Blockchain Projects That Could Expand the Cryptocurrency World

THE OPEN MONEY IDEA IN SUMMARY:

Open Money was conceived of as a solution to a real-world problem that members of the team had first-hand – how to leverage tech to open up their products to the massive blockchain and cryptocurrency market. The vision was twofold, to provide key elements for a new ecosystem to all mainstream software developers in an effort to accelerate blockchain adoption, and to build the tools developers would require to bridge their offerings into the cryptocurrency world.

Decentralized Approach
By leveraging the power of decentralization, it is possible to create a reliable ecosystem that enables any application developer to deploy customized payment schemes across a decentralized network and accept cryptocurrencies as the method of payment. Further enabling the reliability of information, eliminating single points of failure, and ensuring a level of data integrity that is impossible to replicate in centralized application architectures. By allowing developers to anchor their existing centralized database to the blockchain, OPEN provides the ability for any software developer to plug into blockchain technologies without drastically altering their existing backend processes. Also enabling developers to deploy preexisting successful applications immediately onto a blockchain where the OPEN infrastructure provides a turnkey framework a developer and application would need in place. This furthers the possibility of an unprecedented level of interoperability and an entire ecosystem that enables developers to build a plethora of digital products without a coercive intermediary charging significant fees and enforcing limiting restrictions.

OPEN has created a blockchain agnostic platform with a comprehensive API structured to specifically create ease of access and integration into pre-existing application infrastructure. The OPEN API abstracts away the complexities of the OPEN platform’s decentralized architecture by introducing an application layer across a decentralized platform developers can connect to with their existing codebases. This makes it easy 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.

At the moment, the functionality that OPEN seeks to provide with its platform and API primarily deals with payment gateways. The OPEN API will leverage functionalities already present in external libraries like web3.js and ETHJS to develop a secure way to interact with the blockchain. With this implementation, OPEN will unlock the potential within blockchain technology in order to fundamentally alter the way applications are built, hosted, trusted and monetized.