OPEN Platform - Taking Cryptocurrency Payments Mainstream

Open Platform: Introduction

The blockchain technology evolving daily with development of smart contracts executing commands of different nature and complexity as well as the development of decentralized applications to provide solutions to real life problems and also make life easier. The successful mainstream adoption of blockchain technology still has some way to go as there are still challenges when it comes to integrating the blockchain with existing infrastructure. Something had been missing all along.
Photo by William Iven on Unsplash

The problem

There is no blockchain infrastructure in place for applications, what am I saying? Right now centralized and decentralized applications are standalones with centralized application developers lacking a crypto based payment channels for their in-App payments. There needs to be a decentralized layer between centralized applications and the blockchain to enable developers to integrate decentralized custom payments scheme into their application, accepting any cryptocurrency in the process and also be able to synchronize transactions into their existing infrastructure.
Ever thought about a decentralized platform for both centralized and decentralized applications? Yes its possible but currently inexistent on the blockchain. A decentralized platform that promotes development of both on-chain and off-chain applications with integrated payment rails to bypass third party payment channels and their high transaction cost by accepting cryptocurrency payments and also helping developers with no prior blockchain knowledge to create applications.
This is important in order for the adoption of cryptocurrencies to go mainstream.

The OPEN Solution:

Open platform offers the innovative solution to all of this problems, powered by the blockchain and governed by a smart contract; Open integrates on chain payment systems with off chain applications in a way that has not before being seen and also in the process ensuring faster transactions, low transactions costs and a trusted decentralized platform.
Open Platform targets the massive Applications market with millions of potential daily user and developers transacting in millions of dollars daily. The developers generate their income from transaction fees from which a chunk of it is taken by the third party payment options developers have to use. 
Now with the blockchain based Open platform, there is a payment option that doesn't require a sizeable investment in infrastructure, database and personnel Meaning there is little need for funds in the processing of transactions and a resultant low cost of transactions.

Example Use Case: 

Mr. James owns an online ecommerce business that specializes in accepting grocery orders from customers and delivery of these groceries to their location. Customers currently pay online using their Visa or MasterCards as payment options. Mr James is however willing to accept crypto payments for his services but this will require a complete redesign of his application.
Mr. James is now thinking about how to integrate blockchain with his business but has no blockchain or crypto technical experience. Also if he can hire someone to do this for him, he'll have to integrate the acceptance of a specific cryptocurrency or a few range of cryptos.
Open platform is the solution to his dilemma; with Open he can seamlessly integrate crypto payments into his business in the same way he uses, Visa, MasterCard or PayPal. 
Open's API (Application Programming Interface) has been designed to perform like that of the centralized payment options opening up a connection between multi billion dollars industries of cryptocurrency, applications developments among a host of other billion dollar industries.

Conclusion

I will be stating in my next article, why I believe Open Platform to be a project worthy of investing in. This is however not a business or investment advice and should not be used as such I am only sharing my personal views on a project I have researched, so do your due diligence before investing in any crypto related project.
Join the Open Platform community with the conversations on Telegram here http://go.openfuture.io/xc9x  for more information visit the website https://www.openfuture.io/ and whitepaper https://s3.amazonaws.com/openmoney/OP-WP-2018-01-30.pdf 
Connect with me on Bitcointalk here:  https://bitcointalk.org/index.php?action=profile;u=1556229 

Comments

Post a Comment

Popular posts from this blog

IRON X - Cryptocurrency Exchange For Mainstream Adoption

Image
Iron X Project Introduction January 3rd, 2019 is the date marks the ten year anniversary of the invention of bitcoin and the blockchain technology. Over the past decade, thousands of cryptocurrencies have been invented by several companies who see the huge potential the blockchain technology possess. The true extent of the blockchain's potentials is yet to be seen as new development, improvements and innovations keep revolutionizing the crypto space. The open source nature of the blockchain means that new companies can easily source funds from investors through public ICOs in exchange for the native token of such project. This has consequently seen the number of cryptocurrencies increase at a huge rate and the market growing at a massive pace. Crypto users and investors rely on exchanges for the purchase if their crypto assets, diversification of their portfolios and also trading activities. The size, volatility and relatively new nature of the crypto market mean that
Read more

VANTA - The Future Of Real-Time Interaction

Image
Vanta Project Review Introduction Data has been at the backbone of technological advancement over the centuries. These pieces of information and a set of values derived in their raw form or as results of the further analysis is a major part of human civilization. Data is been generated, transmitted continuously and along with technological advancements, data has become more important to us than ever before. The Internet ever since its invention till this moment has been the major tool for assessing, collecting, analyzing, transmitting and storing data. To make this possible, the major internet service providers have invested and are still actively investing billions of dollars in physical infrastructures, in order to cope with increasing demand on the rapidly increasing internet users worldwide. Pain Point The rapid increase of internet users worldwide, combined with lots of groundbreaking inventions like IoT (Internet of things) has increased enormously the load on the In
Read more

Get Ready To Be Rewarded For Streaming With CURRENT CRNC

Image
Project Introduction: The commercialization of the internet since it began in the mid-90s has changed the way we humans; interact, communicate, share experiences, have fun, do work and express our emotions. This has led to an increase in internet based companies who with great ideas, offer amazing services to better the lives of the people and in turn make enormous profits.  Consumer data is the air that this Internet services breathe and is what makes them thrive but in return the consumers use the service, donate their data and don't get a share of the rewards. Intellectual properties like music and videos are paramount in entertainment. Already consumers expend their data and sometimes money to enjoy these products with no form of monetary gain. What if there was a way to get rewarded for doing thing we already love doing? The blockchain has proven to be a even more revolutionary technology with which innovative solutions are provided for existing real life problems
Read more