FUJAN CRYPTO REPORTS
Whitepaper
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Introduction
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Presently, there exists no easy solution for application developers to integrate blockchain technologies into their core infrastructure
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Developers require a way in which they can integrate a decentralized payment gateway into their application’s custom payment scheme that is able to accept any cryptocurrency and synchronize such transactions with their existing backend
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OPEN utilizes systems of sophisticated smart contracts as transaction and verification tools for software applications
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Often costs the developer upwards of 30% in fees if the application in question is a mobile app utilizing a traditional app store
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OPEN has created a modular solution that can be easily integrated into existing applications, enabling many traditional applications to utilize blockchain architecture
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OPEN creates a needed developer payment gateway solution that is fully self-contained and simple to implement on pre-existing infrastructure
Decentralized Approach
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OPEN provides the ability for any software developer to plug into blockchain technologies without drastically altering their existing backend processes
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OPEN has created a blockchain agnostic platform with a comprehensive API structured to specifically create ease of access and integration into pre-existing application infrastructure
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The OPEN API abstracts away the complexities of the OPEN platform’s decentralized architecture by introducing an application layer developers can connect to with their existing codebases
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The OPEN API will leverage functionalities already present in external libraries to develop a secure way to interact with the blockchain
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OPEN will unlock the potential within blockchain technology in order to fundamentally alter the way applications are built, hosted, trusted, and monetized
Architectural Design Approach
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The OPEN platform utilizes several different components of blockchain architecture, along with a scaffold protocol which acts as payment infrastructure and verification scheme for a specific application which acts as the verified output that contains within it the desired result of the transaction or state of any payment scheme for a user of the application
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The OPEN API serves as the connection between these components on the blockchain and the developer’s existing infrastructure
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OPEN included Scaffolds as template smart contracts that can be created to the specifications required by a developer, instantiated through a simple API call
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OPEN utilizes customizable Scaffolds as a component to allow developers the unique flexibility over pricing structures and types as well as transactions required by a broad array of applications
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OPEN established one point in the architecture that the user interacts with via the OPEN API, it is simple to switch out and replace Scaffolds as the application builds new features
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The OPEN Token is a utility token that allows a developer to activate a Scaffold after it has been created
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The OPEN API gives developers the ability to create customized Scaffolds from Scaffold templates that can correspond to a variety of payment schemes
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The OPEN API call is the initial point of interaction for a developer to create a Scaffold that conforms to the developer or application specific requirements
Key Terms
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OPENWallet = The storage unit for the user’s cryptocurrencies as well as the OPEN_States the user has purchased through the OPEN API
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Developer Wallet = The wallet where the Scaffold transfers the funds that the user has sent to it for an OPEN_State
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OPEN Token = An ERC20 token that will be distributed in the OPEN TGE and allows for developers to create and operate Scaffolds in the OPEN ecosystem
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OPEN_State = Data stored by both the user and the database, that is stored through IPFS, and referenced by the Scaffold
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Scaffold = A template smart contract that is created by a developer and includes application specific information, such as the pricing scheme or number of gems owned in the network
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Scaffold Creator = The API that OPEN provides to create Scaffolds for developers through a simple API call
Overview
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Scaffold Creation by Developer
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The OPEN API will have a built-in functionality that gives developers the ability to generate new Scaffolds set to the developer’s address as the owner
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By utilizing OPEN Tokens to initialize the Scaffold, the developer can create a unique Scaffold in the blockchain ecosystem
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The user wallet could be a user interface similar to one in function enforced by Google Play or the Apple App Store
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Once it verifies that a payment amount is correct, it does not store any cryptocurrency, rather it automatically transfers the funds to the developer’s wallet, allowing for instant liquidity and protection from volatility for the application and developer
Applications of Scaffolds and OPEN_States
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Permissions for video streaming
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Through the OPEN platform, any video publisher who would like to monetize their content can do so without worrying about an elaborate payment backend
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Developer Wallet and OPEN Token
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Can be any online wallet that is capable of receiving cryptocurrencies and holding OPEN Token
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Recommended that they use the OPENWallet as it leverages the OmiseGo SDK
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Used in three different scenarios
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To create a new Scaffold
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Receive payments from users
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Maintain an account of the transactions that go through the application Scaffolds
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OPEN Token
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Scalability through Token Economics
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A portion of tokens is allocated to a Developer Growth Pool
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3% of every transaction is used as a type of network gas fee
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OPEN Developer Program
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Motivation
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Reasons for creation
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To reduce barriers to entry for developers when joining the OPEN Community
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To provide incentives for developers already on the OPEN Platform to grow the Community
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To provide a means for developers to grow the OPEN Community
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Developer Onboarding
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Will consists of vetting malicious or fraudulent developers
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Will receive an initial allocation OPEN Tokens
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Portability of the OPEN Platform
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Any payment system that a developer sets up using OPEN can be seamlessly ported to a variety of chains
Third Party Dependencies
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IPFS
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It is possible to reference large quantities of data on-chain without paying the price for all this data
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Microraiden
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It is possible to give the OPEN Platform scalability from the get-go
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OmiseGo White-Label Wallet SDK
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Provides users with the ability to pay into Scaffolds with a variety of different cryptocurrencies
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Tendermint
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Provides the ability to replicate state machines on its blockchain, which allows it to utilize smart contracts written in Solidity, making the transition from ETH to Ethermint a simple operation that provides a huge increase in throughput and reduces costs
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GNOSIS, Oraclize, Chainlink
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Need the use of oracles to provide developers with the correct payment system even if high volatility
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Web3, ETHJS
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Prevent errors that arise from rolling your own connections, and to inspire developers to participate in the process of helping OPEN to continue to innovate
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Security Considerations
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Database Synchronicity
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Not feasible to keep the database and the blockchain completely synchronized to maintain a realistic in practice solution for cost effectiveness
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The partial synchronicity utilizes the knowledge that every database already has permissioned API calls and database changes that they run through a payment gateway
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OPEN Future Functionality
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Portability
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OPEN is portable between numerous systems and not limited to a single blockchain protocol
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Scalability
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Will switch from EVM to Ethermint in the future
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Roadmap
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Team
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Ken Shangha – CEO
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Founder of DoublePlay Entertainment Inc. – 4 years
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Grew triple digit percentage growth of revenue and customer spend (in millions) over 8 consecutive quarters & counting
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Organizing Committee Volunteer for Toronto 2015 Pan/Parapan American Games Organizing Committee – Less than a year
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Ken is an obviously intelligent fellow destined for success in whatever he wants to do. He is very outgoing and inviting in his mannerisms. These strengths allow him to expand into other areas that his peers can not giving him a distinct advantage over others.
Andrew Leung – CTO
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Director of Engineering at TribalScale – Current
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Staff Software Engineer, Senior Software Engineer, and Software Engineer for Pivotal Labs – 4 years 8 months
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With Pivotal Labs expanding around the globe, I am given the opportunity and privilege to setup, build Pivotal culture, hire and grow the team locally for the new Pivotal Labs Sydney office.
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Software Developer for Research in Motion – 4 years 3 months
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Developed the cellular phone application, one of RIM's top three most critical applications on the BlackBerry 10 platform.
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Bachelor of Engineering, Software Engineering and Game Design
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A patent for Method and Device for Providing System Status Information
Abhishek Punia – Blockchain Lead
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Crypto Analyst for Draper Associates – Current
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VC Analyst for Blockchain based companies
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Advisor to Helix3 – Current
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Faculty at Blockchain Research Institute – Current
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Blockchain and Retail
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Developer at Blockchain at Berkeley – Current
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Building technology stacks for upcoming ICOs
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Core Contributor to Enigma MPC – 4 months
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Finance Inter at Hyperloop One – 4 months
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Redwoods Summer Analyst for Davita Medical Group – 3 months
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Value Investing Program for Upgrade Capital – 6 months
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Business Valuation Intern for FMV Opinions – 5 months
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Finance Intern for Progressive Programming – 4 months
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Bachelor’s in Business Administration and Management
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Patrol Leader for the Boy Scouts of America
Roger Jin – Director of Strategy
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Founder of Treats – Current
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Treats is a subscription box for international snacks
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Head of Product for Flint Mobile – 1 year 5 months
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As the owner of product, led product roadmap, strategy and product design (ui/ux) of web and mobile products from beta to launch and post-launch growth
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Project Manager for Illinois Business Consulting – 1 year 5 months
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Lead a team of consultants for paid consulting engagements focused on product and marketing strategy.
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Bachelor of Science, Finance
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Roger is a very ambitious and dynamic individual. I've known and worked with Roger in many different settings and each time, I have learnt a great deal from him. He has shown great qualities of innovation and forward thinking and a high level of maturity. I wish Roger all the success and hope our paths keep crossing each others.
TEAM OF 13
Partners & Backers
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Draper Dragon
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Invested in Telegram, Vechain, Quarkchain, Ledger, Aelf, and more
Altonomy
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Altonomy is a digital asset management firm, providing trading solutions for blockchain assets. 8 Employees
NEO Global Capital
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Invested in Ontology, Zilliqa, Switcheo, Trinity, OPEN, nOS, IoTeX, RuffChain, bluzelle, and more
One Block
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Invested in Zilliqa, Origin Protocol, OmiseGo, OPEN, Chainlink, Quantstamp, Quarkchain, and more
Danhua Capital
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DHVC is a VC fund that invests primarily in early stage and growth stage company with disruptive technology/business model, big market and excellent team.
Reflective Ventures
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We are a Blockchain specific venture fund partnering with groups who share our core values and ambition for a better world.
Element
Sora Ventures
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Invested in Mithril, Origin, OPEN, and More
RChain
Articles
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https://coinidol.com/first-simple-multi-cryptocurrency-payment-solution/
While I’d like to think that I clearly demonstrated how compelling OPEN Chain is, I still recommend that you investigate it further. Not in so much that I think you should be skeptical, but in that OPEN Chain is a work of art akin to what Ethereum is, or was, to early adopters.
https://prkit.co/openplatform/articles
While cutting out the crowds from the ICOs may sound less egalitarian, it can strengthen the ecosystem so that these same ‘crowds’ can enjoy the future application of projects like Open Platform. The crowd wins in the long term by being able to use the products that strategic investors help bring to life.
Videos
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https://www.youtube.com/watch?v=94XITWOpb-8
Open Platform
https://www.youtube.com/watch?v=4DFWEQgIBgA
Ivan on Tech
https://www.youtube.com/watch?v=ac60RrwTofU
Crypto Love
https://www.youtube.com/watch?v=0Gt9_w7YSLQ
Boxmining
CoinCheckUp
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Conclusion
I would give Open Platform a B- rating. OPEN Is building the required blockchain payment infrastructure for application developers, enabling application backends to interface with blockchain based payments enabling the two-way communication of payment data between on-chain and off-chain components. As a simple analogy of OPEN as the very first Developer Wallet and the accompanying payment rails. With OPEN all existing applications interested in incorporating blockchain technologies including cryptocurrency acceptance (from Netflix to Candy Crush) can do so without any Solidity knowledge or without re-developing their technology stack. OPEN enables existing application developers and future DApp developers an invaluable serving offering with its technology and developer growth program. (Summary from CoinCheckUp). The only reason it is a B- is because the team and partners did not stand out to me. I would like to see this platform grow both in team size and partners. It is also strange how we do not know what the circulating supply is and this project has been on the market since May 22nd.
