Frequently asked questions
OPCT token is used to pay for Opacity Storage. 1 OPCT is currently pegged to 64 GB of Opacity Storage. The peg will be removed after decentralization of Opacity Storage is ready.
As described in the Opacity Galaxy Whitepaper the token will be used:
a) by users to pay for the storage plan
b) to pay for the different types of nodes providing the storage service
c) by storage nodes to stake as a collateral
OPCT staking will be required from decentralized storage nodes. Staked OPCT will serve as a collateral and ensure that nodes will provide storage for agreed the time period.
Currently best way to earn passive income from holding OPCT is to provide liquidity in Uniswap. Opacity will reward liquidity providers with extra OPCT.
In the decentralization phase storage nodes have to stake OPCT as a collateral if they want to earn OPCT tokens by hosting a node.
As usage of Opacity Storage increases there will be more nodes needed and therefore there will be more OPCT staked as a collateral. All these staked OPCT’s are out of circulation so freely circulating supply is decreasing as storage use increases.
When demand for remaining tokens are higher it should drive the price of the tokens up and therefore storage nodes would be ready to offer their service cheaper in OPCT even the fiat price stays same.
Total supply of OPCT is 130 million tokens. All of these tokens have been minted and allocated so no more tokens are coming.
Decentralized storage nodes have to stake OPCT as a collateral so that will effectively decrease freely circulating supply as Opacity Storage usage increases.
Opacity team holds about 15 million tokens plus personal holdings of every team member
Contract address is: 0xDb05EA0877A2622883941b939f0bb11d1ac7c400
Wallet: 0xD6216fC19DB775Df9774a6E33526131dA7D19a2c is KuCoin’s wallet and it holds tokens of many different owners.
You can use any Ethereum wallet since OPCT is ERC-20 token. Metamask, MyEtherwallet or Ledger for example.
Old tokens were swapped to OPCT automatically if those were held in KuCoin.
Tokens held in personal wallets had about 6 months notice time for the manual swap and swap window was closed in the beginning of January. Swap is over and it’s not possible to swap anymore.
All files are split into smaller chunks which are encrypted with 256 bit AES-GCM algorithm before the files leave users computer.
Free accounts are valid for one year. If you haven’t already done it, you have to upgrade to paid plan after one year.
Opacity Storage is working to address the high Ethereum gas fees by making a bridge to other chains. OPCT is already bridged to MATIC.
OPCT token is listed in KuCoin.
ETH can be traded for OPCT by using Uniswap v2.
MATIC can be traded for OPCT by using QuickSwap
Hopefully. Opacity team is always looking for good ways to make OPCT more accessible and big exchange listings would be good way for it.
Exchange listing negotiations usually include NDA so the team can’t comment on any specific listings.
In Opacity Storage every file is splitted to smaller parts and encrypted with 256 bit AES-GCM algorithm before those leave from your computer. It means that even Opacity would try to understand what’s stored in their service it would be impossible. That is superior privacy aspect compared to Dropbox. Opacity also doesn’t collect any information about it’s users or files stored in the service.
In Dropbox there are multiple major privacy concerns and they have already faced multiple severe data breaches. Files stored in Dropbox aren’t end-to-end encrypted and that allows Dropbox employees to have access to users files. That also means that files stored in Dropbox are available for successful hackers, government agencies etc.
Filecoin is built on top of IPFS protocol. Unfortunately IPFS protocol has it’s limitations which make it really difficult to build easy-to-use and user-friendly product.
Filecoin raised $257 Million investment in 2017 but so far there isn’t user-friendly end product available.
Best product out from Filecoin ecosystem so far is called Slate. Limitations include 4 GB total limit for data storage and if you want to host more, you can’t buy an account upgrade but instead you can pay one file at a time for pinning those files in the network. Problem is that you have to go through the payment process separately for every file that you want to upload and there’s also a limitation that these files have to be at least 100 MB in size.
Siacoin’s approach has been to build backend and decentralization first but unfortunately that has caused situation where backend was built before thinking of what users need and there’s limitations that make it difficult to build user-friendly product on top of Siacoin. Siacoin fans usually bring Skynet to discussion but the only way to pay for Skynet is with credit card so it’s not anonymous.
There’s also numerous other concerns that you can read written by developer close to Siacoin. You can read about those concerns from here