to provide the specs. and they will take care of the rest. An example this is the Huobi Cloud which provides the new entrants in the Crypto trading arena to use Huobi’s existing ecosystem to scale their own customized solutions. The platform under discussion today is similar & positioning itself to be a BaaS provider but with an edge.
This global fintech company of Optherium was established to resolve the persistent blockchain industry problems of Scalability, Security & Usability. These terms have been repeated time and again to be the reasons behind the lack of adoption of the blockchain technology in the financial ecosystem. So that’s exactly what Optherium has set out to do – provide a blockchain standard which is fast, secure & usable. Adding to the credibility of the project is the fact that it is a member of the Linux Foundation, Hyperledger Fabric and Crypto Valley Association & being fully licensed in EU – it is also registered with IRS (U.S Tax office) and exempt under U.S SEC regulation D. In addition, Optherium has been certified by Google & Facebook for running ads and has been featured on reputable business portals like Bloomberg. Their website describes the ecosystem in the following words:
Optherium is designed as a MultiDecentralized Private Blockchains Network™ ecosystem, which is unlike any other fintech solution in the world. It uses multiple blockchains within the Ecosystem, including its own private peer-to-peer nodes and blockchains forged by consensus, Hyperledger Fabric, the Ethereum Network, and the InterPlanetary File System (“IPFS”).
The Optherium ecosystem functions on the native OPEX token which will not only act as the facilitator of instant digital transactions between the 150 digital currencies to be listed on the platform but also as a liquidity reserve for the system. The utility token will also be used for all functions related to Optherium MultiDecentralized™ Digital Currency Exchange and Mobile Wallet application & paying for internal services like KYC (Know your Customer) & KRS (Key Recovery Service).
The highlighted features of the ambitious project include:
- Dynamic Biometrics – utilizes fingerprints, retina scan & facial and voice recognition for all transaction & identification purposes. This digital identity is stored in multi secure networks where no one has access except the client.
- Instant transactions & confirmation – This is perhaps the most unique & sought after feature of Optherium. The ecosystem does not contain one but an array of blockchain networks which allow on-chain & cross-chain transactions (simultaneously) at more than 100,000 TPS (5X more than VISA). The high transaction rates are achieved by utilizing multiple blockchain channels which have five nodes each processing 3500 TPS. These channels are combined to form a platform layer and many layers subsequently to provided multi decentralization and maximum security
- Private key recovery (KRS) – One of the key demands by the users for any blockchain system is the security of their data. The data on any blockchain is secured by a Public & a Private key. You are responsible for the private key & in case you lose it or it gets stolen, your data is at risk of being misused and/or stolen. Optherium has addressed this problem as well – by keeping private keys in cold storage on offline computers which can’t be hacked without having physical access to the hardware. Personal information & security questions answered at the time of setting up the digital wallet along with the dynamic biometrics are used to verify & retrieve your private key using multi-factor verification in case of a catastrophe.
- Transaction security – is made bulletproof by the five layers security protocol which includes Multi Decentralized Private Blockchain networks, Dynamic Biometrics, Multi signatures, Multifactor authorization & Peer to Peer blockchain permissions.
- Data Storage Archiving – On a regular blockchain you can’t change/edit the data once it goes up, but Optherium has presented a unique solution by archiving your sensitive data and storing it on special network which can carry out transactions like the regular blockchain in case the data on the main network gets compromised or is not usable for some reason.
- GDPR/AML compliance – And finally the Platform is fully compliant with the strict data privacy regulations enacted recently by the EU along with the International Anti-money laundering laws
Following is the lineup of the product line for the Optherium ecosystem:
The eWallet/Mobile App is the cornerstone of the Optherium B2C platform which acts as an advanced digital asset management tool where users will eventually be able to buy/sell 150 digital currencies. The eWallet can be linked to current bank accounts & be used for retail style financial transactions. The App will also able to utilize the NFC (Near Field Communication), QR codes & bio-metric authentication for payments.
Optherium plans to launch a debit card by the end of 2018 with the functionality of instantaneous Crypto-Fiat transactions & allows withdrawals from ATMs around the World.
The Optherium business to business platform is designed for corporate services & banking entities. The system caters to high volume transaction environment. A transaction fees will be charged for using the platform.
As the name suggests this Optherium platform caters to large-scale online marketplaces like Amazon & eBay. This platform will allow the users to purchase goods & services using digital currencies and deposit/withdraw fiat money into wallets using the Optherium supported POS terminals.
BitCrox Digital Currency Exchange
A Multi decentralized exchange will ready to launch in the second quarter of 2019 to provide liquidity for all kinds of digital asset transactions on the ecosystem. The exchange will support 150 digital currencies with a speed of 100,000 TPS.
A Pre-sale of the OPEX token will follow the whitelisting phase which ends on Dec. 5th. The main token sale will take place from Feb. 5th to March 5th (2019). Optherium is also expected to receive the banking license in the first quarter of 2019. Optherium’s global finance blockchain infrastructure aims to provide enterprise level solutions to its niche of Fortune 500 companies. The companies using Optherium BaaS platform can build their own private labeled product tailored to their needs or they can integrate their API into their current systems seamlessly to access certain functionalities.
The implementation of the innovative solutions on Optherium’s MultiDecentralized Private Blockchains Network™ if successful will provide a gateway between the traditional financial model and the new-age digital economies of scale.