The year 2017 has been pretty spectacular for most cryptocurrencies so far. The Bitcoin price has gained a lot of value, but the increase in the Ethereum price hasn’t gone unnoticed either. As a result, Ethereum is slowly becoming more appealing to mainstream consumers. There is still a lot of work to be done in this regard, though. An initiative known as Open Money is planning to boost awareness and understanding of the world’s second-largest cryptocurrency, even though it will be fighting an uphill battle.
While Ethereum may be appealing to the average speculator and market maker right now, the technology powering this entire ecosystem still remains its largest selling point. Smart contracts, for example, can revolutionize the world as we know it today. However, the average person on the street has no idea what this technology is about, let alone why they should care about it in the first place.
This is where Open Money comes into the picture. This multinational blockchain initiative will focus on educating the masses on Ethereum and its underlying technology. It’s quite an ambitious goal, to say the least, as the general public’s understanding of Ethereum still needs a fair bit of work. It is certainly true a lot of mainstream developers are paying attention to Ethereum’s ecosystem right now, but the need for developers still outweighs the supply right now.
The bigger question is how Open Money plans to realize its ambitious goals moving forward. An Open Initiative has been created to facilitate the integration of cryptocurrencies into traditional applications used by mainstream consumers. During the initiative’s first stage, the main focus will be on Ethereum first and foremost, although it is possible Open Money would support other currencies in the future as well.
To ensure such integration is accomplished in a smooth and convenient manner, the Open Money team will make use of SDKs and a REST API. Moreover, everything they do will be backed by a blockchain infrastructure, as one has come to expect from such an initiative. No one can deny that the concept of using cryptocurrencies within traditional software applications can open up a lot of new and exciting opportunities in the future. It is unclear which applications are on the team’s priority list right now, though.
Ensuring that more people get a hands-on experience with cryptocurrency is an absolute must at this point in time. Seeing is believing, a concept that often goes hand in hand with explaining new forms of technology. In the case of Ethereum and similar currencies, consumers need a hands-on approach in order to see the merits of cryptocurrency. Whether or not this venture will result in another increase in value for Ethereum remains to be determined, though.
The possibilities associated with such a venture are virtually limitless. There is no specific course of action for Open Money right now, but it certainly would be possible to, say, pay tuition with Ethereum or sign smart contract-based agreements with insurance providers. The sky’s the limit, assuming enough people are willing to embrace this concept. That will remain the biggest hurdle to be overcome, as not every service provider or software developer will get on board with this initiative right away.
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