One of OPEN’s foundational beliefs is that the future is decentralized. Obviously,for this to take place, cryptocurrencies have to achieve the functionality and the efficiency that fiat currencies have come to be known for. It’s the only way to create cryptocurrencies that are useful in day to day activities even for Blockchain technology enthusiasts.
This is the aim of OPEN, to create a global ecosystem of applications that accept cryptocurrency as seamlessly as they accept fiat currency.
To best solve the problem of mainstream uptake of cryptocurrencies and Blockchain technology, OPEN believes that a combination of both off chain and on chain components of Blockchain technology have to be achieved. In fact, by allowing both worlds to co-exist, OPEN believes, the outcome to be a more robust solution for the future as developers will be able to create both on chain API structure as well as off-chain ones.
After all, OPEN has already learned from building its own API (and after deep consideration from the team) that there is a capacity for solving a lot of on chain implementation and mainstream adoption issues by taking advantage of both worlds and coming up with scalable solutions that also allow for interoperability in contemporary market environments. This way OPEN makes it easy for both Blockchain platform users and Blockchain developers to benefit.
Now OPEN is proudly announcing its Blockchain adoption master plan set to be implemented into the mainstream space over the next few years. With this new development, users will be able to pay for regular day to day services and products such as movies, groceries etc. using cryptocurrencies.
How will this be achieved?
Well, by enabling developers to build Blockchain solutions that are amicable and capable of communicating in secure environments with centralized application databases, OPEN is set to see through a powerful vision of cryptocurrency utility in contemporary services with its future partnerships.
An Overview of OPEN Chain
OPEN CHAIN is an interoperable data transfer protocol built on top of a high throughput Blockchain network. OPEN is at the forefront of creating solutions that allow developers to achieve mainstream adoption through the integration of other Blockchain technologies into centralizedsystems without compromising on scalability and efficiency. To accomplish this OPEN is creating the following:
OPEN chain: this is a Blockchain built with the OPEN Rapid Consensus mechanism, featuring high throughput
OPEN Cluster: is an ecosystem of interoperable Blockchains
Scaffolds: these are interoperable data gateways that translate on-chain data into open states while being deployed to the Blockchain with an open cluster protocol
Open state: these are linked to the back end of the specified application and comprise of singular sources of chain data spread across an open cluster Blockchain network.
Blockchain Load Balancing Protocol: to achieve outstanding throughput levels, this protocol turns a network of interoperable Blockchain networks into data processing engines on an open cluster platform.
After a Scaffold of open chain application is deployed on the network by a developer, the entire open cluster of interoperable Blockchains will be updated with the new development. Initially each transaction is processed on a high throughput open chain with an ORapidConsensus mechanism.
As the throughput limits approaches its maximum capacity, OPEN takes advantage of Blockchain’s load balancing protocol toparallelize data processing by threading transaction among the different Blockchains. At the point at which a Scaffold is hit by a transaction, data is translated into the OPEN state by the Scaffold. As a result, all the information from an application, as gathered from the OPEN cluster Blockchains, is held by the OPEN state for developers to link to automatically as they synchronize their backend with the off chain database.
In case a developer needs to integrate their application with any Blockchain so as to accept payment in cryptocurrencies, all that is required will be a deployment of the Scaffold on to the OPEN chain with the help of the Scaffold Generator. As a result the Scaffold will get ported onto each and every high throughput Blockchain automatically with links to incoming data on the developer’s backend all in a few coded commands. This allows OPEN to equip Blockchain architects and developers with the right infrastructure for the integration of Blockchain technology in existing centralized applications.
Eventually,OPEN will establish a developer friendly, interoperable and user accessible Blockchain that is also scalable. By leveraging its own existing Blockchain network as well as a consensus mechanism OPEN will manage to create the best solution for mainstream adoption of cryptocurrencies. Furthermore, the OPEN team is made up of application engineers with a deep knowledge of the required Blockchain protocols that allow for the creation of competitive solutions.
As a demonstration of its dedication to offer its community more value, OPEN is set to launch a Token Swap event and as Ken Sangha (CEO at OPEN) puts it, the OPEN team “can’t wait for people to learn about the upcoming token swap program. It’s going to reward our most loyal supporters in a truly special way.”
OPEN is proud to be backed by an enthusiastic community and as result, OPEN is taking advantage of the resources available to build an OPEN chain that is set to solve some of the main industry related problems.
With the launch of the test net, OPEN token holders will get new protocol tokens at zero costs. To this regard OPEN will be taking snapshots of wallet addresses that have received OPEN tokens so as to identify token holders who have maintainedtheirpositions in the first week after the TGE event.
To that effect, participants will be rewarded for their loyalty with a bonus during the token swap.
After all, OPEN’s protocol approach and platform are a true embodiment of the initialethos required to achieve widespread adoption of Blockchain technologies.
OPEN is implementing a Masternode program to enable an OPEN architecture elements that will equip the team with tools that make integrationof the OPEN API by enterprises seamless. Furthermore, to implement interoperability functions, Masternodes will be important towards encouraging participation in network governance and hosting the distributed data network. To this effect, OPEN plans to make more public requirements soon.
To download the Open Chain white paper click here.
The future is OPEN!