Getting your product or service monetized means that you to gather a team and find your target audience as soon as possible. Why would you immerse yourself into a long and overwhelming process when you have the blockchain on your side? Mironov Dmitriy, CEO and founder of the ODDO Cash project is creating a reliable and transparent network by using the blockchain as an MLM platform available for any company to sell its products. The platform incorporates businesses, people, and society into one fully autonomous structure.
Hi, Dmitriy! Could you tell us a little more about yourself and the ODDO Cash team? What prior experiences in business do you have? How did you start working with blockchain projects?
Our team is a group of like-minded people who are united in creating the ODDO Cash project. Members are still not officially introduced to the audience, which will occur in September 2018 alongside the official launch. There are a lot of seasoned professionals from various industries, programmers, miners, classic businessmen and MLM leaders.
The first time I dealt with Bitcoin was in 2008. I was not really serious about it back then, so my first crypto wallet and Bitcoins are all history right now.
In 2015, I had my second encounter with the blockchain, and my first mining equipment was established. During 2015 – 2016 we mined more than 700 BTC and 5,000 ETH, which were sold at $400/BTC and $9/ETH at the end of 2016 for a grand total of $325,000, which looked like a magnificent result for us at that time. In 2017, this figure might have turned into $21,000,000.This reality came into being in the most unpredictable way, showing how much the blockchain industry was unfairly underrated.
When I was a student at the physics department, I was really into mathematics and cryptography, which followed by my interests in programming. By then I had a few enterprises of my own, all of which were successful more or less. The year of 2017 introduced to me not only higher BTC prices, but the MLM industry as well. Now with a simple sheet of paper, any complex compensation plan for a company could be unveiled from juicy slogans and bonuses to a simple model of product realization. That’s where the idea of using the blockchain as an MLM platform for any company to sell its products came into being. In this case, technology allows us to make clear all of the hidden profits and calculations behind a labels and turn them public, thus turning this cash flow into a “showcase” where everyone can trace all transactions within the system.
Could you tell us about the history of the project? Who was the one to come up with the idea? And what does “ODDO Cash” mean?
I was the initiator of the project, and then by gathering my companions we’ve created the ODDO Cash project, where “OD” represents the manifestation of a thinking person and “DO” means “way” in Japanese language. So ODDO is the way of a reasonable person.
The project is all about making a truly transparent service for MLM structures that brings the cryptocurrency ideology to the forefront. It’s not just a coincidence that we are using one of the simplest mathematical models to represent neverending linear marketing.
Now let’s get to business. It looks like information about your project is rather scarce. There are no technical details, team composition data, or any concrete information to find about your project. Is this due to the “youth” of ODDO Cash? May we ask you to share this information with us? Are you planning to make it more “public?” How could the desired details be acquired by potential investors?
Yes, the lack of information is indeed an issue. The project is still really new and is currently undergoing beta testing. It’s yet to achieve its final form, and it will get much prettier by the end of the year. The same can be said about the payment and accrual system.
We’ve covered the first stage of ODDO and the results are entirely satisfactory. But still, there is much to improve. In terms of technical information, yes, there is a distinct lack of it, but this is due to the fast-paced improvements made to the system itself. As a result, we are postponing official announcements. In the near future, all of the information could be found at ODDO Cash’s website.
Since we’re talking about information we can’t forget about net presence. So your project is being mentioned by lots of blockchain platforms, but the efforts to attract the interest of normal users seems to be lacking. YouTube and Twitter accounts seems to be pretty quiet, while most of the activity goes in VK. Are you having a slow start? Could you share with us some of the difficulties you are facing with the media?
That “slow start” expression is not entirely accurate in this case. Starts cannot be slow if it is yet to happen, and all information around the project is still purely personal, aimed for friends or partners. On the other hand, we are sharing a portion of information with our established partners via our Telegram channel, and now we’re preparing to present ODDO Cash to the general public. In the meantime we are polishing it with all our might.
Let’s talk about the guarantees that ODDO Cash is ready to offer. Smart contracts do provide certain levels of security, but when public information is scarce it’s hard to understand why.
We think that in order to follow the ideas of decentralization, confidentiality, and reliability, we should base our project on one of the most respectable and perspective platforms. This choice falls on Ethereum, and we use it as a core for our platform, which makes it as reliable as Vitalik Buterin’s platform. All transaction data and wallet data would be stored on the Ethereum network. It’s also worth mentioning that the ODDO Cash wallet is a “cold” one, which is used for ERC20 coin storage. Access to the personal account would be secured by several layers of protection, one of which is the two-factor authentication, making everything all safe and sound.
Could you talk a bit more about your business model? Such as the lifespan of a single investment. It’s easy to understand why the mining business is profitable, but how can you claim to provide “Instant income derivation to your wallet?” And why do you need those investments? What makes this scheme profitable for you?
Any business model is an ideology of a sort. As mentioned earlier, the project does not earn anything, it’s the partners (those who have created the ODDO Cash network) and investors (ODC coin holders) who make a profit. ODDO Cash is a platform that incorporates business, people, and society into one MLM structure. Imagine that you’ve decided to monetize a product, service, or some viable information. For this, you will need to gather a team and find your target audience.
The ODDO cash project will solve that for you by creating the most reliable and transparent network that the world has ever seen. By using our open smart contracts, we can utilize any function for specific services as needed. The larger the network gets, the more revenue it generates, which means more dividends for investors. The system is fully autonomous and the human factor is not relevant. We’re aspiring to create a self sufficient, living project that has no need for control or corrections.
There is also the question of computational power that must be asked. What resources does the ODDO Cash project have? What country are the mining facilities located in? Are you safe from possible government restrictions?
Mining could not be considered as a basis for this system. Still, with the help of ODC investors we have reached an output of 10gh\s Ehash. Mining facilities are situated in Russia, all compliant with the appropriate taxes and duties. Growth of mining output is linear in our case, and as time goes by and pool sizes grow, mining shall become less important than trading. It is also worth mentioning that in the ODDO Cash system, the first two payments you receive are more like nice gifts that should not be seen as a main source of income.
Could you elaborate on the system of shares of investors? With additional investments to the ETH pool becomes bigger, this means that every previous investment provides a lesser share, does it not? Does this mean that dividends get smaller as time goes by? Doesn’t this make your marketing model less attractive? Or is it a natural mechanism to equalize income and cost?
ODDO Coin, or ODC, is a digital coin that is built on the ETH platform in the ERC20 format.
There are 100 levels of partnerships, and 99 of them have to lock in somewhere. Well, in this case it locks on the main account, which the MLM structure of ODDO Cash is built around and all of the payments for the previous 99 levels go there.
ODC Coin represents 100% of this income, so the more you get the bigger your share is. For example, if an account receives 100 ЕТН per week and you have 330,000 ODC, which is roughly 1% of all 33,000,000 coins, then your weekly income is 1ЕТН.
What is ODC coin? What is it used for? What additional utility does it have?
ODC is an open smart contract, so it could be used as a substitute for MLM points. All internal operations will be conducted via ODC. As for today, you can find ODC only on one of the exchanges, but this will surely change with the project starting soon.
Why have you decided to do Ethereum mining? Do you think you’ll switch to other tokens?
Our project is based on Ethereum, so it sounds reasonable to concentrate on ETH mining. Yes, we are actually planning to change our strategy and switch to so-called “aggressive mining,” which means mining the most profitable tokens for further trading. This tactic will be applied as well.
With modern mining expenses rising, a lot of mining companies are incorporating their activities with trading. What do you think about broadening the range of your services? And is there a way that investors might contribute to the project with other means aside from money? Is it rewarded somehow?
We’re using trading as an instrument to “fill” the system with value. We have two trader teams, who are from the USA and Belarus. They will also be introduced soon. To be honest, we are not really interested in partnerships with other projects, unless in some form of MLM cooperation within our system.
Let’s go back to our discussion about trust. There is definitely some degree of prejudice related to Russian based blockchain projects. What could be the source of these doubts? Are you planning to undertake some actions to change this reality?
Even if ODDO Cash was established in Russia, it’s not registered there. We have servers in Europe and have multinational teams, so it can’t entirely be called Russian.
You definitely should have heard about the other projects that intend to attract more investors into the mining industry. What do you think about those other projects? What advantages do you have to oppose them?
We are the first and only MLM project in the industry. There is no rivalry between us and other projects, and we offer a helping hand to those who seek assistance in promoting their own products.
What do you think about the future of cryptocurrency mining? Would there be any place for non-industrial players?
Maybe mining will come to an end, but the ideology and technologies will live on to transform into some new form of a blockchain application.
Being a service, ODDO Cash does not have a roadmap formally listed. But it would still be interesting to hear about your future ambitions. Could you share some of them with us right now?
Our efforts are mainly concentrated on the internal exchange and crypto bank creation, as well as Ethfresh. Ethfresh lets you use your smartphone to access your ODDO Cash wallet and use it for payments via PayPal, which we believe would be a really useful feature.
Do you have some thoughts about the blockchain industry as a whole? What, in your personal opinion, could be used to measure the effect it has on a real worldwide economy? Could this effect be considered positive or negative? And is there anyone who truly understands the motives behind this industry? Please share your thoughts with us on this issue.
Even though, the blockchain is a good instrument for overall fair market establishments and transparency, there are a lot of political and regional issues that prevent its full realization in some aspects. But, as I said earlier, we will certainly witness the ubiquitous usage of blockchain technology in near future.
Would you mind if we asked you to tell us about how you got your share of blockchain knowledge? Do you have some pieces of literature or Internet resources for our readers to familiarize themselves with? What experts would you label as trustworthy? Mining-related pieces would be much appreciated by our readers as well, especially for newby miners who are thinking of investing their money and time into this.
There is a lot of information you can study nowadays, but being in touch is another thing entirely. In the digital world, yesterday’s information could be easily outdated by the time you drink your morning coffee. Before the 1970s you could gather all the knowledge you’d need, but nowadays lots of textbooks are becoming outdated even before they’re being printed. So just be sure to follow the right trends and everything will be available for you. As for “mining” advice… Hmm, you should really not invest more than a half of your overall savings in mining. As the age of “home” mining is now long gone, if you want to deal with the crypto world then you’d better start learning the basics of trading.