ONAM: A FUTURE FOR CRYPTO EXCHANGES

sersanya (29)in #crypto • 6 years ago (edited)

Introduction

The term cryptocurrency has turned a cliché among many humans across the globe. It has gained extreme acceptance in the more developed nations with low corruption indices. It would be more of a waste of time to highlight the advantageous differences electronic age has over manual age as so many research works has been devoted to this. Nevertheless, one can differentiate how the blockchain network is an advancement in the electronic transactions era.

Advantages of Cryptocurrencies/Blockchain network

After many years of the normal centralised electronic form of completing and conducting business transactions online, the transactors have had one issue or the other to make them want to deal in physical currency once in a while. These issues have been highlighted by many of the cryptocurrencies that are competing in this financial sphere.

Unsafe Exchanges

First, most online transactions involve a scenario whereby neither of the participants have an idea of who is at the other end of the transaction. This reduces the confidence of the participants in online transactions as there is the high likelihood of being scammed. Cryptocurrency solves this problem by maintaining a tokenised system and securing the transactions ledger.

Transaction fees

Also, cryptocurrencies have helped reduced the transactions cost being incurred via the traditional form of online transactions. The older forms of transacting could charge high fees, as high as 20 percent on transactions and this affects and impedes participants from actively transacting on the market.
It is not out of place to keep up the conversation regards the advantages of the blockchain network, however, that is not the bone of contention of this paper. The blockchain network does not come without its flaws and this is where more attention need to be focused at least.

Challenges of the Blockchain network

The blockchain network has been characterised by a number of critics as not being the perfect exchange system.

Unsafe exchanges

First, the network is still characterised by unsafe exchanges and security breaches. No matter what system the existing networks operate, the solution with regards to the risk of being caught in unsafe exchanges and security breaches has not been proferred.

Scale of Operations

The network has also been affected by scale of operations. The growth of the general global market for cryptocurrencies has exceeded the growth of the cryptocurrencies themselves, thereby causing an unfavourable mismatch.

Unfair market Practices

The market has been characterised with some extremely unfair market manipulation. Some participants take advantage of the fragile state of the existing systems to manipulate and defraud their innocent counterparts.

Lack of regulatory compliance and liquidity

Furthermore, the participants of the markets are being very skeptical of the future of the market as the government has concerns over the lack of regulatory compliance on the markets by investors. There is hysteria that the crypto-markets can be stiffly regulated by the government in the nearest future due to the unfair practices by some of its participants. This affectd the liquidity of the currencies in question as one cannot easily trade the currencies to his/her preferred currency.
Is there a solution to this?

The ONAM solution

Onam is a blockchain network that helps resolve most of the conflicts that have been raising doubt about the network in the mind of its users.

Surveillance system

It has a high-performance trading platform and this ensures quality risk management and trade surveillance. It has installed in it the Advanced Threat and Prevention, intrusion, detection and trade surveillance system to help allay fears of unsafe exchanged and security breaches.

Fast Processing

It has an auto-trading feature which makes sure that customers can create trading bots to suit their personal needs. This simplifies the crypto-trading process in addition to the ultra-high capacity engine that can take on many transactions on a per second basis. This totally solves issues of scalability as raised above.

Regulatory compliance

Onam understands the legal risk that the crypto system faces and this has pushed it to retain the services of top legal firms and also ensure compliance with the laws as stipulated by the relevant authorities. This is because onam has its client's best interest in mind.

User-Friendly

Finally, onam ensures a healthy customer relationship with the news and announcement feed feature. It is also characterised by a a multi-language UI. This ensures that anybody can use the system accross many borders and improves indirectly, the liquidity of the token exchange currency.
In conclusion, Onam presents a great path for development in crypto markets as the questions regards blockchains right now is not if they would be adopted, but when they would.