Welcome back to Altcoin of the Week, the column where I review and release an alt coin that I feel has some good potential for future gains. In the cryptocurrency space, we now have over 1’400 listed coins on Coinmarketcap, with more coming every single day; naturally, that means plenty of opportunity and money in picking the right horse. Please keep in mind that these are all speculative picks and none of these calls are anything close to “sure money”. At least, that’s what my lawyer tells me. This week we’re going to cover one of the more basic tenets of the advantages of blockchain – anonymity with Obsidian.
Alright, so Obsidian has been a coin that I’ve posted publicly about several times on my Twitter (nothing beats a good shill!), as well as privately to my friends. It’s an interesting and unique little coin, with some really awesome features. Obsidian is essentially a fork of Stratis (yeah, THAT Stratis) that is designed around anonymity and privacy. Most people would stop there and say that Obsidian is more or less a clone of some other existing coins such as Monero, Zcash, or others, but they would be vastly mistaken. You see, Obsidian does much more than simply hide your transactions in an anonymous way.
Obsidian is a platform. You know, those things that are trading at hundreds of millions and billions of dollars? Obsidian is essentially an infrastructure that companies and developers can use to build their own software while taking advantage of the privacy and anonymity features of ODN. Imagine a Monero with the Smart Contract potential of Ethereum. That’s a pretty unique value offer, and not many other projects are currently able to compete with it.
As a proof of Obsidian’s potential, the ODN team has began work on their first project – the Obsidian Secure Messenger.
A Status Competitor
Status is a project that had a relatively large fanfare coming out of ICO, having raised just shy of 100 Million dollars for their offering of a mobile app and messenger, in addition to a few other advantages. Many people like to draw comparisons between Obsidian and Status for this reason, as Obsidian’s current strong point is their private messenger feature. One of the main differentiators is that Status is an ERC-20 token. With widespread use, putting encrypted messages on the bloated Ethereum chain could have disastrous consequences (digital cats anyone?), while OSM is much more streamlined. The entire platform of Obsidian is designed around privacy and anonymity, something Ethereum currently lacks.
A second point of comparison are the market cap differences between the two projects. Status is currently sitting around a 1.4 Billion USD valuation, massively huge for what the projects potential could be (and Status is honestly a great project). That being said, Obsidian is currently valued at 50 Million USD, making it more than 30 times less valued than Status. I wouldn’t go as far as to say undervalued, compared to Status (as Status rightfully deserves a large valuation) but 50 Million is pennies compared to where Obsidian is headed in 2018.
Taking a look over at their node tracker, we can see that the price of a Masternode is sitting at around 2 Bitcoin. Not bad for a project of this kind; masternodes for Obsidian (which cost 10’000 ODN to have) originally costed around half of a Bitcoin during their ironically stealthy public crowdsale. That’s a growth of 4x in just a few months of existence. Gains are even higher if you managed to be one of the lucky ones who bought a lot of nodes and staked them up until this point.
Growth like this isn’t to tell you that the boat has sailed however – a Masternode is still extremely cheap (even if much more expensive in USD value now!) compared to ICO prices. That tells you as an investor that even though Obsidian has had good growth as of late, there’s plenty of upwards potential for a coin such as this to continue moving upwards. Obsidian is one of my favorite projects and a legitimate hold for a more long term play. The masternode/staking systems, the platform aspect, and its value as a privacy blockchain all make Obsidian a very lucrative investment. The fact that Cryptopia is its largest exchange means that this coin is still extremely stealthy and not many know about it – I expect that to change in 2018 as word gets out about Obsidian and it’s awesome features.
I just got a text message on the Obsidian Secure Messenger from my lawyer – he says this isn’t personal financial advice, but who cares about that? Gains city baby.