Coming into our 7th year of development, since we started with the concept of an open source Open Platform that would assist the adoption of decentralized technologies and blockchain technologies by mainstream software developers, we’re seeing shifts in the direction of where we started back in 2017.
Over the past years since 2017, we have built an array of incredible, quality offerings across the entire stack of centralized and decentralized landscapes to serve our audience of application developers and software engineers.
From an incredibly robust open source chain, the Open Chain, state-of-the-art SDKs, APIs, Wallets, Trust Wallet Integrations (with trending chains), our own consensus mechanism to our interoperability features using state-of-the-art technologies and building them from scratch.
We’ve built extensive and robust publicly developed open source technologies starting with our aim to bridge both centralized and decentralized software ecosystems and our initial scaffold architecture to see through our vision.
In this, we started way back with the scaffold generator, to help cut the development time of smart contracts in the development process for software developers. And then we followed up with a gigantic project that had been done in our classic build first, which was made public later, the Open Chain. An open source chain that can be deployed in a developer’s stack, to create applications on top of decentralized infrastructure without having to build their own chain from scratch. Just as late as Q3 and Q4 2023, we retested new improvements in our transaction per second times using multiple scenarios within our cloud based virtual machine environment. This was for our interoperability features that we’ve been developing over the years.
And we’ve provided support for these offerings throughout the years, including updates to our libraries. If you’ve tracked our public Github you’ll see over 6 years of straight development activity and these recent improvements in 2023.
Open Commerce x WooCommerce x WordPress
Last year, we also launched our ecommerce and payment solutions for online ecommerce application support.
In 2023, we also launched a developer grant for any developers and parties ready to utilize the Open infrastructure stack made available, which included the recently launched Open Commerce, Open Payment Gateway, WooCommerce, etc. Recall we launched an ecommerce sample application demonstrating the ecommerce capabilities. The sample application further demonstrated the capabilities of utilizing open platform technologies with centralized systems offered by WooCommerce, WordPress, etc. You can find these on the WordPress plugin store , ready to use in your latest ecommerce project.
Further, we extended our reach to ecommerce and payment application developers by building our services into the WooCommerce platform for the large amount of websites that exist on either WordPress or WooCommerce as a dominant technology platform.
We’ve designed these intentionally to try to reach developers across various environments, to attract more interest to the space.
Documentation support has been included, updated and created over the years, and for payments under Open Gateway all available at docs.openfuture.io
We’ve also extended features into existing wallet infrastructure that seemed to be dominating at the time to stay relevant. These are updated and accessible to a wide user base utilizing the Trust Wallet
We also further pushed support for these into the Ethereum blockchain, Binance Smart Chain and of course the Open Chain.
In 2020 through to 2022, Binance Smart Chain really had been taking off. We complimented our platform further with the Ethereum blockchain and our open source deployable chain. This would allow us to extend that operability and capability to the current, most adopted offerings. Through this time, Ethereum and BSC have continued to see increased engagement as the dominant smart contract chains.
The Binance Smart Chain integration in 2021 was the first step in our interoperability plans from 2019 and 2020.
And we have continued that development all the way through 2023 and 2024.
In 2023, if you kept an eye on our Github, we unveiled on our public Github our interoperability project that had been in the design phase for some years already.
Now, in 2024, we’re in development to integrate with Cosmos Network and their interoperability technologies to extend our Open Chain interoperability capabilities.
To do this we undertook some updates to our core Open Chain, and of course updated the supporting infrastructure to make this happen.
Utilizing Cosmos and Tendermint, we are using the Tendermint Core and Cosmos SDK to offer interoperability support. As Cosmos is one of the most engaged and one of the few promising interoperability projects, we chose this as our primary extension into the features that interoperability could bring to the space in the future.
By doing this we’ve made sure we’re able to keep the platform and ecosystem relevant and future-proofed. However this is reliant upon developer adoption as a whole and adoption of interoperability features and protocols, which seems to be a story in itself. Though our development has reached a point where we’re now reliant upon the Cosmos team and ecosystem, we’re happy to see a project tackle interoperability and the challenges within.
Open Chain updates for extending into interoperability have been made up until a month ago through the very end of December 2023, days before Christmas.
You can follow our developments on our public Github, which has had weekly developments since 2017.
As we’re seeing the introduction of early stage AI tools, we no doubt will see AI used hand in hand with ledger technologies. AI presents some incredible opportunities and challenges, as covered in our thoughts in mid 2023. AI platforms are the rage, but like many themes that come and go in the landscape of distributed ledger technologies, it has not seemed to increase the supply of developers or developers creating applications for traditional uses. Perhaps we are years out and this is out of our hands.
Tokenization of real world assets (RWAs) seems to be coming into light and popularized by some originating party. Tokenization of assets and technologies that support the identities or identification of these assets, their owners or allocations.
Further Trends & Outlook
We’ve also seen in 2023 a deeper move into the financial infrastructure of blockchain technologies, as larger brands such as PayPal launch pyUSD stable coin and Coinbase exchange launching Perpetuals. With further interest in decentralized stables, tokenization of real world assets, and CBCDs, we’re seeing clear signs of as we’ve seen over the years of an ecosystem that is less and less tailored towards software development for traditional means, and more of finance dominant use of decentralized and blockchain technologies.
We’re also seeing the name brand research firms push out their 2024 guidance and still showing a lackluster engagement of traditional developers in the industry, outside of finance use cases or creating truly unique, new capabilities that use inherent features of blockchain technologies.
We first noticed this trend after the industry crash in late winter of 2018 and the subsequent ‘winter’ when we experienced this first hand as we supported projects utilizing Open Platform’s ecosystem. But upon the crypto winter’s decrease in currency value, interest died. Application developers and users did not want to spend Ethereum on their Ethereum projects as the price of Ethereum became a fraction of what it was months prior. This scarce resource reaction, we believe, was the very first signal (although unclear) created in the industry in 2019 that showed that application development would be completely delayed by unknowing price cycles to come. Unpredictable in 2017, this unsuspecting element has grown into weakness in adoption and has become almost a permanent problem.
The fact is that most blockchain projects are professionally funded through well known bubble cycles instead of fueling off of consumer or business revenues in consumer or business use cases. What has happened in the last 7 years could give credence to the uncertainties of mass adoption, developer adoption or real world use cases anytime in the decade that follows the boom of the Ethereum platform in 2017. Augur naturally comes to mind, having been founded in 2014 and 10 years later not used for predictions and yet somehow a new prediction market 2.0 resurgence seems to be of a speculative current theme.
The direction itself seems to really be moving further and further away from original use cases in the early hay days of Ethereum as the years come forward. We’ve seen that with DeFi, NFTs, Web3, and now new themes that are coming about such as DePin, RWAs, etc.
Yet, however in 2024, with the hype of chains such as Sei and Celestia, with the focus on finality speed and staking to secure consensus mechanisms, these still seem to be themes from 7 years ago, but now with caps that are magnitudes higher. But not applied to real world use cases.
These are signs that the space is extremely still early, and perhaps in 2014 through 2018 the industry as a whole was too early or too far off to tell where our guesses would land. However, on the bright side with the recent ETF approvals and banking uptake, the space in some shape or form seems to be increasingly here to stay. However, it is very different than expected. NFTs could still give engagement to Web 3 platforms, identities and digital wallets can incorporate these going forward, but these are themes we’ve discussed before. Financial infrastructure, identities, and tokenization of ownership and tracking seem to be in the long term horizon but given where we are we could still be way off as the space continues to unfold and is predicted to begin to shape up now in the 2030s. This is still many many years away.
…Or perhaps Ordinals on Dogecoin present the greatest utility value of decentralized technologies ever.
Developer Portal https://www.openfuture.io/developer-portal.html
Sample Ecommerce App https://docs.openfuture.io/OPEN-Sample-Application.html