How OPEN Platform Helps Developers Solve Blockchain’s Scalability Problem
The year of 2017 was the year of cryptocurrency. Cryptocurrency markets saw Bitcoin shoot up in value, reaching an incredible $19,068 per token on December 19th, 2017. As Bitcoin became more popular, so did the crypto market in general, with over 1,000 new coins coming to market over the calendar year.
Besides monetary value, the interest in cryptocurrency and blockchain technology stems from the potential for fast, secure transactions that don’t depend on vulnerable centralized infrastructure. Although current blockchain frameworks aim for faster transactions, the growing usage of new blockchain applications (DApps) has created a backlog of unfilled transactions on blockchain networks.
The more crowded the blockchain network becomes, the slower the network transaction speed ends up being. This was seen most recently when CryptoKitties, a popular game that utilizes the Ethereum Blockchain network, caused Ethereum network transactions to slow to a near halt. Clearly, the future of the blockchain depends on being able to absorb growing numbers of transactions without slowing it down.
Thankfully, a blockchain initiative called OPEN Platform has devised a new approach that enables application developers to take advantage of the blockchain without putting too much strain on the blockchain networks. The project offers a toolkit that allows developers to integrate cryptocurrency payments without having to understand how the blockchain works. Through the OPEN Platform API, developers can utilize the power of blockchain payments, while also maintaining the core functionality of the application off-chain.
This architecture not only reduces the number of operations that need to be registered on the blockchain ledger, it also empowers developers to leverage the strengths of both on-chain and off-chain worlds as best meets their needs. Existing applications can easily accept cryptocurrency payments without needing to be reprogrammed.
Current cryptocurrency payment alternatives only facilitate simple e-commerce payments, while the OPEN Platform provides bi-directional communication between an application’s off-chain database and the blockchain. This provides fully functional digital receipts and allows developers to offer all types of payment schemes for in-app purchases and subscriptions.
By enabling applications to accept cryptocurrency payments through a familiar API infrastructure, the OPEN Platform is connecting millions of existing applications to the blockchain. This alone is a significant contribution for the future of crypto-assets, but OPEN is also leveraging the power of off-chain assets to restore a considerable amount of speed back to the core blockchain networks.
OPEN believes that empowering software developers to seamlessly integrate their applications with the blockchain, is an important step towards seeing mainstream utilization of cryptocurrencies.
The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.
This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.