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OPEN PLATFORM .. The first blockchain payments

2018-03-22 02:17 pm | Resource: Crypto Section | No Views : 884

OPEN PLATFORM .. The first blockchain payments Today we will talk about a quick review of the Open Platform project in the field of electronic currencies. We will also explain what the idea of this project is, the advantages and disadvantages of this project, the timing of implementation of the project, the members involved, and its support for electronic currencies.
Project name: Open Platform
Token symbol: OPEN
White paper:
Hard cap: $30 million (ICO Participants receive 50% of total token supply)
Conversion rate: 1 OPEN = $0.08
Maximum market cap at ICO on a fully diluted basis: $60 million
Bonus structure: N/A
Presale or white list: Presale ongoing, whitelist open
ERC20 token: Yes (initially, will move to its own Stellar-forked blockchain in future)
Countries excluded: They have not indicated restriction, but ask people to refer to their local regulation
Timeline: TBD (Please refer to Open Platform's website for the most up-to-date information)
Token distribution date: TBA

What does this project do?

The Open Platform platform makes it easy to integrate applications together and accept encrypted transactions as payments.
There are several components that create the OPEN platform, such as Scaffolds, OPEN_states, OPENWallet, Developer Wallet.
The platform is based on agnostic blockchain, smart contracts, which acts as a payment processor, and can be changed to suit the company's payment model which adds a lot of advantages to the frozen payment systems.
Depending on how you set up the scaffold using a program, the user can pay for the service or get a coin in the game, and in turn, get OPEN_state, which represents access to a promised service, or the number of currency within the game owned by that person.
OPENWallet is a project portfolio in which digital currencies are stored, and this wallet is used as an access point for any program they use, depending on what OPEN_state represents.
The developer's portfolio is where the money is paid in Scaffold, and this will benefit from OmiseGO SDK, which gives developers flexibility in choosing the type of currency their portfolio will receive.
Developers claim that all these components will be combined side by side, with an easy-to-use API, to provide applications, developers and companies with a handy blockchain push system.

How advanced is the project?

The Open Platform is currently testing MVP on testnet and has announced a partnership with ZenSoft, a company with more than 150 employees and support services for a large number of Silicon Valley companies and emerging companies.

Project implementation roadmap

  • Q1/2 2018 – Open TestNet MVP, Open “Complex Applications” TestNet MVP, OPENWallet security design, open SDK 1.0 release.
  • Q3/4 2018 – Open 1.0 goes live (July), OPEN SDK 2.0, Release Open 2.0 (December).
  • Q1/2 2019 – Create the OPEN blockchain, and update to Open 3.0.

The Tokens used in the project and the value of each token in them

The OPEN token will be used in a number of ways, the codes will be locked when scaffold is run to avoid illegal operations, the purchase price will be paid on the network, and community participation will be enhanced by a group of developers.
The token price should be valued if there are enough developers and companies viewing this platform that adds value to their infrastructure.
Depending on the required number of assigned project codes, if adequate payments are made commensurate with the number of types of payment people hope to achieve, the demand will be measured proportionately.

Work Staff

Open Platform has a team of 10 members, we'll mention them below:
  • Ken Sangha, CEO – Over 9 years’ experience in leadership roles in business with the most recent being as founder and CEO of DoublePlay Entertainment Inc.
  • Andrew Leung, CTO – Over 10 years’ experience software engineering with the most recent being with TribalScale as the Director of Engineering.
  • Abishek Punia, Blockchain Lead Developer – 4 years’ experience in finance with just over 1 year in programming and blockchain development.
  • Chase Smith, Lead Architect – Over 3 years’ experience in research and development with the most recent being a Technical Due Diligence Officer at Veritas Due Diligence.
  • Dustin Sinkey, Lead Smart Contract Engineer – Over 6 years’ experience in finance and full stack software development with the most recent being an independent contractor.
  • Dennis Lewis, Director of Marketing – Over 30 years’ combined experience in marketing with the most recent being with and Suchapp.
  • The team also has 4 core advisors, including Will Bunker, former president of, Lorne Lantz, a Paypal Partner, John Gardiner, contributed to Facebook messenger games and apps, and Chandler Guo, an avid investor.

Project Opportunities

Open Platform applications allow you to easily accept different currency codes, which can move those currencies forward.
The project makes it easy for developers to integrate their existing applications; they automatically update the application database. This makes developers' time easier and is a major differential factor compared to other payment processing projects.
Because the open platform can be used by any application, this project will be frequently placed in the main address where the platform shares more and more applications.


Almost all current apps are listed on platforms like Google Play (on Android) or the App Store (for iOS). These apps will not be able to integrate with Open Platform directly because they accept payment through Google / Apple.
If the platform is open for decentralized applications (dApps), there are other protocols that allow for easy exchange of digital currency messages such as Kyber and 0x.
If Open Platform caters more to online merchants, there are many other projects that focus on online payments using digital currencies (Coinbase, Shapeshift, Coinify, CoinPayments, Cryptonator, Monetha, UTrust).
3% of each transaction is used as a kind of network development fee, which will form the growth pool developers. This is paid through an expensive open platform such as using a Visa or MasterCard card. The advantages of the digital currency are minimal fees, but here we see that a 3% fee per transaction is a very expensive issue.


In general, we are neutral about both the volatility and the long-term potential of this project, and our conclusion on the project is as follows:
  • For the volatility: neutral, the maximum of $ 30 million in the high side of this market and the current Aether price, we see nothing particularly distinctive about this project to ensure a high demand is not met.
  • For a long-term contract: neutral, there are three areas of focus on the open platform (targeting current applications, broader online merchants, or dApps), none of which is considered as convincing in the "Interests" section.
  • In addition, the transaction value adds 3% to fund the developer development pool very quickly for applications, making it less attractive to use the platform.
  • It is therefore difficult to ascertain the level of adoption of this program.

For more information about the project and the company

White paper:

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