ONAM- INSTILLING INVESTORS' CONFIDENCE IN THE CRYPTOCURRENCY SPHERE

michades97 (45)in #blockchain • 6 years ago (edited)

Introduction

Our world was not always this sophisticated and advanced. Once, science and technology were considered as no more than minor aspects in the global economic place. As fate would have it, efforts of great scientists like Thomas Edison, Albert Einstein and Michael Faraday paved way for the birth of new technology. Unimaginable technology!
The internet was created as a result and till this day, so many benefits are still being reaped from same. Today, science and technology have earned their rightful place in the hallmark of deeds. These two are the major economic drivers in many developed countries including China and Japan.

Aside the internet which is popularly considered as the most landmark technological creation in this millennia, blockchain is a novel technology that is undoubtedly gaining quite the momentum in recent times. In fact, it is assumed that blockchain technology heralds such a potential unlike anything ever seen. Even till the extent that I am confident that the technology will have a huge part to play in heralding the new era that is soon upon us.

Blockchain is a kind of distributed ledger technology which is currently majorly used, but not limited to the engineering and support of cryptocurrencies. Since the cryptocurrency market became live, our world has witnessed an astronomical shift especially from standpoint of the global economic marketplace. Individuals are now provided with an alternative means to store assets, make mobile payments, invest, trade and so on. To cap it up, the cryptocurrency system mitigates centralisation thereby reducing costs incurred by both trading parties at any point in time, which ordinarily makes it attractive for entrants. However, there are certain factors that currently discourages otherwise interested persons from partaking in the cryptocurrency sphere and there are worthy of note.

First, the inadequacy of security and user privacy protection constitutes a major bane for many cryptocurrency exchange platforms today. Its indeed a tall order to expect investors to patronize an exchange where their personal information is not secured, talk less of funds. Alas, this is the state of many exchange platform today and the truth is no sane person will find such attractive.

Other factors that discourages potential crypto entrants include: requirement of some level of technical knowledge, poor system performance arising from scalability issues, market manipulations, absence of regulatory bodies, amongst many others. Suffice to point out that all of these factors contribute significantly to the paltry level of cryptocurrency adoption that this world witnesses. It is therefore glaring that if we hope to reap the full stature of the ominous super-advanced digital era , urgent steps must be taken to quickly remedy status-quo.

The rest of this article entails an extensive review of onam; a new decentralised cryptocurrency exchange platform which attempts to restore confidence in the crypto sphere.

What is Onam?

Onam's uniqueness is attributed to the fact that its an 100% decentralised platform that is positioned to arrest the shortcomings of existing exchange platforms.

In order to achieve this, the team adopts the use of cutting-edge technologies and innovative measures such as DDoS and 2FA solutions.
In addition, the platform comprises modern day risk management and advanced trading tools.

Security

Being able to cater 24/7, dependable security support and facility to an ever-increasing populace is hardly an easy job. Indeed it requires rapt and meticulous monitoring of all activities on the network. Interestingly, Onam is committed to building a stellar reputation by carving a niché for itself in the area of security. In addition to the foregone, the platform employs the use of advanced threat, intrusion detection and trade surveillance systems . Through these, onam is able to, through careful study of trade patterns, activities and advanced machine learning, preempt and arrest cyber attacks very early enough.

Scalability

Many exchanges are built without careful and futuristic planning and although things may initially run smoothly, in the long run, a sizeable chunk of these platforms eventually at forced to downsize. In this regard, Onam is exceptionally different, being able to perform 10 million transactions per second . And this performance is specially attributed to use of Google's GoLang .
The implication of these is that transactions are conducted with higher efficience on onam, thereby saving from unnecessary time wastage.

Fair Market Pricing

One of the notable shortcomings of existing exchanges is the devoid of fairness in pricing. Its no longer secret that the cryptocurrency market is occasionally manipulated by a few people otherwise dubbed as whales .
Here's a platform that is committed to eliminate all forms of centralised market conditions and deliberate market manipulations. This is accounted for by careful monitoring of activities.

Compliance to SEC Rules

Onam, unlike most other platforms, is dedicated to totally complying with SEC regulation and standards. This will go a long way to earn the trust and confidence of many investors in the system of operations conduct. Another advantage of doing so is that the platform is able to gain massive recognition and popularity because only few exchanges are truly SEC compliant; KYC, AML, etc.

Use Case

Timi is a cryptocurrency trader with 5years wealth of experience in both forex and crypto trading. He is currently looking to enlarge his holdings but lacks the necessary financial muscle. After speaking to a few of his friends, he was successfully linked up with an illustrous business merchant who was willing to loan him the exact amount of money that he needed, but not a platter of gold. The merchant insisted that he sent a detailed proposal upon which he would do some scrutiny before disbursing the fund.

Timi knew that his accumulated years experience was not enough selling point, he needed something more. Something both reassuring, and convincing. In the course of scouring the internet one day, he stumbled on Onam. After series of digging and study, he soon realised that the exchange was the best fit. The fact that it's SEC compliant was enough to convince the merchant as Timi was able to secure to eventually secure the loan.

Conclusion

It is obvious that onam has come to stay. As things stand now, very few exchanges on the market are SEC compliant, of high-performance, and remarkably secured, just to name a few perks. Onam is truly competitive as it provides real-time and reliable customer support, which is scarce in the marketplace today. In all, it appears that it's an 100% user satisfaction-oriented platform. Hopefully, it'll stand the test of time.