This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Open Platform?

Open Platform (OPEN) is a cryptocurrency designed to support decentralized applications and smart contracts on its blockchain. It leverages a proof-of-stake consensus mechanism and sharding to achieve scalability. The platform includes various components such as TON Proxy for enhanced privacy, TON DNS for simplified domain names, and TON Storage for decentralized file storage. The primary use of the OPEN token is for transaction fees, staking, and gas payments within the network.

How is Open Platform used?

Open Platform (OPEN) is a cryptocurrency token that operates on the Ethereum platform. It has a total supply of 1,745,447,045 tokens, with 1,061,610,421.5587 in circulation. The token is traded on multiple active markets, with a significant trading volume over the last 24 hours. Open Platform is designed to be decentralized, meaning it does not have a central authority controlling transactions or access to the network. This decentralized nature is achieved through open-source code, which allows anyone to use, scrutinize, and contribute to the code, ensuring transparency, security, and community-driven development.

How do I store Open Platform?

To store Open Platform (OPEN) tokens securely, consider the following options:

  1. Capacitor Storage: This method involves storing the token using Capacitor Storage, which is a secure and reliable option. It provides a key-value pairing system that can be used to store the token securely. This method is suitable for most applications, especially those that do not handle sensitive data.

  2. Encrypted Storage: For more sensitive applications, consider using encrypted storage options like Ionic’s Identity Vault or Secure Storage. These solutions provide an additional layer of security by encrypting the token before storing it. This is recommended for applications that handle confidential or personal information.

  3. In-Memory Storage: Another secure method is to store the token in memory. This approach ensures that the token is not stored in the file system and is only accessible within the application. It is recommended to use a closure to handle the token in memory to prevent direct access.

  1. Avoid Local Storage: Local storage is not recommended as it is vulnerable to cross-site-scripting attacks (XSS) and can be accessed by malicious JavaScript code. Tokens stored in local storage can be exfiltrated and used to call APIs directly.

  2. Token Rotation: Implement token rotation to ensure that tokens are updated periodically. This can be done by revoking and clearing old tokens on logout and having a token lifespan. This adds an extra layer of security by limiting the time a token can be used.

In summary, the choice of storage method depends on the sensitivity of the data and the level of security required. For most applications, Capacitor Storage is a suitable option, while for sensitive applications, encrypted storage or in-memory storage are recommended.

How to buy Open Platform?

To buy Open Platform (OPEN) tokens, follow these steps:

  1. Find a Reliable Centralized Exchange: Look for a reliable centralized exchange where Open Platform is listed. You can refer to Coinmarketcap to find a list of exchanges that support Open Platform.

  2. Register and Set Up a Crypto Wallet: Download and set up a crypto wallet like Trust Wallet. Ensure you download the official Chrome extension or mobile app from the wallet's website. Set up your wallet, keeping your seed phrase safe and noting your wallet address.

  3. Buy Ethereum as a Base Currency: Buy Ethereum as your base currency on a centralized exchange like Binance. If you're new to Binance, refer to their guide on registering and buying Ethereum.

  1. Send Ethereum to Your Crypto Wallet: Withdraw the Ethereum from Binance to your crypto wallet, ensuring you set the network to Ethereum and provide your wallet address.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as 1inch. Connect your wallet to the DEX using your wallet address.

  3. Trade Ethereum for Open Platform: On the DEX, select Ethereum as the payment and Open Platform as the coin you want to buy. If Open Platform doesn't appear, find its smart contract address on Etherscan and paste it into the DEX.

  1. Complete the Swap: Click the Swap button to complete the transaction.

Alternatively, you can also buy Open Platform on a centralized exchange that supports it, such as Gate.io, by funding your account with Tether (USDT) via P2P trading.

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History of Open Platform

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How Open Platform works

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Open Platform's strengths

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