Section four intro: Key technologies for an onchain future

What do you need to know to move onchain?

If you follow the Open Money framework to its logical conclusion, then we all end up onchain.

In this section, we’ll talk a little bit more about what that means. And, we’ll dive into some of the key technologies or tools required to move onchain and interact with Open Money systems.

So far, we’ve talked about the Open Money framework from a high level. We’ve also discussed the history of money and how we should be looking at money as an evolutionary process and not just a technology or a process that never changes. We’ve also explored some of the primitives, or the foundational concepts, that define or make Open Money possible.

In this section, we cover some of the processes, apps, or software you need to interact with money in a more decentralized way.

What is a web3 wallet?

A Web3 wallet is the gateway to the decentralized internet. Unlike traditional banking apps, which rely on intermediaries to hold and transfer funds, a Web3 wallet allows users to interact directly with blockchain networks.

These wallets, such as MetaMask, Rainbow, or Ledger, store cryptographic keys that give users control over their assets. They enable signing transactions, managing digital identities, and interacting with decentralized applications (dApps) without requiring permission from centralized authorities.

Web3 addresses

A Web3 address functions as a public identifier on the blockchain, akin to an email address but for sending and receiving digital assets. Each address is derived from a user’s cryptographic key pair, consisting of a public key (shared openly) and a private key (kept secret).

These addresses serve as the foundational layer of identity in decentralized systems, allowing users to transact pseudonymously while maintaining verifiability and security.

A crypto exchange

Crypto exchanges facilitate the conversion between traditional fiat currencies and cryptocurrencies. They come in two primary forms: centralized exchanges (CEXs) like Coinbase and Binance, which act as intermediaries, and decentralized exchanges (DEXs) like Uniswap and SushiSwap, which allow users to trade assets peer-to-peer using smart contracts.

Exchanges play a crucial role in liquidity and accessibility, serving as an on-ramp and off-ramp to the Open Money ecosystem.

What are smart contracts?

Smart contracts are self-executing programs that run on blockchain networks, automating transactions and enforcing agreements without intermediaries. These contracts are immutable and trustless, meaning they execute only when predefined conditions are met.

Smart contracts power everything from DeFi (decentralized finance) protocols to NFTs, and they form the backbone of Open Money systems by enabling transparent, programmable value exchanges.

How blockchain explorers work

Blockchain explorers are search engines for onchain activity. They provide transparency by allowing users to view transactions, wallet balances, and smart contract interactions on a given blockchain.

Tools like Etherscan and Blockchair make it easy to verify transactions, track fund movements, and audit onchain data. Explorers are essential for maintaining accountability and trust in decentralized financial systems.

In upcoming sections, we’ll dive into more specific Open Money use cases and talk about how Open Money is really a multi-part movement that is unlocking other ways to organize and build systems. Identity and value sharing are key facets of Open Money, but they are also huge unlocks for other disciplines, ranging from more user-centric forms of social media to new ways of publishing scientific research.

This post is part of the Open Money project, an ongoing series that forms the basis of a longer work. Subscribe to get a weekly update as it unfolds.

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