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Press Release

Announcing the OPEN Chain

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Announcing the OPEN Chain
Source: Open Platform

OPEN believes strongly in a decentralized future. In order to make that happen, it is absolutely necessary that cryptocurrencies today are able to function like fiat currencies so that believers in blockchain technology are able to spend them today for goods and services. OPEN is creating a world where all applications accept cryptocurrencies as easily as they do fiat currency.

OPEN has always believed that the best solutions to achieving mainstream adoption of blockchain technologies would leverage both on-chain and off-chain components. These two worlds shouldn’t exist so disparately. Instead, it is imperative that they be able to work together to build the applications of the future. This belief lies at the core of their solutions for developers offering both an off-chain API structure as well as an on-chain Scaffold system.

What OPEN intuitively learned as they were building their API was that a lot of the on-chain implementation considerations would be uniquely solved by building their own blockchain. However, before such an announcement was made, the team wanted to spend the time required to think deeply about what was required in order to make this a success.

The OPEN Chain will lead to mainstream adoption by creating a scalable and interoperable solution not available on the market today and designed to make it easy for both developers and end users.

Today, OPEN is proud to announce their master plan for blockchain adoption into the mainstream over the coming years. A world in which we can pay for groceries, movies, and many other everyday goods and services with every cryptocurrency by enabling developer friendly blockchain solutions to speak securely with existing centralized application databases.

The OPEN team is committed to seeing this powerful vision through. Going forward, they will be seeking partnerships with everyday services to advance the vision.

OPEN Chain

As a high-level overview, the OPEN Chain is a high throughput blockchain with an interoperable data transfer protocol. For blockchains to achieve mainstream adoption, developers need a way to integrate blockchain technologies within their existing technology stack in a fashion that doesn’t require them to sacrifice the throughput they receive with current centralized solutions. They require a solution with which the learning curve to integration is greatly minimized. OPEN is accomplishing this by creating:

OPEN Chain: A high-throughput blockchain built using the OPEN Rapid Consensus mechanism

OPEN Cluster: A collection of interoperable blockchains within our ecosystem

Scaffolds: Interoperable data gateways deployed to blockchains within the OPEN Cluster that translate on-chain data into the OPEN States

OPEN State: Singular source for all on-chain data across every blockchain in the OPEN Cluster and linked to the application’s backend

Blockchain Load Balancing Protocol: Turning a network of interoperable blockchains in the OPEN Cluster and parallelizing data processing between each in order to achieve unmatched levels of throughput

When a developer deploys application Scaffolds on the OPEN chain, they are automatically deployed across the entire OPEN Cluster of interoperable blockchains. Transactions are initially processed on the OPEN chain with its high-throughput ORapid Consensus mechanism.

As transaction volume approaches the throughput limit, OPEN utilizes the Blockchain Load Balancing Protocol to thread transactions between a number of different blockchains in order to parallelize data processing. Once a transaction hits a Scaffold, the Scaffold translates the data into the OPEN State.

The OPEN State holds all the information from an application across all blockchains in the OPEN Cluster and is the one spot for the developer to link their backend and automatically synchronize their off-chain database.

Whenever a developer wants to integrate any blockchain into their application, initially to accept cryptocurrencies as payments, all they need to do is deploy a Scaffold, using our Scaffold Generator, onto the OPEN chain. This scaffold automatically gets ported onto every high throughput blockchain which links all incoming data to their backend with just a few lines of code.

In this way, OPEN provides the blockchain architecture and developer infrastructure for blockchain technology integrations to be able to compete with existing centralized counterparts.

This allows OPEN Chain to become the most interoperable, developer friendly, user accessible, and most scalable blockchain by far. OPEN is leveraging their own consensus mechanism innovations, as well as the existing blockchain networks, to create the best solution possible. OPEN’s team comes from a background of application engineers that have a deep understanding of what is needed for the blockchain protocols to be able to be competitive with centralized solutions. OPEN Chain is their answer.

Token Swap

While OPEN is excited to launch a new blockchain that resolves some of the industry’s most pressing problems, OPEN believes that their community deserves even more.

Ken Sangha, CEO of OPEN explained:

“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”

Instead of asking the market for additional resources, OPEN is building out the OPEN chain using the resources already granted by their enthusiastic community.

This means that once the OPEN Chain is ready to launch its test net, the current OPEN tokens will be exchanged for the new protocol tokens at no additional cost.

Furthermore, within the first week after our TGE event, the team will be taking a snapshot of all wallet addresses that have received OPEN tokens. Once the test net is ready to launch, OPEN will analyze those wallet addresses to identify which of the original token holders have maintained their positions.

As a reward for their loyalty, these participants will receive a substantial bonus in the new OPEN protocol tokens during the token swap.

The OPEN team knows that this is critical to achieving the widespread adoption and success of blockchain technologies. The OPEN Platform and Protocol approach really embodies the initial ethos and creates the most powerful solution currently proposed.

Masternodes

As an element of OPEN’s architecture, and in order for the team to make it even easier for enterprises to integrate the OPEN API, a Masternode Program is being implemented. At a high level, Masternodes will be instrumental in implementing the interoperability functions, hosting the Distributed Data Network, and participating in governance. More in-depth requirements will be made public shortly.



Download the OPEN Chain white paper here.

The future is OPEN! To know more about OPEN Chain, click here!





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Press Release

What is USDQ and Q DAO?

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What is USDQ and Q DAO?
Source: Platinum Engineering

In this article, Slava Zheltov shares about USDQ, a unique decentralized stable coin that makes it easy to collateralize Bitcoin. As a Blockchain Architect at PLATINUM ENGINEERING, Slava acts as a full-stack front-end developer.

Within his team, Slava is known for impeccable track record regarding security and reliability in projects, which he’s contributed to. Read this article and start learning about a decentralization wave, currently disrupting stable coin.

The thought of your bitcoin and other cryptocurrencies fluctuating in value almost on a daily basis is a hard thing to accept. But fluctuation also affects regular money as we know it.

If we want cryptocurrencies to become the future of money it should solve the issue of volatility first. The USDQ Token is a proposal to stabilize crypto and transition it from being a speculative asset to a functional store-of-value.

Introducing USDQ

First and foremost, USDQ is a cryptocurrency stable token. Like Tether [USDT]. This essentially means that its price is stabilized or “pegged” to the US Dollar. The Q DAO platform, on the other hand, is a smart contract platform built on Ethereum. The smart contract mechanism used is referred to as Collateralized Debt Contract.

This cryptocurrency is supported by any Ethereum account and is also compatible by any smart contract developed to use the USDQ exchange function. It is more steady than most non-fiat currencies available on account of this mechanism of valuation.

Where does the USDQ value originate from?

The value of the USDQ stable coin is linked to the Q DAO smart contract platform using the Collateralized Debt Contract [CDC]. This means that anyone can choose to use their own assets, in this case, bitcoin [other top 10  crypto assets will be added in future], as collateral which works as a guarantee.

This is made possible by the smart contract platform. The collateral assets are locked after being deposited into the Q DAO smart contract platform and allows the owner to generate USDQ stable tokens in return while at the same time creating debt for the same owner.

This debt is necessary because it helps to maintain the collateral inside the smart contract until it is fully repaid by the amount of USDQ tokens it originally generated. When the repayment occurs then owners of the collateral can withdraw and receive their collateral back.

The ecosystem and economy of the Q DAO platform and USDQ Token directly links both of these to the amounts being used as guarantee or collaterals.

When more users request USDQ stable coins the total amount of Collateralized Debt Contacts [CDC] will increase along with it because it is the main way to obtain USDQ stable coins. This, in turn, increases the value of Q DAO tokens. These tokens are the last component of the USDQ ecosystem and they are Ethereum based tokens whose main use is to carefully manage the operations of the fund via means of a Decentralized Autonomous Organization [DAO] system.

This includes voting rights and the capability of enforcing decisions based on majority rules. This last part is essential to the supply and demand of the Q DAO tokens.

Inside the workings of a Q DAO transaction.

Step 1: Origin of the CDC smart contract and depositing collateral guarantees

To use Q DAO tokens a user must first send a request to the USDQ platform which initiates the CDС and its respective smart contract.

Whenever a user wishes to mint USDQ, they will be asked to collateralize an amount in Bitcoin that is higher than the loan’s value. As of now, this rate is 166%.

Step 2: Generation of USDQ Stable coins from the CDС smart contract.

The user then executes another request or transaction to the platform to retrieve the USDQ that was generated on the first step. The platform also jots down the debt that is generated by this user which is the amount in need of repayment to unlock the collateral guarantee. The guarantee is always higher than the USDQ stable coins made available for the user as a safety measure.

Step 3: User makes repayment of the generated debt.

When the user finally makes the repayment of the generated debt they gain full access to the locked collateral. There is also an accrued interest fee that is meant to be paid which is accumulated daily. This means that the Q DAO tokens generated initially are taken back and removed from circulation.

Q DAO Regulations

Since the entire operation has plenty of safety measures it is very self-regulated. Because all operations begin with any user having to provide collateral which will be lower to the amount of USDQ stable coins received it creates a dissuasive control to prevent fraudulent transactions.

Q DAO Projections

The Q DAO tokens are actually indicative of another type of cryptocurrency that is completely governed by smart contracts and economic mechanisms to influence its valuation more effectively. You should keep an eye on what the future holds for this cryptocurrency as it aims to become a pioneer in the industry of stable coins and cryptocurrencies alike.

USDQ is a decentralized stable coin, which uses algorithms to offer higher stability and reliability. Fully on-chain and monitored by high-speed AI robots, ecosystem offers reliable defenses against malicious acts and attacks.

First, run in the line of fiat-pegs, USDQ is brought by PLATINUM ENGINEERING Team, looking to edge together innovative solutions in collateralization, using stabilizing mechanisms and oracles for the high-endurance stable coin. Fully anonymous, USDQ breaks limits out of this legacy world.

PLATINUM ENGINEERING is always happy to share its latest development and architecture solutions, helping stakeholders to spread improvements across crypto projects. Being an expert company on the market, PLATINUM ENGINEERING has already helped 150 crypto startups, enabling them to efficiently raise funds and introduce blockchains to their business models.

With offices in Tokyo, Thailand, Russia, Belarus, and Korea, the team is always ready to have in-person meetings, focusing on how companies can leverage blockchain technology in order to meet their unique needs. The team welcomes readers to connect on Telegram, Facebook, or LinkedIn.

This overview may not be fully exhaustive and does not assess the viability of any project, nor its team legitimacy. Readers should conduct their own due diligence before using or investing in any of the listed Stablecoins.

This article represents the author’s opinions only and should not be considered investment advice. All described functionality in the article is still under development, it can be changed/processed. Please follow the updates.



Author Name

 

 

Sviatoslav Zheltov, IT Manager and Blockchain Architect in Platinum Engineering





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