Introduction
Until we attain a state of moral decadence at least, it is an inherent trait of man to continually strive for means to better his existence, and it is by virtue of this that many breathtaking innovations were birthed. The internet for instance has positively impacted on numerous areas of life, making it easier to access information, carry out transactions faster and without stress, and quite a host of other benefits .
The world is moving fast and indeed has come to embrace an era of digital assets, which was sparked by the introduction of bitcoin and it's success over the years. Today, there are over a thousand different cryptocurrencies and tokens existing in cryptospace, most of which can only be used for transactions within their ecosystems. Such rigidity was definitely not good for the industry since cryptocurrencies needed to be easily traded for another, just like fiat . In response to this, quite a number of platforms offering crypto exchanges services came into play to relinquish interoperability issues for good.
Exciting as this sounds, the exchange industry has been severely tainted with bottlenecks such as lack of transparency, inefficiency, exorbitant listing fees, security vulnerabilities etc that poses a huge threat to the development of the industry but thankfully,with Onam comes a viable solution.
This publication contains an in-depth review on Onam and how it revolutionises the exchange industry through its safe, efficient and transparent platform.
Onam : A new lease of life in the exchange market
When it comes to the exchange industry, there are quite a number of players with similar features but with Onam, it doesn't get much better . Users have complained that the industry is basically clogged with parallelism and in all fairness, the industry has struggled to meet the growing demands of traders but Onam sets in a whole new level of operational efficiency . Here are some features that sets it apart from every other exchange platform :
Safe and Secure: Onam assures users of zero security vulnerabilities by integrating with renowned security platforms to put multiple firewalls in place, thereby making it less susceptible to attacks. In securing digital assets, Onam also employs a unique approach by combining both the hot and cold storage systems to ensure effectiveness and higher security.
Scalability and Efficiency: Onam provides a scalable platform that allows over 10 million transactions per second, clearly creating a huge distinction from other conventional exchanges in terms of transacting speed . The Onam framework or interface also provides trading instructions and comprehensive technical support for investors on the platform.
Regulatory compliant: Onam aims to become one of the few exchanges to completely submit to SEC regulations that aims at eliminating fraud which has become very rampant in the cryptosphere. This move will go a long way in increasing confidence of adopters and investors.
Risk Control: Virtually every crypto investor is well aware of the risks involved in trading ; the balance could well be swung in either direction and could either lead to massive gains or painstaking loss . Onam helps investors by providing financial derivatives , market analysis and risk control tools to help minimise trading risks .
24/7 customer service support: Onam's customer support personnels work around the clock to ensure complaints and issues are resolved quickly and in the best manner possible.
Distributed rights sharing : Onam employs a decentralised management system in which decision making is not just left to the founding team, but also Onam token holders who are basically stakeholders in the ecosystem.
Transparency: Transactions on the platform are viewable, verifiable and immutable hence encouraging fairness and transparency in the ecosystem.
How does Onam fare against the big guns ?
As previously said, the industry is quite competitive and it's normal that potential adopters would love to see how it fits into the circle by pitching it against other existing exchanges.
Here's a tabular comparison.
Use Case
Mike is a crypto enthusiast, a professional investor and trader. In the past, he had used various exchange platforms for his trading activities but he noticed that in terms of professional interface, transparency, risk control systems and security , they all fell short .
In fact, he had lost huge sums of money investing in fraudulent ICOs,an experience that almost made him quit the industry for good.
On hearing about Onam, he decided to give it a final shot and since then, it has all been smooth-sailing . Not only could he trade on a transparent and secure platform, he also could initiate management decisions, being an Onam token holder.
Tokenomics
Onam tokens are the currency used for secure transactions within the ecosystem. Below is a graphical overview of the token allocation.
Summary
Transparency, security and efficiency are non-negotiable attributes required for the growth of the crypto exchange industry and in the pursuit of mass adoption.
Onam merges these features and even more, by providing a rarely seen decentralised management system which gives token holders influence in decision making and gives no room for exploitation and manipulation which has sadly become a norm in centralised exchange systems.
Video Summary
Roadmap
Team
Information and resources
Onam Website
Onam Whitepaper
Onam Telegram
Onam Twitter
Onam Reddit
This is my entry for @Originalworks sponsored contest which can be found here
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