Open Platform

Integrating cryptocurrencies into existing applications.

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Open Platform

Open Platform is another ICO that has only recently gotten famous. This project is likeable but their hard cap is just too high relative to their team strengths. They are asking for 30 million dollars where they will be having a one billion token supply; fifty percent can be sold in the crowd sell; ten percent is going to be sold to private pre sell investors and will be locked; 20 percent is going to be given to the team which is going to be vested over time. Now in a bull market, investors would be bullish on the project but because markets are very unstable at the moment, they are asking for two much money. One wants to see a lower amount ranging from 20 to 25 million.

When it comes to the positives, Open Platform basically wants to create an agnostic payments solution and this is going to be integrating cryptocurrencies into existing applications. Zensoft, a company with over 150 employees is already using its protocol to accept payments in cryptos so they have a working product.

On the negative side, from a business standpoint, existing apps on Android and iOS devices are not going to be able to integrate directly with Open Platform due to Google and Apple’s proprietary payment mechanisms. There is also always the added issue of other competitors wanting to do the same thing. This platform is also charging the same rates of commission as Visa and Mastercard so how is it any different? That way it loses out on its competitive advantage. This happens often with many ICOs as they have a great project idea, however, they tend to lose out on the fact that competitors do exist and that they need to form strategies to counter them.

It is advisable for one to conduct their own research regarding ICOs and their limitations or advantages as the internet is not a good financial adviser when it comes to how one should handle their money, however, a quick overview of the way an ICO works, its token economics and its white papers is a good dive into what the ICO stands for.

Keeping all that in mind, it is essentially up to one’s own self whether they choose to invest in an ICO or not. Research, analyse and approach with caution. The world of ICOs is your own playing field and whatever way you choose to venture out in it, make sure you are fully equipped and motivated before doing so.