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OkeyDokey (OKEY) ICO Review – ICO Token News

Overview

OkeyDokey is blockchain based smart lock system that connects digital payment transactions to opening physical doors. keyDokey’s mission is to drive productivity in cities by providing easy accessibility and cost effective way for people to utilize assets. OkeyDokey is blockchain based digital payment transaction connected smart door lock system. In other words, it is a smart lock system that automatically opens doors to guest who has paid and verified via the blockchain network. OkeyDokey provides value to customers by relieving the complexities and costs involved in both digital and physical operations of rental process. This whitepaper will go more in depth about how smart connected door lock system that is integrated with blockchain based digital payment transactions provide more productive ways to share assets, and open doors to smarter sharing economy.

Motive

The amount of assets accumulated globally is staggering, and idle assets are everywhere because the world is terrible at utilizing them efficiently. For example, privately owned vehicles are in use 4% of the day, where as taxis are in use 50% of the day. Office spaces are in use 20% of the day. From parked cars to accommodations, offices, storage spaces and etc. These untapped value in under-utilized commercial, personal and urban assets such as these is left unnoticed and becoming pervasive.

Many strides have been made over the past decade for the world to witness the rise of a sharing economy; one where people use internet and mobile technologies to access goods and resources provided by their peers. Vacation rental category is the second largest category of lodging behind hotels with an estimated global market size of almost 100 billion USD, and is expected to grow over 170 billion USD. Currently, hotels have market size over 452 billion dollars. Peer-to-peer rental market compound annual growth rate (CAGR) of 31% until 2025

Decentralized Application

OkeyDokey maintains the standard web frontend/smart contract backend structure of a decentralized application. For a decentralized application to connect to the Ethereum network, a user either has to run a ethereum node client side, or connect to a public ethereum node. Nevertheless, requiring a user to run even the lightest version of Ethereum clients locally would be a significant hindrance to the user. It is also not feasible to download several gigabytes of block headers on a mobile device when trying to initiate a simple interaction (e.g., sending a “open lock” command) with our smart devices. Therefore decentralized applications will be connected to a public ethereum node to communicate with the Ethereum mainnet.

OkeyDokey team is closely following the development progress of the official Mist client and other light clients for Ethereum. When it becomes realistically feasible to integrate a fully standalone light Ethereum client OkeyDokey will offer the option to run DApps on a local node.

Smart Contracts

Blockchain is itself a major enabler of increased efficiency, eliminated risk of hacking, and peer-to-peer rental booking transactions. Smart contracts are self-executing computer codes that automatically carry out functions once a triggering event has taken place. Blockchain secures transaction made through smart contract by its distributed nature providing security to physical objects that are controlled by the smart contracts. The use of smart contracts to carry out transactions autonomously represents a bold evolution that is being actively explored by a few.

For example, let’s assume a smart contract is written between the two parties (A and B). Once the transaction has been made and confirmation is entered into the blockchain, the funds will be released from the A’s wallet address and the smart contract would automatically disburse payment to the B’s wallet address. The confirmation of approval by the booking process is not a triggering event requiring action by any third-party payment processors or intermediaries; the payment is moves directly from guest’s wallet to host’s wallet. Check ICO list to know more about ICOs

OkeyDokey Wallet

All nodes within the OkeyDokey Network will be natively equipped with ERC20 Wallets. Financial transactions such as deposits and withdrawal are performed in wallets. All transaction records of deposits or withdrawals of OKEY Tokens are recorded in the blockchain’s immutable ledger. OKEY Token’s value is based on the constant circulation of OKEY ICO Tokens in the OkeyDokey ecosystem, as well as the stable demand for cryptocurrency from users side.

ICO and Token Distribution

1,000,000,000 OKEY tokens have been created and the total amount amount of tokens will be distributed. OKEY tokens are created to incentivize platform participants to on-board and use the system. OkeyDokey has allocated a total of 600,000,000 tokens towards reservation, pre and public sale event. A further 200,000,000 tokens will be retained for any future funding needs of OkeyDokey and the platform, including development or on-boarding future participants when it is needed. Tokens allocated for team and advisors will be distributed to OkeyDokey directors, employees and advisors engaged in the building of the platform. All of the tokens allocated in this category will be subject vesting period between 12 to 24 months, with their release linked to performance variables. The vesting period in respect of these tokens will commence at the completion of the Token Sale.  To know current trend of ICOs, you can check ICO stats.

Team

  • Hajin Jhun
    Hajin Jhun
    Hajin Jhun
    As a founder of Korea's 1st Generation IT venture, Dr. Jhun served as the vice-president of Korea Venture Business Association, and the CEO of Hancom. Afterwards, he served as the member of the 19th National Assembly in South Korea. Currently, Dr. Jhun is making efforts to actualize Smart City and blockchain-based real estate system and the R&D on housing environment via technologies of the 4th Industrial Revolution, and promotes such changes in the domestic and international markets. Dr. Jhun is currently the Chairperson for the Self Regulatory Committee of Korea Blockchain Association.
  • Serck-Joo Hong
    Serck-Joo Hong
    Serck-Joo Hong
    Mr. Hong has over 38 years of experiences with commercial banking, securities financing, investments and corporate M&A advisory areas. He served as the President and CEO of Cho Hung Bank - one of the oldest and largest commercial banks in Korea (later merged with Shinhan Bank) - and Korea Investment Corp(KIC) - Korea's sovereign wealth fund. He was also the CEO of Korea Securities Finance Co., and was an Executive Advisor for A.T. Kearney Korea. Currently he runs Locus Capital Partners, a Corporate Finance and M&A Advisory, which he founded in 2011. He graduated from the Wharton School, University of Pennsylvania with MBA and Seoul National University with BA in Business Administration.

  • Chang-Yong Boo
    Chang-Yong Boo
    Chang-Yong Boo
    Business Development
    Chang-Yong graduated from Carnegie Mellon University with Bachelor’s in Architecture and MBA at Seoul National University. As an architect and business developer, he managed business consulting for systems integration in Nowon Energy Zero House Development during his time at Zero Energy Design Group in South Korea. He is a co-founder of Villim, IoT smart locks integrated rental homes and a co-founder of OkeyDokey.
  • Jan Rothkegel
    Jan Rothkegel
    Jan Rothkegel
    Marketing Strategy
    Jan holds a MBA from Seoul National University and a Master in Management from ESSEC Business School. He has gained experience in cross-border M&A with Asia, structured products sales and B2B crowdsourcing. His experience in market research and analytics is an invaluable asset to OkeyDokey's long-term, forward-looking approach to planning with the fundamental goal; achieving a sustainable competitive advantage.
  • Ryan Park
    Ryan Park
    Ryan Park
    Blockchain / Web Engineer
    Ryan has majored in Electrical and Computer Engineering at Carnegie Mellon University. Having comprehensive knowledge about web technologies, Ryan has worked as lead software engineer for Villim and researcher at Carnegie Mellon University Center for Machine Learning and Health, where he worked on various web applications ranging from social network to commercial applications. He was also an embedded systems researcher at WiseLab at Carnegie Mellon University and worked on a LoRaWan project. Currently, he is blockchain/web engineer at OkeyDokey.
  • Seongmin Park
    Seongmin Park
    Seongmin Park
    Blockchain Engineer
    Seongmin is a smart contract developer. He oversees OkeyDokey’s backend, from smart contracts to developer APIs. He is also responsible for the mobile client of OkeyDokey, thanks to his past experiences as a mobile developer. Seongmin majored in Electrical and Computer Engineering at Carnegie Mellon University.
  • Vanessa Hwang
    Vanessa Hwang
    Vanessa Hwang
    Blockchain / Web Engineer
    Vanessa studied Electrical and Computer Engineering and minored in Computer Science at Carnegie Mellon University. She worked as a software engineer at Fasoo in program analysis team and developed static code analysis tool. She is a Java enthusiast and currently a front-end web developer at OkeyDokey.
  • Ruiqi Wang
    Ruiqi Wang
    Ruiqi Wang
    Public Relations
    Ruiqi Wang graduated from Shanghai Jiaotong University with Bachelor’s Degree in Information Security Engineering and received MBA at Peking University. He is Chartered Financial Analyst(CFA). He worked as financial journalist in Xinhua News Agency which is the official news agency of China for 5 years. Then he joined Yunfeng Financial Group as senior analyst, covering global capital market. Based on his experiences and resources of media press, understanding of financial markets, Ruiqi Wang now is the public relationship officer at OkeyDokey.


Milestones

  • 1
    Q1 2018
    Whitepaper release
    Prototype
  • 2
    Q2 2018
    Public Crowdsale
    Announce Partnership
  • 3
    Q3 2018
    Token valuation report
    Smart lock implementation
    Module update and API alpha release
  • 4
    Q4 2018
    OkeyDokey conference in Seoul and Singapore
    Annual report
    API beta release
  • 5
    Q1 2019
    OkeyDokey MVP goes live
    iOS Android app launch
    Market: South Korea, Singapore, UK, Germany, Sweden
  • 6
    Q2 2019 +
    1st phase : East & South East Asia
    2nd phase: Europe
    3rd phase: Americas and Europe

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