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OPEN PLATFORM ICO Review: A Decentralized API for Centralized Applications

There are lots of advantages to developing applications on the blockchain. However, there are infinitely more centralized apps than there are decentralized ones, and the reason for this is: developing apps off-chain also has notable benefits. To extend the reach of the blockchain and improve adoption of the technology, it is important that centralized infrastructures and applications can easily interact with decentralized systems. OPEN wants to provide a platform that will make this possible.

Open Platform ICO Rating

Let's Decrypt Open Platform Use Case

What Problem Open Platform is Addressing?

The blockchain offers lots of advantages and unique opportunities to developers, yet, there are still some features of the technology that prevents its mass adoption. One of the major restrictions is that centralized applications cannot be easily integrated with decentralized systems on the blockchain.

Many centralized applications would benefit greatly from, say, the payment systems offered by some blockchain platforms, but the only way they can enjoy these advantages is to develop payment gateways that are hardcoded for their application. If another centralized project wants to enjoy the same benefits, it also has to develop its own unique gateway. This difficulty in connecting centralized and decentralized systems is what the OPEN Platform wants to remove.

Open Platform Value Proposition

OPEN wants to provide an API that will allow easy integration and connection between centralized and decentralized systems. The project plans to unveil an innovative new tech—a decentralized application payment gateway—that will enable seamless integration with current application backends.

Aside from the payment gateway, OPEN will also make it possible for developers to incorporate decentralized technologies into existing technology infrastructures, thereby boosting the mainstream adoption of blockchain-based networks.

Open Platform Founding Team

Open Platform’s CEO Ken Sangha was the founder and CEO of DoublePlay Entertainment for 4 years. During his time as CEO, he helped the company scale 8 figures and increase in-app spending by over 900% per user. Ken also serves as an advisor to various startups and accelerators.

The project’s CTO, Andrew Leung, is also well experienced. Leung worked in several capacities and on several projects during his 4-year+ stint at Pivotal Labs, a billion-dollar software company. He was also Lead Architect and Designer for the Grinder app (over 50 million downloads).

They are joined on the team by other well-experienced developers and marketing experts.

Open Platform Market

The OPEN project has a unique value proposition and the team is aiming to build a platform/protocol no other project has been able to build successfully. If they succeed, they would not only have revolutionized blockchain technology, they’d also have the opportunity to carve out a market segment that has no other major competitor.

How big can the market segment grow to become? Well, think of it this way: if one platform holds the key to the mass integration of blockchain-based networks, the project that developed the platform will essentially be holding the keys to the large-scale adoption of a $300 billion market. That is a very good/lucrative position for OPEN to be in.

Open Platform Roadmap

OPEN token sale is expected to commence in March 2018 but no specific date has been released yet; an on-chain MVP is also due to be released in the same month.

The OPEN Wallet security design is expected to be released by April 2018, and the first version of the OPEN platform will reportedly go live in July 2018.

An updated version, the OPEN 2.0 is expected to be released in December 2018. The project also claims that a fully independent sidechain will be created in February 2019 and the OPEN 3.0 will be released 2 months later.

Open Platform SWOT Analysis

Strengths

  • OPEN has a very relevant use-case.
  • The project has a well-experienced team.
  • Their roadmap is well-detailed, and they plan to release a fully-functional platform by March 2019.

Weaknesses

  • Some core team members still hold positions at other companies.
  • $30 million is a sizable hard cap to target.

Opportunities

  • OPEN’s API will enable developers use programming languages of their choice on the platform.
  • By facilitating the integration of off-chain databases with the blockchain, OPEN provides a platform for the development of sophisticated apps.

Threats

  • Dependency on third-party apps e.g. IPFS and Microraiden.

In conclusion, OPEN may become the first platform to enable centralized and decentralized systems to coexist in the same ecosystem, and using OPEN’s novel technology, centralized applications and infrastructures may finally be able to benefit from on-chain networks. Furthermore, developers without blockchain development expertise can also develop on OPEN using coding languages of their choice.

As a result, OPEN—the project and the token—has the potential to become the next big thing in the cryptocurrency market segment. However, this is contingent on whether or not they deliver as promised; prospective investors would be wise to take note of this.


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Disclaimer: The information contained herein is not intended to be a source of advice and the information and/or documents contained in this website do not constitute investment advice.

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