What is OPEN?
OPEN is the first cryptocurrency payment solution for applications,d-apps, and websites. It’s an infrastructure that enables code from an app’s backend to communicate easily with a cluster of different blockchains.
In a sense, OPEN is as easy to deploy for developers as it’s FIAT cousin, Stripe. The platform provides developers with the ability to handle on-chain transactions while at the same time and still have access to the necessary information for their off-chain application databases.
The OPEN Platform has already garnered strong social community support with over 60,000 followers aggregated on various social platforms including Facebook and Twitter and over 150,000 in email support.
OPEN is publicly trading on Kucoin exchange, and the supported trading pairs include OPEN/BTC and OPEN/ETH.
What solution does OPEN offer the Market?
OPEN presents an end-to-end decentralization platform with the ease that Stripe brings to FIAT payment infrastructure, Twilio to SMS infrastructure and SendGrid to email.
It presents a solution that appeases all the parties and players involved from the developer to the end-user and the overall blockchain community –and it provides an opportunity for small businesses to level up and get their hands on the ever-expanding crypto marketplace.
With the OPEN Chain platform, a developer only needs to add a few lines of code to their application to deploy the OPEN API that then does the rest of the background “stuff”.
What Was The Problem In The First Place?
Despite the potential the cryptocurrency market presents for all businesses and consumers, the everyday developer has had no easy way to get their digital apps to accept crypto payments.
In the least, this certainly couldn’t be done with the same ease as developers had integrating FIAT payments processors using solutions like Stripe or PayPal.
A major challenge is that cryptocurrency wallets and applications could not communicate in a way that makes sense to your average developer. The applications need user data and other transaction information that the cryptocurrency wallets, predominantly on-chain, could not provide right out of the box.
In essence, there was a missing link between the application’s backend and the wallet or smart contract on which they were communicating with on the blockchain.
Developers also faced a challenge of having to learn to code in a blockchain’s language (Solidity or Rholang) to be able to integrate crypto elements into their backend.
This disconnect between the blockchain and the off-chain is one of the frustrations that OPEN seeks addresses.
How Receptive is the Market to the OPEN Solution?
The market has been very receptive to innovations in the payment platform space, and they’re very willing to invest. Ripple has been seen as one key solution, but young Millennial investors are leery about entrusting a blockchain solution organized by the banks and all their “too big to fail” notoriety (and bullshit).
Recent players in this space, albeit for FIAT, have seen great market adoption and growth; notable mentions being Stripe, valued at $9BN, PayPal valued at $90B and Braintree with $800M valuation.
The growth that the cryptocurrencies and blockchain as a platform are likely to enjoy is synonymous with the growth that mobile as a platform attracts.
In the four years between 2008 and 2012, PayPal processed $14B in payments on its mobile payment platform. This volume later grew to $175B by 2015.
Similarly, the Google Play store was rapidly adopted by developers, and the store rapidly grew to have almost 4 million available apps between 2009 and 2017. Its counterpart the Apple Store also processed $28B in app-payments in 2016 alone.
What’s the Technology behind OPEN?
The major components underlying the OPEN platform are the Open wallet, Open state, Scaffold system and Open API. The OPEN API and Scaffold generator lie off chain along with the application database, while the open wallet, Scaffold, and Open State launch on chain.
The wallet incorporates decentralized exchanges as well as other OPEN features. The OPEN State stores encrypted transactions information and history that it passes on to and from the application and the blockchain.
The scaffold is launched on the blockchain’s point of sale and, along with the scaffold generator that lays off chain, handles the payments from the use and on the blockchain.
The OPEN API acts as the link that bridges the blockchain and the application’s backend.
The OPEN Technology in Action
If say, an app like Candy Crush wanted to leverage the immense liquidity potential of the cryptocurrency market by accepting a crypto payment, the application would;
- Use the scaffold generator to deploy a Scaffold, OPEN API and software development kit (SDK) on to the blockchain
- OPEN State would then be created to track the payments of Gems and later authorize the payment on the blockchain; the payments would have been received Open Wallet
- Via the OPEN State, the application then receives the user’s payment and corresponding transaction information that it then passes on the database and elsewhere
These Features and Benefits Make OPEN Stand Out
All the key players involved in blockchain payment processing stand to gain from the OPEN infrastructure.
To the developer, OPEN resents a developer-friendly solution that enables the developer accept any cryptocurrency, on any smart contract blockchain using any application payment scheme.’
The solution is developer-friendly in that the developers don’t need any extra blockchain knowledge or infrastructural initiative on their part, yet they still get to enjoy the interaction with the blockchain as they do with the FIAT system.
To the blockchain industry, OPEN has filed the gap of missing components that prevented wallets from communicating effectively with application databases. Both existing and decentralized-apps now get to engage seamlessly with the blockchain industry seamlessly.
OPEN is Platform Agnostic
Another important point to note is that OPEN is “blockchain agnostic” meaning it interacts with multiple blockchains, it isn’t purpose-built for a single coin; a freedom it presents to users and their developers.
With the OPEN Platform, end users receive more digital assets and developers receive larger profit margins as they would for a similar FIAT purchase.
How Open Compares To Existing Fiat Processing Companies
OPEN aims to match the existing FIAT payment processing solutions with a blockchain infrastructure, and there’s indeed great demand for such an infrastructure.
In fact, OPEN compares with Stripe in its ease of deployment and the simple and developer-friendly under-the-hood infrastructure.
For this reason, it’s quite a cost-effective solution to businesses of all sizes, especially because of the rapid deployment it provides for apps, d-apps, websites and other eCommerce stores.
OPEN’s off chain features are synonymous to that of the FIAT payment systems, in that despite conducting transactions on the blockchain, it still provides information that ties the transaction to the user and authenticates the transaction.
- Supports subscription and one-off based payments models, and also ties in shipping and extra metrics that facilitate proper billing
- Enables flexibility for larger projects through its OPEN API
- Removes reliance on third-party App store payment processors, so developers get to standalone
- Easy to deploy crypto payment processors; with minimal or no blockchain knowledge
OPEN matches the traditional FIAT experience everyday users and developers are accustomed to; only it also does away with the exorbitant middleman fees. More importantly, being easy to use and deploy, it opens app developers up to the high volume of cryptocurrency liquidity they otherwise had a problem tapping into.