Optherium is a new project which aims to revolutionize the world of blockchain technology via its Operating System and MultiDecentralized Private Blockchains Network.
Optherium is the brainchild of Optherium Labs CEO Serge Beck. According to Serge, the Optherium Ecosystem is the result of 30 years of development and aims to resolve some of the biggest problems that affect financial institutions and individuals alike.
Beck is a computer programmer and spent 10 years working with the largest financial institutions in America such as Bank of America, Merryl Lynch, Bear Stearns etc. During that time, he developed and implemented computer software that let traders easily navigate the information they received from various sources. He also introduced interoffice messaging systems. Beck sees the current Optherium Ecosystem as an extension of these early projects, with the blockchain simply repackaging the same ideas.
Beck feels that blockchain solutions are the result of technological advancement combined with people being willing to learn more about blockchain solutions.
Because the Optherium Ecosystem can be used to resolve problems of all sizes, Beck ensured that the team has vast experience. CTO Roman Kaganov is a blockchain specialist with experience working with two of the largest banks in Russia. CFO Bunty Agarwal has experience in real estate, media, commodities, and blockchain. Vadim Ivanenko, CIO and head of Investor Relations oversee the product image.
The Optherium Ecosystem provides a group of services that businesses and individuals can modify or build on to meet their specific needs. The ecosystem has its own cryptocurrency and exchange, making it fully self-sufficient. This also means that businesses who buy private labeled solutions can leverage the data storage and payment systems.
The VivusPay application is already functional on the Optherium Ecosystem, letting individuals instantly transfer money globally or make payments at any point of sale, regardless of where in the world it is. These transactions have significantly lower fees than competitors due to the lack of intermediaries. Businesses will be able to take advantage of a range of features that involve unbeatable security, speed, and usability.
MultiDecentralized Private Blockchains Network
The MultiDecentralized Private Blockchains Network is a series of blockchains that are encrypted, decentralized, and layered. All of the information is secured on this network. The MultiDecentralized Private Blockchains Network can deliver security of private information that no centralized information depository can provide.
How Does Optherium Prevent Fraud?
Optherium makes fraud prevention a priority, and that is actually one of the goals of the ecosystem. In addition to Know Your Customer (KYC) credentials, Optherium uses Dynamic Biometrics to prevent fraud and ensure highly secure multifactor verification. These factors combine with Key Recovery Service.
The Dynamic Biometrics are worth looking at in further detail. This is a fully safe method, which is a sharp contrast to biometric identification. People have used 3-D printers and other devices to bypass retina scans and other biometric identification, but there is no way to do this with Dynamic Biometrics. Instead of just capturing features, Dynamic Biometrics adds an additional layer by using voice identification and facial movements together with retina scans and fingerprints for access to Optherium. Optherium feels that this type of security is the future of biometrics.
In addition to the extra layers of verification required in Dynamic Biometrics compared to traditional biometrics, Optherium stores the data in a very secure manner. Biometric Encryption is one of the focuses of the research going on at Optherium Labs. The lab is looking at methods of using decentralized blockchain technology to ensure that biometric data becomes more secure than previously thought possible. This is done by dividing users’ biometric data into smaller pieces. Each piece is then encrypted individually before being stored on a separate blockchain.
Although the Optherium team does not think this system will ever be hacked, it is very thorough. This is particularly true because even if a hacker manages to get a single piece of encrypted data, they would have to hack into another blockchain to get the other pieces, and each segment would be useless without the others.
What Are Some Applications of Dynamic Biometrics?
In terms of usability of Dynamic Biometrics, Optherium has high hopes for this system. The company hopes that people will be able to use the system to identify themselves worldwide. It also sees potential applications for Dynamic Biometrics as a payment system. It would be possible to look into a camera with the correct biometric scanners, say a phrase, and pay. In the future, other applications of Dynamic Biometrics could include medical records, voting, and travel.
Key Recovery Service
Another key feature of Optherium is its Key Recovery Service. This begins with Optherium storing replicas of the private keys of users in cold storage. For security, the keys are in multiple air-gapped computers with the only access available via multifactor verification that includes Dynamic Biometrics and KYC. It is also important to note that any interactions with the recovery system require KYC credentials.
What Is OPEX?
The whitelist token sale for Optherium began on Oct. 5, which is when it first became possible to contribute and get OPEX. OPEX serves several key functions in the Optherium Ecosystem, including as an ERC-20 token. It is also a utility token for Optherium Services, reduces transaction fees, and is a facilitator for converting currencies. OPEX will act as an internal reserve token for liquidity to achieve the last of these functions, pairing with as many as 150 different digital currencies. The whitelist token sale will end on Dec. 5, 2018, at which point the presale will begin. On Feb. 5, 2019, the presale will end and the main sale will begin. That main sale will run until March 5.
Optherium delivers new blockchain infrastructure to the global finance industry. Some of its products are already active, and the project is currently in its token sale. Optherium is working on technologies that can revolutionize the space, including advanced forms of biometrics.