- After the smart contract exploit which occurred last week, the Oyster team has decided to start again with a clean slate and change their project name to Opacity.
- In a Medium post announcing the change, the Opacity team stated they want to be transparent and would like to regain the community’s trust.
- While some are skeptical, most members of the community reacted well to the announcement.
After last week’s exit scam by anonymous founder Bruno Block Oyster Pearl decided to change their name to Opacity in an effort to start with a clean slate and regain the trust of the community.
Turning Over a New Leaf
For those who are active in their community, Opacity was known as a tool for effortless sharing of files uploaded through Oyster.
In their official statement released on Medium, Opacity’s CEO stated, “We believe Opacity is a great step as we close our Oyster chapter and continue our mission to bring anonymised and decentralised data storage to all.”
Opacity also puts you in control in terms of who sees your data. That means you can keep your file handle private and you alone will be able to access said file.
However, should you wish, you can also make the files accessible to friends or even whole communities.
Operating with Complete Transparency
In the post, the Opacity team also expressed their intention to be as transparent with the community as possible in an effort to rebuild trust. They also promised more community involvement, more team visibility, and regular budgeting and financial health updates.
To foster further trust and provide additional transparency, the team has also provided full details of their cash burn so everyone can understand where they are spending their funds.
Both headcount and non-headcount costs were also displayed for the public to see. Furthermore, they also announced the management team won’t be taking any salary for November and December.
After forking into OPQ, 27 million new tokens will be added and will be utilised as follows:
- Operations/salaries: 20 million OPQ
- Additional Token Reserve: 2 million OPQ
- Current/Future Employee Token Grants: 5 million OPQ (vesting over 12 to 18 months)
Reaction of the Community
For many, the Opacity team’s decision to be more transparent (especially with their spending) is a way of showing they have nothing to do with the actions of Bruno Block, the project’s former developer and founder. Last week, Bruno Block performed an exit scam worth a less than staggering $300 thousand.
While many community members reacted well to Opacity’s announcement to be more transparent, others were also skeptical. A thread even branded Oyster/Opacity as “an organised crime syndicate composed of a small group of professional anonymous con men.”
For some, said thread offered a few good points, including the team’s failure to do a video AMA, their apparent anonymity, and the token value dilution by adding 27 million tokens to the supply.
Understandably, not all members of the community are convinced the Opacity team is innocent of Bruno’s crime.
In line with this a website and a correlated subreddit have been set up to determine if PRL investors (some of whom lost a substantial amount due to recent issues) have grounds to file a civil lawsuit against the project.