This New Cryptocurrency Payment Solution Just Set KuCoin Exchange on Fire!

Until now, accepting cryptocurrency payments via apps, d-apps, and websites has been a mess. Introducing the world premiere of OPEN Chain (OPEN) –now available on the KuCoin exchange, supported trading pairs include OPEN/BTC and OPEN/ETH. Invest to make this developer-friendly multi-cryptocurrency payment solution a reality.

The OPEN Blockchain Platform is the first multi-cryptocurrency payment solution of its kind –it is interoperable with a range of different blockchains, but unlike coding in Ethereum, it’s easy for ecommerce businesses to utilize. Invest today before its value goes through the roof.

A Few Lines of Code within an App, D-App, or Website is All It Takes to Accept Crypto Payments from Multiple Blockchains

Yup, you read that right. This is perhaps the most popular reason why the OPEN Blockchain Platform is going to explode –this will spur developer support for cryptocurrencies on a large scale. That and it accepts multiple coins, and is engineered to run faster than Usain Bolt.

OPEN and its team of blockchain veterans are the harbinger of wider mainstream adoption; when you can put a neat little package around an entire range of complex technologies like every blockchain so it’s as easy to use as say, WordPress, you’re going to make waves.

And OPEN just premiered on the KuCoin exchange, available to the world to help make it a reality.

In this article we’re going to dig a little deeper and review the technology, how it works, and it’s backers. And because most people are reading this looking for a place to invest some of their ailing FIAT currency, we’re going to look at OPEN Chain backers, first.

Who’s Backing OPEN Chain?

Names like NEO, DHVC, Draper Dragon, Node Capital, R-Chain and Jeremy Gardner who have supported projects like Zilliqa, Ontology, and VeChain are all supporting OPEN.

Their team is quite impressive, too. Name candy like Will Bunker (former president), Lorne Lantz (PayPal Partner and Payments entrepreneur), Roger Lim (NEO Global Capital), John Gardiner (pioneering partner for Facebook Messenger Games & Apps platform), Andrew Leung (Lead Architect and Design on Grindr app), and Steven Zhang (received backing from MaRSDD and Velocity Accelerator at UW), among others. You can read more about them on the OPEN website here.

What Makes OPEN Chain Different?

In order to create the most robust cryptocurrency payment solution the world is going to see, we can’t keep repeating the same methods over and over again.

What makes OPEN special is the technology under the hood.

According to their white paper and slide deck;

  • The OPEN Chain is has synergy with a range of different elements, they are; OPEN Cluster, Scaffolds, OPEN State, and a Blockchain Load Balancing Protocol.
  • The OPEN Chain uses the Rapid Consensus mechanism to preserve data integrity and ensure speed.
  • Scaffolds are introduced simultaneously to every blockchain once a developer deploys one.
  • The OPEN Cluster is an ecosystem of existing blockchains that make use of application gateways called Scaffolds to transport on-chain data into OPEN States.
  • An OPEN State is linked to an application’s backend and provides one source for every parcel of on-chain data being passed through its cluster of interoperable blockchains.
  • The Blockchain Load Balancing Protocol processes all data in parallel, on the fly.

How Does Each Element of OPEN Work Together?

Transactions are processed via the OPEN Rapid Consensus mechanism on the OPEN Chain, where it is then threaded through the Blockchain Load Balancing Protocol to ensure speed and distribution across all blockchains in the cluster.

How Does OPEN Compare to Existing FIAT Payment Processing?

There’s a huge necessity for a cryptocurrency payment solution that topically works like a traditional FIAT one, but without a centralized governing body baked into it under the hood. And that’s what OPEN delivers.

OPEN looks and feels like any other trusted payment processor on the web –it bears many similarities to Stripe.

Like Stripe, it’s very developer-friendly and can be rapidly deployed within apps, d-apps, ecommerce shops, and websites. As a result, it’s incredibly cost-effective for businesses of all sizes to implement.

Much like traditional payment processors, transactions can be tied to users, tracked, and verified to ensure there’s value in an account before a purchase is completed.

Subscriptions can be facilitated, and so can one-off purchases. Shipping logic and other metrics can be introduced to ensure proper billing.

For larger businesses, changes can be made at an application level on a larger scale due to the OPEN API. This eliminates much of the risk associated with adopting a new technology –ideal for risk averse enterprise-level businesses.

For popular app creators or game developers like those that made Candy Crush and other popular games, OPEN removes their reliance on payment processors common with apps stores provided by Apple or Google.

To every day users and business owners alike, OPEN looks and feels just like what they’re used to –without the exorbitant third-party fees attached.

And developers of all skill sets can finally start deploying crypto-ready apps and websites without the headaches they had yesterday.

Wrapping It Up

It’s been almost 10 years since Bitcoin was introduced and the world is still using similar payment systems and protocols they’ve always used.

Speed is a massive point of contention among those behind each blockchain, business owners, and customers.

Entire coins with large stores of capital are folding because of hard forks and loss of public trust –forks that were intended to speed them up.

Something is wrong with a lot of mainstream coins and it looks like OPEN is the best suited to provide the remedy.

Invest in OPEN Chain

OPEN has learned from the issues associated to other blockchains like Ethereum (too narrow), Bitcoin (too slow), and aims to provide supporters from around the globe with their first real shot at joining them and bringing a level of scalability, speed, and widespread adoption to crypto the world still has yet to see.

The OPEN team has hinted often that major announcements are on the way and it is only a matter of time before it’s all moon and Lambos –the sooner investors get in on the action, the greater the margin (and bragging rights).

If you see OPEN for the whale it is, check it out on KuCoin –supported trading pairs include OPEN/BTC and OPEN/ETH.

KuCoin is OPEN’s first official listing partner, and with their help they’re providing newer quick-footed investors with the kind of opportunity they missed with Bitcoin.

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