OpenNode

OpenNode, a protocol designed specifically to resolve the concerns attached with Bitcoin, has recently been launched.

OpenNode was mainly developed to integrate BTC payment processing onto the Lightning Network. Its creation has stemmed from the fact that processing Bitcoin has become way too expensive. By incorporating the Lightning Network, which allows both merchants and users to make BTC transfers at very little to no fees, the overall value of BTC will sit at store value. This is ideal, as users can now use it without neither spending so much on fees nor fearing the withdrawal processes.

The OpenNode team believes that their approach taken can make paying with BTC a possible and much easier event compared to that of credit cards. Since equal access is a factor that has been greatly focused on, OpenNode’s pricing model considers all businesses. In particular, users can now expect “first $1500 in a month of revenue is free, anything after that is 1%”.

To target the complexity surrounding BTC, OpenNode tools have been designed in a way that eliminates any traditional models that are known to prohibit entrance due to technicalities and transaction fees. In addition to its use of the Lightning Network, here are other features that claim to make BTC more available:

  • Allows businesses of all sizes and industries to participate
  • Ability to keep track of finances via desktop and mobile
  • Automatic and manual withdrawals that can be set up based on one’s preferences
  • Easy-to-use and understandable APIs that make the eCommerce platforms more efficient
  • Omittance of charge backs and fraud

This is not the first time OpenNode launched projects targeting Bitcoin adoption, and according to the team, they won’t rest until users can benefit from what BTC has to offer. In particular, they said,

“We understand that product accessibility designed around sound user experience will greatly expedite this process. We’ve worked on projects encouraging BTC adoption for several years; including our current contributions to one of the first-ever lighting network wallets, Zap. In sharing OpenNode, we want to push deeper by ensuring businesses of all sizes and backgrounds, can take advantage of all that bitcoin has to offer.”

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