Introduction
The blockchain technology has provided an avenue for trading of cryptocurrencies and other digital assets. Cryptocurrency can be exchanged for other altcoins or fiat currencies. This has led to the emergence of several cryptocurrency exchange platforms. The number of existing crypto exchange platforms could have been enough to satisfy investors but the limitations of the current market situation gave room new crypto exchange platform to emerge.
Read with me as I introduce to you ONAM.
What is ONAM?
ONAM is a blockchain-based cryptocurrency exchange platform. ONAM has come to consolidate the existing limitations of the current crypto exchange market. It is a fully compliant platform, that want to resolve the shortcomings and other issues our competitors are facing and create scalable, and transparent exchange that’s able to handle future mass adoption.
ONAM's collection of advanced tools and features will help boost the individual experience of novice and seasoned traders. Traders will have access to platform tools that leverage innovative technology through automated trading bots and algorithms, a customizable multilingual modular interface, risk management and robust technical analysis tools Source: Whitepaper.
Existing Problems and ONAM's Solutions.
1. Security Challenge
Security is one of the greatest threat a financial institution can have. Since cryptocurrency is traded online via internet connection, it is highly prone to hackers.
Cryptocurrency exchanges have been the targets of various hacking groups beginning in 2011, and since then security concerns have only grown with each new breach. In 2017 alone crypto exchanges lost over $266 million dollars to security breaches and in the first half of 2018 major exchanges have already suffered losses in the excess of $731 million dollars to various security breaches. Security experts predict even larger scale attacks, thefts, and fraud as cryptocurrencies become more mainstream in the coming years Source: Whitepaper.
ONAM's Solution
ONAM has made security of investors' funds its priority by undergoing a continuous monitoring and real-time visibility. ONAM have also developed their own proprietary Advanced Threat Prevention and Intrusion Detection powered by machine learning to secure our platform. With the help of machine learning technologies, we will be able to detect any irregular activities and our Advanced Threat Prevention system will flag any potential problems in real-time, preventing breaches before it is too late. Quarterly 3rd party audits are also a key part of ONAM's security obligation to its clients.
2. Scalability
Scalability is the ability of a financial institution to handle the increased market demand. With the massive influx of new traders and investors entering the market, several crypto exchanges have been running close to maximum capacity. This is because the current cryptocurrency exchanges are not engineered to keep up with the upcoming growth of the market.
ONAM's Solution
ONAM was has an ultra-high performance and versatile matching engine capable of processing in the excess of 10 million transactions per second with latencies as low as 40 nanoseconds. This is in contrast to existing exchanges which can only process 1-2 million transactions per second.
3. Market Manipulation
Cryptocurrency exchanges are riddled with market manipulation techniques from spoofing, wash-trading, momentum ignition to pump and dump. These practices take advantage of novice and seasoned traders alike and would not be tolerated in traditional, regulated markets. In the volatile, unpredictable, and heavily manipulated crypto market, a lack of regulations makes it even more difficult to gain the trust of the masses or for large institutional investors to enter the market.
ONAM's Solution
Based on machine learning technology, ONAM utilizes Real-Time Market Surveillance, Supervision and Compliance system to monitor suspicious trading activity. The system analyzes pre-trade and post-trade data to identify suspicious activity such as unusually large trades, pass-through trades, wash trades, spoofing, layering, stuffing, hammering, front-running, and momentum ignition.
4. Customer Support
Other crypto exchange platforms have taken a uninspired approach in offering customer support to their users.
For over six months we conducted a survey of customers from the top five exchanges. Customer support was one of the main concerns raised. Some users reported waiting weeks for submitted support tickets to be addressed, even in urgent cases like loss of funds, account lockouts, and 2FA resets Source: Whitepaper.
ONAM's Solution
ONAM aims to offer 24/7/365 live customer support via chats in multiple languages. Common issues will be addressed within 15 minutes via support ticket system. Phone support will be offered within the first 6 months of launch as well.
5. Liquidity
The volatility of cryptocurrency has made it experience price fluctuation within seconds. his can also be caused by poor order books, large gaps between asks and bids.
ONAM's Solution
ONAM will attract large market makers, miners, and volume traders to participate in their network. High slippage and market manipulation issues will be fought off by enlisting book orders from multiple exchanges.
6. Compliance
The lack of regulations make it difficult to gain the attention of individual and institutional investors who are looking to enter the market.
ONAM's Solution
The SEC has taken the stance that almost all token issues are security issues. This has resulted in multiple subpoenas to various companies launching ICOs. Licenses are necessary for initiating public offerings and ONAM's top legal representatives are all informed on the latest positions regarding SEC and its view on ICO activities.
Features of ONAM
- Advanced order types: assist the customers in being more successful in their day-to-day trading
- Margin Trading: allows investors to leverage higher buying power in exchange for a small interest fee
- Margin Lending: allows investors to earn interest by lending, and can pick their own rate and duration terms
- Composite Index Fund: investors can diversify their portfolio
- Paper Trading: allows trading simulations for novice users
- Modular User Interface: allows user to can customize his/her trading page
- Trade Assistant: helps to limit risk by assessing current position, account balance, and user’s personal tolerance
- Auto-Trading: allows customers to use trading bots based on their own
- Social Media and Sentiment Analysis Tool: allows market condition forecasting
- Market Scanning: help to set criteria for users to identify the kind of volatility they are seeking
- Advanced Charting: helps users optimize historical analysis of commodity, currency, security, etc.
- Trading Expert Coaching: allows novice users to be taught best practices by a community of experts on the platform
- News and Announcement Feed: for major cryptocurrency-related news and updates
- Push Notifications: allows all activities to be pushed to the user
- OTC Trading: Allows smart contract escrow services to create smooth swaps of assets and funds
- Multi-Language User Interface: allows users to select preferred language option
- Multi-Language 24/7 LIVE Chat Support
- FIX Server for Institutional Traders
- Advanced and Custom APIs
- Affiliate Program
ONAM vs Current Crypto Exchange Market
ONAM Use Case
Mr Sam is a crypto investor. He works with a financial institution in his home town and he has been into the crypto business for upto 7 years. He possess and trade Bitcoin and other Altcoins through many crypto exchange platforms. He has been lamenting of the limitations and challenges of these platforms which make trading his digital currencies a bit cumbersome and risky.
In order to solve this challenges, he embrace more exchange platforms but this could only add to the problem. He then think of quiting the crypto business. Here comes ONAM with which Mr Sam can easily trade his digital assets under a secure and safe environment.
ONAM Tokenomics
ONAM will be offering ERC-20 token named ONAM based on Ethereum network during it’s ICO. Crowdsale will be conducted in BTC and ETH .
Crowdsale participants must pass AML and KYC verification process to be able to claim their tokens. Tokens will not be released until this process is completed by the participant.
Sale Start on Oct 1, 2018 and end on Dec 21, 2018.
Tokens exchange rate: 1 ETH = ~2,875 ONAM, 1 BTC = ~81,250 ONAM
ONAM Road Map
ONAM Team
ONAM Advisory Board
For more information
- ONAM Website
- ONAM Whitepaper
- ONAM Telegram
- ONAM Reddit
- ONAM Medium
- ONAM LinkedIn
- ONAM Instagram
- ONAM Twitter
- ONAM BitcoiTalk
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