Blockchain technologies contribute significant advantages to application developers. Technical limitations exist in producing decentralized solutions for needed central features of how applications work in a standard environment. Currently, there’s no simple resolution for application developers to integrate blockchain technologies into their core foundation.
Most often, developers undergo a long auditing process by a centralized configuration in which every single application update is examined. The results in lengthy backlogs for developers to issue their latest update comprising a more suitable data structure or pricing model. Further concerns with payment confirmation gateways exist as the present draft of in-app purchases go by innumerable processes and third-parties, appending unnecessary time and cost before arriving the developer’s account.
OPEN implements a solution to this predicament by using systems of advanced smart contracts as transaction and verification tools for software applications. Not only do payments come quickly, but they reach with lower transaction charges with the added benefits of a trustless environment. It permits unique advantages for the application developer, and it’s users.
OPEN And The Decentralized Approach
OPEN has developed a blockchain agnostic platform with a comprehensive API setup to explicitly create efficiency of access and integration into pre-existing application infrastructure. The OPEN API outlines the complexities of the OPEN platform’s decentralized architecture by prefacing an application layer developers can link with their present codebases. It obtains it simply for a developer to switch out centralized functions, like a payment gateway or a hosting system, for functions that use OPEN’s decentralized application platform. At the time, the functionality that OPEN inquires to produce with its platform and API essentially trades with payment gateways. The OPEN API will leverage functionalities already existing in external libraries like web3.js and ETHJS to generate a secure way and communicate with the blockchain. With this performance, OPEN will reveal the potential inside blockchain technology to basically change the way applications are created, hosted, assumed and monetized.
A developer wallet is a wallet (address) where the Scaffold transfers the funds that the user has given to it for an OPEN_State. While OPEN enables developers to utilize any wallet, it is advised that the developer use the OPENWallet, as it leverages the OmiseGO SDK, which has a built-in decentralized cryptocurrency exchange and excellent community assistance. Within the OmiseGo Wallet SDK, the developer can automatically change any Scaffold transfer into any cryptocurrency they opted or fiat.
An ERC20 token that will be disseminated in the OPEN TGE and grants for developers to build and run Scaffolds in the OPEN ecosystem.
Data stored by both the user and the database that is stored within IPFS, and referenced by the Scaffold. It saves a cryptographically hashed state of a user on an application. An application’s current database status at the time of purchase can be done exclusively by applying a cryptographic hash and then secured to the blockchain. The OPEN_State will comprise information to enable for verification that the OPEN_State belongs to the particular user and a Scaffold. This data consists of the user’s OpenWallet address and the Scaffold’s address.
A template smart contract that is designed by a developer and comprises application-specific information, such as the pricing scheme or some gems kept in the network. The Scaffold is instantiated by the developer when the developer funds into a Scaffold Creator. The Scaffold shifts active when it is staked with sufficient OPEN Tokens. The Scaffold staking process involves tying up a particular number of OPEN Tokens in the Scaffold for it to operate. These OPEN Tokens are necessary to retain the Scaffold active but will be repaid to the developer when they deactivate the Scaffold.
The API that OPEN provides to build Scaffolds for developers by a simple API call. The Scaffold Creator can create Scaffolds with ETH, but for the Scaffolds to become active it is essential to stake them with OPEN Tokens.
The OPEN Token is utilized in different ways throughout the OPEN ecosystem, with the first being Scaffold staking. At a high level, a developer can build a Scaffold by applying the OPEN API, but for that Scaffold to be adopted, the developer must stake a particular amount of OPEN Token with it. When the developer wants to leave a Scaffold, they may close it out and get their staked OPEN Tokens back. To alleviate the fast activation and deactivation of Scaffolds, OPEN Tokens that are staked in a Scaffold will be locked-up for a definite period. Next to the lock-up period, the developer is open to close-out their Scaffold or hold the OPEN Tokens in the Scaffold. So principally the staking mechanism limits the malicious action.
The OPEN platform team is comprised of promising and expert members in different fields. They have proven track records as among the best in their departments. Ken Zangha, the OPEN CEO direct the company. He is a professional advisor, mentor, and operations consultant to several startups and accelerators. He is followed by Andrew Leung, as the Chief Technology Officer, and was responsible for the billion dollars software company, Pivotal Lab.