OpenCoin Looks To Build A Better Bitcoin

The Future Of OpenCoin

It is just another day, another Bitcoin-related investment as also further affirmation that VCs are moving hungrily to invest in the ecosystem surrounding the decentralized digital currency where today OpenCoin better is known as the developer of open-source payment protocol Ripple announces that it has raised an undisclosed angel round from Andreessen Horowitz, FF Angel, Lightspeed Venture Partners, Vast Ventures and the most famous Bitcoin Opportunity Fund, as also SecondMarket founder Barry Silbert’s investment vehicle for Bitcoin-related startups and companies.

Using its new capital, OpenCoin expands the open-sourced code behind Ripple which for unfamiliar persons is a virtual currency and payment system aiming to make it easy and affordable for anyone to trade any amount in any currency. While headed by financial services veterans like CEO Chris Larsen, also the founder of P2P lending giant Prosper, OpenCoin is on a mission to create a new kind of global currency.

According to some, it makes OpenCoin the equivalent of a Bitcoin copycat due to its being a distributed open-source payments network worth the native virtual currency called Ripples. Thereby OpenCoin for its part is eager to avoid that moniker that is avoiding being mislabeled as the next Bitcoin. 

OpenCoin Gains More Popularity 

Whereas the growing popularity and becoming a billion-dollar market for the first time Bitcoin has been subject to increased volatility and security issues as Bitcoin transactions tend to take a long time to confirm. Thereby the coin is wanting to solve these problems by creating a unified ledger OpenCoin that keeps track of every account, transaction, and balance as the system automatically pings to confirm the legitimacy of a transaction, allowing them to clear away in under a minute according to the company. Hoping to create a system that cam eliminate interchange fees and enable people to trade across borders with minimal cost and chargebacks while solving some of bitcoin’s security issues.

Claiming that Ripple can accommodate any currency, including dollars, yen, euros, and even Bitcoins, the company makes it one of the first distributed currency exchanges that are until now whereas there are a few ripples that have been in circulation whereas the company is beginning to release a huge chunk of its currency planning to put 100 billion coins into circulation over the long term. The news that is following is OpenCoin’s acqui-hire of SimpleHoney, which is a startup making a wish list shopping app helping popularize virtual currencies and making Bitcoin easier for Average Joes to use and convert as an example. Whereas it is viewed that the move is following OpenCoin looking to expand into the ecosystem tools around the exchange service allowing users to send and receive payments, monitor balances, as also converting the ripples into other currencies and so forth. 

What Does The Future Promise?

As many believe that the odds are stacked against Bitcoin and that it may just be a fad, perspectives could be that very well be applied to OpenCoin and Ripple with plenty working in its favor too. Regarding OpenChain the fact is that Ripple which was developed by hackers one of which is Jed McCaleb, instrumental in the early development of Bitcoin giving plenty of early cred in the virtual currency world. So it is said that OpenCoin thereby believes that it is facilitating the evolution of Bitcoin and by creating multi-currency security-focused exchange it can have a better shot at selling the concept of a thereby distributed global virtual currency specifically to the mainstream. 

Surely, Ripple does have a promising future whereas there will be quite a few who would readily invest in it. OpenCoin brings with itself the advantage of being one of the best promoted virtual currency. This helps the experts valuate the coin on borders of being the best inclusive currency when compared to others. There is more to this currency that has created ripples in the Bitcoin ecosystem.

Signing Off

With OpenCoin the virtual currency world is being taken up in the storm and the stage is set for entry of the new offshoot from the crypto world. More examples and more crypto are doing their part on the stage of digital currency. Eventually, they may prove to be a competition for the Bitcoin and its allied services. Developers’ are being smarter than ever so that they remain the best at the forefront of Bitcoin mining and currency development. The future alone knows what the crypto world has for itself and there are more than what human minds can perceive. The words are being drawn under the curtains as of now the show is still going on the stage. Make sure there is something much better than the others.