Open Future ICO Review
Open Platform makes it easy for applications to integrate with and accept cryptocurrencies as payments.
There are several of components that create the OPEN platform, such as Scaffolds, OPEN_states, the OPENWallet, and Developer Wallet.
Scaffolds are blockchain agnostic, general structure smart contracts which will act as the payment processor. They can be changed to suit the company’s payment model (i.e. subscription payment model, one time payments, in-game payments, etc), adding a lot of utility to blockchain payment systems.
Depending on how the scaffold is set up with a program, a user can pay for a service, or an in-game currency, and, in return, they get an OPEN_state, which represents the access to a promised service, or the number of in-game currency that person has.
The OPENWallet is one where a users’ cryptocurrencies and OPEN_states are stored. This wallet is then used as an access point for whichever program they are using, depending on what the OPEN_state represents.
The Developer Wallet is where the funds being paid into a scaffold end up going. This will utilize the OmiseGO SDK, which grants developers flexibility in choosing the kind of currency their wallet will receive.
They propose these components will come together, along with an easy to use API, to provide apps, developers, and businesses with a useful blockchain payment system.
- Token symbol: OPEN
- Token type: ERC20 (Ethereum platform)
- Non-tech whitepaper: https://s3.amazonaws.com/openmoney/Public+OPEN+Platform+Deck.pdf
- Whitepaper: https://s3.amazonaws.com/openmoney/OP-WP-2018-01-30.pdf
- Hard cap: 30,000,000 USD
- Total possible tokens: 1 Billion
- Token distribution:
- Community reserved: 50%
- Pre-sale and public sale: Pre-Sale only
- 1 OPEN = 0.08 USD
50% Token Sale: 3% Bounty / 47% Sale Distribution
20% Developer Growth Pool (Used to incentivize on boarding of new developer partnerships)
20% Team (Vested)
Token distribution timeline
After airdrops and TGE, expected around mid April.
Presale tokens are subject to vesting according to the following schedule:
- 25 % Released immediately
- 25 % Released after 1 month
- 25 % Released after 2 months
- 25 % Released after 3 months
- September 2017: White paper published
- February 2018: Open testnet on and off chain MVP
- March 2018: Open complex applications MVP 2.0 (On-chain) & Token sale + android
- April 2018: Open API docs draft & Open wallet security design
- June 2018: Developer beta program & Open SDK 1.0
- July 2018: Open 1.0 goes live (on the ethereum platform, open API, open wallet) & Open SDK 2.0
- December 2018: Update to open 2.0 (Available through Ethermint, IPFS Integration)
- February 2019: Creation of the blockchain or HUB (To act as an independent Sidechain of Ethermint)
- April 2019: Update to open 3.0 (Multi-coin integration on Open wallet)
Open Platform is currently testing their MVP on the testnet, and has publicly announced a partnership with ZenSoft, which is a company with 150+ employees and provides backend services for a large number of companies and startups in Silicon Valley. Demo video here: https://www.youtube.com/watch?v=2fI2RwVQU7k
The OPEN token will be used in a number of ways including for staking Scaffolds (locking up tokens when running a scaffold to deter bad behavior), to pay for purchases on the network, and to foster community involvement via airdrops from the pool for developers.
The token price should appreciate in value if there are enough developers and businesses that see this platform adding value to their infrastructure.
Depending on the required number of staked tokens for a given scaffold, if enough scaffolds are being set up proportional to the number of types of payment that people are hoping to achieve, demand will scale proportionally.
CEO Ken Sangha: Scaled real money casino app development company to 8 figures and achieved #1 in Itunes UK. Invited Panelist and Advisor to Yahoo and Flurry.
CTO Andrew Leung: Deployed Asia Pacific headquarters and lead new team for Billion dollar software company Pivotal labs. Lead engineering team for Facebook for Blackberry 10OS and scaled for over 1 million daily actives.
BLOCKCHAIN LEAD Abhishekpunia: Draper associates and cryptocurrency due diligence Enigma ($45m ICO) Core Contributor of Enigma MPC. Faculty at Blockchain Research Institute.
LEAD ARCHITECT Chase Smith: Developed DKG library for On -Chain Randomness and analyzes DEX’s on behalf of the Blockchain Research Institute.
LEAD SMART CONTRACT ENGINEER Dustin Sinkey: 4 years+ as a full stack developer, developed full stack application to manage conten for millions of monthly viewers.
DIRECTOR OF STRATEGY Roger Jin: Featured on New York times, CNBC, Business Insider. Boostrapped multi million dollar consumer technology start up.
DIRECTOR OF MARKETING Dennis Lewis: 14+ years of marketing and managing experience. Extensive ICO and Blockchain marketing experience.
MANAGING DIRECTOR Alvin Lau: 11+ years of technical project management experience. Project lead bringing projects value over $200 million to success.
PRODUCT MANAGER Steven Zhang: Received backing from MaRSDD and Velocity Accelerator at UW. Founded a fas growing social food platform.
PRODUCT MANAGER Vincent Vuong: Strong technical background DevOps at Oracle, Mobile Developer, a Compass, and Full Stack Developer at Yext.
OPERATIONS ADVISOR Will Bunker: Former Match.com President. GrowthX VC founding partner.
PAYMENT ADVISOR Lorne Lantz: Paypal partner and Payment entrepreneur. Technical editor of the book “Mastering Bitcoin” (O’Reilly)
FINANCE & PARTNERSHIPS ADVISOR John Gardiner: Pioneering partner for Facebook Messenger Games & Apps Platform. 7+ years in tech finance & gaming industry.
ADVISOR Roger Lim: Founding partner Neo Global Capital. Advisor for successful projects like Bluzelle, Qlink, CoinFi, Selfkey, TheKey, Tomocoin, OChain.
- The OPEN team has years of experience founding, growing, and developing mobile application companies, but instead of making another hardcode blockchain solution to address the issue of in-app payments, it has created a platform that is designed to facilitate the connection between centralized and decentralized systems.
- The OPEN Platform’s ability to port its API abstraction layer to other chains provides every developer the opportunity to port their payment schema to a variety of different platforms to capitalize on the different features within chain
- OPEN is designed to make it easy for developers to integrate decentralized technologies into their current technology infrastructure. This is meant to facilitate mainstream adoption of decentralized networks
- Payment platforms focused on applications are significant business – Stripe ($9B), Paypal ($90B), Braintree ($800m) Cryptocurrency adoption in applications is a very real potential digital and liquid by nature Apple’s App Store processes $28B of in app-payments in 2016
- The First bridge between blockchain and databases required for sophisticated applications.
- Reducing the amount of solidity/blockchain knowledge required.
- Enabling developers to develop in any language using OPEN API.
- NEO Global Capital has just invested in their project, which is a huge boost of confidence: https://medium.com/@theOPENPlatform/announcing-neo-global-capitals-investment-in-open-a5b3780053d5
- To become a standard payment platform a lot of acceptance is required, so this can be a very long project and can take a lot of bumps on the road to become successful.
- The hardcap is quite high for the current market circumstances and the market cap can be total of 60M USD (once everything vested is released), luckily for us though, our ETH is pegged to a very high rate of $725.
In conclusion, this project is very promising, it could be a future payment platform that we can all be using in the crypto industry. Currently it is very hyped in the ICO industry, ranked an average of no. 2 by the top 10 ICO review sites.
For flipping, we’re very comfortable with it, they have 50k+ telegram members and it is being hyped on every ICO review site, and they recently cancelled the crowdsale altogether, and they just announced a partnership with NEO Global Fund adding Roger Lim to the advisory board . It should be easy to flip if you wish to do so.
Long term potential
the potential is very high, it is invested in by NEO capital, and using the OMG SDK platform, so they have very strong and established partnerships that should become a very promising project in the future