Accepting multiple cryptocurrencies via apps, d-apps and websites has been a challenge until now. OPEN Chain aims to solve this problem for businesses and make accepting cryptos from multiple blockchains easy for developers to implement.
Currently available on the KuCoin exchange, this is a payment solution that supports multiple cryptocurrencies and can be deployed by developers in a matter of minutes.
Investors should know that supported trading pairs include OPEN/BTC and OPEN/ETH, and that new partnerships are being announced frequently — with the most recent being with Element Group.
The OPEN Blockchain platform is the very first payment solution that can support multiple cryptocurrencies without any of the bottlenecks and limitations of existing solutions. It is fully compatible with many different blockchains. It is also very easy for e-commerce businesses to implement, unlike Ethereum. Make sure to invest today before its value skyrockets.
The “WordPress of Crypto Payment Solutions”
Just like WordPress simplified complex database driven websites, OPEN simplifies complex blockchain technologies.
Only a few lines of code within an application, a website or the d-app will be required to deploy OPEN Chain and accept cryptocurrency payments from many different blockchains.
This is the main reason why the OPEN Blockchain Platform has burst onto the scene with such support from major backers as those behind NEO, ICON and others (more on that, later).
The true promise that OPEN brings is widespread cryptocurrency adoption –the ease of use and developer-friendly nature of the platform will encourage support for cryptocurrencies on a large scale by consumers itching to spend their holdings. Furthermore, its ability to accept multiple coins and lightning-fast operational speed will galvanise interest.
The OPEN Chain along with its blockchain veterans are a prelude to the mass adoption of cryptocurrency payments. This new platform encompasses an entire collection of complex technologies and makes them as easy to use as WordPress is for websites.
Beyond the Hype
Let’s dig deeper into OPEN Chain, assess the technology behind it, discover how it works and reveal its backers. Seeing as a majority of the people who are reading this are in search of a place where they can invest their weak FIAT currency, here are some of this blockchain’s reputable backers.
Backers Behind NEO, Sora, ICON, VeChain and others Love This New Blockchain
OPEN Chain has a star-studded list of people and technologies that are supporting it. It includes well-known names such as NEO, Draper Dragon, RChain, and Element Group. These heavy-hitters have previously supported billion-dollar ventures such as Ontology, VeChain and Zilliqa.
The team behind this new cryptocurrency payments platform is also spectacular. It contains famous personalities such as Will Bunker who is the former president of Match.com as well as Lorne Lantz, a former partner at PayPal.
The team also includes Roger Lim of NEO Global Capital and John Gardner who helped pioneer Games and Apps in the Facebook Messenger platform. Their entire selection of backers is available for review on the official OPEN website.
Some other famous names in the team are Andrew Leung who led the Architecture and Design at Grindr and Ken Sangha who engineered the top selling casino application in UK iTunes.
Why is OPEN Chain different?
In an effort to create the world’s most powerful payment solution for cryptocurrencies, OPEN didn’t repeat the same broken methods. A brand new technology was innovated for the OPEN Chain. Their slide deck and white paper reveal that its core technology is made up of different elements.
The OPEN Chain is powered by:
OPEN States: An OPEN State is linked to an application’s backend and provides one source for every parcel of on-chain data being passed through its cluster of interoperable blockchains.
Scaffolds: Every time a developer deploys a blockchain, scaffolds are introduced to all the blockchains on the cluster simultaneously.
OPEN Cluster: A collection of existing blockchains are combined into an ecosystem that is known as the OPEN Cluster.
Blockchain Load Balancing Protocol: The Blockchain Load Balancing Protocol processes all data in parallel, ad hoc.
Rapid Consensus Protocol: Data integrity and speed are maintained using a Rapid Consensus mechanism.
How do the various elements of OPEN work cooperatively?
Every transaction is processed through a Rapid Consensus mechanism on the OPEN Chain. It is then threaded through the Blockchain Load Balancing Protocol resulting in the implementation of speed and distribution throughout all the blockchains held within the cluster.
This is an important differentiator for this cryptocurrency payment solution, because of its ability to remove bottlenecks that may impede individual blockchains.
How do other methods of FIAT Payment Processing contrast with OPEN?
There is a very big need for a cryptocurrency solution which generally works like a conventional FIAT one. However, it should not have a centralized body controlling its core functions.
The OPEN Chain satisfies this need. It looks and operates just like any other reliable payment processor on the Internet. By comparison, it is very similar to Stripe.
It is easy for developers to use and can be deployed very quickly inside applications, e-commerce shops, d-apps and websites as well. As a result, it is very affordable for businesses of various sizes to implement the OPEN Blockchain platform.
Similar to conventional payment processors, each transaction can be tracked, tied to particular users and also verified so as to see if there is particular value in an account before a particular purchase is completed.
Extra services such as subscriptions and one-off purchases can be facilitated. In addition to that, metrics such as shipping logic can be introduced as well so as to make sure there is correct billing involved.
Large businesses can make changes on an application level. This is made possible by the OPEN API, which gets rid of much of the risk that is involved in adopting a brand new technology. This scenario is perfect for enterprise-level businesses that are risk averse.
OPEN eliminates the need to rely on app store payment processors. Hence, game developers and the creators of applications are free to transact without having to go through the platforms which are provided by Google or Apple.
Day to day users and business owners can utilize OPEN and feel familiar with it. In addition to that, they do not have to deal with the high third-party fees which are usually attached to centralized oversight.
Developers of all levels can also use OPEN Chain to deploy websites and applications that are crypto-ready without experiencing any unnecessary hassle.
Make an investment in the OPEN Chain
Through observation and strategic adaptation, OPEN has learned from the problems which other blockchains have suffered. By example, Bitcoin is too slow for quick purchases, and Ethereum is too complex for the average developer.
OPEN has solved these problems and is focused on providing its supporters all over the world with a real shot at bringing widespread adoption, speed and scalability to cryptocurrencies like the world has never seen before.
You can check out OPEN Chain on the KuCoin exchange and discover its massive potential. The supported trading pairs include OPEN/BTC and OPEN/ETH. KuCoin is the first official listing partner for OPEN. With help from them, new, rapid investors can enjoy the sort of opportunity that they did not invest in during Bitcoin’s early days.