Introduction
What is OpenChat? As the name suggests, OpenChat (https://oc.app) is a truly open decentralized social chat protocol built on Internet Computer. It is also the world's first community-controlled chat system to date! Unlike WeChat, WhatsApp, and Telegram, OpenChat is a completely decentralized social protocol governed by the community. Its unique software architecture, smooth experience comparable to Web2, and built-in decentralized financial functions have set an excellent example and model for the future of Web3.0 social media! As the top application on Internet Computer, OpenChat can be said to carry the future of the entire ICP network!
Application Features
As a Web3.0 social media, OpenChat has features that are different from those of traditional Web2.0 and are difficult to achieve, including:
100% of the data is saved on the chain. The chat data of each social group is stored in the IC storage space called container. There is no need to worry about data leakage caused by network downtime and hacker attacks.
The software system is upgraded by DAO, and every minor functional change needs to be decided by the community through voting. There are no functions imposed on you and no arbitrary advertisements, so that every community member has a sense of participation.
Open source, secure, and scalable. There is no storage limit for user chat data and it can be expanded infinitely. Chat information is encrypted using IC's unique encryption technology. The source code of the protocol is published on Github: https://github.com/open-chat-labs/open-chat.
Based on the unique login mode of ICP, no mobile phone number/email address is required. You can log in directly using IC's Internet identity (identity based on mnemonics), taking into account privacy, compliance and anonymity.
It supports almost all essential functions of social chat software, including groups, videos, voice, media messages, chat emoticons, etc. The delay in sending messages is within 1s, which is completely comparable to the experience of Web2.
The unique OTC function allows you to publish token exchange requirements in the group. Please note that this is completely decentralized!
It has built-in multiple DEFI protocols (ICPSwap/Sonic) and supports autonomous token exchange functions.
The social protocol of the future
As a social media of Web3.0, what new experiences can OpenChat bring us?
Even Telegram requires at least a mobile phone number to log in, but oc.app only requires you to create an Internet identity (essentially a mnemonic phrase) to chat freely, and it can also avoid SIM card swap attacks!
ICP currently serves as a multi-chain hub and has integrated BTC/ETH/SOL (in progress). Imagine if future airdrops occur on social media, will a purely decentralized social software be needed to conduct airdrops in groups?
If many Web3/DEFI projects need a decentralized customer service in the future, OpenChat will be the only choice. In the future, OpenChat will connect to a decentralized AI system to identify real users, and through the API provided by OpenChat, all services will be decentralized.
Token Economics
$Chat tokens have been publicly raised through NNS's Launch Pad, with a total issuance of 100 million, 25 million IDOs, and 1 million ICPs raised, with each issued at a price of 0.04 ICP (the ICP price was around 4-8 USD at the time). As of press time, the price is 0.045 ICP, and most of the IDO tokens have been released.
Chat token main uses:
Governance, voting on changes to the protocol.
Purchase a diamond membership, which currently has some more advanced features and permissions.
Thanks to the RosettaAPI that Dfinity has just launched, Chat tokens can finally be listed on CEX exchanges. According to the NNS proposal No. 853/861, OpenChat Labs will list Chat tokens on CEX. Currently, the official is preparing to select 3 CEXs through proposal funding, and has initially decided to choose CLS as the official market maker. In addition, in order to avoid possible price fluctuations after listing, the official mainly chooses USDT as the payment method for listing fees.
How to get Chat tokens
It is no longer possible to rely on NNS LaunchPad through ICP. Currently, it can only be exchanged through the Swap protocol on ICP. Here we recommend using ICPSwap (https://app.icpswap.com/swap) because it has better depth and lower slippage.
Install the wallet: Go to the Chrome App Store (https://chromewebstore.google.com/search/Plug) and search for Plug.
After the installation is complete, a mnemonic phrase is generated (note: be sure to write it down), and a wallet address is generated.
Transfer ICP tokens to your wallet. ICP supports two deposit addresses: Principal ID and Account ID. If you transfer from Binance, use Account ID (please test with a small amount before transferring).
Enter ICPSwap (https://app.icpswap.com/swap), select Connect wallet to connect the wallet, and select Plug wallet.
After the connection is successful, refresh the page and select the currency to swap: ICP -> Chat. During the exchange process, pay attention to the slippage (no more than 5%) and whether the minimum exchange amount that can be received is acceptable.
Just click the Swap button and wait for a few seconds to complete, then check whether the Chat token already exists in the Plug.
After the exchange is completed, for safety reasons, it is recommended to save the Chat tokens in the Plug wallet into NNS (for the tutorial on how to create an NNS wallet, please refer to Previous articles): Plug uses Send to transfer money, and enter the receiving address of Chat in NNS to transfer money (note: it is not the receiving address of ICP tokens, the ICP network is not a unified account address like ETH).
The technology of blockchain and Web3 is developing rapidly. ICP, as the third-generation blockchain network, will eventually replace the traditional Internet. Personal data will be handed over to individuals, IPO will be turned into LaunchPad, and corporate development will be turned into DAO! The real decentralized Web3.0 is coming!
Note: Internet Computer is a compliant network that complies with the EU GDPR (General Data Protection Regulation) to protect your data privacy. However, please comply with local laws and regulations when using OpenChat, and be cautious when transferring money to strangers through OpenChat to avoid falling into the trap of aiding and abetting crime and prevent any personal property loss!
Disclaimer: This article is a Web3.0 blockchain technology post and is only intended for readers who can use cryptocurrencies in compliance with regulations. The author of this article does not assume any losses for your operations and does not provide any investment advice. Please be careful in your judgment.