OPEN Platform Analogies
Since OPEN encompasses a complex system, there are a few analogies that can help explain what the OPEN platform does:
The Stripe/Paypal of Decentralized Payments for Applications
- It is possible to think of OPEN like the Stripe and Paypal of decentralized payments. OPEN gives every application ownership of a decentralized cryptocurrency payment gate that ensures the developer gets paid and the user gets their transaction filled, all through a simple API that abstracts away the technical complexities of blockchains. Our architecture is also automatically updates the backend database employed by the application.
The First Decentralized Developer Wallet
- Unlike traditional cryptocurrency wallets that lack the infrastructure to do more than send and receive payments, the OPEN Platform can act as an on-chain developer wallet with additional features to speak to off-chain infrastructure such as application databases. This wallet speaks with the off-chain infrastructure of the application to provide real-time updates to the off-chain database for all on-chain transactions processed through the application. This is a currently missing, but crucial component, for on-chain applications to accept payments over the blockchain. For example, if a user Candy Crush integrates OPEN Platform and a user (user x) purchases 20 in-game Gems, our API will automatically update Candy Crush’s database with information that user x bought 20 Gems as well as any other application-relevant data.
The Ripple for Software Applications
- Another relevant analogy is to imagine OPEN as a Ripple for software application payments. As the first “developer wallet’, OPEN provides the payment rails for on-chain payments that flow through a software application with a full suite of features (such as payment verification) required in a payments infrastructure for complex applications.
Not to be confused with BitPay or Coinbase as accepting cryptocurrencies is only one part of OPEN but solutions like BitPay or Coinbase accept cryptocurrencies in an invoice mechanism tied to an ecommerce shopping cart, which may not have the two way flow of payment and verification data more complex applications may need