Open Money: this is a decentralised blockchain technology platform,
a system of
technologies designed to facilitate mainstream adoption of blockchains by
creating a unique platform that makes it easy for developers to integrate decentralized
technologies. The OPEN platform comprises of several key components: Scaffolds,
Scaffold Creators, and OPEN_States. These core technologies operate together
within the OPEN platform to create a comprehensive approach to decentralized
payment schemes for any developer application or software service. OPEN’s
infrastructure incorporates user states tied to pricing schemes and application
attributes that can be ported to any smart contract enabled blockchain. Enabling
a comprehensive decentralize application platform for any payment formats. Moreover,
centralized systems display incredibly inefficiencies that can easily be
eliminated by incorporating aspects of a decentralized stack. Consider an
example when using a centralized system to host or operate an application.
Often times developers must go through a long auditing process by a centralized
figure in which every single application update is scrutinized, often resulting
in long backlogs for developers to publish their latest update containing a
more efficient data structure or pricing model. Further issues with payment
verification gateways exist as the current flow of in-app purchases go through
countless processes and third-parties, adding unnecessary time and cost until
reaching the developer’s account. OPEN provides a solution to this problem by
utilizing systems of sophisticated smart contracts as transaction and
verification tools for software applications. Not only do payments come faster,
they come at lower transaction costs with the added benefits of a trustless
environment. This enables unique benefits for the application developer and
it’s users. It is not just by developing an application or by using a already
made application but how much are u making from it.
With the help of Open money you will be
able to generate some funds by just using the application, just developing an application,
why not hurry up now an become part of the open money token holder which will
be use in all in and out transaction in the platform.
With the help of the diagram below you can
see a diagrammatic explanation and payment method of the platform.
The demonstration which is showing in the
right hand side is the transaction which is occurring in the internet while the
one at the left represent a private financial network. Solid arrow represent real
time transaction why dashed arrow are not.
Decentralization: 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. It also
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.
High level overview of the workflow for
both developers and application users through the OPEN architecture, as well as
where the API fits in.
ROAD-MAP
Team Members:
In every successful organization it is always made of
some individuals which are expertise and professional in various area of study.
Open money platform has some team members who have come together to put their
efforts together in other to achieve a certain goal. Some of those team members
are; Ken
Sangha who is the CEO, Ken Sangha the CTO, Fiz
Kassam (Technical director), Abhishek Punia (Blockchain lead), Abhishek Punia (Director of
design), Dennis Lewis the director of marketing. To mention but a few and many
more which are listed in the whitepaper.
TOKEN
The OPENToken is used primarily by
developers in initializing Scaffolds. At a high level, a developer can create a
Scaffold by using the OPEN API, but for that Scaffold to be used, the developer
must stake a certain amount of OPENToken with it. Upon staking their OPENToken,
an oracle records the market price of the OPENToken, and when the developer
wants to retire a Scaffold, they may close it out and receive their staked
OPENTokens back. To mitigate the rapid activation and deactivation of
Scaffolds, OPENTokens that are staked in a Scaffold will be locked-up for a
specific time period. After the lock-up period, the developer is free to
close-out their Scaffold or keep the OPENTokens in the Scaffold. Because
OPENToken’s value may fluctuate during the time period the tokens are staked,
the value of the OPENToken’s held by the Scaffold may be different from the
time they were first staked. The OPEN
platform handles the issue of OPENToken
price volatility by implementing a slashing mechanism when the developer closes
out a Scaffold. When the value of the OPENToken has decreased or retained value
since the staking of the Scaffold, the developer receives back the same amount
of OPENTokens that they staked the Scaffold with. When the value of the
OPENToken has increased since the activation of the Scaffold, then a profit is
realized by the developer. A certain percentage of the developer’s profits are slashed
and distributed evenly to the users as members of the community that have a
positive OPENToken balance. The developer receives back the original value of
their OPENTokens plus the profits that were not slashed. This feature of OPEN,
the closing out and airdropping distribution to users with a positive OPENToken
balance, serves to preserve liquidity in the ecosystem and encourage community
involvement. This feature also provides incentives for developers to utilize
the Scaffold and provides a full-circle approach to the entire OPEN ecosystem.
Moreover, staking tokens to Scaffolds prevents developers from creating
unnecessary Scaffolds on the OPEN system. Additionally, the OPENToken can
provide utility to the users if application Scaffolds are implemented to give
discounts or currency bonuses to individuals that hold OPENTokens in their OPENWallet,
or pay the Scaffolds in OPENTokens. This added utility would provide an
incentive for users to purchase and utilize cryptocurrencies such as ETH and BTC
and carry OPENTokens over fiat currencies to support a conventional app in a
decentralized environment. Moreover, it makes sense for users to hold OPENTokens
because each time a Scaffold closes, OPENTokens will be airdropped to all
wallets with a large enough balance of OPENTokens.
For more information kindly click on the
following link:
Website: https://www.openmoney.digital/
Facebook: http://go.openmoney.digital/xgoy
Twitter: http://go.openmoney.digital/mfc4
Authored by: Nwoko Gospel Isaac
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