The Financial Future Is Here
No transfer fees, instant payment and full transparency. OpenLedger has created an all-in-one payment and banking solution that is about to change the future.
It is almost too good to be true – but the fact is that one of the most exciting technology adventures is happening in a small city in the north of Denmark. «No one in the world has come up with a solution like ours. We are witnessing the birth of the biggest shake-up in financial history», says a proud Ronny Boesing, CEO and founder of OpenLedger.
OpenLedger was founded in October 2015. Since then, the company has grown rapidly and today there are 40 employees based in Denmark, the US, England, Belarus and Estonia. The OpenLedger Decentralized Conglomerate [DC] is the world’s first blockchain-powered conglomerate, supporting an ecosystem that includes the OpenLedger DEX (Decentralized Exchange, like NASDAQ for cryptocurrencies, fiat and tokens) and OpenLedger’s Crowdfunding (ITO) Services, which support a number of start-ups on the path to growth.
The OpenLedger DEX is a decentralized asset exchange that offers an extremely wide range of opportunities. It is a next-generation platform that offers traditional digital currency trading options, as well as the benefits that trading with Bitshares 2.0 technology opens up.
For many people terms such as tokens, cryptocurrency, blockchains and Bitshares sounds confusing, but it is actually very simple. Now, with OCASH, an all-in-one payment card that bolts onto the OpenLedger ecosystem, they have found a solution for people all over the world the need an easy way to pay for purchases and access banking services. It brings the international card payment system to the OpenLedger network such as OBITS to purchase items anywhere that accepts international payment cards.
«The way most people deal with money can be made so much easier. For instance, if you want to transfer money to an account in a different country, you often have to pay a significant transfer fee to the bank and wait a few days before the money is available in the account. With OpenLedger, the transfer fee is almost non-existent, and the money is transferred instantly. Imagine a global company with more than 50,000 employees being able to pay them all instaneously in just one click. Imagine how much administration and money you can save. That’s what we are able to do», says Boesing.
«The main vision of OCASH is to build a product that anyone can use as an all-in-one bank on the blockchain solution, plus it is a great fit for the more than two billion unbanked people, who can pay their daily expenses with virtual currency, With the accompanying OCASH app alongside the debit card, regular users will have a familiar platform to access and engage in the OpenLedger ecosystem», says Boesing and explains that OpenLedger has made an arrangement with one of the international credit card issuers to facilitate OCASH.
Trade, invest, grow
The virtual currency used at the OpenLedger platform is called OBITS and is a blockchain-powered, people-driven currency. just like regular stocks, people can invest in OBITS, but with that significant difference that the value can go both up and down in much more extreme ways than stocks.
«It can be difficult for some banks to understand how this currency can increase its value up to 300 times within a short period of time. but in general the value of most cryptocurrencies has exploded over the last year. That’s why this kind of currency is very appealing to people with a bit of money, who likes to speculate and invest», explains Boesing.
The way OBITS and other virtual currencies increase their value is actually pretty simple. The more people who get involved and become users of OBITS, the more money currency generates. It is an ecosystem based on people promoting OpenLedger in the world. At the moment, about 1,800 people use OBITS, but Boesing foresees that they will soon reach 3,000.
«Then you have a base of people who will be willing to promote OpenLedger as a system, because it’s important to understand that the more money OBITS generates, the more money investors get. Every time there is a fee for a transaction related to OBITS, this fee goes into account, which then gets distributed to its users. Every time people trade with each other – peer to peer – it generates money; when they invest in something, it creates revenue for all users.»
One thing that separates the OpenLedger platform and its services from banks is the transparency. When making a transfer, you can choose to make the payment private or a public blockchain. With private setting , you allow just a select few to see the details, while a public blockchain transfer is open to everyone.
«Some people ask if it isn’t dangerous to have access to all that information, but then I tell it;s just like looking down into your neighbor’s garden. You can see everything they do, but you don’t know their name,» says Boesing. «It’s the same with public blockchains. You can see all the details, but you can’t see whom made the transfer.»
With everything being decentralized with no further restrictions, one of the main concerns is that the platform will at one point become a playground for criminals. To prevent this from happening, OpenLedger does a KYC on their users and validates transactions.
«Of course we have to be careful in terms of how to handle this, but there is no doubt that this is the future. Not long ago I was in China, and people there could pay in stores with their smartphone by scanning a QR code. I wish to be able to offer a complete solution that covers every need and where you don’t need a bank or even a card to pay your expenses,» says Boesing.
- OBITS is a cryptocurrency, or a decentralized digital currency, and can be exchanged for other currencies, products and services. It is the official token of OpenLedger.
- The OpenLedger system is blockchain based, and transactions take place between users without an intermediary, for B2B, B2C or C2C (peer to peer).
- Transferring money from one country to another often comes with bank fees, and it can take a number of days before the money is available in your account.
- Transferring OBITS to another country happens instantly, and there are no transaction fees.
- The transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
- OBITS tokens are hosted on the OpenLedger DEX, one of the world’s first truly Decentralized Autonomous Exchanges. Unlike ordinary banks, it does not depend on fractional reserves. The business is based on blockchain technology offered by Brtshares and its code is fully open source for anyone who wants a closer look.