OPEN Platform Review – Blockchain application payments platform

OPEN platform basically functions as a bridge between blockchain technology and traditional applications. OPEN is one of the first blockchain platforms which allows the integration of cryptocurrency options into an applications’ existing payment structure. In other words, the platform allows the use of cryptocurrencies as a valid method of payment on almost any application.

OPEN has a structure which has been specifically simplified to make it easy to use for app developers. They do not need to have background knowledge in blockchain development. It has an open-source design that makes it possible for developers to opt for plugging in apps without having to develop separate code for payment processing or having to tamper with their existing back-end processes. The design also helps them to develop in their preferred language. OPEN offers a promising flow of revenue to companies as the platform is a great way to integrate payments with cryptocurrencies into existing applications.

OPEN has an expert team of industry professionals and advisers. Their CEO, Ken Sangha, has served as a professional consultant to several startups. Also on the team is Andrew Leung, the company’s CTO who also has several years of experience working as a software engineer. Other members of the team boast of years of experience in different fields including blockchain, software development, and management. A team of advisers also consult the company on different aspects including finance, payments, and operations.

Key Features and Advantages of OPEN

Decentralized Payment Gateway Verification – OPEN interfaces with blockchain technology to create a decentralized payment verification gateway which has the ability to accommodate a wide range of pricing schemes currently being utilized by existing dApps. The payment gateway is also relatively simple to implement on pre-existing digital infrastructures.

Integration of dApps Into Existing Digital Frameworks – OPEN has been designed in a way that makes it easy for dApps to be integrated into the existing digital frameworks with little or no stress.

Speed – The network has also been designed to make for execution of transactions within seconds. The speed with which transactions will be executed will not in any way compromise security as each payment will be verified before initiation thereby ensuring all-round protection.

Vast Compatibility And Connectivity – OPEN is compatible with many external libraries including ETHJS and web3.js and other systems such as enterprise SaaS. OPEN’s API is highly comprehensive and has been designed to eliminate the complexities associated with application architecture. It also has an App layer which is spread across existing codebases.  

Scaffold Protocol – OPEN uses a Scaffold protocol which acts as payment infrastructure and verification scheme for different dApps.

Usability – The platform serves as a bridge between blockchain technologies and real world payment solutions as the payment module offered by the platform is compatible with all of the major financial schemes that currently exists within blockchain.

OPEN Token And Its Uses

Breakdown of the total token distribution

OPEN is OPEN platform’s token with a total supply of 1 billion tokens. The platform states that 50% of its token will be sold in the ICO. OPEN will be the major currency utilized to facilitate all transactions and make payments within the OPEN ecosystem. The platform will reserve a pool of OPEN tokens for the purposes of attracting, adopting, and supporting new applications.

OPEN is a utility token capable of being used in diverse ways within the OPEN system. It has the ability to activate its scaffold that will allow developers to receive timely remunerations. The token will also provide a mechanism to simplify adoption of the platform by adopting developers.

The general uses of the token will include: payment for all purchases made on the network, fostering intra community involvement via airdrops from developers and also staking scaffolds i.e. locking up certain portion of tokens to guide against bad behaviour.

 

Resources:

Website: https://www.openfuture.io/

Whitepaper: OPEN Platform whitepaper

Telegram: http:/go.openfuture.io/xc9x

Blog: https://blog.openfuture.io/

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.