OPEN is excited to announce Danhua Capital as the newest supporter of OPEN Platform.
Also known as DHVC, Danhua Capital is a California-based venture capital fund that specializes in helping innovative tech startups in their early stages. Always interested in supporting new and groundbreaking ideas, Danhua holds more than $700 million in capital that it uses to finance cutting-edge projects and technology.
Since 2013, Danhua Capital has backed a variety of disruptive and innovative projects in robotics, big data, artificial technology, virtual reality, and more. More recently, the firm became an early investor in many big-name blockchain projects, including NEO, Zilliqua, Aelf, and Ontology. These four Danhua-backed blockchain companies have each had valuations larger than $1 billion.
Danhua’s support of OPEN Platform, the world’s first decentralized payment gateway for applications and online transactions, further legitimizes the importance of blockchain technology. Not only does OPEN Platform make it easier for users to pay for subscriptions and online purchases, it also empowers application developers by making blockchain accessible to everyone, regardless of their experience working with chain-specific languages like Solidity.
OPEN’s partnership with Danhua is especially significant because of the firm’s history with overachieving clients. Many of the projects supported by Danhua benefitted from major success directly after their partnerships. More than 10 of Danhua’s portfolio companies went on to achieve $1 billion or more valuation shortly after partnering. This is because Danhua Capital carefully selects which companies and projects they work with, looking at which potential partners are the most innovative and disruptive. In fact, one of the main reasons why Danhua was attracted to OPEN Platform was because of its accessibility. Developers can easily integrate the decentralized payment gateway into their new and existing applications without any experience programming blockchain applications and smart contracts.
OPEN is excited that such an influential firm shares their vision for mainstream blockchain adoption. The OPEN team is committed to creating a world where anyone can use cryptocurrencies to pay for applications, subscriptions, and in-app content. OPEN Platform aims to make online cryptocurrency transactions as convenient and easy as purchasing with fiat currencies.
Currently, there’s a distinction between conventional applications and decentralized applications (dApps), which operate entirely on the blockchain. In the future, it’s far more likely that applications will take a middle-ground approach and operate both on and off of the blockchain. OPEN understands that the future will not be 100% decentralized, nor will the technology of tomorrow store and retrieve all its data from the same centralized servers that it’s using today. OPEN Platform intends to pave the way for future applications by using blockchain technology as a kernel to process payments, issue assets, and increase transparency while centralized databases do the actual computation.
OPEN Platform works on and off the blockchain due to the fact that it can process data stored on both centralized and decentralized networks by seamlessly communicating between the two networks. This is achieved thanks to:
- Developer tools and off-chain APIs that remove the difficulties and barriers within blockchain technology
- On-chain Scaffolds that make OPEN Platform blockchain agnostic by creating interoperability across blockchains in the OPEN ecosystem
- The OPEN Chain, a high-throughput blockchain containing the OPEN Rapid Consensus mechanism
- The Blockchain Load Balancing Protocol, which is employed to maximize throughput
The end result is a one-of-a-kind payment gateway that enables users to use liquid, digital currency to buy digital assets.
What makes OPEN Platform truly exceptional is how it makes it easy for developers to integrate blockchain technology into their off-chain applications. Recognizing OPEN Platform’s massive potential to spearhead mainstream blockchain and cryptocurrency adoption across the world, the Danhua team has taken a keen interest in OPEN for some time.
Because Danhua has offices in Silicon Valley and Shanghai, and are closely connected to both tech markets, they’ve seen firsthand how transformative APIs are and how they can be used to simplify complex technology and make it more accessible – like with OPEN Platform. Outside of OPEN, APIs have been used by big businesses like Netflix and Uber, and have helped these companies improve their products. For OPEN, APIs are the driving force behind the technology’s usability and why developers can painlessly integrate OPEN Platform into their applications.
The ultimate goal of the OPEN team is to enable mainstream usage and support of decentralized technology. OPEN intends to reach this goal by integrating the successful API economy into the blockchain, giving the millions of centralized applications worldwide the ability to seamlessly implement a scalable decentralized payment solution. Thanks to the help of Danhua Capital and other major supporters of blockchain technology, OPEN Platform is this solution.
Along with Danhua, several other industry leaders have recently partnered with OPEN after learning more about OPEN Platform’s innovative design. Supporters include Draper Dragon, the Element Group, Jeremy Gardner, RChain’s Reflective Ventures, NEO Global Capital, Sora Ventures, and more. The OPEN team is grateful for the support and is excited to bring additional value to its partners’ portfolios and to help them grow their respective businesses.
Thanks to the help of all its supporters, including many top blockchain projects in the United States and Asian markets, OPEN is set to become one of the most innovative talked-about projects in 2018.
Images courtesy of OPEN, iStockPhoto
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