What Is OPEN Platform (OPEN)?

As its name suggests, OPEN Platform (OPEN) is an open-source ecosystem offering tools for developers to build decentralized technologies. Using smart contracts enables developers to create markets, store records of loans, and move funds according to the auto-executed instructions without any intermediaries. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

The core roadblock to the large-scale adoption of blockchain platforms is their inability to integrate easily with the present infrastructure. Developers need a mechanism to integrate a decentralized payment gateway into their app's unique payment scheme, which can accept any cryptocurrency and synchronize transactions with their existing backend. Further, the centralized nature of traditional finance results in manual verification of contracts which is a time-consuming process and results in backlogs.

According to its whitepaper, OPEN addresses this issue by employing advanced smart contract systems as transaction and verification tools for software applications. Payments are quicker and cheaper, with the added benefit of a trustless environment, thus providing unique advantages for both the app developer and the app's users. Hence, Open Platform aims to encourage mass adoption of blockchain technologies by providing ready-to-use solutions that developers can easily integrate within the existing systems.

To realize its vision, OPEN features a decentralized application payment gateway that interacts smoothly with existing application backends. Further, OPEN's design produces proofs of legitimate transactions that contain information about the transaction, allowing for a wide range of application-level use cases. The OPEN platform, in a way, serves as the foundation for one of the first decentralized API (application programming interface) for centralized apps.

When it comes to the token, OPEN serves as the native currency of the platform. The token seeks to allow developers to create and operate scaffolds(frames) in the OPEN ecosystem. However, to use that Scaffold, the developer must stake a particular amount of OPEN token on it. When a developer wants to retire a scaffold, they can anytime close it and receive their staked OPEN tokens back.

History of Open Platform (OPEN)

Ken Sangha is the CEO of Open Platform. Before this, Ken was involved with startup growth and has scaled multiple companies.