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OpenChat

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Discover OpenChat'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 OpenChat?

OpenChat (CHAT) is a cryptocurrency token that supports a decentralized chat application running on the Internet Computer blockchain. It allows users to send messages containing tokens like ICP, ckBTC, and ckETH, and is governed as a DAO. The token can be traded on decentralized exchanges such as ICPSwap, Sonic, and ICDex.

How is OpenChat used?

The crypto OpenChat (CHAT) is used in various ways within the OpenChat ecosystem. Here are some key uses:

  1. Governance Token: CHAT is the governance token for OpenChat, allowing token holders to vote on code updates and feature changes, ensuring community-led governance.

  2. Premium Features: Users can access enhanced functionalities by paying with CHAT tokens. These features include storage for file messages, on-demand message translation, and increased group creation limits.

  3. Token Management: The OpenChat wallet allows users to manage various tokens, including ICP, CHAT, ckBTC, and SNS1. Users can send tokens to fellow OpenChat users through special messages, facilitating secure and convenient transactions.

  1. Diamond Membership: Users can upgrade to Diamond membership status by utilizing ICP (and soon CHAT) tokens, unlocking access to additional premium features within the platform.

  2. Reward System: Contributions to the platform are rewarded with additional governance tokens, encouraging user involvement in the decision-making process.

These uses highlight the versatility and utility of the CHAT token within the OpenChat ecosystem, fostering a decentralized and community-driven messaging platform.

How do I store OpenChat?

To store OpenChat (CHAT) tokens, you can follow these steps:

  1. Access OpenChat: Go to the OpenChat website and log in to your account.

  2. Check Your Wallet: Ensure you have a compatible wallet set up to store your CHAT tokens.

  3. Purchase CHAT Tokens: If you don't already have CHAT tokens, you can buy them through the OpenChat platform.

  1. Store Tokens Securely: Once you have purchased the tokens, store them securely in your wallet. Make sure to follow best practices for wallet security to protect your tokens from unauthorized access.

  2. Manage Your Tokens: You can manage your CHAT tokens through your wallet, including sending, receiving, and tracking your balance.

For more detailed information, you can refer to the OpenChat FAQs, which provide additional guidance on buying and managing CHAT tokens.

How to buy OpenChat?

To buy OpenChat (CHAT) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that suits your needs. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Ensure the wallet is compatible with your payment method and preferred policies.

  2. Set up your Wallet: Create an account, provide personal information, and set a strong password. Note down the Secret Recovery Phrase or Seed Words carefully for future reference.

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and purchase a base currency such as Bitcoin, Ethereum, or Tether. This will be used to trade CHAT tokens.

  1. Transfer Funds to Your Wallet: Withdraw the base currency to your crypto wallet by providing the wallet address and the amount to transfer.

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet, such as Pancake Swap. Compare trading fees and liquidity before selecting an exchange.

  3. Buy OpenChat (CHAT) Tokens: Connect your wallet to the DEX and trade your base currency for CHAT tokens. Be cautious of market trends and trading fees.

  1. Store Your Tokens Securely: For long-term storage, consider using a cold wallet, such as a paper wallet or hardware wallet, to ensure maximum security.

Popular exchanges to buy and trade OpenChat include ICPSwap, Sonic, and ICDex.

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History of OpenChat

OpenChat (CHAT) is a cryptocurrency token that operates on the Internet Computer blockchain. The token has experienced significant price fluctuations, with both all-time highs and lows recorded in recent months. The all-time high price for OpenChat was BTC0.00002254, which was reached on February 19, 2024. Conversely, the all-time low price was BTC0.000054748, recorded on June 18, 2024.

The price performance of OpenChat has been volatile, with a recent 723.10% increase in trading volume over the past 24 hours, indicating a surge in market activity. However, the token's price has declined by 22.30% over the past seven days, underperforming both the global cryptocurrency market and similar Internet Computer Ecosystem cryptocurrencies.

OpenChat can be traded on decentralized exchanges such as ICDex, ICPSwap, and Sonic. The most active trading pair on ICDex is CHAT/ICP, with a trading volume of $223,448.84 in the last 24 hours. The token's price is calculated in real-time by aggregating data across multiple exchanges and markets, using a global volume-weighted average formula.

OpenChat's market cap and trading volume are tracked by various cryptocurrency analytics platforms, providing insights into its market performance and user activity. The token's historical price data is also available, showing significant changes over time.

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How OpenChat works

OpenChat is a decentralized messaging platform that runs on the Internet Computer (ICP) blockchain. It offers a unique blend of traditional chat features and crypto-native functionality, allowing users to send and receive tokens as chat messages and swap tokens through integrations with exchanges or peer-to-peer transactions.

Key Features
  1. Decentralized Governance:

    • OpenChat is governed by its users through a decentralized autonomous organization (DAO). CHAT tokenholders own and govern the protocol, making decisions on the platform's future through proposals and voting.
  2. Token Management:

    • Each user has a dedicated canister that houses their personal chat data and connections to groups and communities. This approach ensures data security and scalability.
    • The OpenChat wallet allows users to manage various tokens, including ICP, CHAT, ckBTC, and SNS1, facilitating transactions and interactions within the ecosystem.
  3. Premium Features:

  • Users can access premium features by paying with CHAT tokens. These features include storage for file messages, on-demand message translation, and increased group creation limits.
  1. Security and Censorship Resistance:

    • OpenChat aims to provide end-to-end encryption for chats, ensuring superior security and privacy. The platform also promises to safeguard user data and empower users through community-led governance and innovative monetization strategies.
  2. Community Engagement:

    • OpenChat allows users to create communities, similar to Discord servers, where group admins can create subgroups for focused conversations. Users can find communities based on common interests or create their own.
Technical Infrastructure
  • Internet Computer (ICP) Blockchain:

    • OpenChat leverages the ICP blockchain, which is designed to expand the functionalities of the internet. ICP enables smart contracts and DApps to run at web speed directly on the blockchain, providing a platform for decentralized applications.
  • Canisters:

    • When users register, they are assigned a dedicated canister that holds their direct chats and lists which groups they are part of. This approach ensures data security and scalability.
  • Peer-to-Peer Connections:

  • OpenChat uses peer-to-peer WebRTC connections brokered by the OpenChat service on the Internet Computer, enabling fast messaging between users who are online.

Future Development
  • Roadmap:

    • OpenChat plans to introduce end-to-end encryption for chats, a sophisticated tokenization system to reward users for posting key content with CHAT tokens, and community broadcasts.
  • Global Integration:

    • The platform aims to integrate with other projects, allowing them to use OpenChat as a communication tool on their own websites.

OpenChat's decentralized approach, combined with its crypto-native features and user governance, positions it as a unique player in the world of digital communication.

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OpenChat's strengths

The token OpenChat (CHAT) has several strengths that make it an attractive investment opportunity.

Governance and Community Involvement

One of the key strengths of OpenChat is its decentralized governance model. Token holders have the ability to vote on code updates and feature changes, ensuring that the platform is managed and owned by its users rather than a central authority. This model encourages community involvement and allows users to have a direct say in the development of the platform.

Decentralized Platform

OpenChat operates on the Internet Computer, a decentralized platform that hosts computer code, data, and compute. This decentralized architecture ensures that there is no central authority tracking and selling user data, providing a more secure and private experience for users.

Fast Messaging and Scalability

OpenChat's use of peer-to-peer WebRTC connections and the Internet Computer enables extremely fast messaging, especially when both users are online. Additionally, the platform's one user, one canister approach makes it highly scalable, avoiding the need to shard users as the platform grows.

Rewards and Incentives

Users are incentivized to contribute to the platform through rewards in the form of additional governance tokens. This encourages active participation and helps to turbo-charge the growth of the platform.

Open and Transparent Development

All proposals and code updates are made public, and users can vote on changes. This open and transparent approach ensures that nothing happens behind closed doors, and everyone is welcome to get involved.

These strengths make OpenChat a unique and promising project in the world of decentralized messaging applications.

OpenChat's risks

OpenChat (CHAT), a cryptocurrency project, faces several financial risks that investors should be aware of:

  1. Financial Risk: OpenChat relies on AI chatbots, which lose money on every chat. This financial model may not be sustainable in the long run, potentially putting the business at risk if the costs of maintaining the AI engine become too high.

  2. Credit Risk: The project may face credit risk if borrowers or clients default on their debts or outstanding payments. This can lead to significant losses, including principal and interest, as well as increased collection costs.

  3. Operational Risk: OpenChat is exposed to operational risks such as system failures, inadequate processes, and external events that can cause direct or indirect losses. These risks can be managed but not eliminated, and their impact can be significant.

  1. Reputational Risk: Any damage to OpenChat's reputation can lead to a loss of social capital, market share, and financial capital. This risk is difficult to quantify but can have severe consequences, including corporate bankruptcy.

  2. Regulatory Risks: Changes in regulations or policies can negatively impact OpenChat's business model. For instance, if AI chatbots are deemed unacceptable in the future, the project may need to adapt or face significant financial consequences.

  3. Single Provider Risk: OpenChat's reliance on a single provider, OpenAI, poses a significant risk. If OpenAI experiences downtime or changes its policies, OpenChat's operations could be severely impacted.

These financial risks highlight the importance of careful risk management and mitigation strategies for OpenChat to ensure its long-term viability and success.

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Did OpenChat raise funds?

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OpenChat's ecosystem

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OpenChat’s team

  • Hamish Peebles: Co-founder and software engineer, graduated from Cambridge University with a degree in Mathematics and worked primarily with C# before switching to Rust for the Internet Computer.
  • Matt Grogan: Co-founder and software engineer, graduated from Oxford University with a master's in Engineering and Computer Science and has worked across various tech stacks and industries.

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