ONAM: A BETTER CRYPTO EXCHANGE PLATFROM
This is an article on the new blockchain exchange platform ONAM
ABSTRACT
The cryptocurrency market is heading toward a trillion dollar market and the market is still in it's early stages of adoption. There is still room for growth and challenges as well. The current system is too rigid as it does not allow for prospective clients to the leverage the true benefits of exchanges platforms. ONAM ushers in the solution by focusing security, transparency, compliance with regulatory bodies to ensure users get the best out blockchain exchanges. The platform will be leveraging the power of machine learning to provide users with smarter and less risky ways of trading digital assets; employing the services of legal experts to enable them meet any legal requirements stipulated by the security exchange commission (SEC) and a plethora of features for total user comfort and control over trading. By focusing on the major problems faced by users on current exchanges such as usability, fairness , security, ONAM is bringing to the crypto market a new era of standardization in digital assets trading.
INTRODUCTION
The blockchain and cryptocurrency provides users with the opportunity of engaging in trading activities that is more secure, transparent, anonymous and out of the control of any financial authority or government manipulation.
From my entrepreneurship class, I learnt one indubitable truth: business cannot occur in a vacuum. The blockchain gave birth to cryptocurrency which had to be traded for other cryptocurrency or fiat currency. This in turn led to the birth of exchange. The exchanges offer users and avenue to trade, send ,buy and sell digital currency.
With the blockchain , there are certain concepts that have come to stay in the world market today.
[I] scalability : growing the system.
[II] Transparency: all transactions are visible
[III] Security: ensuring the safety of funds
Most blockchain platforms have tailored the structure of their systems to follow these key factors. The exchanges too are not left out.
Several exchanges platforms have come up over the years since the inception of the blockchain, trying to provide users with best cryptocurrency and digital assets trading. However, there have been problems that they have not been able to entirely solve.
THE PROBLEMS
1. FAIRNESS AND SECURITY
One can say that over the last decade with the introduction of blockchain and cryptocurrency the main focus has been to keep funds of users very safe and protect them from any form of attack. Most of our lives are basically on mobile phones and laptops; digital accounts have now become the target of cyber criminals. Individual, companies and governments have been targets if many hacks and malicious attacks and from all indications, there will be no stopping it.
As these cyber criminals get more sophisticated, and ingenious with the methods of exploiting leaks and loopholes in security systems in modern times, companies have now found that their systems are no match for the these hackers.
The blockchain even with all its promisises of security, there have been several cases if thefts and cyber attacks since its inception. In 2017, it was recorded that about $226Million was stolen; and in the eslry period of 2018, the figure on theft cases hit a staggering amount of $731Million.
It seems like users are not getting the whole secure account promised them by the various blockchain platforms. The greatest fear is that, experts on the blockchain have predicted that the amount of fraudulent activities is still on the rise thus making users more and more scarer of pitching in to the booming market of cryptocurrency.
2. SCALABILITY
Businesses must grow: it is one of the main reasons of setting up the business. Exchanges on the blockchain are currently not engineered to keep up with the fast and vast growth of the crypto currency market.
Most of the exchanges platforms when they were being built did not foresee the kind of growth that the blockchain and cryptocurrency market has experienced in recent years. This has resulted to many platforms shutting down. They have hit their maximum limits and just in a few years.
Towards the close of 2017, something remarkable happened. The crypto currency market experienced one of the most bizzare growth of all time. The bitcoin rose by 1322% and this created an eye-opener for the traders in the world. The influx into the crypto currency market spiked , many users joined in on the booming market of cryptocurrency. Most of the system then were not ready or prepared for this sudden and large amount of users. Their systems got overloaded and their users had to deal with delayed registrations (registration taking up to a week).
3. MARKET MANIPULATION
There is no denying the sweet benefits enjoyed by crypto marketers. However, integrity has been an issue for some these exchange platforms. Most of the firms or platforms involved in crypto exchanges have not really been transparent and fair in their trading methods. Ill-intent users have been able to utilize the blockchain to defraud novice and even seasoned traders of their funds. This is why the United States Department of Justice (DOJ) is already looking into it.
This kind of exploitation of traders by market manipulators have been one of the major reason why masses are yet to fully trust and invest in the crypto market.
4. CUSTOMER SUPPORT
Customer relationship is key in any business that offers services to their customers. Satisfied customers will always give a good name to any firm.
But how do you keep your customers satisfied when you cannot solve their basic problems as soon as it raised?
After a survey, it was discovered that most of the exchanges who have issues with their customers are always as a result of poor customer support service. Solving issues takes way too long to handle (some may even span for a week, months). In cases of urgencies, the platforms are not able to provide their customers with the quick response that they so desire.
I had a case like that 2weeks ago on cateredcontents. After winning my ETH price for one of their contests and the steem prize for another of their contest, they didn't send the prizes to my designated account. I complained on the platform and it took them 2days to rectify the issue to an extent. Till now i still haven't received my ETH prize.
As a user who is new to the blockchain, that can be very daunting. I may just lose interest in partronizing their website. Imagine if half their subscribers have the same complaints definitely that would be bad name.
5. LIQUIDITY
Lets get an understanding of liquidity. Basically, it us the degree to which an asset or security can be traded in tyr market without affecting the asset's price. When it comes to large scale markets, it is the extent to which an asset can be traded at stable prices.
According to ONAM, liquidity is "the cornerstone of any successful exchange". Poor liquidity is bad for business. The situation of poor liquidity can be caused by poor order books, gaps between asks and bids. The factors give rise to market fluctuations which in turn give rise to market manipulation.
6. COMPLIANCE
A society without rules or order, can be certain that chaos will thrive. The same can be said for any business venture including the crypto market. The lack of regulations makes it difficult for users to gain the trust of this market and fully invest in it. This is owing to reported cases of fraudulent activities by exisiting and new blockchain platforms.
The security exchange commission is keeping a close look on all crypto projects(currencies and exchanges) and cautioning investors who have the intention of investing in the crypto markets. One of the main reasons for this cautions offered by SEC to traders is to enable them see through the facade of most of these high and fly crypto platforms. These platforms, during their ICOs, will promise to offer so much to these investors and at the end do not follow through on their promise. The investors lose out and a bad name is created for the crypto market.
And now there is a solution, a panacea to all these shortcomings in current exchange platforms on blockchain. It is ONAM.
What is ONAM???
ONAM is a compliant cryptocurrency exchange platform that offers the latest and best security, scalability transparency, customer support, liquidity and compliance.
It aims at being the most capable and price efficient exchange platform in the world market. It also aims at providing the best trading tools on the blockchain to their users.
ONAM has carefully studied the problems facing the crypto market and they have been ON it to solve it.
THE SOLUTIONS
These are the solutions that ONAM offers the world of crypto traders.
1. SECURITY
We all know how sensitive the issue of security is on the blockchain. It is pivotal in extent to which users will want to adopt a particular platform. There have been measures put in place by cyber security personnel to ward off hackers and attacks but this has so far not being fully productive as hackers are finding new ways to circumvent these security measures.
Most of the attacks can be very dangerous when they are detected late. ONAM is making security a priority due to the fact that traders will always sway towards a more secure system.
There have been several attempts at managing the whole security breach on the internet and digital accounts. Services such as :
[a] 2FA: the two factor authorization. An extra layer of security that ensures that traders (users) are who they say they are when gaining access to their online accounts. Accessing the account would requiremore than just username or password, it would require an extra information, some sort pin or security questions to ensure the user gaining access is the actual person.
[b] Anti-phisihing: Services that help prevent unauthorized access to secure and sensitive data. These services are somewhat responses to efforts to hack system and data.
ONAM is combining these features already present and still going further to develop its proprietary ADVANCED THREAT PREVENTION INTRUSION DETECTION AND TRADE SURVEILLANCE SYSTEM.
The system is powered by machine learning codesand an encrypted database. The long name for the system is in no way a misnomer considering its tasks and functions. It's main job is to detectany irregular activities in the real time and prevent it from adversely affecting the trader.
if you have used or experienced an infrared intrusion detection system in a firm or building, then this is no different only smarter.
2. SCALABILITY
According to ONAM white paper :
"if the scaling is not fast then it is just too slow"
The matching engines on present systems cannot handle more than one or two million transactions per second(txps). This has made scaling a problem
ONAM is providing a "quality solution" capable of standing heavy load transactions and still complies with the regulations stipulated by the regulatory bodies that keeps the market activities in check.
The matching engines on ONAM is able to process up to 10million transactions per second (10,000,000txps) and a latency of 40nanoseconds. So it is not just fast, it provides quality responses at fast pace.
The scalability is designed using the Google Language (GoLang).
3. MARKET MANIPULATION
ONAM real time market surveillance supervision compliance system monitors for suspicious trading activities. Every data before or after the trade is carefully monitored and an alert generated if any malicious or foul play is detected.
Onam is keeping manipulators on a short leash.
4.CUSTOMER SUPPORT
ONAM is offering 24/7/365 customer support services and in multi language too. With the aid of their live chats they will be able to attend to the urgent needs of their clients in no time. Language is no longer a barrier and speed of addressing tickets issues is improved(15mins tops). Phone supports will be available in the first 6months .
5. LIQUIDITY
Good liquidity will attract customers at anytime. Customers want to be sure that as a company or a firm or platform, all the financial obligations can be met with the resources at the disposal of the company. Once they can sense this, then adopting that company is a one way thing.
ONAM will be attracting a great volume of customers by utilizing order books from multiple exchanges. This will curb the rate of high slippage and manipulation brought about by poor liquidity.
"ONAM IS OFFERING TO USERS A RICH AND TRANSPARENT ORDER BOOKS"
6. COMPLIANCE
The SEC states that all token assets are securities and has issued to subpoena ICOs and exchanges for the unregulated sales of tokens. Therefore, legal experts have been used to ofde advices on the issuance of tokens and the day to day running of a business. Though some of these platforms (projects) are still choosing to ignore these regulations and run without licensing, ONAM is choosing to compliant.
ONAM choice to be compliant is to gain the the traders trust and confidence in their systems. To achieve this compliance, they will be employing one of the best legal firms in the United States to attend to their legal matters that the company may face.
With regards to following the SEC regulations ONAM is:
- working with regulatory bodies to ensure and ascertain the legitimacy and sustainability of the their system before , during and after the ICO.
- ONAM will be adhering strictly to the anti monetary law (AML)
- ONAM reserve the right to refuse or cancel a token purchase request by a user if he/she does not meet the KYC/AML process.
FEATURES ON ONAM
1.0 Advanced Order Types
The order types which include iceberg orders, fill or kill, market order are all options offered on ONAM. The essence of the advanced order types is to ensure that customer profits are preserved and they become more successful business operators.
2.0 Margin Trading
Users will be allowed to pay for a small percentage fee on borrowed funds in exchange for larger buying power.
3.0 Margin Lending
Users will be able to earn to interest on funds they have provided to margin traders on the ONAM platform. The upside to this ONAM feature is that the lender has the freedom to set rates and the duration of the loans when constructing and structuring the loans.
he becomes a bank of some sort giving out credit loans.
4.0 Composite Index Fund
ONAM grants their users access to smart and secure way of to get diversified exposure to crypto assets.
5.0 Paper Trading
This feature will allow novice and intermediate traders to trade on the ONAM platform, test market conditions and order types while improving their skills without the committment of actual capital.
6.0 Modular Interface
ONAM user interface allows the customer to customize their trading page to make it meet their individual specific needs. The UI on ONAM overcomes all the flaws of existing exchange UI.
7.0 Trade Assistant
Ever heard of siri on Apple devices and cortana on Microsoft, then you have an idea what an assistant is. The trade assistant is powered by machine learning and will decisively ensure that user risks is limited. The user current position, account balance, and risks tolerance are all parameters the machine learning code will analyse to ensure that the profit is assured and risks reduced to the bearest minimum.
8.0 Auto Trading
Traders will be able to create trading bots based on their own strategy and user defined indicators.
Staying Ahead
ONAM social media and market analysis tool powered by machine learning for ultra fast sentiment analysis of market conditions and make decisions and always stay ahead of users on other exchange platforms.
The Experts
The experts on ONAM will carfulky tutor novice and intermediate traders onthe fundamentals of the market and the ONAM platform. Articles and informational videos will be made available so as to ensure users get a lay of the terrain . this is good because at the end of the day, ONAM will be populated by educated traders.
Push Notification
Keeping users updated especially in financial dealings is very key in making s competent trader. On ONAM, if there is a new ICO or an order fills up, then the user is assured to that the messages will get to him immediately.
OTC:
The platform, leveraging the power of feature of smart contracts will act as an escrow and ensure that that funds and digital assets are transferred smoothly.
News Feed
The news section of the ONAM platform gives recent information and other related crypto information to the users in order for them to make informed decision.
ONAM TOKECONOMICS
- The token name is ONAM
- The token is ERC-20 compliant
- Total tokens is 300,000,000
- Crowd sale will be conducted in BTC and ETH. And only a fraction of the total tokens will be made available for the crowd sale.
- Amount of token for crowdsale is 195,000,000.
- Soft and hard cap are 2.5Million USD and 15.6Million USD respectively.
- Users must go through the KYC and AML process to be eligible for token Possesion.
USE OF TOKENS
[a] to unlock the full features of the ONAM platform
[b] Users will be able to save up to 50% on transaction fees and other services on ONAM.
NOTE
possession of these tokens do not give the possessors any voting rights or claims to company profits.
token growth is not affected by the success of the company.
Token Allocation
- crowd sale - 65%
- team - 25%
- Reserve - 10%
- Advisors and Strategic partners-5%
Token Sale funds Allocation
- Platform development-50%
- Marketing and PR- 25%
- Day-to-day operation-15%
- Legal expenses - 10%
Detail on fees
The Team
THANKS FOR READING
To get more information on all things ONAM. Check the following links:
- ONAM Website
- ONAM Whitepaper
- ONAM
- ONAM Reddit
- ONAM Medium
- ONAM LinkedIn
- ONAM Instagram
- ONAM Twitter
- ONAMBitcoinTalk
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