The Motivation Behind the Obsidian Coin
Obsidian Coin is a cryptocurrency. The right to privacy is a traditional right, which is legally binding in more than 150 countries worldwide. The European Convention on Human Rights states that privacy and private correspondence should be kept secret and should not be subject to state interference.
Nevertheless, the validity of this fundamental right is subject to a constant threat emanating from state and private organizations wishing to exploit user and customer data for commercial purposes. This is in stark contrast to the fundamental right referred to above, which jeopardizes the interests of ordinary citizens.
Data protectors can disclose the use of collected data to citizens. In addition, there is currently no communication system that can fully satisfy users’ privacy requirements, so users must fully rely on trusting the fair usage of data.
The Obsidian project aims to provide a means of secure and private communication. A secure messenger is combined with a cryptocurrency to allow decentralized communication. Thus, the risk of data theft is minimized due to a centralized server architecture.
Even general attacks on the network are prevented and make the interception of messages within the peer-to-peer network almost impossible.
The creation of messages, in general, is also being addressed in the context of Obsidian, since a decentralized network for creation and encryption is now used.
What Technical Specifications Does the Obsidian Project Have?
The Obsidian network merges blockchain technology with anonymous messaging and, therefore, consists of two central elements. On the one hand, there is the Obsidian coin, which is also known as ODN and is part of the Obsidian blockchain. On the other hand, there is the Obsidian secure anonymous messenger.
The Obsidian coin is based on the STRAT coin, which was developed by Stratis and is based on the blockchain of Bitcoin. By using the C# source code, developers can test new features within the STRAT blockchain and then implement it with Obsidian. Furthermore, Obsidian can also adopt new features of Bitcoin so that new publications, such as SegWit can be implemented.
The messenger is based on the unpublished work of a team member and drives the current development. On July 28, 2017, the app was released for public test purposes. At the present time, it must also be taken into account that neither the Obsidian coin nor the messenger has the intended functionality or the required connection.
Rather, the current focus is on publishing the messenger on all relevant operating systems, developing decentralization technologies, and integrating the wallet with communication technology.
What Risks Do the Developers See in the Context of Obsidian?
An investment in the Obsidian project leads to extraordinary risks. The developers inform the investors that the risks must be borne, otherwise, the existence of the platform will be negatively affected. Potential investors with a low income or a low-risk tolerance are advised not to invest in the token.
Fundamentally, investors need to be aware that manipulation or theft of cryptocurrencies is not often restored. In particular, the use of unofficial wallets or trading venues can increase the likelihood of criminal activity. Due to the lack of banks or official institutions for payment transactions, the likelihood of tracing a transaction is low.
In addition, the Obsidian coin is internationally oriented so that a transaction tends to be international and thus, more difficult to understand. Even governments are not involved in monitoring cryptocurrencies so there is no accumulated user data. There is also a risk that account balances will be frozen as a result of state controls and access to the investment would be no longer possible.
Investors should also be aware of the high volatility and lack of insurance coverage with regard to the Obsidian coin. In addition, there is a risk that cryptocurrencies will be regulated in the future by the state or suffer from great security concerns.
Since blockchains are a technology, errors in programming and technological progress must also be considered. According to the developers, a market failure or big competition are other possible risks.
What Special Features Does the Obsidian Coin Offer?
Basically, ODN was developed to be used within the Obsidian messenger. Its use as a conventional payment unit, however, is also possible. In addition, companies have the opportunity to fall back on the open API.
One of the special features of the blockchain is the proof-of-stake (PoS) algorithm, which aims to provide a fixed interest rate of 10% per annum. However, the high inflation rate must also be taken into account. In addition, master nodes will be implemented in the future. This leads to immediate transactions and an optimized consensus in the network.
The C# source code ensures good adaptability of new features and the ability to test new features within Stratis. The messenger, which has yet to be developed, offers users anonymity and can also rely on the latest security features so that a third-party attack is not possible. For developers, the .Net compatibility should also be an advantage, as it allows for programs to be written easily.
How Has the Obsidian Coin Market Capitalization Developed?
The Obsidian coin was first traded on September 30, 2017, on the crypto markets. This resulted in a market capitalization of $15.5 million on the first trading day, which was achieved at a price of $0.6373. Following this, a long-lasting rally began, so that on January 9, 2018, a market capitalization of 53.7 million US dollars was achieved.
In the course of general consolidation, the initial level was then reached again. In addition, a volume of $55,000 is realized in daily trading, with the majority of trading being conducted via Cryptopia. Most trading takes place exclusively between Bitcoin and Obsidian.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.