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If you compare the OPEN API to the popular Stripe API,
both make adding payment processing to their tech stack easy to
integrate enabling companies to accept payments without writing complex
code. This saves companies time and money, while ensuring that the
payment processing aspect of the app is fully tested and secure.For companies to start accepting cryptocurrency as a form of payment, their technology stack would need to interact with the blockchain to ensure the security and identity verification the blockchain can provide as well as integrate with their off-chain application infrastructure and database. OpenPlatform makes this integration easy (plug and play) for companies that may not have the blockchain development experience to write such a complex payment processing solution.
Open Platform is a frontrunner and has a first market mover advantage as the only payment platform to enable developers to accept cryptocurrency using their existing payment process and record and interact with the secure blockchain behind the scenes.
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The current cryptocurrency market cap is approximately $300 billion
in digital liquid currency. Allowing crypto investors to spend their
cryptocurrency in many mainstream applications will provide a huge
additional revenue stream for a lot of companies. Cryptocurrency
investors want the opportunity to spend their existing crypto tokens but
have very few ways to do that in real-world scenarios. Open Platform is
looking to change this in the near future and is paving the way for
companies to bring in billions more into existing, traditional
applications.Use Case:
Problem
There is currently no “easy” way for companies to accept and integrate cryptocurrencies into their existing application architecture.
Crypto wallets communicate on the blockchain in comparison to traditional applications that may need multiple sources of information to validate. Traditional apps and crypto wallets do not process transactions in the same manner (nor should they) but need a bridge to connect the two worlds. Open Platform provides two-way communication between the cryptocurrency blockchain and a traditional application’s backend and provides an API to make the integration easy.
Open Platform provides a way for decentralized blockchain apps to transact, update and interact with a centralized off-chain stack (database, application layer, traditional tech stack). Basically, Open Plaform is bridging the gap between traditional centralized apps and decentralized blockchain, on-chain infrastructure via a simple, easy to integrate payment processing crypto platform.
Token
180,000,000 OPEN tokens will be sold in the ICO with a total token supply of 1 billion. During the ICO, one OPEN will equal $0.10 USD with a hard cap of $30 million.Open Platform will maintain a large pool of OPEN Token, in order to boost adoption of the platform by incentivizing the first payments within the application. A pool of OPEN tokens will be kept in order to easily onboard new applications and support their growth.
The company describes its services as follows:
OPEN has created a blockchain agnostic platform with an easy to use API for plug and play integration into pre-existing application infrastructure. The OPEN API abstracts away the complexities of the OPEN platform’s decentralized architecture making it easier for a developer to switch out centralized functions, like a payment gateway or a hosting environment, for functions that utilize OPEN’s decentralized application platform. The functionality that OPEN seeks to provide with its platform and API primarily deal with payment gateways. OPEN has the potential to change the way applications are built, hosted, trusted and monetized.
Team
Ken Sangha, CEO: Many years’ experience in leadership roles in business with the most recent being as founder and CEO of DoublePlay Entertainment Inc.Andrew Leung, CTO: Over ten years’ experience in software engineering with the most recent being with TribalScale as the Director of Engineering.
Dennis Lewis, Director of Marketing: Over 30 years’ combined experience in marketing with the most recent being icosuccess.com and Suchapp.
Chase Smith, Lead Architect: Over three years’ experience in research and development with the most recent being a Technical Due Diligence Officer at Veritas Due Diligence.
Verdict
Open Platform is taking on a huge task by building the first platform to integrate traditional apps with cryptocurrency payments on the blockchain. After looking at the team (experienced successful entrepreneurs), whitepaper and roadmap, it looks like Open Platform will be one of the top performing infrastructure projects over the next 12 months. Infrastructure and Platform ICOs tend to do very well in the long-term as long as they hit their milestones. When researching previous successful infrastructure ICOs I have noticed that these are type projects that can bring in 10x – 100x ROI because of the impact they have on the current application market.Risks
- Being the first to market as a payment processor may have many challenges but this is a minor risk as the company is being led by successful entrepreneurs who have started and sold successful companies in the past. -1.5
- Not having a public sale always gives seed investors an advantage as discounted token prices are negotiated before a token hits the first exchange. -1.0
- Although Open Platform is making it easy to integrate with the blockchain for payment processing there are other sleeping giants that may enter the market such as Facebook, Google, Stripe, and Paypal. -0.25
Growth Potential
- A rock-solid leadership team having started and sold successful companies gives the team a unique advantage. The leadership team has built companies from the ground up and sold them successfully already. +3.0
- Open Platform has already announced backing from Draper Dragon Network, which has been involved in companies such as Skype, Baidu, and Tesla. This backing and support from such a well-known network in Silicon Valley will help Open get exposure to big money players in the startup investment world as well as attract business connections and contacts they may not have been able to establish on their own. +3..5
- OpenPlatform is one of the first to build an easy to use payment processing infrastructure to traditional business that wants to accept cryptocurrency. One of the main hindrances of crypto funds entering the free market is access. OpenPlatform is connecting the two worlds together. +2.5
- For a company building such a robust payment processing infrastructure, the hard cap is low with room to easily go 5x initial investment even after landing on its first exchange as long as the product delivers. +1.5
Disposition
Being one of the first infrastructure platforms allowing existing developers and applications to integrate with cryptocurrency payment processing in an easy, plug and play way positions Open to be one of the top ICOs of 2018. Open Platform receives of 7.75 out of 10.Investment Details
- Type: Utility
- Symbol: OPEN
- Crowdsale: TBD
- Price: $0.10
- Hardcap: $30 Million
- Payments accepted: ETH
- Jurisdictions Barred from Participating: None
Website: https://www.openfuture.io/
Slack: http://go.openmoney.digital/fc4q
Telegram: https://t.me/joinchat/FDNbh0M079p5fnfOHFEJaw
Twitter: https://twitter.com/OpenPlatformICO
Reddit: https://www.reddit.com/r/OPENPlatform/
Facebook: https://www.facebook.com/OpenPlatformICO/
Medium: https://medium.com/@theOPENPlatform
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