ONAM - Seamless Trading in one platform.
This is my entry to the ONAM - Globalizing Seamless Trading Sponsored Writing contest held by @originalworks. The original contest post is here if you're interested in having a go. The ONAM website is here if you want to check them out.
Thank you to both @originalworks and ONAM for providing us with the opportunity to learn more and potentially win Steem!
Why reinvent the wheel?
So many blockchain technologies seek to take existing technology and blockchainify it... the blockchain version of ProductHunt, the blockchain version of Instagram, the blockchain version of Pokemon or baseball cards, the blockchain version of Airbnb or Yelp or YouTube... the problem with blockchainifying platforms that already exist, is that you have to steal away users from something where they are already very established and already feel completely at home.
This is where ONAM is different! They take the best features of all the other cryptocurrency exchanges and roll them into one. The cryptocurrency market is still very new and very immature, so we've yet to find the Google in a sea of AOLs, Netscapes and AskJeeves'...
The ONAM Exchange hasn't launched yet, they are still 7 days from their token Presale, where there is currently a 20% discount on tokens. If you're interested the token sale website is here.
What is ONAM?
ONAM is a cryptocurrency trading platform.
Cryptocurrencies do not have a great reputation among normal people. Most people see cryptocurrencies as a wild west where ICOs trick you, hackers steal your money or whales manipulate the market. Honestly, normal people have a point... the industry is fairly unregulated, and there have been a number of exchanges that have been hit by hackers... pump and dumps are completely illegal and yet operate openly in the crypto space.
ONAM intends to change this perception by providing a very fast, very safe, very easy trading platform.
Initially, the cryptocurrencies available for trading are below... however, these will be updated after launch:
Feel free to click on the links below of any of the currencies you might be interested in:
| Coin | Coin | Coin | Coin | Coin | Coin |
|---|---|---|---|---|---|
| Bitcoin | BitCoin Cash | Ethereum | Litecoin | Ripple | EOS |
| Stellar | Cardano | Tron | IOTA | NEO | Ethereum Classic |
| Vechain | Zcash | 0x | OmiseGo | Onto | Zilliqa |
| Nano | BAT | Pundix | Civic | TrustToken | Paxos |
| Gemini |
ONAM's great features!
The team has built an incredible amount into this platform. There are some very serious functions here that are sorely needed for financial institution investors, as well as the normal, every day retail investors.
Here is a brief list of features:
| Features | Features | Features |
|---|---|---|
| Crypto to Crypto Trading | Margin Trading | OTC Trading |
| Margin Lending | Composite Index Fund | Paper Trading |
| Advanced Order Types | ML Trade Assistant | Auto-Trading |
| 24/7 Live Chat Support | Push Notifications | Advanced Charting Tools |
The Composite Index Fund is going to be essential for getting retail investors comfortable with cryptocurrencies... in the stock market, index funds have always outperformed dealers from Financial Management services... which makes sense, no one, despite all the study that everyone in these industries does, can truly predict what a market is going to do... and so composite index funds are going to be an absolutely essential tool for retail investors. I personally cannot wait to get my family involved in this.
OTC Trading is perfect for deals between cryptocurrency miners selling directly to financial institutions... neither of whom want to disturb the price half-way through their transaction. This, along with the margin trading and auto-trading are going to be extremely appealing to the organisations who have millions of dollars to invest in the space.
Of course, anyone who has dealt with any technology, large companies or financial institutions will absolutely embrace 24/7 Chat Support, retail investors and professionals alike.
ONAM's greatest feature!
ONAM's best feature isn't even a feature on their platform... it's all the work they've done with regulatory bodies!
"ONAM is taking steps to become fully compliant and working with regulatory bodies on its plans to obtain a Broker-Dealer license, money transmitter license and register as an Alternative Trading System with the SEC."
Source
This is absolutely huge!
This is exactly the type of steps the entire cryptocurrency industry needs... the space is sorely lacking and I do think that the Exchanges that manage to become fully compliant will leave all other exchanges in the dust. There is an incredible amount of money to be made here, and ONAM is taking all the correct steps in the right direction. By becoming fully compliant and working with the SEC, both retail investors and financial institutions will be far more confident trading on this platform... the days of cryptocurrencies darker days will be behind us.
The timing for ONAM might be perfect... as the stock market heads towards a bear market and recession, investors will all be looking for a safer haven, which could very well be crypto (Bitcoin has maintained a price of at least 6 thousand USD for over a year).
ONAM's super low fees!
Look at the fees listed in the chart below:
Source
Currently traders really have to ensure they trade conservatively to ensure they make enough on a trade to cover the fees... this means traders might miss out on the riskier trades, which could yield higher returns. ONAM's much lower fees mean that traders have far more options, which lifts the cryptocurrency sector as a whole. Sometimes the riskier investments are the ones that turn out to be the very best.
Lots of retail investors put aside a little bit on money each month from their full time jobs... because fees are often so high on exchanges, it means they basically have to wait a few months to batch up their budgeted savings in order to purchase or trade some cryptocurrency. ONAM's lower fees mean that retail investors can make trades each money, allowing them to take advantage of opportunities in real time.
ONAM is able to do this by increasing the volume that their platform can handle. ONAM will still be profitable as traders will use their platform as an All-in-One solution instead of using multiple exchanges. I personally use 4 different exchanges myself... which is craziness really.... and I have to use TradingView.com as well, because none of them have acceptable charting tools. That's five different logons I have to keep track of to potentially make just one trade... it's also 4 different places I potentially have crypto or fiat parked, which has lost me opportunities in the past as funds I needed were not on the exact right Exchange when I needed them.
ONAM's All-in-One platform!
The pure range of features and benefits to ONAM will quickly turn them into a market leader in the cryptocurrency exchange space. I personally know a couple of traders who can only use the biggest exchanges because they trade with enough volume to affect price changes themselves.
Traders always want to be where all the other traders are... it increases their options, it means their proposed trades close quicker and it lessens market manipulation. Exchanges absolutely ring the old quote true... "there's safety in numbers". This creates a snowball effect as more traffic creates more interested traders which creates more traffic. ONAM is offering so many features that there is literally something for everybody... which means everyone will be on the same platform and not have their investments spread all over the place.
Not only will ONAM have an incredible list of features, and be compliant with the SEC, but they'll also have the very fastest platform available. Take it from me... those minutes waiting while a trade or transaction is processing is nerve-wracking. I'm a nervous trader and so I'm always extremely relieved to see that a trade has completely successfully. This will be especially true for less-experienced people very new to the cryptocurrency space and obviously, the speed will be essential to financial institutions that might make thousands of trades per day... laddering in and out of a position will be an absolute breeze with ONAM. Also, again, 24/7 support makes this platform very appealing, just in case something does go wrong... you'll know more quickly than other platforms, and you'll be able to contact someone that can actually help. Anyone who has had a trade go awry at 3am knows how important this is.
We are proud of our ultra-high performance and our versatile matching engine capable of processing in the excess of 10 million transactions per second with latencies as low as 40 nanoseconds.
Source
This is incredible speed and is between 5 and 10 times faster than other leading Cryptocurrency exchanges. This speed itself will bring far more people to the platform.... A feature-rich compliant platform that is by far the fastest? It's the easiest decision in the world!
ONAM's Use Case
1.) My Dad is very interested in blockchain technology but is extremely nervous about purchasing cryptocurrency. I've explained to him that storing your crypto in a cold storage wallet is way safer than it sitting in a bank (he lost money when a bank failed when I was a kid) but he's read stories of all the hacks that have happened to Exchanges.
For my Dad, safety is his number 1 concern... ONAM addresses a number of those concerns with their ML Intrusion Detection Security technology and AI/machine learning Advanced Threat Prevention. This is exactly the technology that my Dad is interested in... he won't understand it, but he'll need to know that ONAM has it.
His other concerns are the lack of regulations... he's a trusting guy and can't possibly know all the tricks that a heavily manipulated market could play on him... so I personally would want him only using an Exchange where I know he'd be as safe as possible. He has good savings but his earning days are behind him... so if he loses money because he was cheated or the market was manipulated, he can't earn it back. Of course he'd never invest anything he couldn't lose entirely, but still, it's a big deal.
2.) One of my trader friends will often trade 50 Litecoin at a time... and so for him, volume and liquidity are essential in an Exchange... but he'll actually be thrilled with the lack of spoofing, wash-trading, momentum ignition to pump and dump that ONAM will be able to prevent. He spends hours studying the price action, trying to work out if the market is being manipulated and whether he needs to pull his trades out. It consumes so much of his energy because the other exchanges are completely rife with these behaviours. I've personally seen websites that organise pumping and dumping of coins purely for the benefit of their members and to the absolute devastation to anyone outside of the group, as well as the projects themselves.
3.) I haven't told a single friend about investing in cryptocurrencies... because I don't trust the market yet. It's way too immature and the chance of them losing money is way too high... which is a shame because there are so many projects that I know they'd love to support, and this is the perfect time to get into cryptocurrency as, it seems anyway, that we could be heading into a bull market soon. I'd love to get my friends in now, but I'm too terrified for them... ONAM would go an extremely long way to giving me the confidence I'd need to introduce them into this incredible new world I've found.
My thoughts on ONAM
What does the future hold for ONAM?
November 2018 is an extremely exciting month for ONAM. Their presale ends in a few days... and the first version of their trading platform is due to be released!
Once the presale ends, the public sale will be opened, and this will open the Crowdsale where investors will receive a 10% bonus for purchasing ONAM tokens during this stage.
December will see the Beta release of the platform, and that's exactly where I intend to jump in to help them stress test and find bugs.
In the 1st quarter for 2019 will be making massive waves in the cryptocurrency and blockchain space with their full platform release.
ONAM's team!
One thing that is extremely important when deciding if to invest in a cryptocurrency or blockchain project is the team... you should always invest in teams, not in a product. A project may need to pivot to take advantage of new technology or opportunities, but it's the team that will ultimately decide the success of a project.
A great part of ONAM's website is that the link the individual team member's LinkedIn pages. This allows a potential investor to check that each team member has the skills and qualifications required to do their part in the project... this is immensely important.
The credentials of this group of people is particularly impressive:
Source - ONAM.io
From the team's skillset, to the nominated trading fees, to the speed and security of the platform as well as the regulatory and SEC advancements, the ONAM All-in-One Exchange Trading platform is going to be very, very exciting and I can not wait to get my hands on it!
Thank you so very much for reading my submission. It was an absolutely joy to research ONAM and I'm personally very excited to use the platform for my own trades. I'm constantly finding new projects that I want to invest in, it's an extremely exciting time in the blockchain space
onam2018
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