OPEN Chain Introduces New Approach to Scalability and Interoperability
| Updatedby Julia Sakovich · 3 min read
With a view to achieve the mainstream adoption of blockchain technology, OPEN has developed a high throughput blockchain called OPEN Chain,
Though today there are so many talks about the prospects that decentralization can change the future, there are not so many companies that have decided to lead these changes. But to feel the entire potential of decentralization, it is necessary to make cryptocurrencies be accepted as easily as today’s fiats.
And it is exactly the area that OPEN has chosen for changing the world. The team has opted for a mission to achieve the mainstream adoption of blockchain technology. And they are planning to reach this goal though leveraging the strengths of both on-chain and off-chain components and helping them work together.
With this idea in the mind, OPEN has developed an off-chain API structure and an on-chain Scaffold system.
The absolutely new OPEN Chain will provide such a scalable and interoperable solution that has never been introduced earlier. OPEN Chain will facilitate all the processes for developers and end users which has to lead to adoption of blockchain technology by a wider audience in the nearest future.
The OPEN Chain is a blockchain that offers interoperable data transfer protocols. For achieving a wide adoption, it is necessary to give app developers an opportunity to implement blockchain technology into the already created structure in a way that doesn’t enforce them to bring any changes to their centralized infrastructure.
OPEN understands all the needs and fears of developers and has created several features for them, including OPEN Chain; OPEN Cluster that is a collection of the interoperable blockchains; on-chain Scaffold system; OPEN State that is the singular source for all on-chain data; and Blockchain Load Balancing Protocol.
Thanks to OPEN, it has become very easy for a developer to integrate a blockchain into an application. It is enough just to deploy a Scaffold onto the OPEN Chain using Scaffold Generator. With just a few simple lines of code, all incoming data is linked with the applications’ backend.
OPEN team is working hard on making their OPEN Chain the most developer friendly, interoperable, easily accessible and the most scalable blockchain.
The team is implementing a Masternode Program as an element of the OPEN architecture with a view to make integration of the OPEN API as easy as possible. Nevertheless, some further details about this initiative are said to be disclosed later.
“We can’t wait for people to learn about the upcoming token swap program. It’s going to reward our most loyal supporters in a truly special way,” said the CEO of OPEN Ken Sangha. For development of OPEN Chain, OPEN has decided not to raise new funds but to allocated the already raised resources for this purpose.
After a test launch of OPEN Chain, users will have a possibility to exchange the current OPEN tokens for the new protocol tokens without any additional fees. Later, OPEN will analyze the portfolios of their holders to find out who of them still have their original tokens. As a reward for their loyalty, these holders will receive a good bonus of the new OPEN protocol tokens.
Recently, OPEN has already made news announcing its partnership with Kucoin. As it has been previously reported by CoinSpeaker, thanks to this partnership it will be possible to trade OPEN tokens on Kucoin exchange. OPEN team believes that such a move will help them reach a wider audience.
