The OPEN cryptocurrency payment solution that’s now available on KuCoin. If you’re looking to invest in a new cryptocurrency innovation that could perform better than any other in your portfolio before everyone else does, this is it. Few blockchain technologies are aligned to be as disruptive as OPEN.
Existing Cryptocurrency Payment Solutions are Still Broken
It’s been almost a full decade since the first cryptocurrency dropped, and yet we’re still using transfer protocols that resemble their earliest iterations.
Existing cryptocurrency payment solutions favor one application or the other, and are incredibly difficult to implement for both business owners and developers alike. They are not the “open” and “decentralized” godsend they claim to be.
They’re still held together with duct tape and tribalism.
There are over $400 billion dollars of liquid digital currency that exists in the form of cryptocurrencies right now –and yet there is still no way for digital applications to accept all of them easily; online payment forms still discriminate.
To date, none of them provide the necessary payment infrastructure for application developers that make use of cryptocurrencies in the same robust way that FIAT payment services can.
Solutions are fragmented, proprietary, and lacking in scale –what works for accepting one cryptocurrency may not work for another.
OPEN is the first cryptocurrency payment solution to grab the baton and take the lead.
Introducing the OPEN Blockchain Platform, an Interoperable Crypto Payment Solution
Imagine a world where businesses can accept all popular cryptocurrencies as payment from a single form built within their application, d-app, or website.
Now imagine that payment form only required between 10 – 20 lines of code to work reliably and was as easy to implement as embedding a YouTube video into a web page.
That’s what the OPEN Blockchain Platform is already en route to deliver. In this article, we’ll briefly cover how this is possible, the technologies that make it possible, and the backers who believe OPEN will make it so.
Let’s start with the backers.
Who is Backing the OPEN Chain?
The OPEN Blockchain Platform is now being listed on Kucoin crypto exchange, and it’s being backed by familiar faces behind historical Coin Market Cap Top 30 coins — including NEO, ICON, VeChain, Ontology, and Zilliqa.
More name candy on the OPEN team roster that possess a proven history of technological wizardry include; Will Bunker (former Match.com president), Lorne Lantz (PayPal Partner and Payments entrepreneur), Roger Lim (NEO Global Capital), John Gardiner (pioneering partner for Facebook Messenger Games & Apps platform), Andrew Leung (Lead Architect and Design on Grindr app), and Steven Zhang (received backing from MaRSDD and Velocity Accelerator at UW), among others.
The OPEN Blockchain Platform is already moving forward at an alarming rate and the bulls are right around the corner.
Time is of the essence for those that still want to get in on the ground floor.
The Technologies Under the Hood
The OPEN Blockchain Platform has a number of moving parts mentioned in their white paper and slide deck. In plain English, it will be able to “talk” to other blockchains without being a bottleneck to the speed with which it can do so.
Rapid Consensus Mechanism: The OPEN Chain uses its Rapid Consensus mechanism to power it, and it works in tandem with other building blocks, so to speak: OPEN Cluster, Scaffolds, OPEN State, and a Blockchain Load Balancing Protocol.
OPEN Cluster: The OPEN Cluster is an ecosystem of interoperable blockchains that use individual gateways called Scaffolds which communicate information from OPEN Chain to OPEN States.
OPEN STATE: An application’s backend will be linked to an OPEN State that works as a single source for all on-chain data being pushed through its blockchain cluster.
Blockchain Load Balancing Protocol: The Blockchain Load Balancing Protocol ensures speed by parallelizing its data processing in between blockchains to reach a level of speed and reliability never seen before.
Application Scaffold: When an Application Scaffold is deployed on the OPEN Chain, they’re simultaneously deployed across all blockchains in the OPEN Cluster.
After transactions are processed on the OPEN Chain, they’re threaded together by the Blockchain Load Balancing Protocol to respective blockchains on the OPEN Cluster. Combined these standalone parts of the OPEN Blockchain Platform work together to create the most user-friendly, scalable blockchain technology to date. The speed and redundancy of OPEN make it a dark horse to centralized in-app, d-app, and online payment solutions.
Comparable Use Cases to Traditional FIAT Payment Gateways
Scaffolds can be configured by developers to process one-time cryptocurrency payments or initiate ongoing subscriptions. Crypto payees can also be tracked, verified, and authorized just like they would be with any traditional FIAT payment system.
OPEN also makes it easy for developers to update the application layer via the OPEN API.
Does any of this sound a little familiar? The developer-friendly approach of the OPEN Chain is quite similar to Stripe.
Other OPEN Chain use cases include eliminating reliance on mainstream app stores like Apple’s App Store or Google Play for in-app payment processing and purchases.
Wrapping it Up
Remember when Elon Musk and his colleagues went public with PayPal? Wouldn’t it have been a real nice payday to get in on that before it blew up? This is like that. These opportunities don’t come up every day, and even fewer are as promising.
OPEN says their primary goal is to further the evolution of decentralization “in a way that’s user and developer-friendly”. That’s a bloody understatement –and why it is an opportunity that cannot be ignored!