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Open Platform

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Discover Open Platform's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Open Platform?

Open Platform (OPEN) is a cryptocurrency designed to support decentralized applications and smart contracts on its blockchain. It leverages a proof-of-stake consensus mechanism and sharding to achieve scalability. The platform includes various components such as TON Proxy for enhanced privacy, TON DNS for simplified domain names, and TON Storage for decentralized file storage. The primary use of the OPEN token is for transaction fees, staking, and gas payments within the network.

How is Open Platform used?

Open Platform (OPEN) is a cryptocurrency token that operates on the Ethereum platform. It has a total supply of 1,745,447,045 tokens, with 1,061,610,421.5587 in circulation. The token is traded on multiple active markets, with a significant trading volume over the last 24 hours. Open Platform is designed to be decentralized, meaning it does not have a central authority controlling transactions or access to the network. This decentralized nature is achieved through open-source code, which allows anyone to use, scrutinize, and contribute to the code, ensuring transparency, security, and community-driven development.

How do I store Open Platform?

To store Open Platform (OPEN) tokens securely, consider the following options:

  1. Capacitor Storage: This method involves storing the token using Capacitor Storage, which is a secure and reliable option. It provides a key-value pairing system that can be used to store the token securely. This method is suitable for most applications, especially those that do not handle sensitive data.

  2. Encrypted Storage: For more sensitive applications, consider using encrypted storage options like Ionic’s Identity Vault or Secure Storage. These solutions provide an additional layer of security by encrypting the token before storing it. This is recommended for applications that handle confidential or personal information.

  3. In-Memory Storage: Another secure method is to store the token in memory. This approach ensures that the token is not stored in the file system and is only accessible within the application. It is recommended to use a closure to handle the token in memory to prevent direct access.

  1. Avoid Local Storage: Local storage is not recommended as it is vulnerable to cross-site-scripting attacks (XSS) and can be accessed by malicious JavaScript code. Tokens stored in local storage can be exfiltrated and used to call APIs directly.

  2. Token Rotation: Implement token rotation to ensure that tokens are updated periodically. This can be done by revoking and clearing old tokens on logout and having a token lifespan. This adds an extra layer of security by limiting the time a token can be used.

In summary, the choice of storage method depends on the sensitivity of the data and the level of security required. For most applications, Capacitor Storage is a suitable option, while for sensitive applications, encrypted storage or in-memory storage are recommended.

How to buy Open Platform?

To buy Open Platform (OPEN) tokens, follow these steps:

  1. Find a Reliable Centralized Exchange: Look for a reliable centralized exchange where Open Platform is listed. You can refer to Coinmarketcap to find a list of exchanges that support Open Platform.

  2. Register and Set Up a Crypto Wallet: Download and set up a crypto wallet like Trust Wallet. Ensure you download the official Chrome extension or mobile app from the wallet's website. Set up your wallet, keeping your seed phrase safe and noting your wallet address.

  3. Buy Ethereum as a Base Currency: Buy Ethereum as your base currency on a centralized exchange like Binance. If you're new to Binance, refer to their guide on registering and buying Ethereum.

  1. Send Ethereum to Your Crypto Wallet: Withdraw the Ethereum from Binance to your crypto wallet, ensuring you set the network to Ethereum and provide your wallet address.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as 1inch. Connect your wallet to the DEX using your wallet address.

  3. Trade Ethereum for Open Platform: On the DEX, select Ethereum as the payment and Open Platform as the coin you want to buy. If Open Platform doesn't appear, find its smart contract address on Etherscan and paste it into the DEX.

  1. Complete the Swap: Click the Swap button to complete the transaction.

Alternatively, you can also buy Open Platform on a centralized exchange that supports it, such as Gate.io, by funding your account with Tether (USDT) via P2P trading.

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History of Open Platform

The Open Platform (OPEN) is a decentralized computer network consisting of a layer-1 blockchain with various components. It was originally developed by Nikolai Durov and the messaging platform, Telegram. The project began in 2017-2018 when Telegram's team explored blockchain solutions for their 9-figure userbase but found no suitable existing layer-1 blockchain. They decided to design their own layer-1 chain, initially called Telegram Open Network (TON).

To fund the development of Telegram and TON, Telegram launched a Gram token (later renamed Toncoin) sale in Q1 2018. The funds raised were planned to be used for the development of Telegram and TON, as well as ongoing expenses to support the ecosystem. However, due to regulatory complications, Telegram withdrew from the TON project in May 2020.

After Telegram's withdrawal, a small team of open-source developers and Telegram contest winners took over the project, adhering to the principles outlined in the original TON whitepaper. This led to the development of Free TON, which was later rebranded to Everscale. The community of Free TON grew to 30,000 people by January 2021, and its token, TON Crystal or TON, was distributed as a reward for contributions to the network.

The Open Platform (OPEN) continues to evolve as a decentralized network, offering a range of services and tools for developers and users alike. It is built on the principles of open-source technology and community-driven development, ensuring that it remains a dynamic and innovative force in the cryptocurrency space.

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How Open Platform works

The Open Platform (OPEN) is a blockchain-based payment infrastructure designed to facilitate end-to-end decentralized payments and payment verification for applications. It utilizes the OPEN Token to power its Scaffold Protocol, which allows developers to deploy and run their applications seamlessly across various smart contract-enabled blockchains.

Key Components
  1. OPEN Token:

    • The OPEN Token is the core component of the Open Platform. It is used to power the Scaffold Protocol, enabling developers to interact with users over different blockchains.
    • The token also grants access to the OPEN Node Service, which provides additional features and benefits for users.
  2. Scaffold Protocol:

    • The Scaffold Protocol is a crucial part of the Open Platform. It allows developers to deploy and manage their applications across multiple blockchains, ensuring seamless interactions between users and applications.
    • This protocol enables the integration of various blockchain networks, making it easier for developers to build and deploy decentralized applications.
  3. Decentralized Payments:

  • The Open Platform focuses on decentralized payments, which means that transactions are processed directly between users without the need for intermediaries. This approach reduces costs and increases the speed of transactions.
  • The platform supports various types of digital assets, including cryptocurrencies, tokens, and stablecoins, making it a versatile solution for decentralized transactions.
  1. Developer Tools:
    • The Open Platform provides developers with the necessary tools to build and deploy their applications efficiently. This includes access to the Scaffold Protocol, which simplifies the process of integrating multiple blockchain networks.
    • Developers can use the OPEN Token to access premium features and services, enhancing the overall user experience of their applications.
Functionality

The Open Platform operates by facilitating decentralized payments and payment verification for applications. Here's a step-by-step overview of how it works:

  1. Application Deployment:

    • Developers deploy their applications using the Scaffold Protocol, which allows them to interact with users across different blockchain networks.
    • The Scaffold Protocol ensures that applications can seamlessly communicate with users, regardless of the underlying blockchain technology.
  2. Payment Processing:

    • When a user initiates a payment within an application, the Open Platform processes the transaction using its decentralized payment infrastructure.
    • The platform ensures that transactions are secure, fast, and cost-effective, leveraging the benefits of blockchain technology.
  3. Payment Verification:

  • After a transaction is processed, the Open Platform verifies the payment to ensure its validity and integrity.
  • This verification process is decentralized, meaning it is performed by the network rather than a central authority, maintaining the security and transparency of the transaction.
  1. OPEN Token Utilization:
    • The OPEN Token is used to power the Scaffold Protocol and access premium features and services within the Open Platform.
    • Users can utilize the OPEN Token to obtain a premium on all in-app purchases, enhancing their overall experience within the applications built on the platform.

In summary, the Open Platform is a decentralized payment infrastructure that enables seamless transactions and payment verification for applications across various blockchain networks. It utilizes the OPEN Token to power its Scaffold Protocol, providing developers with the tools they need to build and deploy efficient, decentralized applications.

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Open Platform's strengths

The token Open Platform (OPEN) has several strengths that make it an attractive investment opportunity:

  1. First Blockchain Payments Infrastructure: Open Platform is the first blockchain payments infrastructure designed for applications, providing a unique solution for mainstream software to bridge to the blockchain. This pioneering approach sets it apart from other projects in the cryptocurrency space.

  2. Successful Technical Development: The Open team has a proven track record of successful technical development, which instills confidence in their ability to execute their vision.

  3. Monetization and Distribution: The platform is designed to provide the groundwork for monetization and distribution of mainstream software applications on the blockchain, opening up new revenue streams and opportunities.

  1. Strong Online Presence: Open Platform has a robust online presence with multiple official links to its website, social media, and GitHub, ensuring transparency and easy access to information for investors and users.

  2. Trading on Multiple Exchanges: The token is traded on various cryptocurrency exchanges, providing liquidity and accessibility to a broad range of investors.

These strengths contribute to Open Platform's potential for growth and adoption in the cryptocurrency market.

Open Platform's risks

Open Platform (OPEN) is a cryptocurrency project that operates within the open finance ecosystem. As such, it is exposed to various financial risks, including:

  1. Data Security Risks: Open finance relies on the secure sharing of financial data through APIs. Any breaches or unauthorized access to this data can lead to significant financial losses for users and damage to the platform's reputation.

  2. Regulatory Risks: Open finance is subject to evolving regulations, and non-compliance can result in fines, penalties, and legal action. Ensuring compliance with regulations such as GDPR and other data protection laws is crucial.

  3. Market Volatility: As a cryptocurrency, OPEN is susceptible to market fluctuations, which can lead to significant changes in its value. This volatility can make it challenging for users to predict and manage their investments.

  1. Counterparty Risks: Open finance involves interactions with multiple financial institutions and third-party providers. The failure or insolvency of any of these counterparties can impact the stability of the platform and the value of OPEN.

  2. Operational Risks: The platform's infrastructure and systems are vulnerable to technical failures, outages, and other operational issues that can disrupt services and impact user confidence.

  3. Reputation Risks: Any negative events or security breaches can damage the reputation of OPEN, leading to a loss of user trust and a decline in its value.

  1. Liquidity Risks: OPEN's liquidity can be affected by market conditions, making it difficult for users to buy or sell the cryptocurrency quickly and at a fair price.

  2. Compliance Risks: Ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations is essential. Failure to comply can result in legal and financial consequences.

These financial risks highlight the importance of robust security measures, regulatory compliance, and effective risk management strategies to mitigate potential threats and ensure the long-term stability and success of Open Platform (OPEN).

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Open Platform's ecosystem

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Open Platform’s team

  • Andrew Rogozov: CEO of TOP and Wallet companies, previously CEO of VK.com, and a founding member of the TON Foundation. He led VK.com for seven years, scaling it from 50 employees to almost 1,200 and increasing revenue 8x during his tenure.

  • Andrey Klebanov: Managing Partner of TOP Labs, with over a decade of experience in investing and venture building. He is a Techstars alumnus and an OnDeck fellow, passionate about developing the next generation of Web3 projects.

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