OPEN Presents Innovative Protocol Blockchain for Interoperability

Guest Author | May 21, 2018 | 12:38 pm
openfuture, open, dex
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OPEN Presents Innovative Protocol Blockchain for Interoperability

Guest Author | May 21, 2018 | 12:38 pm

Cryptocurrencies and blockchain, undoubtedly, will disrupt companies and entire industries in the near future. OPEN Platform has been working hard from day one to push this vision forward by creating the tools that allow any developer anywhere to accept cryptocurrencies in a plug-and-play manner. This has the potential to tap into the $400 billion of cryptocurrencies, the vast majority simply sitting in wallets. OPEN completely challenges the status quo by allowing anyone to actually spend their cryptocurrencies on goods and services.

Any developer, with a few simple lines of code, can integrate the OPEN API and implement an on-chain payment system while keeping their codebase off-chain. This allows any payment that is made on-chain to communicate with the application’s backend, which is absolutely critical for applications to function correctly. Current solutions such as Bitpay fail to cater to application developers and do not really provide a developer-focused ecosystem similar to what OPEN is building.

As OPEN built and released the OPEN API for developers to begin using, the team analyzed both the on-chain and off-chain functionalities that were required. OPEN provides a powerful connection between off-chain and on-chain components; however, could OPEN develop a revolutionary on-chain feature?

The OPEN team began looking into developing a new blockchain. A new type of chain that would actually push the blockchain space forward. After an extensive research and development period, OPEN is excited to announce OPEN Chain.

OPEN Chain

OPEN Chain will allow for the improved mainstream adoption of cryptocurrencies through a high throughput blockchain focused on interoperability and scalability. This new type of blockchain with a combination of different components will allow for data transfer between chains at high volumes per second, competing effectively against existing centralized solutions. Components of OPEN include:

OPEN Chain: A high-throughput blockchain built using the OPEN Rapid Consensus mechanism

OPEN Cluster: A collection of interoperable blockchains within our ecosystem

Scaffolds: Interoperable data gateways deployed to blockchains within the OPEN Cluster that translate on-chain data into the OPEN States

OPEN State: Singular source for all on-chain data across every blockchain in the OPEN Cluster and linked to the application’s backend

Blockchain Load Balancing Protocol: Turning a network of interoperable blockchains in the OPEN Cluster and parallelizing data processing between each in order to achieve unmatched levels of throughput

OPEN Distributed Data Network: A distributed storage network that allows off-chain data to be referenced and updated by Scaffolds on any chain

OPEN Chain provides a completely novel way of routing and processing transactions that is extremely robust, yet simple and agile in its deployment.

When a developer deploys application Scaffolds on the OPEN chain, they are automatically deployed across the entire OPEN Cluster of interoperable blockchains. As the applications process transactions, they are processed on OPEN Chain with its ORapid Consensus mechanism. Once transaction volume begins to reach its limit on the chain, OPEN’s Load Balancing Protocol begins routing transactions to other blockchains which have capacity. The Scaffold then translates the data into the OPEN State which carries the data found on various blockchains.

Deploying a Scaffold across OPEN Chain results in a Scaffold deployment across other blockchains as well, leveraging the power of multiple blockchains rather than just one. In the Load Balancing Protocol, nodes are constantly assessing the capacity of each chain, analyzing which chain can support more transactions.

OPEN Chain presents a solution focused on both interoperability and scalability, disrupting both existing blockchains and centralized solutions. The team has a strong background in application development and blockchain technology capable of bringing OPEN Chain to thousands of applications all around the world.

Token Swap

“We can’t wait for people to learn about the upcoming token swap program. It’s going to reward our most loyal supporters in a truly special way,” explained Ken Sangha, CEO of OPEN.

OPEN will be using the funds already raised by their supporters to continue to develop and deploy OPEN Chain, rather than raising additional funds.

This means that once the OPEN Chain is ready to launch its test net, the current OPEN tokens will be exchanged for the new protocol tokens at no additional cost.

Furthermore, shortly after our TGE event, the team will be taking a snapshot of all wallet addresses that have received OPEN tokens. Once the test net is ready to launch, OPEN will analyze those wallet addresses to identify which of the original token holders have maintained their positions.

Individuals who have maintained their positions will receive a significant bonus in the form of new OPEN tokens during the token swap.

Masternodes

OPEN is also excited to announce the creation of a Masternode program. At a high level, Masternodes will be instrumental in implementing the interoperability functions, hosting the Distributed Data Network, and participating in governance. OPEN will be releasing key details about this program soon. Stay tuned!

OPEN is thrilled to be announcing some of its biggest developments and looks forward to growing a transformative ecosystem, supported by one of the best communities in the blockchain space.

Download the OPEN Chain white paper here.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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