In a recent DeFiChain X community space, Kiril, the CEO of OpenDAppsCloud, shared insights into how private companies can use decentralization to create automated and autonomous on-chain businesses.
Innovation is the lifeblood of the constantly evolving world of blockchain technology, and at the forefront of this revolution is OpenDAppsCloud. This pioneering project is rethinking how typical companies are structured by suggesting a bold new approach to decentralized companies.
From Investment to Creation
Kiril's passion for blockchain technology grew as he worked on various DApps projects, during which he identified a need for a cloud-based platform that allows developers to deploy smart contracts without requiring technical expertise.
He was inspired to address this need by the desire to promote broader adoption among businesses that may need to become more familiar with the intricacies of smart contracts. And that's where OpenDAppsCloud comes into play – a solution designed to simplify the creation of decentralized private companies while significantly reducing the costs and red tape associated with traditional business formation.
Embarking on a Blockchain Journey
Originally hailing from Bulgaria, Kiril entered the blockchain sphere as an investor in 2016, rekindling his interest during the 2020 cryptocurrency bull run.
With a decade of experience as a backend developer for web applications tailored to local government bodies, Kiril carried a strong focus on security and availability into his blockchain endeavors. His deep dive into various blockchain technologies and hands-on experimentation with Solidity on the Binance Smart Chain all converged in the founding of OpenDAppsCloud.
A Vision of Decentralized Companies
OpenDAppsCloud is built on the foundational concept of decentralized private companies, represented by smart contracts on the blockchain, and can potentially revolutionize how businesses operate.
A decentralized private company can own shares in other firms, manage assets, and execute transactions. These processes can be fully automated with further services or smart contracts, creating a completely autonomous on-chain business.
This approach not only empowers individuals to create businesses previously hindered by legal and financial barriers but also offers the benefits of transparency, censorship resistance, and streamlined operations, making it an attractive proposition across various industries.
Kiril says, "Decentralized Companies are only lightly explored in the current DAOs landscape. Most DAOs are public, focusing on governance, leaving a gap for private and decentralized companies.
The transparency, resistance to censorship, and the capability to bypass traditional blockchain bureaucracy can pave the way for individuals to initiate businesses they might otherwise find challenging due to legal and financial barriers."
How to Set up a Decentralized Company with OpenDAppsCloud?
Imagine you envision an online shop where products are sold, and transactions flow. Now, consider the possibilities of weaving decentralization into this business model, and this is where OpenDAppsCloud steps in.
Step 1: Identifying Decentralization Opportunities
The journey begins with identifying elements of the business that can be decentralized. In the case of our hypothetical online shop, while the core operation of selling products remains physical, many processes can be seamlessly shifted to a decentralized model.
OpenDAppsCloud helps dissect the business process, evaluating which components can be enhanced through decentralization.
Step 2: Customization and Deployment Plan
Once the decentralization potential is pinpointed, the OpenDAppsCloud team collaborates with the business to draft a deployment plan. Each plan is customized to the business's specific needs and objectives.
For instance, let's consider the integration of a decentralized subscription payment system for the online shop. This system would revolutionize transactions by enabling crypto payments for products. Payments received would be automatically divided and allocated to various business branches – marketing, logistics, and more – streamlining financial operations in an automated and transparent manner.
One example is Unleashed, where Kiril is currently serving as CEO. It will use OpenDAppsCloud services to integrate its business on the blockchain, leveraging services like a website builder that takes subscription payments in crypto.
Building on DeFiChain and Forming Partnerships
OpenDAppsCloud has chosen to build its project on DeFiChain, a decision driven by the blockchain's strong community and favorable environment for innovation.
Kiril says, "The feedback we received from that community made us focus on it more than on any other blockchain. The community here is really different – innovative, supportive and passionate. Also, there's a lower barrier to entry when deploying on DeFiChain. With the available technology, we'll see a lot of projects launching on DeFiChain. We want to be part of that journey."
Another driver was the project's collaboration with VanillaSwap, a decentralized exchange on DeFiChain that enables tokens created on the OpenDAppsCloud platform to be directly listed on VanillaSwap, creating a mutually beneficial relationship between the two projects.
Yet that's not all. Kiril also sees further potential collaborations here.
"For instance, we're working with Crypto Factor on their decentralized company. Once the MainNet is live, they'll offer services on MetaChain. We're also collaborating with Unleashed. They have traditional software tools, and we're integrating those services into decentralized infrastructures," Kiril mentioned.
Obstacles and Future Outlook
While OpenDAppsCloud is forging a path toward decentralized innovation, no journey is without obstacles. The team grappled with technical difficulties in the past, but those have now been successfully surmounted. However, a significant challenge looms - the size of the team itself.
Comprising just three dedicated members, including two active developers and another overseeing marketing and design, the team's ambitions are vast, but manpower is limited. The challenge is not in ideation but execution. To tackle this hurdle, the team employs strategic planning, vigilant monitoring, and task prioritization, ensuring that immediate goals remain within reach.
Efforts are directed towards shedding time-consuming tasks that hinder rapid progress. Although active revenue is not yet in the picture, optimism prevails. Once the MainNet is operational, a new horizon of possibilities emerges - aiding other projects, generating revenue, expanding the team, and propelling OpenDAppsCloud towards a future brimming with potential.
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