Everybody in the cryptocurrency world knows about Ethereum. With a market capitalisation of over $28bn (£21.2bn), they are the second biggest fish (after Bitcoin) in a cryptocurrency pond of over $142bn. However, chances are if you mention their name outside the cryptocurrency and financial sectors, people will likely respond with a perplexed, confused look on their faces.
Open Money, a multinational blockchain initiative based in San Francisco and Toronto, has set their sights on remedying this lack of mainstream understanding. They believe that for cryptocurrencies to achieve widespread consumer adoption, they have to be useful to average people in their daily lives, and they're convinced they've found the formula for making that happen.
The Open Initiative, which is backed by an impressive team of highly successful app developers, has outlined a strategy designed to facilitate the integration of cryptocurrencies into mainstream software applications.
The open source solution incorporates a REST API, industry standard SDKs and a blockchain backed infrastructure which allows developers to monetise and distribute their existing and future applications without the need to alter native code.
By opening the $142bn plus pool of liquid digital assets to be leveraged in software applications of all types, the project foresees a massive expansion of mainstream use of cryptocurrency - from banking to games to e-commerce. Providing a solid suite of tools based around industry best practices is the key to enlisting the world's 18 million software developers, who already command a user base that reaches over 3.5 billion people.
"The cryptocurrency promise can't be realised until people can effortlessly pay for a coffee or invite their sister to lunch with their crypto funds," explains Ken Sangha, COO of Open Money. "App developers are some of the most creative and innovative people in the world and with our tools, they are positioned to open the floodgates of mainstream adoption."
The project's team certainly has the track record to back up its vision. With over 100 million combined downloads on the iTunes and Google Play app stores, they have developed digital projects for major brands like Toyota and Adidas, and have lead the Asia-pacific deployment of the billion dollar software company Pivotal Labs.
"Very soon you'll be using your cryptocurrency funds to pay for your child's tuition or to sign a smart contract with your bank. It will be as easy and seamless as using PayPal or your credit card, and will usher in a new reality where crypto transactions are measured in trillions of dollars instead of millions," concluded Sangha.