What is “open source” and why is it important for cryptocurrency and open blockchain projects?
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Openchain is an open blockchain open source code distributed ledger technology. It is suited for organizations wishing to issue and manage digital assets in a robust, secure and scalable way. Anyone can spin up a new Openchain instance within seconds. The administrator of an Openchain instance defines the rules of the ledger. End-users can exchange value on the ledger according to those rules.
Every transaction on the ledger is digitally signed, like with Bitcoin. Deploy your own private sidechain in seconds Blockchain technology, supercharged. How does it work? The consensus mechanism used by Openchain differs from other Bitcoin-based systems, it uses Partionned Consensus: Every Openchain instance only has one authority validating transactions. Instead of one single central ledger, each organization controls their own Openchain instance.
Instances can connect to each other. Different transactions will be validated by different authorities depending on the assets being exchanged.
Every asset issuer has full control on the transactions relevant to that asset. More efficient Openchain is more efficient than systems that use Proof of Work: Openchain uses a client-server blockchain open source code which is more efficient and reliable than a peer-to-peer architecture.
There is no miner, transactions are directly validated by the asset administrator. Since there is no miner, transactions are instant and free. Modular design Validators validate and store transactions.
Observers receive blockchain open source code read-only copy of the ledger. They do their own validation of the ledger and store their own copy. Clients and wallets connect to validators to submit digitally signed transactions. Smart contracts are independent actors receiving and sending transactions according to arbitrary business logic.
Gateways create 2-way pegging between two Openchain instances. They can also peg the Openchain instance as a sidechain of the Bitcoin Blockchain. What are the use cases? Openchain is a generic register of ownership. It can be modelled to work with an immense number of use cases: Securities like stocks and bonds, commodities like gold and oil, currencies like the Dollar or even Bitcoin.
Titles of ownership like land titles, music or software licensing. Gift cards and loyalty points. Try the wallet Because blockchain open source code Openchain node exposes a simple HTTP endpoint, it's easy to build a wallet or client application, but we are providing a basic open source wallet for blockchain open source code purposes.
Try the basic Openchain wallet. Connect blockchain open source code the development server provided by Coinprism, or see below to spin up your own server. Create your own server instance It only takes blockchain open source code few seconds to spin up a new instance of Openchain server. Create an instance, and use it to issue your own digital asset, and distribute it to people.
Openchain is free and open source: Real-Time Transaction confirmation and account settlement doesn't take 3 days, or even 10 minutes. Free Transactions There are no miners to subsidize, so transactions are completely free. For you, and for your users. Highly Scalable By skipping the inefficiencies of proof-of-work, Openchain can process thousands of transactions per second. Immutable Openchain blockchain open source code publish a Proof of Integrity on the main Bitcoin Blockchain to ensure immutability and settlement finality.
Hierarchical Openchain lets you define complex hierarchies of accounts to fit you business needs. Standalone No dependency on a third-party cryptocurrency, blockchain open source code or network. Privacy The level of blockchain open source code is completely customizable, from transparent and publicly auditable to private. Decentralized There is no central ledger. Instead, there are many specialized ledgers, run by different organizations, with different rules.
Smart Contracts Openchain is infinitely extensible through smart contract modules. Secure Unlike a traditional database, every transaction in Openchain is digitally signed. Keys are fully compatible with Bitcoin. Openchain is developed by Coinprism, the company behind the colored coins standard Open Assets. Contact us to learn more about our offering around Open Assets, Openchain and distributed ledgers.