INTRODUCTION

The blockchain is undoubtedly an ingenious development. It is the brainchild of a person known as Satoshi Nakamoto. This development was done basically to cater for the mismanagements and hurdles seen by traditional fiat currency and also to create a future reliable means of exchange.

With the increasing publicity of the blockchain, the main question on every persons lips is: What is Blockchain and cryptoccurency.

The blockchain is a new generational innovation that created the backbone of a new type of internet; it was originally built for the digital currency- Bitcoin. As time went on, it encompassed virtually all the sectors of the world ranging from health, aviation, business, education and religion.

It is like the internet, in that it has a built-in robustness and durability, and by way of record purposes stores blocks of information that are really identical across its network.

The blockchains mechanism is to bring everyone to the highest degree of accountability as there are no such things as missed transactions, human or machine errors. Often times, people say transactions were done without their consent, in a bid to maliciously dupe the next person.

But the blockchain puts a stop to this by ensuring that every transaction is validated through recording them on a connected distributed system of registers, all of the registers are connected through an SVM (Secure Validation Mechanism). The blockchain resultantly forms a bedrock for cryptocurrencies.

Therefore, cryptocurrency is a system that allows for the secure payments of online transactions. It uses cryptography for security and as such is very difficult to counterfeit. Many cryptocurrencies are decentralized, a feature that is made possible by the blockchain technology.

One of the very exciting features of cryptocurrency is its organic nature in the sense that it is not issued by any government authority and as such is very immune to their interference or control.

The first crypto to capture the world was Bitcoin, which was launced in 2009.

As of October 2018, there were over 17.33 million bitcoins in circulation with a total market value of around $115 billion (although the market price of bitcoin can fluctuate quite a bit). Bitcoin's success has spawned a number of competing cryptocurrencies, known as "altcoins" such as Litecoin, Namecoin and Peercoin, as well as Ethereum, EOS, and CardanoSource.

After the success of Bitcoin, there came cryptocurrencies that projected themselves as better subsititutes to bitcoin and they tried to target the perceived limitations that Bitcoin had and also develop newer versions with competitive advantage. These cryptocurrencies are regarded as 'ALTCOINS'(Alternative to Bitcoin).

Cryptocurrency exchanges are businesses that allow users and customers to trade their digital currencies for other assets, which maybe normal conventional fiat money or other underlying digital currencies. It is a matching platform that offers value in exchange of another value.

Due to the launch of bitcoin in 2008 and the increasing cryptocurrencies, many virtual platforms were created specifically for the exchange of decentralized cryptocurrencies. Their regulation differs from country to country.

These exchange sites are very sensitive and often times operate outside the western countries due to avoid regulation and prosecution. But in some western countries, there exists the exchange of digital exchanges to fiat currencies.

Then there is the commonly known one that has to do with exchange of digital currencies for their corresponding digital currency as well. These exchanges can send cryptocurrency to a users crypto wallet while some send to direct offline bank accounts.

Some exchange sites include: Binance, Poloniex, Kucoin, Coinbase etc

Many factors are largely considered before choosing an exchange site, some of the considerations include: Verfication, fees charged, security and geographical restrictions

• Verification

Most exchanges sites usually require some level of verification before users can access them, these verifications can be in the form of KYC. This is basically a way to verify users identity and to ensure that money is not being laundered
But, the exchanges that usually require verifications are ones that exchange fiat currency.

• Fees

Transaction fees are usually charged by most exchange sites, these charges are somewhat like revenue generating means for some exchanges. Some could be flat rate fees while others are scaling fees.

It is usually important to understand deposit, transaction and withdrawal fees before using any exchange sites. Fees differ from exchange to exchange

• Security

Some exchanges are prone to hacking and theft by online scammers. This is a concern to users as the uneasiness of funds theft creeps in.

In February 2014, Mt. Gox, the largest cryptocurrency exchange at the time, suspended trading, closed its website and exchange service, and filed for bankruptcy protection in Japan from creditors. In April 2014, the company began liquidation proceedings. This was the result of a large theft of Bitcoins that were stolen straight out of the Mt. Gox hot wallet over time, beginning in late 2011Source

A good exchange will have a spotless security track record

• Geographical Restrictions

Some exchanges are only accessible from some countries and this is a big challenge to their globalization. Some exchanges in contrast are accessible in many countries and as such offer good competitive advantage.

PROBLEM DEFINITION

There are many problems plaguing crypto exchange sites, these problems have reduced users trust on crypto exchnages and have chased away potential investors. Some of these include:

• Unsafe exchanges and security breaches

One big challenge an exchange site can have is security issues, security is a very vital to the success of an exchange sites, users and customers needs to be guaranteed that their funds are safe.

In recent times, most cryptocurrency exchanges have witnessed series of attacks by hacking groups, which started in 2011. Statistics pointed out that over $266 million dollars were lost in 2017 in crypto exchanges. One begins to wonder if exchanges could be trusted.

For instance, the South Korean cryptocurrency exchange Coinrail confirmed that it was hacked in June 2018. According to the local news agency Yonhap, the hack resulted in losses amounting to 40 billion won (36,9 million U.S. dollars). Japans cryptocurrency exchange Coincheck was hacked in January 2018 which resulted in losses exceeding 500 million U.S. dollars. After being hacked twice, the South Korean exchange Youbit stopped operating and declared bankruptcy in December 2017. Source

Crypto exchange sites should have comprehensive procedures that can identify and eliminate security vulnerabilities. To think that security experts have predicted a larger scale attacks makes us weary and afraid, it is therefore expedient to stay on alert so as to tackle the impeding disaster that has been predicted. Some of the things that make crypto exchanges vulnerable to attacks include:

• Susceptibility of crypto exchanges to phishing
• Software vulnerabilities
• Transaction malleability
• Weak protection of login details

• Scalability as a limiting factor

Scalability simply refers to the ability of processing many transactions at the same time without deterioration or degradation of performance. Transactions done per second time is a real measure of the Scalability.

One important feature any exchange site should have is their scalability; most of them are not as scalable as they claim anyways. This problem will even eat deep in time to come, judging from the fact that the market is growing every day. Statistics showed that around 2017 and early 2018, there was an increase in traders.

These traders should be accommodated by exchange sites. But the reverse is the case as the exchanges get overloaded and there is a decrease in performance, speed and transactions. Sometimes they halt user registrations due to the numerous problems seen thereof.

• Market Manipulation

Market manipulation is an area that has challenged the growth and success of exchange sites, many crypto exchange sites are easily being manipulated, some of the manipulations experienced in the crypto exchange sites include Spoofing, wash trading and pump and dump.

This act is usually engineered by certain persons who by way of influencing exchanges sites make personal gains. The United states DOJ have investigated cases like this and this investigation is but a confirmation of the manipulations going on.

Since the value of cryptocurrencies are very sensitive to sentiment, emotion, and publicity, many are tempted to drive unnatural price movement and profit off of the loss of others. And unfortunately, many can actually succeed in doing so without any regulatory ramifications.

For investors to come, there should be an exchange sites where the market manipulation strategy isnt effective and possible. I believe a means to this is possible, only through a blockchain based exchange site.

• Lackluster customer Support

Some exchanges do not offer good customer support to most of its customers and this could be a deteriorating dent on the future of exchange market. Research showed that amongst the five exchanges, cusatomer support is a big issue for them.

The success of every business venture lies in the treatment of its customers and users. Customers usually report for difficulty in retrieving lost funds as well as 2FA resets on exchange sites. Some exchange sites do not meet up with these demands and it has contributed so badly to the growth of the exchange market.

• Poor Market Liquidity

The crypto market has always been faced with fluctuations, these fluctuations are functions of varying activities that take place on the crypto space.

The painful side to all these is the fact that some exchanges resort to unfair and illicit tactics by front-running, wash-trading or spoofing to simulate rich order books and profit from price fluctuations.
Liquidity now becomes a problem and the goal of achieving value is missed.

• Lack of Regulatory Compliances

The importance of regulation cannot be over emphasized in the crypto market as these regulations helps to keep a lot of things in check. There is always a state of lawlessness anywhere there are no rules guilding operations in any company. Even though SEC is cautioning ICOs and exchange sites, we still need other regulatory bodies to check mate some
abnormalities.

Lack of regulations leaves potential investors in a grey area where fly by night ventures entice them with ambitious projects and high returns on their investments during their ICOs, but fail to deliver anything meaningful thus giving a bad impression to novice investors about the whole industry.

There is then need for bodies who would help improve investors trust on exchange markets and site. Until then, there is a huge hole needed to be filled.

There is a technology that solves all these problems and when fully incorporated would change the dynamics, bringing success to the crypto exchange market. i introduce to you ONAM

INTRODUCING ONAM

ONAM is a blockchain technology that has the interest of crypto exchanges at heart; it is going to revolutionize the exchange of cryptocurrencies by incorporating security, speed, ease in use and other exciting features.

The ONAM platform is managed by professionals who are very much ready to take crypto exchanges out of the mud to a place of global wealth and adoption. They have seamlessly solved all the challenges that are seen in various exchanges

ONAM exchange is ushering a developed and new era of standardization of digital asset trading through the concentration and huge emphasis on compliance and usability

In ONAM blockchain technology, traders will be able use refined and innovative technologies that include automated trading bots and algorithms. They will also be able to use a multilingual modular interface that they can configure to their taste and a very healthy technical analysis tool for proper trading analysis and use.

It already solves scalability issues by having a trading machine that can process ten million transactions per second with latencies as low as 40 nanoseconds. The security is top notch as it utilizes an Advanced Threat Prevention and Intrusion Detection machine.

The machine is able to detect any irregularity and the ATP system will flag the problems before they become uncontrollable.

The ONAM blockchain covers various grounds as it is working to acquire a Broker-Dealer Licence, money transmitter and a register as an ATP system with the SEC

It is indeed the future of crypto exchanges, Join the future of Crypto ExchangeONAM

FEATURES OF ONAM

ONAM boasts of amazing features that makes it stand out from other exchange sites, these features are amazingly unique to the onam blockchain. Here are some of the features

• Advanced Order Types

The advanced order type is a feature that helps customers in preserving their profits while also helping them become more successful traders. The order types includes a vast range of components which includes: Take Profit, Iceberg Orders, Fill or Kill, Good Till Cancelled and Stop-Limit options

• Margin Trading

Margin trading refers to the act of borrowing funds from a broker to trade a financial asset, which will form the collateral of the broker. In ONAM, the percentage fee paid on borrowed fees will be very small while allowing them have a substantial buying power.

• Margin Lending

Margin lending affords users the opportunity to amplify their investment power to build profit that is hoped to be long term. In onam, users will be able to earn interests on the funds they gave margin traders.
Also, they can be able to know and collect the rate and duration while they customize the lending process.

• Composite Index

Composite index which is combined in a standardized will give users and customers the acesss to a smart and secure way of getting exposed to crypto assets. It will also provide a useful statistical measure of the market performance, thereby giving users the best experience of trading.

• Paper Trading

This feature really makes me fall in love with the ONAM platform. In this feature, novices and intermediate traders will be able to trade on the platform and also test market conditions as well as order types all geared at improving their trading skills, without the commitment of actual capital.

• Modular User Interface

There is a modular UI that has been designed to allow users customize the trading page to whichever way they want and also relative to their needs. The UI solves the shortcomings and design challenges of other platforms.

• Trade Assistant via Machine Learning with Trade Alerts and Signals

The trade assistant will reduce the risks that result due to account balance, current positions and users personal tolerance. The essence and result of this is an increasing in profit and also a healthy trading experience

• Auto-Trading and trading strategy backtesting

This allows customers to customize and create trading bots depending on their own strategy, they could also use ready-made strategies created by the expert traders on the ONAM platform.

• Social Media and Market Sentiment Analysis Tools

Through machine learning, customers can use social media tools to make better trading decisions and also stay ahead in relative to other traders using other exchange sites.

• Advanced Charting

Advanced charting will enable customers to toggle and locate any given asset on the platform without having to leave the exchange. They can also be able to go through historical analysis.

• Market Scanning

The market Scanning tool is powered by the machine learning and is a very important tool for success of traders. Trading to achieve success involves trading volatile assets and with the scanning tool, customers can easily find coins and tokens to trade and allow the focus on trading rather than waste time scanning manually.

• Trading Expert Coaching

This builds a strong community of traders through the synergistic education by experts on the platform. Traders that are new to the crypto space can learn the best trading practices from a group of expert traders who exist on the platform.

• News and Announcement Feed

This updates and keeps users informed of the latest news. For a trader to be successful, he must always stay abreast on latest market and trading info.

ONAM has created a platform that would always inform users on cryptocurrency related news and announcements in a timely manner so they wont miss spikes.

• Push notifications

Push notifications also keeps users updated, this feature is lacking in most crypto trading platforms. ONAM has created this to alert on new coins and tokens listed.

• OTC Trading

This will help the buying and selling of assets for investors and large traders and through smart contracts, the platform will act as an escrow to ensure the smooth swapping.

• Multi-Language User Interface

This will help difference in language of its users, this will help cover a wider audience and they can be able to use their own preferred language.

• 24/7 LIVE Chat Support

With this feature, traders always have someone to speak to on the platform, regarding any issue which may arise and also they implemented security questions to verify customer identity and to keep customer accounts safe from unauthorized changes and takeovers.

• FIX Server for our Institutional traders.

• Advanced and Custom APIs

• Affiliate Program

ONAM'S SOLUTIONS TO THE PROBLEMS OF CRYPTO EXCHANGES

• Security

One problem that has been recurrent in every sector is security. The security of digital assets continues to be a huge problem as hacker groups continue to be on the increase. There must be a continuous monitoring and of course real time visibility for threats to be discovered.

Judging from increasing hacks witnessed in many exchanges. ONAM developers have made security a top concern by implementing industry standard DDoS mitigation, anti-phishing and 2FA solutions. That is not all, they also developed their own Advanced Threat Prevention, Intrusion Detection, and Trade Surveillance systems. All these are being powered by machine learning and an encrypted database to secure.

The machine learning technology will be able to detect any irregular activity and the ATP system will flag off any potential problem that might want to disrupt the platform.
ONAM values the trust of its customers will ensure the safety of their funds 100% of the time.

• ONAMs Scalability

ONAM has a very scalable platform that has been able to stand on a rule which states that if the scaling is not fast, then it is just too slow". Most other exchanges usually run down because they cannot handle large amount of transactions and this is a big problem to customer satisfaction

ONAM blockchain can perform heavy loads of transactions and complaints. The engine and infrastructure build can handle excess of 10 million transactions per second with latencies as low as 40 nanoseconds.

The ever reliable scalable engine was developed using Golang Programming language designed by Google.

• Prevention of Market Manipulation

ONAM uses machine learning to supervise and monitor trading activities, the Real-time surveillance and compliance system analyzes pre-trade and post trade in order to identify suspicious activity ranging from pass-through trades, wash trades, spoofing, layering, stuffing, hammering, front-running, and momentum ignition.

All these monitorings allows the system to generate Suspicious activity reports for the regulators in compliance with both current and future regulations.

With all these, it is certain that market manipulation techniques such as spoofing, wash trades, etc would be almost impossible on the ONAM exchange.

• Customer Support

Customer support is indeed valuable and every customer wants to be treated right. ONAM has the interest of their customers at heart and as such has a 24/7/365 Live Chats in multiple languages and commit to addressing the most common issues within the first 15 minutes of a support ticket being submitted

Every issue through this means will get resolved and customers experience would be greatly enjoyed.

• ONAMs solution to Poor Market Liquidity

In a bid to attract large market-makers and volume traders, ONAM has incentivized them and also uses order books from multiple exchanges. ONAM will solve high spillage and market manipulations brought by poor liquidity.

• Regulatory Compliance

In respect to SEC rules which states that virtually all token assets are security assets and they have issued subpoenas to ICOs and exchanges for the unregulated sale of securities. To prevent this, legal experts advise that crypto projects should take the necessary license and comply with regulations before issuing tokens.

But most projects refused this. ONAM believes that the way to success is through the compliance to authorities and has recruited a top legal firm to handle their legal hurdles and with this, ONAM would operate freely, without fear of been shut down by regulatory authorities.

• ONAM'S EXCHANGE FEES Vs CURRENT MARKET

Most exchanges have an exorbitant transaction fees when using them. Transaction fees are usually charged by most exchange sites, these charges are somewhat like revenue generating means for some exchanges. Some could be flat rate fees while others are scaling fees.

ONAM as rated in the image shows that they have the best transaction/exchange fees which puts them high in the exchange market.

EXCHANGE UI PREVIEW

ONAM'S DIRECT EFFECT ON CRYPTO EXCHANGE

The effect the onam platform is bringing is second to none, they will serve as blue prints to other exchange sites. There is a general assertion that leaders lead and others follow. ONAM through their security features will increase customers trust because they have the backing of regulatory bodies. There is no lawlessness therein as everything is under compliance

There is also a safe and ease trading feature will novices can easily trade, the system accommodates every body irrespective of your knowledge about exchanges. To think that the transaction fees is almost negligible is awesome, with the onam platform, users need not to worry about the transaction fees needed to exchange a digital asset

The security is top notch and it is more than a 100 percent certain that the funds of users are safe and free from hackers. judging from the many security challenges witnessed by other exchanges, you could say that onam is the safest thing on the blockchain.

I believe that mass adoption will improve greatly due to the amazing features of the onam platform. indeed the future of the exchange market is in safe hands.

ONAM ENTERPRISE GRADE SYSTEM

These grade systems include :

• Advanced Threat Prevention and Intrusion Detection System

ONAM has an enterprise-grade security system that does not store any passwords, encrypts all sensitive user data before inserting it into the database. The security system of the platform is no vulnerable to SQL injections.

• Anti-Market Manipulation system (AMM)

This is also powered by machine learning and has a task of monitoring, surveillance and supervising of the platform so as to detect suspicious trading activity and also help flag any market manipulation attempts such as wash trades, pass through trades and others.

Offending accounts are usually at the mercy of the AMM and are immediately flagged if there is need to do that. The essence is to ensure that a fair and regulated market condition is built.

• Anti-Money Laundering system

Most individuals think that the blockchain and crypto world can be used to launder and transact illegally. But ONAM in relation with machine learning has devised means to stop money laundering. This is done through the cross checking of customers data across international database and watchlists.

Filtering of customers data and their classification according to their level of suspicion will be done and with this, we can say that ONAM is full of integrity and uprightness.

• Quarterly Audits

Auditing is valuable in checking the success and failure of businesses. In the bid to make sure that there is high level compliance and transparency, ONAM have assigned a team of experts that would be auditing the security protocols, architecture and order books so that there would still be high level of value attained.

• Partnership with BitGoTM

Through the partnership with BitGoTM, ONAM will be able to solve the problem of lack of custodian services for institutional investors. The partnership will also provide strict policies and controls that will ultimately guarantee a qualified custodian. Custodian services ranging from institutional grade policy controls, to 100% cold storage in bank grade vaults. This cold storage requires multi-signature to access.

• Background checks and training

The employees under the ONAM platform will receive extensive background checks before they are incorporated in the platform. This is to ensure that the security of the platform and also for bad actors to be eliminated

Others include :

• Offline Multi-Sig Cold Wallet
• IP Whitelist
• DDoS Mitigation
• Wallet Address Whitelist
• 2FA and U2F Authentication
• Withdrawal Confirmation
• Hardware Wallet Integration
• Anti-Phishing Code

REGULATORY COMPLIANCE

ONAM platform obeys regulatory bodies and as such has some rules it complies to. All these compliance rules are to promote sustainability and legitimacy of the platform. The compliance rules will avoid any issue that might arise even during or after ICO launch

Therefore it has compliance rules on

• Restricted Persons
• KYC/AML
• Regulatory Licences and Registrations
• SEC Reg C and D crowdsale exemptions
• Risk Involved
  

USE CASES

• USE CASE 1- Trust Restored through the Advanced Threat Prevention, Intrusion Detection, and Trade Surveillance systems

Mr Amanze for more than 20 years have been involved in the stock exchange market, a successful business man that has penchant eyes for promising businesses. He had some experiences with Bitcoin when it was initially launched, he bought few bucks of it and stored in an exchange site that had a wallet feature.

He was so reluctant that he left the funds there for a long time without trading them for fiat currency, there came a time when the exchange site was brutally attacked by group of hackers who siphoned all the money in the exchange site. The weight of the accident was much, this prompted the exchange site to completely collapse off. Mr Amanze was so devasttated that he lost faith in the crypto exchange market. What really pained him the most was the geometric rate in which bitcoin shut up to.

He then decided not to trust exchange sites and steer clear of crypto. Fast forward to two years later, he met a friend who is doing extremely well in crypto. After pouring out his frusteations, his friend introduced him to ONAM platform that has been the secret of his wealth.

After carefully going through the security features, Mr Amanze discovered that the Advanced Threat Prevention, Intrusion Detection, and Trade Surveillance systems is the best that has ever existed in the security of funds and digital asset. He gets on board on the blockchain and gets his groove back.

• USE CASE- 2- Ease Brought By Paper Trading

Henry believed that the crypto industry is one that is full with complexities and confusions. He has always tried to understand the basic of exchanges and in interface, but it seems as though no hope is coming forth.

The challenges he is having is basically due to the ignorance from tech and internet. He is a lover of anything that has to do with ease and simplicity. He is introduced to to ONAM platform and discovers the paper trading feature, it was as if it was developed for him.

Not only the paper trading, there exists a simple trading basics for novices, while he learns the basic trading skills, he utilizes the paper method for his digital asset exchange.

TOKEN SYSTEM

ONAM has its own token, called ONAM, ERC-20 compliant. Which will be offered during the crowdsale.

ONAM tokens will be the native tokens of the ONAM platform. These are important for users to trade on ONAM platform as it makes the trading fees cheaper as also unlocks the advanced features of the platform

This token will only serve within the platform, they will not be listed in any other exchange

CONCLUSION

ONAM with its exciting features have set a standard for other exchanges. Starting from their almost negligible exchange fees to the top notch security of digital assets, it has clearly shown that trust can still be placed on crypto exchanges

The carefully solved every single problem that initially marred the success of exchange sites and the fact that it is a blockchain technology makes it a success already

ONAM has a 24/7/365 customer support and a multi-language that has no comparison with any other, which increases the confidence of customers and also a modular interface empowered with machine learning algorithms that will ensure users do not lose their profits..

This is a breakthrough for the crypto world and blockchain technology as it is going to increase mass adoption of cryptocurrency.

MY IST VIDEO REVIEW ON ONAM