Introduction
Blockchain technology continues to prove doubting minds wrong with breakthrough achievements and measured progress recorded in roughly a decade. Since bitcoin came into the scene in 2009, the traditinonal financial system has been shaken by the growing profile and further emergence of cryptocurrencies. It looks as if cryptocurrencies have been around for more than the time it actually existed. The application of blockchain as gone beyond finance to include other sectors such as health, education, government, insurance, etc. With more people adopting cryptocurrency and accepting it as a superior financial mechanism, the progress made so far does not look like stopping soon.
Cryptocurrency exchange platforms are a regular feature of blockchain development. These exchange platforms make it possible to trade cryptocurrencies and transfer value from one user or coin to another. Considering that there are more than 1600 cryptocurrencies and new ICO's launching everyday, the crucial role of cryptocurrency exchange platforms to the overall development of blockchain technology becomes obvious. Like blockchain technology, cryptocurrency exchange platforms have evolved from doing basic buying and selling of coins to supporting sophisticated market analysis and complex trading. However, much are still left to be desired. There are several challenges that face cryptocurrency exchange platforms. These challenges prevent traders from efficiently conducting business and even prevent new users from adopting blockchain technology. To facilitate on progress already made and build on it to advance further, these challenges must be swiftly addressed. Consider some of them.
Cryptocurrency Exchange Platforms - Current Challenges
The challenges of current exchange platforms are well documented. The following is not an exhaustive list:
1. Scalability
This a well-know challenge of cryptocurrencies. The amount of transactions that can be processed in unit time is inherently small. Blockchain technology was not originally designed to handle large volumes of transactions; neither does it have the capability to accomodate growth. The sudden rise in the number cryptocurrency users lately have made this issue glaring. Many believe that cryptocurrencies will replace current financial systems, but they lag behind compared to traditional financial systems. For example, Visa handles more than 24,000 transactions per second, but Bitcoin can only process 7 transactions per second. The implication of this scalability issue is that cryptocurrency exchange platforms are not able to process as many transactions as users demand. This results in delayed transactions or even queueing transactions to the next 2 or more days.
2. Insecurity of funds
cryptocurrency exchange platforms hold large amounts of digital assets in reserve with gaping holes in their defences. Expert hackers take advantage of such vulnerabilties to gain unauthorized access into these systems and steal user funds. The frequent cases of system intrusion and subsequent loss of cryptocurrencies have undermined the integrrity of blockchain technology. Several exchange platforms have known security lapses in account creation, trading of coins and some other aspects of digital assets management. These deficiencies in security are ticking time bombs waiting to explode with hacking happening everytime. As a case study, Atlas Quantum, a Brazillian exchange crypto platform was hacked in August. While no funds was reportedly lost, 261,000 investor personal data was leaked including emails, wallet balances and other information. This is not an isolated case.
In addition to hacking, technical errors and mismanagement is another security scare that users have to face. Some cryptocurrency exchange platforms conduct shady businesses and sometimes, top management embezzle funds. These and other security holes have put investor funds at great risk and adversely affects mass adoption of cryptocurrencies.
3. High network fees
Almost all exchange platforms support their services by charging a small percentage network fee from transactions done by users. While this is understandable, it is annoying to note that some platforms network fees are exorbitant. The down side of high network fees is that traders profit are badly reduced. As a result, velocity trading is discouraged and many traders avoid doing business with some exchanges that have been noted for being costly.
4. Liquidity challenges
The value of cryptocurrencies are so volatile that they lose value almost frequently. Many exchange platforms struggle with very small transaction volume and this badly affects the liquidity of the coins.
5. Overlooking cryptocurrency regulations
Many exchange platforms seem to ignore laws meant to regulate cryptocurrencies as a financial instrument. The Securities Exchange Commission has categorized all tokens under securities and implied that ICO's must abide by regulations meant to protect user funds. Many ICO's still launch with regularizations. The result is that investor funds simply disappear because such ICO issuers fail to put in the required design and technical capabilities that will sustain their project.
6. Market Manipulation
Some exchange platforms get involved in shady business practices to manipulate the market. The most popular scam is pump and dump where coordinated group of investors push the supposed volume of a coin to the moon to misled unsuspecting traders. This and other manipulations make a low volume coin appear to be trending while it actually is not. Ill-advised investors have falsely by lead to invest in low volume coins that returns no profit because of manipulations in the market.
From the above discussion, it s evident the current exchange platforms are lacking in more ways than one. These critical challenges contribute to the lack of mass adoption of cryptocurrencies. The earlier they are addressed the better for blockchain technology as a whole. The question is: how do we go from being deficient to optimal performance without current hurdles in the exchange market? The answer: ONAM. What is ONAM?
The Solution -ONAM
ONAM is a regulation-compliant cryptocurrency exchange platform with a difference. Its team of professionals are ready to take the bull by the horn to re-position the greatly failing cryptocurrency exchange business. ONAM boasts a state-of-the-art trade management tools that will enable beginner and pro traders to maximize profits from cryptocurrency trading. Designed with everyone in mind, ONAM's trading interface which supports many languages, can be customized to the user's need with tools to enhance risk assesement and technical analysis.
ONAM boasts a powerful trade matching engine which is designed to overcome blockchain scalability issues, can handle more than ten million transactions per second. This ensures that the platform can accomodate sudden increase in trade volume as well as power the mass adoption of cryptocurrency in the future. ONAM is highly secure and users are rest assured that their funds are never at risk. Enhanced by machine learning, ONAM utilizes Advanced Threat Prevention and Intrusion Detection to secure funds and eliminate the likeliness of hacking and system compromise.
Being a robust exchange platform built and supported by experts with years of experience in cryptocurrency trading, ONAM will ensure that the challenges facing current exchange platforms are all but eliminated. Users will have access to a wide range of transaction types to ensure that everyone trades where they believe they will make money profit. Being regulations compliant, ONAM will feature tools that will discourage money laundering and market manipulation. Ensuring that there is sufficient transparent trading on the platform.
Consider in more detail how each component in ONAM helps to eliminate current challenges faced by cryptocurrency exchange platforms.
Complying with requirements set by Regulatory bodies
There are major features and functionalities embedded within ONAM that makes it stand tall in the exchange market and play above competition. One of them is regulatory compliance
Many cryptocurrency exchange platforms launched without meeting the requirement set by regulatory bodies such as SEC. While this might look like clever business, the implications far otweigh any temporary benefits such a move will bring. With so many cases of investors loosing money to fraudulent projects, SEC and other regional regulatory bodies have shut down some projects that refused to fulfill the for requirements regulation .
ONAM is leading the charge for a regulated exchange market. ONAM will comply with regulatory bodies such as SEC in the US create industry-standard cryptocurrency exchange that will be allowed to operate as a legal entity. In addition to complying with strick Anti Money Laundering regulations, ONAM will meet the following requirement set by SEC for all ICOs:
- Crowdsale standards for SEC Reg S Category 1and Reg D Examption.
- Access to accreditation status.
- Check potential investors against multiple global AML watchlist.
ONAM will also comply with regulators requirement on the part of platform users and investor. Take a look at what that means:
KYC AND AML: Users are expected to complete their KYC and they are examined against global Anti Money Laundering (AML) list to ensure they are free of any financial crimes. Also, token holders cannot sell or transfer their token to individuals or corporations whose country of operation or state of residence prohibits cryptocurrency transactions.
Restricted Persons: individuals who are restricted by the law of their land are not eligibe to be token holders. If they submitted misleading personal information during the KYC procedure, their request to purchase ONAM tokens will be turned down or cancelled. Only global users that successfully completed the KYC procedure and accredited investors from the US are allowed to participate in the crowdsale.
While many teams may argue against regulatory compliance, having a set of standards that players must meet have been beneficial for any industry. Consider how ONAM hopes to gain from regulatory compliance:
1. Legitimacy of business: With many and frequent cases of fraudulent projects, cryptocurrency users may struggle to separate reality from illusion. ONAM will comply with regulatory bodies to make it easier for users and investor to identify the project as legal. Having the seal of approval from SEC and other regulators will project ONAM as a legitimate cryptocurrency exchange approved to conduct business, having fulfilled all regulatory requirements. Users of the platform will have the confidence that their funds are in safe hands.
2 Attracting Corporate Investors: One reason many organizations shy away from cryptocurrency is that the sector seems to lack regulations. No group or body sets the standard of compliance and enforce it. ONAM will not only raise the awareness of the presence of regulatory bodies, but also work with them. Hence, corporate investors can verify the legal nature of ONAM with SEC and other bodies. Once they found out that this project is regulated by an independent body and has satisfied all conditions required to operate, they are more likely to do business with than with other exchange platforms with no legal backing.
3. Regulatory action against defaulters: Since 2017, SEC has clamped down on several exchange platforms and ICOs that did not fulfill regulatory requirements. As a result, they have been temporarily put out of business with investors funds frozen until they comply. In some worse case scenerios, some trading platforms were completetly shutdown and never resumed business. ONAM will never risk any sanctions - or investors funds- as a result of being forced to discontinue trading. Instead, they will receive legal backing from regulators because they have satisfied all requirements for compliance.
4. Promotes Transparency and Sustainability: Most of the requirements from regulatory bodies facilitates transparency. Because ONAM will comply with these requirements, the project will struggle to engage in shady business dealing even if they try. There will be no room for manipulations. Because ONAM will be completely transparent, users will trust the platform with their investment and they will stick to ONAM - another way of saying that the platform will remain sustainable.
The above are some of the ways in which ONAM will excel by complying with regulatory bodies. Apart from regulatory compliance, ONAM will have a unique that helps it overcome the knwon scalability issue that has plagued blockchain technology. Consider how it does that.
ONAM Overcomes scalability using a powerful, versatile matching engine
Scalability is a known bottleneck of blockchain technology which has severely limited the amount of transactions each blockchain can process. ONAM understands that to power mass adoption of cryptocurrencies, the mass should be able to process blockchain transactions super fast.
While many cryptocurrency exchange platforms struggle to handle transactions in excess of one million per second, ONAM exchange is capable of processing over ten million transactions per second. This is possible thanks to a highest-performing and versatile matching engine developed by the engineering team at ONAM. This engine was developed utilizing GoLang, a programming language by Google specifically created for Server applications that handle high volume data processing. Not only is this matching engine super fast, it also fulfilled all requirements for compliance by regulatory bodies, ensuring that it has the legal backing to exist and operate.
The latency for this matching engine is as low as 40 nanoseconds, making ONAM the exchange with the fastest transaction capability.
The chart below compares ONAM's processing speed to Binance and two other exchange platforms
What is the impact of having the fastest transaction capability?
1. Day-time traders will choose ONAM: Having the lowest latency in trading terms mean that a platform's trading bot can react fastest to the current state of the exchange market. Day-time crypto traders pour in large amounts of time searching for platforms with the lowest latencies. Because of the volatile nature of cryptocurrency markets, day-time traders make lots of money buying and selling in milliseconds and only bots can execute trades at that speed. Having the lowest latency of 40 nanoseconds so far will simply make ONAM the number one exchange platform of choice for day-time cryptocurrency traders.
2. Powering mass adoption of cryptocurrency: Currently, exchange platforms struggle with the amount of transactions that users do on various platforms. If the current scalability issue is not swiftly addressed, should we genuinely be talking about mass adoption? It will be just talk, very far from reality.
ONAM's exchange will power the mass adoption of cryptocurrencies with its truly scalable matching engine. Having the capability to process in excess of 10 million transactions per second implies that any sudden surge in the number of users or transactions on the platform will be very well taken care of. Additionally, because of this enormous processing capability, user transaction are processed super fast, removing the need to queue or delay transactions. Several exchange platforms take up to 3 days to complete some transactions, especially transactions that happen on a weekend. ONAM will let users trade swiftly in real-time.
From the above discussion, it is obvious that having a super fast processing capability is surely a big plus for ONAM. But will users trust a light-speed exchange platform if the security of their funds is not guaranteed? Surely no! It will be nice to explain how ONAM has made security of funds top priority. Here is how.
ONAM's Security Solutions
ONAM understands that security of investor or user funds on the platform should take the number one spot. With frequent cases of hacking and subsequent loss of digital assets bu users, any serious exchange platform must think security first. ONAM will utilize industry-standard security facilities as well as in-house proprietry systems to ensure that threats are detected and averted before they take root. Here are some of ONAM's security protocol:
1. Industrys-standard security: ONAM will implement 2FA, which is a security feature that allows users to verify their identity by providing two or more pieces of evidence. In addition, the platform will implement shields against Distributed Denial of Servcice (DDoS)Attacks. Another industry-standard security feature is antiphishing capability to prevent stealing user details and using it to penetrate their wallets.
2. Proprietry Systems: ONAM have will not rely entirely on what the industry offers as ultimate protection. Its team of engineers have developed various security components to argument conventional security. The Advanced Threat Prevention developed in-house will closely monitor activities on the platform to detect and flag down any suspicious activities before they become full blown. Also the Intrusion Detection and Trade Surveillance components that are powered by machine learning will asssit with real-time tracking of trading and other activities on the platform to prevent systems intrusion and trade compromises. ONAM databases are all encrypted which provides another layer of protection should any intruders evade some the other security protocols discussed above.
3. Quaterly audits: Stressing its vision top provide top security to funds on the platform, ONAM will employ the services of reputable auditors to conduct compulsory security audits every quarter of the year. This will ensure that everything is fine and working without external threats.
From the following security provisions discussed above, it is very clear that ONAM exchange will take security of exchange platforms to a whole new level. It becomes reasonable safe to say that users funds are never in danger as it almost impossible to compromise all the security features installed on the platform. ONAM is still unique in yet another way - its customer support services. Consider this.
ONAM's Customer Support is Top Notch
ONAM wants to provide the best customer support ever! With lots of less tech-savvy people embracing blockchain technology, the need to provide technical assistance is there. ONAM will provide all year-round customer support 24/7 including weekends. Users will hope to explain their problems in their own language as there will be multi-language support. There will be standby support staff that will handle common issues and try to resolve tickets withing the next 15 minutes of creating them. To make sure that all issues are completely resolved, live phone support should be available after six months of launching the platform.
ONAM have taken up the issue of customer support to change how other platforms handle it. With some platforms delaying customer requests for several days, exchange will deliver real-time assistance to platform users, making sure that user difficulties are handled as they arise. When users realize that their complaints are handled swiftly and satisfactorily, they will develop more confidence on the platform and have the assurance that whatever difficulties that will arise in the future are as good as handled.
How will ONAM ensure transparency on the platform? there are facilities to monitor market manipulation. The next section discusses how it works.
Market Manipulation
Many pump and dump scams have slipped through major exchanges, misleading investors to trade low volume coins. ONAM will utilize its Real-Time Market Surveillance, Supervision and Compliance system to analyze trading data before and after each transaction to try to identify suspicious trends that could signal illegal activity on the platform. The system is capable of identifying "unusually large trades, pass-through trades, wash trades, spoofing, layering, stuffing, hammering, front-running, and momentum ignition." Being fully compliant with regulators, ONAM will provide suspicious activity reports to relevant authorities. Thus, the platform can remain fully transparent and free from association with scammers and prevent dishonest trading on the platform.
If you are reading this article up to this point, you begin to imagine that the transaction fee for this trading on ONAM exchange would be high like others. Surprisingly, ONAM boasts some of the lowest trading fees you could find anywhere. Consider what it cost to trade on this unique exchange platform.
ONAM Low Trading Fees
Without saying much about trading fees on ONAM exchange, look at this chart below that compares ONAMs trading fees with that of 4 other exchange platforms:
This next table outlines trading fees for other transactions on ONAM exchange:
From the firs table, ONAM is already beating competition in terms of charging very low fees. Traders in many exchange platforms lament the exorbitant trading fees charged from them per transaction. High trading fees eat into whatever profit the trader has made, severely limiting their overall success trading in crypto trading. ONAM will give back the profit to the traders and greatly enhance their chances earning more from the platform. When traders discover that they pay less trading fees and make more profits, they are motivated to trade more. This will sustain trading velocity on the platform and improve liquidity of coin on the platform too.
ONAM platform features to enhance user experience
Along with features designed to sustain the platform and make it robust, ONAM as an exchange platform boasts lots of functionality that will streamline trading and user experience on the platform. Some of them are discussed under this section:
Advanced Order Types: This feature will help traders to conduct trading activities on the platform as well as secure the profits made on the platform. They include Take Profits, Iceberg Orders, Market Order, Limit Order, etc.
Margin Trading: The platform allows users to borrow funds. With the help of Margin trading, users can pay little commissions on such borrowed funds to give them larger buying power in their next trade.
Margin lending: Traders can lend funds to other traders on the platform and earn interests. Each user can set up their lending terms and conditions.
Composite Index Fund: Each month, ONAM lets users explore other cryptocurrencies and related assets in a secure manner through the Composite Index Fund.
Paper Trading: ONAM is an all-inclusive platform that caters to the need and technical level of all traders. With paper trading, newcomers to the crypto business can run 'test drives' and develop the necessary skills and expertise needed to do actual tradings where their funds will be used. In Paper trading, no actual funds are involved.
Modular User Interface: ONAM boasts a modern responsive User Interface that can be customized according to the trader's needs. For example, users can choose the language they want to use as well as several other selections that will personalize user experience.
Trade Assistant: ONAM will provide Machine Learning-powered assistant based on the trader behaviour and capablities. The Trade Assistant will provide support based on user's account balance, trading position and other metrics.
Auto Trading: Users can create trading bots to manage their trading. Day-time traders will benefit from this feature to take advantage of ONAM's powerful machine matching to automate their trades.
Social Media and Market Sentiment Analysis Tools: This tool provides useful insight that will enable trader make better decisions and stay ahead of market trends.
Market Scanning: This is one of the most useful tool for day traders. The volatile nature of cryptocurrencies mean that changes happen in split second and day traders need to keep track of market conditions. Market scanning will help traders keep a close eye on market trends by setting up specific trends to watch out for each or every coin.
Advanced Charting: Users can take advantage of ONAM built-in charting tools to analyze any any specific coin characteristics. They can save the money otherwise spent on using third party applications. For example, traders can create a chart of top 10 performing coins.
Trading Experts: Trading experts will provide instructional materials in form of videos and articles to educate users of all level on the technical and operational skills needed to efficiently trade on the platform.
News and Announcement feed: The is the channel to keep users updated on activities of interest on ONAM exchange. Information on this channel will include cryptocurrency news within and outside the platform. Be abreast of news will help traders act faster and play ahead of competition.
Push Notifications:* Notification is integral part of every information system. Giving users feedback is achieved through push notifications. Information related to trading orders, trading activities and other personal engagements on the will be passed on to users through push notifications.
OTC Trading: Large scale traders and institutional investors can trade digital assets on the platform by utilizing smart contracts. This will ensure adding to the volatility of them market.
Multi-language User Interface: Letting users trade in their own language is a big step towards facilitating mass adoption of cryptocurrency. For countries where English is not the first language, traders from those zones can access the platform in their own language.
Multi-language 24/7 live chat support: ONAM will provide technical assistance to users who run into issues on the platform. The diverse language chart support staff will handle difficulties as soon as they rise, enabling users to trade on the platform without any hitches.
Afffiliate Program: This program will reward users or traders for referring other users to join the platform.
ONAM contains the complete toolset for modern crypto traders
ONAM has all the tools a crypto trader needs to be successful. Today, traders continue to merge different functionality from different platforms to facilitate successful cryptocurrency trading. For example, some traders have paid software developer to develop automated trading bots that will compensate the high latencies of some trading platforms.
Having all the financial tools on one platform will be advantageous in the following ways:
1. Cost: Traders will not spend extra money to pay for third-party tools hosted on several platforms.
Efficiency It will be easier to manage digital assets using resources on one platform. When users manage their trading with tools on the same platform, it makes the trading process straight forward and eliminates redundancies and difficulties experienced when working from several locations.
Time: It takes more time to harmonize tools from different platforms to do a basic thing. Traders that use multiple-platform hosted tools have to jump from here to there before they could complete a simple task. But when all the tools are in one place, less time is needed to work with them.
The Token - ONAM
ONAM is a utility token that will fuel economic activities on the ONAM exchange. It is ERC-20 compliant token which will be offered to buyers during crowdsale. Holders of this token will have added benefits such as subsidized trading fees, access to premium features and trading tools. Holders of ONAM token are not entitled to special rights in the company such as voting, participating on profit sharing and other management functions. As users transact with the coin, its value will grow as the token will not be featured on other trading platforms.
ONAM ICO
The ICO will offer investors the opportunity to buy ONAM using Bitocin or Ethereum. The crowdsale wll begin on October 1st and end on December 21st. The total tokens for the project is 300,000,000. Of this number, 195,000,000 tokens will be made available for the crowdsale. If this volume is exhausted before the crowdsale termination date, then the crowdsale will end earlier. Crowdsale participants must complete the KYC and AML procedures to have their purchased tokens released to them.
Here is a breakdown of the ICO Schedule.
Token details
Token Allocation
Token Sale Funds Allocation
Use cases
John is a day time cryptocurrency trader who understands the implication of delays in trading. He has lost money because of trading on platforms that are slow in reactiog to market changes. Because of his previous experiences, John even paid Mark, a programmer to write a custom bot that will trade for him with low latencies. John has been researching, trying and comparing various exchange platforms, to see the ones with the lowest latencies buit-in. One day, he can across ONAM and was drawn to the lowest latency feature of the platform. John investigated further and discovered that even his custom made bot could not match the low latency of 40 nanoseconds on ONAM platform. John was excited. He happily signed up on ONAM and started trading on the platform. Because of the amazing results he has had, he discontinued using his trading both and now fully relies on ONAM to do his day time trading.
Jumead Limited is a mutinational energy company with overseas staff in various countries. Smith is in charge of payroll and was tasked by the company to investigate the possibility of using cryptocurrency to pay its oversea staff. Smith has been reluctant to recommend blockchain payments because of know delays in processing payments. He decided to search again and he found ONAM. He found out that ONAM is not just super fast, but can handle bulky transactions without delays. Smith recommended ONAM to the company and they tried it for the first 6 months. Satisfied with the speed and efficiency of ONAM, Jumead Limited discontinued other payment processors and is now using ONAM to pay but local and overseas staff.
Conclusion
ONAM will bring hallmark innovation to the cryptocurrency exchange industry. With state-of-the-art tools, components and in-house technology, ONAM will eliminate the various issues found in other exchange platform. Its readiness to pioneer compliance with regulatory bodies will create a good impression of standardization and transparency on the platform. With scalabilty still a major drawback in other platforms, ONAM versatile matching engine, which is capable of handling in excess of ten million transactions, will make transactions faster and accomodate any future mass adoption of cryptocurrency. ONAM will ensure that traders are validated, that there is no scam on the platform and that user complaints are handled swiftly as they arise. Security of the platform is top priority. Low transaction fees will make the platform sustenable. ONAM is surely the futuristic cryptocurrency exchange platform of our wildest deams.!
Roadmap
rit
The Team
Advisors
Coins that will be supported at Launch
Find More Information about ONAM
ONAM WhitePaper
ONAM Telegram
ONAM Reddit
ONAM Medium
ONAM LinkedIn
ONAM Instagram
ONAM Twitter
ONAM Instagram
ONAM Bitcointalk
Who Organized this Contest?
This contest was organized by 
Image credits
Unless otherwise indicated, all images in this article were taken from ONAM WhitePaper
Twitter link
https://twitter.com/focusnow6877/status/1062803653499781120
- focusnow6877
onamtwitter