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OKEYDOKEY White Paper

Chang-Yong Boo edited this page Jul 7, 2018 · 184 revisions

Abstract

Opening locks via the blockchain

OkeyDokey is a platform for smart contract embedded IoT devices e.g. smart locks to autonomously rent and sell anything it controls. OkeyDokey will transform how we rent and share things in our community by creating an ecosystem for secure and autonomous transactions.

Contents

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 [1].

Over the past decade, along with the growth of sharing economy, economic shifts through implementation of technological concepts appeared such as Internet of Things (IoT) and blockchain [2–3]. This evolution opened up the way for new features and applications that leverage connectivity in physical objects, especially smart connected door locks that can be put to practical use by automating giving access to the right people at the right time. Furthermore by connecting smart connected door locks to digital marketplaces via smart contracts and blockchain, it will enable automated transaction and door opening process that will leverage peer-to-peer rental concept to new heights; creating new values that haven't been witness before. It will open up new way for new applications that leverage smart device connectivity to improve the quality of user-oriented services and drive productivity and reduce any unnecessary costs involved when sharing their physical assets.

Current Industry Landscape

Many digital marketplace service providers currently sits in between a homeowner and a guest. They have provided extremely well-designed interface, which allows millions of guests to find and book homeowners homes. Nevertheless, these services are costly and quality of user-oriented functionalities of these services goes only far as browsing and booking. Furthermore, many problems arise in current industry standard such as cost of operation, fraudulent listings, inconvenience of human to human interaction, and many more.

These issues can be addressed through blockchain and IoT implementation. Blockchain addresses identity and security. Internet of Things interaction addresses coordination of physical objects. By integrating IoT and blockchain, booking, payment and access control is automated and compressed into one streamlined process that is more efficient, easily accessible, and even cost effective.

OkeyDokey Value Proposition

OkeyDokey provides a system where blockchain based digital transactions is integrated directly to smart connected locks. In other words, once a guest books and pays directly to smart lock, it automatically grant access to the guest for the given time period. OkeyDokey is simple streamlined solution that automates booking, payment, and giving access to the user, which provides user convenience and cost savings for owners of physical assets. Moreover, blockchain secures the transaction in a decentralized network, hence hacking is basically impossible.

Owners of physical assets can now leave the complexity of managing bookings, payments, and access control to smart connected locks. Furthermore, with easier accessibility values created for guests and owner's operations involving minimal costs, return on investment for OkeyDokey smart locks system is very promising. OkeyDokey bring value by streamlining fragmented processes, and providing secure, hassle-free, and cost effective solutions.

For Property Owners and Guests

Ultimate management tool for the owners

OkeyDokey provides a streamlined booking and access management tool that is easy to use and hassle-free. It will automatically receive bookings, payments and open doors to guest that have been verified (booking-payment transaction) via blockchain network. For many owners of physical assets (rental homes, cars, bikes, etc.) they will be able to utilize OkeyDokey to manage without anyone being present. Access control management is taken care of by smart locking device. Managing physical assets is now hassle-free.

Streamlined booking to door access for guests

OkeyDokey is blockchain based door opening solutions that is designed to connect directly with digital payments transactions and user verification process when performing rental transactions. Until now guests either had to meet the owner, find keys under the mat, or ask for lock codes if the host has a digital lock installed to open the door. With OkeyDokey, if a guest books and makes payment, it will automatically synchronize that booking transaction via blockchain in OkeyDokey DApp. The guest will be able to utilize OkeyDokey DApp to open the smart lock at a given period of time. It is about interacting with a smart device/machine that is super easy to use and break down any language and cultural barriers when renting or purchasing physical assets and objects.

Technical Overview

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.

There are certain trade-offs involved in relying on public nodes. Public nodes often do not provide security-sensitive functionalities. This is for good reason only, because it would not make sense to hand over users’ private keys to centralized public nodes. One such limitation is the ability to sign transactions. The Okeydokey team will release a Javascript library, OKDKjs, along with the reference OkeyDokey DApp.

The Javascript library will be provided to provide solution for aforementioned limitations in public nodes, and it will be implemented in OKDKjs. Users will have access to full functionality of the Ethereum Web3 library, such as signing their token or contract transactions offline and locally, without relying on public nodes. To utilize the Javascript system stack, Facebook’s React Native Framework was chose to implement the mobile client.

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.

Let’s assume that a A’s home is equipped by smart contract enabled smart locks and B wants to rent out A’s home. B will complete the transaction by signing the smart contract along with funds transfer to A’s smart lock. When B requests door access the smart contract will automatically be verified via blockchain to check the authenticity of the transaction. If authentication is approved door will open.

With a smart contract, legal stipulations are also embedded in the computer code, which enables the automatic execution of functions defined by a legal contract. It also provides protection against duplicate transactions, as the contract will not allow for a booking that has already been made to receive additional booking. Smart contracts enables more efficiencies in legal contracts through a decrease in manual processing and initiation of contract terms, elimination of manual errors and double spending.

Decentralized Databases

Smart Contracts as Database

Contract-oriented software architecture introduces an added complexity compared to traditional object-oriented approaches, because contracts are not completely analogous to conventional classes - initialization and storage of contracts are much more expensive. Confronted with this predicament, the OkeyDokey smart contract employs the repository design pattern. Dedicated smart contracts store all data of each category, from Houses to Devices.

Swarm as Database

Another option for data storage is the distributed file system. The OkeyDokey Ecosytem utilizes Ethereum's Swarm as a means for storing and handling of data that is too large for EVMs. Currently, Swarm is still in its beta stages, and does not allow file encryption or deletion of data. Recognizing this present limitation, the OkeyDokey network only stores images in the Swarm network. Hashes of images (or their bzz addresses) are stored as byte strings in the smart contracts, to be fetched by the client using the provided Web3 library.

Internet of Things Interaction

The OkeyDokey Platform is designed to allow integration with an expandable catalogue of smart devices. OkeyDokey will be providing Javascript library as an API endpoint for third party developers to engage in development in the OkeyDokey platform. Smart device manufacturers will not have to communicate with the deployed OkeyDokey smart contracts directly. Instead, they would only need access to a familiar javascript interface in OKDKjs.

A user’s interaction with a smart device is a two-step process. The device is initially registered under the user’s public address, and the user can invoke several actions assigned to each device. A practical use case of a smart door lock registration process would typically be as follows:

  • Upon receiving a new Smart Lock, the user will connect the both devices to the local wireless network.
  • After navigating to the device configurations page, the owner will register his/her public address. This will trigger a transaction from the Smart Door Lock to a smart contract in the Ethereum blockchain, logging the user as a new owner of the device.
  • After the registration process, the owner can grant any user access rights to manipulate the device. A transaction is sent to OkeyDokey smart contracts every time a new user is registered.
  • Any authorized user can trigger a “open door lock” command. Once the user presses “open” in the DApp, a message will be sent over to the Ethereum network directly from the user’s DApp client to the designated door lock. This message will follow the Whisper protocol, a messaging protocol part of the devp2p Ethereum standard.
  • Once the door lock receives the Whisper message, it will verify the sender’s address with the deployed smart contract. Note the fee-less nature of the process.

Securing IoT Devices

Problems present connected IoT devices may face listed below.

  • Secure device connectivity
  • Corrupt individual device identity and reputation
  • Stealing information from devices locally
  • Hacking into devices and spoofing output data
  • Physical tampering and malware manipulation
  • Danger of hub device collecting information from connected devices being hacked

Access control deals with securing physical assets. Nevertheless, with IoT based access control, the network is vulnerable to various attacks. OkeyDokey controls smart locks and access control devices via smart contracts built on top of blockchain distributed ledger system that is practically impossible to hack. Unlike centralized IoT networks, blockchain is decentralized and has no single point of failure. Any hacking attempt on blockchain network will require massive amounts of computing power, and the shear economic loss will disincentivize anyone who performs such tasks.

Device Firmware Hashing

Device firmware can be hashed into the blockchain on a continual basis. If a malware alters the firmware code, can the hash failure will alert the device owners to foul play. This is not dissimilar to an immune system flagging a foreign body.

Verifying Transaction

Each transaction is made through multi-sig smart contracts signed with transacting parties’ private keys. This transaction becomes part of the encrypted block. For example, when a user transacting with the smart lock to receive access, user will sign the smart contract with his or her private key. In order opening the lock, the blockchain will verify the transaction whether user’s private key matches the private key signed in the smart contract.

Device Reputation Systems

Each device has a public address. Cryptographic authentication and reputation algorithms are encrypted into the devices. Then the device is audited and given its identity on the blockchain and identity will be irreversible.

OkeyDokey Features

Access Control Management

OkeyDokey access control management system will provide a simple to use application and automated easy to manage access control solutions for property rental applications. OkeyDokey’s smart contract library is equipped with flexible architecture to allow users to update their accommodations smart lock operation settings. OkeyDokey has provide settings parameters that allow different type of users to access the door with corresponding restrictions.

  • Basic door management system that is simple to add and delete doors/users as necessary
  • Booking and payment management for guest rental access
  • Flexible user access rights
  • Audits: Show and report on;
    • Lists of individual doors
    • Identification of users
    • Doors by floor, building, block, zone etc.
    • A report of every opening/closing registered by user managed smart locks
    • All events relating to the operation of the software
  • Different levels for operators (For larger building administrators)

Booking and payment management for guest rental access

Once OkeyDokey smart lock is installed to the door, owners of the property will be able to utilize OkeyDokey access management system. This tool will allow the property owners to list their property and broadcast their listings to OkeyDokey partnered distribution channels. When a guest makes a reservation and payment through OkeyDokey partnered distribution channel, transaction of smart contract will be deployed on the blockchain network. OkeyDokey smart lock management system will automatically collect and synchronizes booking and payment data provided by the blockchain. Once verification has been made by blockchain, the guest will be granted door access.

Generic access settings parameters

OkeyDokey is equipped with settings parameters that allow different type of users to access the door with corresponding restrictions.

  • Guest access: give the user access to their room number, duration of their stay.
  • Category access: give the user access to the category number, the validity period.
  • Zone access:  give the user access to the zone number, the validity period.
  • Time access: give the user access at only certain time that needs to be set on the door. Typically this will be the current time, and you will need to allow for the time it takes to take the card from the computer to be presented to the door.
  • Limit access: limit access function is used to prevent access to a user when the user’s private key is reported lost or hacked.
  • Stop access: when this card is used on a door, it will prevent all valid cards from accessing the door. To reactivate users, simply present this card to the door again.
  • Single access: only using for one time, can be issue and give to the guest in advance, but once used, cannot open again.
  • Limit all access: When this card is used on a door, it will prevent all valid guest cards from accessing the door.

Use cases

  • Homes: With OkeyDokey you can define who goes where and when by creating profiles for your family, guests or even your dog walker. Smarter hosting with easy self check-in and check-out for accommodation rental guests without intermediaries.

  • Hospitality services: Accommodation is one of the most important aspects of a traveller's time. And quality accommodation should be about more than just a simple room. With OkeyDokey, hospitality businesses can expand and improve the scale, reach, and quality of accommodation anywhere around the world.

  • Co-working spaces: Handing over keys and managing use of co-working spaces can be costly and inconvenient. Incorporating smart lock technology with access control features removes the pain and the costs involved in running a co-working space. With OkeyDokey, co-working spaces providers can manage and automate to offer upscale and convenient experience while also reducing overhead.

Digital Marketplace Integration

With OkeyDokey digital marketplace listing feature, property owners list their accommodations simultaneously on multiple channels. OkeyDokey provides a software module that integrates OkeyDokey smart contract library to rental platform channels. Owners will soon be able to experience the power of smart locks managing multiple channel bookings and payments, and even grant access automatically without the need of owner's physical presence.

Listing

Once OkeyDokey smart lock is installed to the door, owners of the property will be able to utilize OkeyDokey booking and access management system. This tool will allow the property owners to list their property and broadcast their listings to OkeyDokey partnered distribution channels.

Managing booking schedule and payments

When a guest books and pay OKEY Tokens through OkeyDokey integrated distribution channel, it will transact OkeyDokey smart contract and be stored as confirmed transaction in the blockchain. Blockchain's shared ledger this will always be accessible to OkeyDokey. Double booking becomes impossible because transactions will always be shared among the distribution channels integrated to the blockchain via OkeyDokey smart contract library. Once the rental contract has been made via smart contract and deployed in the blockchain network, it become immutable Another contract can only be made system acknowledging no overlapping periods.

Through this mechanism, OkeyDokey booking and access control management system will automatically collect and synchronizes booking and payment transaction for the property owners to view on their front-end user interface. Property owners/hosts will never have to worry about double booking ever again, furthermore, leave everything to OkeyDokey to perform automated task multiple channel booking management, receiving payments and opening doors to right guests at the right time.

Access Control

Opening doors to guests involves authentication process. OkeyDokey's blockchain integrated smart locks will only open doors to authenticated guests. When a booking transaction is made through OkeyDokey integrated 3rd party distribution channel, smart lock will check the authentication of the guest in the blockchain network. Once the guest's identification and transaction is verified, smart lock will grant access.

P2P Marketplace DApp

Sharing economy is a very powerful idea where peers come together to create and share wealth. OkeyDokey provides a streamlined digital to physical operation for sharing economy via blockchain and IoT. Blockchain integrated smart connected door locks are enabled to enter into booking agreements and receive payments. Once the payment has been received and authenticated by the blockchain, smart locks will grant access. This automated process of booking-payment-access, connecting the digital and physical actions makes sharing economy more easily accessible to both hosts and guests.

Listing Configuration

Upon receiving a new smart door lock device, the user will connect the door lock to the local wireless network. After navigating to the door lock configurations page, the owner will register his/her public address. This will trigger a transaction from the door lock to a smart contract in the blockchain, logging the user as a new owner of the device.

Booking-Payment-Access

Guest can browse homes, offices, storage spaces, etc. on the marketplace page and make reservations. Payment is processed in the following manner. Blockchain doesn’t require any third-party payment processors, hence guests pay hosts (smart lock) directly in OKEY Tokens.

Once a guest finds a suitable accommodation option and pays for a reservation in OKEY Tokens, fund will be transferred to a Temporary Wallet. A smart contract containing all the terms is concluded between the guest and the property owner. If there is a security deposit involved in the booking, amount of fund accounted will held in the Security Deposit Address.

Upon check-in, the guest accesses the host’s smart door lock by using the mobile application to open the door. The system perceives this as "check-in" and OKEY Tokens are transferred from a Temporary Wallet to the wallet of the property owner. The guest receives the right to use the property for the duration of the contract.

Returns

When a guest leaves the rented property, the guest can tap the checkout button by using mobile application. If there is a security deposit involved in the booking, and if no conflicts arise, the contract dispatches the OKEY Tokens held in the security deposit address to the appropriate guest wallet addresses.

In case of a conflict such as damaged goods or property, the host can request an arbitration to take place. During this process, OKEY Tokens kept in the Security Deposit Wallet. Both guest and hosts will go through the arbitration proceedings. Upon the closure of arbitration, the funds will be transferred to the winning party’s wallet address.

Arbitration

When there is a dispute between parties over damaged property and goods, the host has the option to fill out a claim form and send the issue for arbitration. Only hosts who have requested the security deposit from the guest will be able to process the arbitration. The dispute will be sent to a third-party arbitration platform. The case can be selected by prospective jurors who are randomly chosen using a sequential proof of work seed mechanism. These jurors are shown evidence that is kept private via a hash encryption in order to protect the sensitive information of the users and provide a proof to the blockchain without revealing the data.

Within the arbitration platform, prospective jurors are chosen through random selection process. Once the jurors are selected and given access to the dispute information, they have a set time to look over the evidence, provide justification, vote, and decide on how to settle the conflict of settling the security deposit. Committed votes are immutable and are not revealed to other jurors to prevent voting influence [4]. Jurors are then compensated by fee which will be relative to the various disputes as coded into the smart contract.

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 Tokens in the OkeyDokey ecosystem, as well as the stable demand for cryptocurrency from users side.

Token Utility and Flow of Funds

OKEY Token mainly serves as a usage token to participate in sharing economy. OKEY Token is what operates the smart contracts that confirm identities, gives access by opening locks, and even settle security deposits when disputes arise.

The flow of funds within the platform is realized by the use of OKEY Tokens. OKEY Token is a usage token used on the platform to transfer value between lock users to its manufacturers and guests to hosts. OKEY Tokens can be exchanged for fiat currencies or vice versa (subject to exchange rates), and the well established cryptocurrencies such as Bitcoin and Ether.

Payment in Digital Marketplaces

OKEY Token mainly serves as a usage token that gives access to users to participate in booking accommodations via OkeyDokey booking application or 3rd party digital marketplaces for accommodations such as Airbnb, HomeAway, Flipkey, Expedia. (These companies are not relate to actual contracts. It is a representation of potential partners)

Guest will pay in OKEY Tokens to rent out host’s accommodation. During this process OKEY Tokens will be transferred directly between guest’s public address (wallet) to the host’s public address via blockchain without any payment intermediaries. Once the transaction is completed and guest’s identity (public address) and transaction verified via blockchain, he/she will be granted access to smart lock.

Roadmap and Milestones

Q1 2018

  • Whitepaper release
  • Prototype

Q2 2018

  • Public Crowdsale
  • Announce Partnership

Q3 2018

  • Token valuation report
  • Module update and API alpha release

Q4 2018

  • OkeyDokey conference in Seoul and Singapore
  • Annual report
  • API beta release

Q1 2019

  • OkeyDokey MVP goes live
  • Smart lock implementation
  • iOS Android app launch
  • Market: South Korea, Singapore, UK, Germany, Sweden

Q2 2019 +

  • 1st phase : East & South East Asia
  • 2nd phase: Europe
  • 3rd phase: Americas and Europe

Team and Advisors

Standing Advisors

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

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.

Team

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 | 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 | 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 | 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.

David Song | Blockchain Engineer

David majored in Computer Science at Carnegie Mellon University and has always been interested in projects involving distributed systems. Before OkeyDokey, David's passion was Coffeesync, which was his take on synchronize file management on multiple clients. He is a Javascript enthusiast. His experience in distributed storage is invaluable to the team as we deal with blockchain optimized storage solutions in OkeyDokey.

Venessa Hwang | Blockchain/Web Engineer

Venessa 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 Javascript enthusiast and currently a front-end web developer at OkeyDokey.

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.

Advisors & Investors

Inmok Yoo | Advisor

Inmok Yoo has more than 35 years of experience in construction industry. He is the founder and CEO Techno Village, a home network systems provider in South Korea. Techno Village was established in May 2000 through consortium of 15 domestic construction companies such as Daewoo E&C, Lotte E & C, Kumho Construction, and 7 IT venture companies. Previously, he has worked as a public relations manager for Daewoo Group. His experience in construction is invaluable asset to OkeyDokey as he will be advising sales and marketing strategies at OkeyDokey.

Daniel Zhang | Advisor

Having been trained as an architect at Carnegie Mellon University, he continued his doctorates in India and Germany, Daniel is a Founder of P8, a top education and cultural incubator in Hunan, Changsha, with gross value of companies 3 billion RMB. His current work also includes, Sky University J57, a 57 story building filled with industry research and education ecosystem in Broad Town, China. He has worked to introduce Broad Sustainable Buildings (world's fastest, largest and tallest steel modular housing constructions to date), his father, Zhang Yue’s invention. With sustainability as the key message, they together believe these are the only solutions to the challenges of human urbanization on every continent.

Sokho Jung | Advisor

Mr. Jung has over 25 years of investing and banking experiences in Asia and USA. His investing experiences encompass a variety of investing from private equity, venture capital, public equity and distressed debts. He is a Managing Director for Asia Growth Capital Advisors (“AGCA”), a Singapore-based private equity investment firm. Prior to AGCA, he worked with Credit Suisse Private Equity Asia Fund from 2008 to 2010 as the Managing Director for Korea and Standard Chartered Bank from 2002 to 2008 as Head of their Korean private equity business. He has also worked previously with Pacific Gemini Partners LLC in Los Angeles, Coopers & Lybrand LLP in New York and Bankers Trust in Seoul.
 Mr. Jung holds a Bachelor's Degree from Seoul National University, Master of Science in Statistics and Operations Research and MBA from NYU, Leonard N. Stern School of Business.

Yeonju Chung | Angel Investor

Mr. Chung is well known in construction industry as a former Vice Chairman of Samsung Group. During his days in Samsung he served as the CEO, Samsung Engineering Co., Ltd. and Samsung Construction & Trading Co., Ltd.

Shinseop Kim | Angel Investor

Mr. Kim Studied at Stanford Graduate School of Business and Seoul National University. He was a researcher at Daewoo, a credit analyst at UBAF Bank, and a fund manager at KDIM. He is CEO of venture capital firm Addval Capital. Mr. Kim is well known for his investment in stock market and venture investments, where he profited over 70,000% return on investment over seven year period.

ICO and Token Distribution

Token Supply and Distribution

Total supply 1,000,000,000 OKEY Tokens
Rate 1 ETH = 20,000 OKEY
Soft Cap 15,000 ETH
Hard Cap 30,000 ETH

1,000,000,000 OKEY tokens have been created and the total amount amount of tokens will be distributed in the following manner.

  • 600,000,000 tokens distributed for public sale to develop user network
  • 200,000,000 tokens allocated as company reserve for future use when needed
  • 200,000,000 tokens allocated under OkeyDokey team and advisors

Public Sale

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.

Company Reserve

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.

Team and Advisor

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.

Allocation of proceeds from token sale

OKEY Tokens sold during the token sale will be used to fund toward development and scale the platform for global deployment. Of the proceeds from the token Sale, the funds will be allocated in the following manner.

  • 45 percent of funds will be used to fund OkeyDokey platform development.
  • 35 percent of funds will be used to fund marketing and sales expenses to form strong alliance of partnership and raise OkeyDokey profile and attract participants.
  • 15 percent of funds will be used to meet other general operational costs
  • 5 percent of funds will be used for legal and general administration purpose.

OkeyDokey aims to achieve all milestones on displayed on the roadmap, regardless of the funding amount raised from the Token Sale. Soft Cap is the minimum amount of contribution received from the crowd sale that OkeyDokey team can work in development regarding product quality assurance and mass production operations. Okeydokey will refund purchase funds minus transaction charges if the minimum threshold or Soft Cap (15,000 ETH) is not reached by the end of the public sale.

Token Sale

OkeyDokey will perform token sale in the following schedule. All participants in the token sale will be offered a discount in the following manner.

Event Time Tokens for Sale Bonus
Reservation Sale May 25, 2018 - July 10, 2018 30,000,000 OKEY 35%
Pre-sale June 15, 2018 - July 4, 2018 120,000,000 OKEY 25%
Public Sale July 11, 2018 - August 24, 2018 450,000,000 OKEY 10%

Only Ether will be accepted as payment for the sale. Payment will be received at https://okeydokey.network and at no other domains or portals. OkeyDokey may liquidate or hedge the cryptocurrencies received for tax and price volatility reasons.

Distribution of OKEY Tokens

The Tokens will be allocated according to the rate set on the table above, and the amount of tokens to be distributed will be calculated according to the rate. By no later than 4 weeks after the closing of token sale event, OKEY Tokens will be sent to the Ethereum address provided by the contributor at the time of the purchase. OkeyDokey will not accept any responsibility for the incorrect delivery of OKEY Tokens due to invalid Ether addresses supplied. See the full Terms and Conditions released at the time of the token sale.

Disclaimer

This document is a technical white paper setting out the current and future developments of the OkeyDokey Platform and OkeyDokey Ecosystem by OkeyDokey Pte., Ltd. (OkeyDokey).  

This paper is for information purposes only and is not a statement of future intent. Unless expressly specified otherwise, the products and innovations set out in this paper are currently under development and are not currently in deployment. OkeyDokey makes no warranties or representations as to the successful development or implementation of such technologies and innovations, or achievement of any other activities noted in the paper, and disclaims any warranties implied by law or otherwise, to the extent permitted by law.

No person is entitled to rely on the contents of this paper or any inferences drawn from it, including in relation to any interactions with OkeyDokey or the technologies mentioned in this paper. OkeyDokey disclaims all liability for any loss or damage of whatsoever kind (whether foreseeable or not) which may arise from any person acting on any information and opinions relating to OkeyDokey, the OkeyDokey Platform or the OkeyDokey Ecosystem contained in this paper or any information which is made available in connection with any further enquiries, notwithstanding any negligence, default or lack of care.

The information contained in this publication is derived from data obtained from sources believed by OkeyDokey to be reliable and is given in good faith, but no warranties or guarantees, representations are made by OkeyDokey with regard to the accuracy, completeness or suitability of the information presented. It should not be relied upon, and shall not confer rights or remedies upon, you or any of your employees, creditors, holders of securities or other equity holders or any other person. Any opinions expressed reflect the current judgment of the authors of this paper and do not necessarily represent the opinion of OkeyDokey. The opinions reflected herein may change without notice and the opinions do not necessarily correspond to the opinions of OkeyDokey.

OkeyDokey does not have an obligation to amend, modify or update this paper or to otherwise notify a reader or recipient thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. OkeyDokey, its directors, employees, contractors and representatives do not have any responsibility or liability to any person or recipient (whether by reason of negligence, negligent misstatement or otherwise) arising from any statement, opinion or information, expressed or implied, arising out of, contained in or derived from or omission from this paper.

Neither OkeyDokey nor its advisors has independently verified any of the information, including the forecasts, prospects and projections contained in this paper. Each recipient is to rely solely on its own knowledge, investigation, judgment and assessment of the matters which are the subject of this report and any information which is made available in connection with any further enquiries and to satisfy itself as to the accuracy and completeness of such matters. Whilst every effort is made to ensure that statements of facts made in this paper are accurate, all estimates, projections, forecasts, prospects, expressions of opinion and other subjective judgments contained in this paper are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Any plans, projections or forecasts mentioned in this paper may not be achieved due to multiple risk factors including without limitation defects in technology developments, legal or regulatory exposure, market volatility, sector volatility, corporate actions, or the unavailability of complete and accurate information.

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