Introduction
The impact of technology has been consistent through human history. Everyone can attest to the immense contribution of technology to the benefit of mankind.
Technology has evolved through the years, however, it's goal has remained the same: "To proffer quicker and long lasting solutions to plaguing ploblems"
When the internet was launched, it was considered as one of the best innovation of that technological era. Whilst this is true, the launch of the Blockchain in the 21st century has proven to be a proficient multi-dimensional innovation: coupled with its incorporation of cryptocurrencies, it has truly addressed the the long lasting problems of e-commerce and the economy generally.
Cryptocutrency were launched in 2009 by Satoshi Nakamoto, although not on a very grand-scale but rather silently, at a time when the global economy was experiencing a downturn.
Cryptocurrencies fostered a peer-to-peer decentralized exchange, totally independent of intervention by the government or banks while The blockchain was strategically designed to enable faster and safer dissemination of data via decentralised nodes, blocks or servers.
This tag team of blockchain and cryptocurrency was the beacon of light in the failing global economy and sustain the capacity to totally replace the traditional banking system.
The Problem
Cryptocurrencies has undergone different overhaul to address multiple issues on their path to going mainstream.
However, In 2018, Cryptocurrency markets reached a market capital of one trillion dollars with the price of Bitcoin totalling over 1300%, this took alot of Cryptocurrency exchanges unawares, as their infrastructures were not sophisticated enough to handle the sudden influx of new buyers to the market.
The Problem With Current Cryptocurrency Exchanges.
Cryptocurrency exchanges are the entry point to the cryptocurrency market. However, different constraintss plagu the exchange that has hampered,, or would in future disrupt the mass adoption of cryptocurrencies.
Asides from it's high technical know-how requirement, in order to navigate it's ecosystem, Cryptocurrency Exchanges possess rigid infrastructures upon their creation, which would not allow for flexibility so as to accommodate greater number of people as their number increases; leading to alienation of new customers and the abandoning of a crypto-project.
With cryptocurrencies edging to go mainstream, it is much more important for the only point of entry which is the Exchanges to be overhauled and it's plaguing issues addressed.
If mass adoption of cryptocurrencies is to become a reality, then the solution must surface now...........
The Solution: Onam
Onam is a decentralized exchange platform, made-up of sophisticated trading tools and a top-notch security system powered by machine learning, to guarantee risk management and trade surveillance.
Onam functions more like a hybrid platform, which incorporates the vast features of decentralized trading in a centralised environment, to guarantee users a hitch-free trading experience void of constraints.
Onam functions more like a hybrid platform, which incorporates the vast features of decentralized trading in a centralised environment, to guarantee users a hitch-free trading experience void of constraints.
Onam Exchange is unique in that it introduces trading of digital assets in compliance to security and regulations.
How Onam Addresses the Problem of Current Cryptocurrency Exchanges.
--Problem 1:
Frequent Security Breaches
The ecosystem of cryptocurrency exchanges have been plagued by frequent hacks and thefts. In 2017 and the first half of 2018 alone, $997 million dollars have been lost. This surely is a major cause for concern.
Criminals employ something known as the DARK WEB to foster large scale cryptocurrency theft, whilst remaining anonymous and untraceable.
With cryptocurrencies at the cusp of mainstream adoption, security experts predict more thefts and hacks in years to come, if something is not done hastily.
The Solution:
Onam understands that security threats are recurrent and almost endless. However, Onam believes that the unavailability of continuous monitoring and real-time visibility are the loopholes through which thefts and hacks slip through and avoid detection.
Onam is built upon a security conscious mentality, asides from incorporating the security blueprint of the blockchain industry: Anti-phisting, standard DDoS Mitigation and 2FA solution, Onam also introduces its strategically developed Advanced Threat Prevention Intrusion Detection and Trade Surveillance systems with encrypted databases that are powered by Machine Learning to guarantee the security of the Onam ecosystem
The Machine Learning Technologies detect irregular activities on the platform and the Advanced Threat Prevention System flags potential problems immediately, thus preventing theft, hacks and security breaches before they happen.
Onam also ensures a compulsory security examination by a third party every three months to guarantee the proficiency of their systems
--Problem 2:
Scalability of Cryptocurrency Exchanges
The sudden and massive growth of the cryptocurrency market this year revealed a lot of flaws in the cryptocurrency exchanges.
Most of the current cryptocurrency exchanges are not wired to accommodate the growth of the ever-increasing market, with most of the exchange almost running at maximum capacity it is a pointer that when the mass adoption of cryptocurrencies become a reality, the current cryptocurrency exchanges would crumble.
This sudden increase in the number of participants in the cryptocurrency market have proven that the exchange machines lack the sophistication to handle the massive exchange request, thus resulting in scalability problems
The Solution:
Onam was built was a scalability mindset which boasts: If scaling is not fast then it is not too slow.
Onam takes advantage of Google's GoLang programming language to guarantee fast processing of exchange on its platform
Other exchange platforms can boast of exchange speed of one or two million transactions per second, however with Onam, it's sophisticated machines are capable of processing 10 million transactions per second with a delay time of less than 40 nanosecond, guaranteeing user of super-fast transaction speed
--Problem 3:
Market Manipulation
Cryptocurrency exchanges are most times manipulated, asides from the unpredictability and volatility of the cryptocurrency market, it has come to the notice of the United States DOJ that market trades are being influenced and they have started a criminal investigation to ascertain this claim.
Manipulations ranging from wash-trading, spoofing, momentum ignition, pump and dump are practices that have affected both novice and experience traders.
This market manipulations coupled with lack of market regulations have wandered off large investors and a chunk of interested users from entering the market
The Solution
Onam curbs market manipulations by analysing trade with the aid of its Real-Time Market Surveillance Supervision and Compliance System: which checks suspicious activities such as: momentum ignition, stuffing, unusually large trades and pass-through trade to guarantee equity and fair market conditions for all.
This truly is a first-of-its-kind as these systems generate suspicious activity report in compliance to present and future regulations
--Problem 4:
Ineffective Customer Care
Current cryptocurrency exchanges have an ailing customer care support, with users having to wait for weeks or months before submitted issues are addressed
With cryptocurrency on the edge of going mainstream and promising a large influx of people, the reputation of exchange markets are at stake, if they are unprepared to match their customer service operations to meet the demands of investors
The Solution
Onam is fully prepared to curb customer care problems by offering 24 hours live chat in different languages so as to ensure everyone's complaints can be addressed
A record time of 15 minutes has been set to ensure the resolution of complains within that time frame and Onam also promises phone support where users can call to report complaints in the first six months of their launch
--Problem 5:
Poor Market Liquidity
The success of any market is hinged on its market liquidity, and as such cryptocurrency exchange markets also thrive on cryptocurrencies liquidity.
The volatility and fluctuation in prices of cryptocurrencies has been a long-standing issue of the exchange market. However, this can be attributed to large gaps between asks and bids and poor orr books it has also been noted that some exchanges influence market prices vary unwholesome tactics such as proofing or worse trading source to always profit from price fluctuations at the expense of their customers.
The Solution
Onam understands that successful market liquidity is a function of increased traffic and consistent trade flow within an exchange ecosystem; as such Onam is totally committed to developing an environment that attracts large investors, miners and volume traders.
Onam motivates and reward these large investors and traders by taking advantage of the order books from various exchanges to check market manipulation, high spillage, poor liquidity and provide a rich and transparent order book.
--Problem 6:
Zero Regulatory Compliance
In recent times, SEC has placed most cryptocurrency exchanges and ICOs under strict examination whilst cautioning investors and traders to be careful of them, to be careful of them, due to fraudulent projects heralded by ICO's that lacked sincerity, transparence and compliance to stipulated regulations
2017 and early 2018 was a promising time for the cryptocurrency markets, as ICO's experienced quite a large number of participation, however this hallmark was dented by superfluous ICO's scam.
It is a common occurrence to find illegal ventures wooing potential investors especially during ICOs with mouth-watering returns and in turn falling short of expectation at the end of the project, resulting in the loss of investors digital assets worth millions of dollars
This compelled the government's to place bans and strict laws and regulations on ICO's
The Solution
The present day token market a revolution; as it is henceforth necessary for exchanges and ICOs to acquire legal advice in adhering to regulations whilst running their businesses and issuing tokens
However, some projects still operate illegally without procuring licensing, and as such SEC has stated that all digital assets are securities and have demanded ICOs to appear in a court of law to testify in the case of sale of securities without regulatory compliance.
On the strength of this Onam has acquired the professionalism of legal firms to guide them in compliance to legal regulations and avoid being shutdown.
Onam believes that transparency and compliance to legal regulation is the key to attracting new retail and institutional investors.
Onam Platform Features
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Advanced Order Types
It aids users preserve profits and guide them in more successful day-to-day trading activities.
Margin Trading
It aid users to pay a very minute percentage feeling on borrowed funds in order to purchase larger buying power.
Margin Lending
Aids users who function as margin lenders to accrue interest from lending funds to margin traders.
Composite Index Fund
It grants users the awareness to various cryptocurrency assets in a smart and secure way.
Paper Trading
Grants allocation for Novice users to improve trading skills and test market conditions.
Modular UI
This user interface allows users to have a personally customized trading page that suits their personality and addresses their needs.
Trade Assistant
This provides users with trade alerts and signals so as to assist users in maximizing profit.
Auto Trading
Allows users customize strategic trading bots based on personal modifications or they could also employ pre-existing trading bots creates by experts.
Social Media and Market Sentiments analysis Tool
This provides fast sentiment analysis of the cryptocurrency markets and grant users the ability to make faster and more efficient trading decisions.
Market Scanning
This aids in the trading of volatile assets and aids users to find and trade tokens based on their specifications.
Advanced Charting
This Aida users to chart assets on the Onam platform, eliminating the need to spend extra funds on third'party charting platforms.
Trading Experts
They provide videos and articles to educate novice investors on the rudiments of trading and analysis.
News and announcement feed
This keeps users up-to-date with latest news and occurrence in the cryptocurrency world.
Push Notifications
This information users of new token listings and order fills, as well as activities on their Onam account.
OTC trading
This employs smart contracts to encourage buying and selling of assets for institutional investors and large traders.
Onam Enterprise Grade Security
This encrypts all user data without storing them, before representing them on a database. The Onam Enterprise Grade Security System includes Advanced Threat Prevention and Intrusion Detection Tools powered by Machine Learning.
Onam Anti-Market Manipulation System
This is powered by Machine Learning to check and monitor every trading activity and flag suspicious ones within the Onam platform.
It is a market compliance, supervision and surveillance machine which monitors manipulation attempts especially those involving large trades and pass-through trade to ensure a regulated, transparent and fair market environment.
Partnership with BitGo
Onam partners with BitGo to provide custodian services to institutional investors; this would ensure the enacting and compelling of disciplined controls, procedures and policies, so as to afford institutional customers the safe storage of funds and guarantee compliance.
Tying loose-ends
Onam ensures that all employees within its ecosystem undergo strict background checks and compliance training to guarantee precise knowledge of the Onam vision, ensure security and rid the hiring of incompetent and bad hands.
Onam VS Other Exchanges
Onam Token
This is the official token of the Onam platform and is key in exploiting the full potential of the Onam Platform.
Onam tokens are unique and would not be listed on other exchanges, but would derive value from it's use within the Onam ecosystem via micro-economy and token buybacks.
Users on the Onam platform can save up to 50% on trading fees, unlock extra tools, pay trading bots, gain access to market sentiments and BI analytics data.
The Onam token is not a speculative asset and it's value is not associated with the success of Onam.
Token Sale
Token Sale Details
65% of token is allocated for crowdsale
20% is allocated as withdrawable team shares
10% is allocated as Emergency Reserve
5% is allocated for Bounty, Strategic Partners and Advisors.
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ICO Schedule
ICO proceeds are divided thus:
50% for Development of Onam platform and System Maintenance.
25% for Marketing
15% for day-to-day operations
10% for all legal expenses
RoadMap
The Team
Use Case
Michael is a business man, he has a group of friends who are large investors in cryptocurrency. However, Michael is yet to invest in cryptocurrencies, but he has read lots of articles and e-books on what it entails, but they have helped in throwing Michael into more confusion, due to its high technological know-how requirement.
Furthermore in recent days, Michael friends have lamented about how their digital assets worth millions of dollars have been subject to theft and hacks and how they are considering calling it quits on cryptocurrencies.
Michael is glad he hasn't jumped on this insecure investments.
However soon enough, Onam is introduced to Michael and his friends and they go through its unique features and are satisfied with the standard it meets.
Soon enough Michael's friend are back into investing and Michael can also join the cryptocurrency Market with the aid of Onam unique features which provide him with guiding materials such as videos and articles.
Conclusion
With cryptocurrencies at the edge of mainstream adoption, it is important to tie up loose ends so as to rid the market for delays and setbacks when it truly kicks off.
Security breaches, thefts, hacks, scalability and more are issues addressed by Onam. Which is a long lasting solution to the plaguing problems of the cryptocurrency ecosystem.
For More Information
Onam Website
Onam Whitepaper
Onam Telegram
Onam Reddit
Onam Medium
Onam LinkedIn
Onam Instagram
Onam Twitter
Onam BitcoinTalk
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