Open Platform - TECTUS Analysis (Very Hyped ICO)
Five Second Overview
Open Platform is decentralized payment infrastructure that allows for easy cryptocurrencies integration into existing applications.
T.E.C.T.U.S. Analysis
Open Platform is about connecting pre-existing technology with new technology. The project is going to allow developers to easily integrate OPEN into their apps without making major changes to their codebase.
The beauty of Open Platform is that it does not require developers to understand multiple languages to code a blockchain project. In tandem with this, it allows projects to integrate blockchain without using large amounts of extra capital and time.
Open Platform has well balanced token metrics with a hardcap of $30 million. The total supply of tokens is $1 billion with 50% available for sale (all sold in presale). 20% of the tokens are vested and for the team and advisors while 10% were reserved for a private presale. The remaining 20% is to be used as a developer incentive pool.
The developer pool will be continually fed through a 3% transaction (gas) fee on the platform.
One of the key aspects of Open Platform is that it is introducing a product that currently has no real competition. Projects that choose to use Open Platform from the beginning may find themselves at an advantage when compared to their competitors due to the ease of integration for their payment systems and cross chain compatibility.
The only somewhat similar project is CardStack which is much more about integrating the workflow of the apps themselves rather than allowing apps to integrate themselves into a payment platform.
This project has an extremely strong team with a technical group with vast experience. The group includes:
- Andrew Leung - CTO - Facebook, Blackberry, PivotalLabs
- Abhishek Punia - Blockchain Lead - Draper Associates, Enigma, Blockchain Research Institute
- Chase Smith - Lead Architect - Blockchain at Berkeley Developer, Blockchain Research Institute
Open Platform has a stellar list of advisors that includes Will Bunker (GrowthX VC), Lorne Lantz (PayPal Partner), and Blockchain Mega Star Roger Lim, the Founder of Neo Global Capital.
Other than the advisors a great indicator of confidence in a product is the quality of investors. Again, Open Platform has captured a strong group that includes Neo Global Capital and the Draper Dragon Fund (Tim Draper).
At launch the OPEN token has one main utility:
After creating a smart contract, known as a Scaffold, the developers will be required to stake a specific amount of OPEN in order to run the Scaffold. The OPEN must remain staked the entire time the Scaffold is operating and will be returned when the Scaffold is closed.
In the future, additional utilities may be introduced including the use as a payment method for added services such as Open Nodes.
Open Platform social metrics are some of the highest in recent memory (similar to ArcBlock and Nucleus Vision). Check out the numbers below:
- 100K+ sign-ups on the whitelist
- 50K+ members on Telegram
- 25K+ followers on Twitter
- 6K+ subscribers on Reddit
- 4K+ subscribers on Medium
The hype and FOMO for Open Platform are extremely high, especially since many believe that there will be no crowdsale.
If you are hungry for more details about what Open Platform does visit my plain language overview or check out their website here.
The Vitals
📅ICO Date: Whitelist Open Now
📈Token Ticker: OPEN
💵Current Token Price: $0.08
🆔KYC: Yes
Total Supply: 1 Billion at TGE.
Amount for Sale: 50% total
Token Type: ERC20.
Open Platform
Whitepaper
Telegram
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