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There’s no doubt that Ripple has revolutionized global corporate payments on blockchain technology, but OPEN Chain is the newest technology that is making crypto processing payments even more convenient.
Ripple was the hope of many investors and was thought to be the next big thing after Bitcoin, and yet that was not quite the case.
Bitcoin has become more popular and so has the crypto market in general. The growing interest in blockchain and cryptocurrency is due to the monetary value as well as the ability to make fast and secure transactions that do not depend on insecure centralized infrastructure.
However, the increased usage of the available blockchain applications (d-apps) has led to a crowded blockchain network slowing down its transactions. The future of blockchain technology depends on the ability to absorb a huge number of transactions without slowing down the network.
What Is OPEN Chain?
OPEN Chain is the latest and arguably the best blockchain project on KuCoin’s exchange to trade publicly.
Read: Kucoin is fast-growing Asian exchange – read our Kucoin exchange review here.
It works like Stripe or Paypal, but for Crypto –allowing developers to easily implement ways to accept payments in different cryptocurrencies on both apps and websites.
Initially, this was hard to do, but OPEN makes it easy and convenient for both users and developers.
In the coming weeks and months, OPEN is expected to become the Paypal or Stripe of crypto with an increased adoption of crypto as a whole by the general public. OPEN is available on KuCoin with OPEN/ETH and OPEN/BTC trading pairs.
KuCoin is providing investors with limitless opportunities that they probably missed with Bitcoin (and PayPal’s IPO, once upon a time). KuCoin is also the first listing partner of OPEN Chain.
How Does OPEN Chain Work?
This technology is suited for organizations or investors wishing to issue and manage their digital assets in a secure and robust way.
Perhaps you may be wondering what is in it for you; the good news is that you can cash in on OPEN’s latest buzz and hype while it’s still on the front burner.
The OPEN platform enables app developers to leverage on the blockchain without exerting too much strain on its networks. It offers developers a toolkit that allows them to integrate crypto payments even without having to understand the basics of blockchain technology.
Developers can easily utilize the convenience of blockchain payments and can still maintain the core functionality of the app off-chain through the OPEN Chain platform API.
Besides reducing the number of operations that can be registered on a blockchain ledger, this architecture also allows developers to take advantage of the strengths of both off-chain and on-chain worlds as best suits their needs.
Existing applications do not need to be reprogrammed in order to accept cryptocurrency payments. The OPEN Chain platform offers bi-directional communication between the blockchain and the app’s off-chain database unlike the current cryptocurrency payment alternatives that only allow simple e-commerce payments.
This not only allows developers to provide all kinds of payments schemes for subscriptions and in-app purchases but also provides fully functional digital receipts.
The OPEN platform enables apps to accept cryptocurrency payments through a familiar infrastructure thus millions of existing applications can be connected to the blockchain which is a critical contribution for the future of cryptocurrencies.
OPEN Chain has empowered software developers to integrate their apps seamlessly with the blockchain which is a significant step towards seeing a complete adoption of cryptocurrencies.
This platform employs the Rapid Mechanism Consensus mechanism which ensures speed and preserves data integrity.
Developers only need to add some few lines of code to a website, app or decentralized app (d-app) and they are set up to accept cryptocurrency payments in any crypto.
Imagine the convenience of using your favorite cryptocurrency to pay for your Netflix subscription or Uber ride. That is the future of cryptocurrency.
This is probably the reason why KuCoin is going absolutely crazy since the launch of OPEN Chain with the OPEN/ETH and OPEN/BTC trading pairs. While Ethereum stalls, OPEN is growing hand over fist.
Why Should You Be Interested In The OPEN Chain Platform?
Developers have been experiencing serious challenges getting a piece of the billion dollar cryptocurrency industry since it was difficult to integrate digital currency into the mainstream digital applications, websites and decentralized apps (d-apps).
The convenience that Stripe offers for FIAT payment processing is what cryptocurrencies have been lacking. This is exactly what OPEN Chain provides enabling web applications, apps and d-apps to accept cryptocurrency payments on any blockchain using different application payment schemes.
This means that it is completely interoperable with a wide range of blockchains, moreso than anything else available in the market today.
OPEN Chain technology is a first of its kind that facilitates the seamless interaction of applications and the blockchain while still maintaining decentralized cryptocurrency payments.
The platform also provides application databases with accurate transaction information such as user account number, transaction amount, time of transaction etc.
All this information is necessary in the marketplace. The good thing is that deploying OPEN Chain technology is extremely easy. Anyone can do it.
The crypto market is ailing and OPEN Chain seems to be the cure. Bitcoin transactions are slow and unreliable and nobody wants to accept it while Ether has its own limitations.
When it comes to investing in cryptocurrencies, it is only wise to buy the right coin cheap and early, at least with Bitcoin.
What Is Unique About The OPEN Chain Platform?
Before this technology, developers wishing to integrate blockchain as a cryptocurrency payment system had to understand a blockchain’s language in order to effectively interact with its APIs, but those days are long gone.
With the OPEN API platform, developers only need to deploy the platform’s architecture in their back end and the system does the rest.
The OPEN infrastructure supports all smart contract blockchains hence developers only need to decide what cryptocurrency they want to accept.
OPEN Chain empowers its users to pay in whichever cryptocurrency they would like as long as it is acceptable by their app developer.
OPEN Chain has defined the future for the adoption of blockchain technologies and cryptocurrencies easily. In fact, this is a feat that all blockchain enthusiasts are looking forward to. This is why OPEN is making crypto payment processing great again.