Open Platform makes it easy for applications to integrate with and accept cryptocurrencies as payments.
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What does the company/project do?
Open Platform makes it easy for applications to integrate with and accept cryptocurrencies as payments.
There are several of components that create the OPEN platform, such as Scaffolds, OPEN_states, the OPENWallet, and Developer Wallet.
They propose these components will come together, along with an easy to use API, to provide apps, developers, and businesses with a useful blockchain payment system.
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What are the tokens used for and how can token holders make money?
The OPEN token will be used in a number of ways including for staking Scaffolds (locking up tokens when running a scaffold to deter bad behavior), to pay for purchases on the network, and to foster community involvement via airdrops from the pool for developers.
The token price should appreciate in value if there are enough developers and businesses that see this platform adding value to their infrastructure.
Depending on the required number of staked tokens for a given scaffold, if enough scaffolds are being set up proportional to the number of types of payment that people are hoping to achieve, demand will scale proportionally.
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Opportunities
– Open Platform allows applications to easily accept different cryptocurrencies, which can move cryptocurrency as a whole forward.
– The project makes it easy to for developers to integrate their existing applications as it automatically updates the application’s database. This makes the developers’ time easier and is a main differentiating factor compared to other payment processing projects.
– Because Open Platform can be used by any applications, the project will be frequently put in the headline as the platform partners with more and more applications.
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Concerns
– Virtually all existing apps are listed on platforms like Google Play (for Android) or App Store (for iOS). Those apps would not be able to integrate with Open Platform directly because they accept payments via Google/Apple.
– If Open Platform caters to decentralized applications (dApps), there are other protocols that allow easy exchange of cryptocurrencies such as Kyber Network and 0x.
– If Open Platform caters more broadly to online merchants, there are numerous other projects focusing on online payments using cryptocurrencies (Coinbase, Shapeshift, Coinify, CoinPayments, Cryptonator, Monetha, UTrust).
– 3% of each transaction is used as a type of network gas fee, which is going to form a developer growth pool. That puts paying through Open Platform as expensive as using Visa or MasterCard. One of the major advantages of transacting with cryptocurrency is the minimal fee, but this is not the case when transacting using Open Platform.
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Disclaimer
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.