How to Introduce Cryptocurrency to the Masses

With the advent of cryptocurrency comes a truckload of problems to solve. At OPEN, the firm belief is that the biggest problem is the inability of mainstream developers to easily accept and integrate cryptocurrencies. What users and application developers desire is a platform that can easily accept payments in various cryptocurrencies. However, there has been many hurdles to try and integrate this seamlessly into existing systems. This of course was until OPEN platform came and changed the whole narrative.

Problem: Inability To Use Cryptos And Coding Issues

Application users would very much like to pay for their in-app purchases with cryptocurrencies. Developers have since tried to incorporate payments in cryptocurrency in their apps with varying degrees of success. The problem app developers currently face is that there is no current solution that allows them the benefits of coding on their protocol of choice while also being able to integrate with the many cryptocurrencies out there.

The barrier is such that wallets live and make on-chain communication whereas multiple information is required for applications. This information includes the amount of cryptos paid into the account, who made the payment, what account number was used, who the exact user making the payment is, e.t.c. What is required here is a back and forth communication between the backend of an app and whatever system they are communicating with on the blockchain.

Developers are stuck with having to learn the specific coding language for each blockchain. What would be really nice and welcomed is the ability for any developer to code in whatever language he/she wishes to code in and still be able to integrate blockchain payment infrastructure on the app.

Market Opportunity

Most payment platforms today are worth a lot. An example is PayPal which is estimated to be worth around $84 billion. This is where the huge market opportunity springs up from. With payment platforms which are focused on applications becoming huge businesses, we can see how cryptocurrency adoption will very much benefit everyone who is willing to buy into this opportunity.

How Will Open Change The Narrative?

OPEN’s plan is that of a two way system of communication between the backend of an application and the specific blockchain system they are interacting with. The aim of this strategy is to make it easy for application developers be able to adopt blockchain technology. And also to prevent a scenario where app developers are stuck with the unenviable choice of having to learn a different language for each blockchain.

This strategy comprises of off-chain and on-chain infrastructures. The off-chain infrastructure will be used for the updates of components that belong to a centralized application stack. While the on-chain infrastructure will be used for handling payments, user authorization, and asset issuance.

Scaffolds

Scaffolds are a kind of smart contract that are created by app developers. To create a Scaffold, the developer will have to make a payment into a Scaffold creator. After that is done, the developer’s next move is to fill the Scaffold with OPEN tokens. When the amount of tokens in the Scaffold is enough, the Scaffold will become active. What the Scaffold does is to allow developers to plug and play their payment scheme. It also supports payment acceptance from users in any cryptocurrency into the application.

OPEN Tokens

OPEN tokens activates developer’s Scaffold and enables them to accept payment from users. OPEN tokens uses a unique utility design that powers infrastructure and provides the required mechanism for the growth of developer adoption of the OPEN platform. By making use of this mechanism, OPEN is empowered to support its user community while powering application growth to integrate with OPEN.

Bottomline

OPEN’s mission is to act as a bridge or a kind of middleman in the interaction between mainstream app developers and the blockchain. OPEN will be the first platform to provide cryptocurrency support and integration for application developers. App users will now be able to make all their in-app purchases with any cryptocurrency of their choice. This no doubt solidifies the argument that OPEN is a solid cryptocurrency and blockchain innovation that stands tall above the rest.