Today the concept of blockchain and crypto currincies are on the lips of people all over the world from silicon valley executives, to government beuracrats to your every day joe.
The decentralized and verifiable natureof the blockchain can provide massive bhenefits to almost all sectprsof the economy. One aspect that is often overlooked however is application development and improvment through the in-app integration of blockchains.Perhaps this is due to the still limited understanding of blockchains as well as a healthy dose of skepticisim, but morelikely due to various techincal difficulties in integrating software with blockchain.
The Open money team aims to integrate the decentralized nature of the blockchain and smartcontracts with the global software sector. It aims to create a decetralized platform where consumers and developers can interact and communicate with eachother without the ivolvment ofany third parties.
This would be done by creating a decentralized payment and verifcation gateway to securly connect user payments to an application database run over a trustless blockchain.
The OpenPlatform app will be developed with the help of the Representational State Transfer API (REST API) and an SDK based platform. This platform will be able to support developers and applications on Android, iOS, JS, and React-Native. The openplatform by allowing Developers to integrate thier already existing databases and softwares onto the blockchain through thier application will allow them to directly cater to consumers and monetize their products through the blockchain technology while minimazing disruption to thier customers. It will also help developers to monetize on cryptocurrencies and provide a faster and more efficent paymetnand and data transfer facility to customers as well as remove the need for trusted third parties intermediaries, which would help reduce overall costs the resulting in higher proftability for developers aswell as lower costs for consumers, while the inergration of blockchains will also helps to solve problems of fraud, chargebacks and mistaken payments by providing developers with a secure anti-fraud and no chargeback feature.
Furthermore the Open Platform whitepaper sates that they will integrate and use the Omisego based SDK wallet (https://omisego.network/) which will give users the ability to pay into Scaffolds (smart contracts that act as payment gateways) with a variety of different cryptocurrencies, allowing formore flexibility forconsumers and providing a built in system for developers to convert thier thier various cryptocurrency based payments into ether or fiat.
The team however acknowleding that the volatile nature of crypto currencies could potenially deter developers and consumers from using crypto based payments felt it imperative to base prices within the Scaffols in Fiat currencies. This prevents users from being upset if the prices increase and they have to pay more to make purchases, and it prevents developers from being upset if the prices decrease and they get less money from the same purchases.
Inorder to do this the team intens to integrate a trusted oracle into the OPEN API. As per thier whitepaper this would most likely include the centralized oracle from Gnosis, the oracle that is provided by Oraclize, and the oracle network provided by ChainLink, the choice of which would be determined at future time as per the roadmap.
Also, do check out their website and watch their demo video where the team provides an indepth demonstration of thier product. It’ll give an easy to understand and clear idea of the process and the ease with which a developer can use the Open Platform.
Open Platform is by far one of the most looked-forward-to ICOs of the year and a true gem in a market that is today filled with fraud and an endless stream of developers promising the world yet failing to deliver value.
TokenSale
A total of 360,000,000 OPEN tokens will be created, of which 180,000,000 tokens will be in circulation and sold at the token sale event. An amount equal to 50% of the total supply will be for sale within the Open Money token sale. Of that, 3% will be distributed to the Bounty Program participants. A total of 15% will be set aside to incentivise the operational team, future hires, investors, professional advisors and support partners, 15% on Professional Services and Maintenance, 5% on Partnerships and 5% on General Operational and Misc. Transactions utilising the OPEN Token will only charge a 0.5–0.75% processing fee as compared to 30% to that of other apps. The OPEN Token can be traded on every international exchange to help ensure high liquidity
Distribution of the Token
50% ICO
15% Tim
3% Bounty
You can find out more at: http://www.openfuture.io/
Road Map
The Team
The team leading the project comes with extensive experience. The team members have led the development of apps such as Grindr (50 million + downloads), Facebook for BB 10 OS and several gaming apps that attracts an average user spending of thousands of dollars. Members of Open Money have even led the development of native Samsung apps.
Ken Sangha, the COO for Open Money, explained that “The key ingredient that we bring to the table is that we thoroughly understand the needs of mainstream application developers because we’ve been facing these issues for years. The opportunity for bridging this gap is enormous, and we have the technical understanding and backgrounds necessary to make it happen.”
While thier Blockchain Lead Abhishek Punia was the Key contributer to the Enigma MPC Blockchain at the Berkly Developer Faculty
RoadMap
Important Links and Sources
About Project:https://www.openmoney.digital/
Project Whitepaper:https://s3.amazonaws.com/openmoney/OPEN+White+Paper+v.2.pdf
Facebook:https://www.facebook.com/OpenMoneyICO/
Twitter:https://twitter.com/OpenMoneyICO
Telegram:https://t.me/joinchat/FDNbh0M079pQr8E2tuRq3w
Slack:https://openmoneyico.slack.com/messages/C6WMWMEAF/team/U7ELZKXKP/