Open Platform ICO Review – Cryptocurrency Wallet for Applications - Crush Crypto

Open Platform ICO Review – Cryptocurrency Wallet for Applications


  • Project name: Open Platform
  • Token symbol: OPEN
  • Website:
  • White paper:
  • Hard cap: $30 million (ICO Participants receive 50% of total token supply)
  • Conversion rate: 1 OPEN = $0.08
  • Maximum market cap at ICO on a fully diluted basis: $60 million
  • Bonus structure: N/A
  • Presale or white list: Presale ongoing, whitelist open
  • ERC20 token: Yes
  • Countries excluded: They have not indicated restriction, but ask people to refer to their local regulation
  • Timeline: TBD (Please refer to Open Platform's website for the most up-to-date information)
  • Token distribution date: TBA
Video summary (video is 6:27 long):

Project Overview

What does the company/project do?

Open Platform makes it easy for applications to integrate with and accept cryptocurrencies as payments.

There are several of components that create the OPEN platform, such as Scaffolds, OPEN_states, the OPENWallet, and Developer Wallet.

Scaffolds are blockchain agnostic, general structure smart contracts which will act as the payment processor. They can be changed to suit the company’s payment model (i.e. subscription payment model, one time payments, in-game payments, etc), adding a lot of utility to blockchain payment systems.

Depending on how the scaffold is set up with a program, a user can pay for a service, or an in-game currency, and, in return, they get an OPEN_state, which represents the access to a promised service, or the number of in-game currency that person has.

The OPENWallet is one where a users’ cryptocurrencies and OPEN_states are stored. This wallet is then used as an access point for whichever program they are using, depending on what the OPEN_state represents.

The Developer Wallet is where the funds being paid into a scaffold end up going. This will utilize the OmiseGO SDK, which grants developers flexibility in choosing the kind of currency their wallet will receive.

They propose these components will come together, along with an easy to use API, to provide apps, developers, and businesses with a useful blockchain payment system.

How advanced is the project?

Open Platform is currently testing their MVP on the testnet, and has publicly announced a partnership with ZenSoft, which is a company with 150+ employees and provides backend services for a large number of companies and startups in Silicon Valley.

Below is a video demonstrating the MVP (video is 4:20 long):

Moving forward, Open Platform has provided this roadmap:

Q1/2 2018 – Open TestNet MVP, Open “Complex Applications” TestNet MVP, OPENWallet security design, open SDK 1.0 release.

Q3/4 2018 – Open 1.0 goes live (July), OPEN SDK 2.0, Release Open 2.0 (December).

Q1/2 2019 – Create the OPEN blockchain, and update to Open 3.0.

What are the tokens used for and how can token value appreciate?

The OPEN token will be used in a number of ways including for staking Scaffolds (locking up tokens when running a scaffold to deter bad behavior), to pay for purchases on the network, and to foster community involvement via airdrops from the pool for developers.

The token price should appreciate in value if there are enough developers and businesses that see this platform adding value to their infrastructure.

Depending on the required number of staked tokens for a given scaffold, if enough scaffolds are being set up proportional to the number of types of payment that people are hoping to achieve, demand will scale proportionally.

Download the Free Checklist for Crushing ICOs!

This is the guide that help me find the most promising ICOs!


Open Platform has a team of 10 with the following being the core team members:

Ken Sangha, CEO – Over 9 years’ experience in leadership roles in business with the most recent being as founder and CEO of DoublePlay Entertainment Inc.

Andrew Leung, CTO – Over 10 years’ experience software engineering with the most recent being with TribalScale as the Director of Engineering.

Abishek Punia, Blockchain Lead Developer – 4 years’ experience in finance with just over 1 year in programming and blockchain development.

Chase Smith, Lead Architect – Over 3 years’ experience in research and development with the most recent being a Technical Due Diligence Officer at Veritas Due Diligence.

Dustin Sinkey, Lead Smart Contract Engineer – Over 6 years’ experience in finance and full stack software development with the most recent being an independent contractor.

Dennis Lewis, Director of Marketing – Over 30 years’ combined experience in marketing with the most recent being with and Suchapp.

The team also has 4 core advisors, including Will Bunker, former president of, Lorne Lantz, a Paypal Partner, John Gardiner, contributed to Facebook messenger games and apps, and Chandler Guo, an avid investor.


  • Open Platform allows applications to easily accept different cryptocurrencies, which can move cryptocurrency as a whole forward.
  • The project makes it easy to for developers to integrate their existing applications as it automatically updates the application’s database. This makes the developers’ time easier and is a main differentiating factor compared to other payment processing projects.
  • Because Open Platform can be used by any applications, the project will be frequently put in the headline as the platform partners with more and more applications.


  • Virtually all existing apps are listed on platforms like Google Play (for Android) or App Store (for iOS). Those apps would not be able to integrate with Open Platform directly because they accept payments via Google/Apple. 
  • If Open Platform caters to decentralized applications (dApps), there are other protocols that allow easy exchange of cryptocurrencies such as Kyber Network and 0x
  • If Open Platform caters more broadly to online merchants, there are numerous other projects focusing on online payments using cryptocurrencies (Coinbase, Shapeshift, Coinify, CoinPayments, Cryptonator, Monetha, UTrust).
  • 3% of each transaction is used as a type of network gas fee, which is going to form a developer growth pool. That puts paying through Open Platform as expensive as using Visa or MasterCard. One of the major advantages of transacting with cryptocurrency is the minimal fee, but this is not the case when transacting using Open Platform. 


Overall, we are neutral about both the short- and long-term potential of this ICO. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Neutral. The hard cap of $30 million is on the high side in this market and at the current ether price. We don’t see anything especially standout about this project to warrant a high unmet demand.

For long-term holding

Neutral. We see 3 areas of focus for Open Platform (targeting existing applications, broader online merchants, or dApps), none of which is compelling as detailed in our “Concerns” section.

Also, the 3% transaction value to fund the Developer Growth Pool adds up very quickly for applications, making it less appealing to use the platform.

Therefore, we are uncertain about the level of adoption Open Platform will have.

For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern John Coburn.

Download the Free Checklist for Crushing ICOs!

This is the guide that help me find the most promising ICOs!

  • 6

Click Here to Leave a Comment Below