INTRODUCTION
The cryptocurrency alongside the success of bitcoin since it was launched as indicated that theirs a digitalized economy being found. There are over 1,658 cryptocurrency in the exchange market and also new coins created by crypto experts making the market worth investing in.
The progress of cryptocurrencies as really seen a massive growth of users in the market including traders and investors who trade in order to make or yield little or more profit. The overall cryptocurrency market is about $369 billion U.S dollars and as made even low level user have moderate knowledge in creating their own coins. This as brought rapid change in various areas like easy investing and crypto regulation improvements.
Despite the progress in the growth of cryptocurrencies, there as been many challenges which exchange and trading platform as experienced ranging from the hacking of exchanges, manipulation of the price of market, poor market Liquidity, lack of regulatory compliance and other bottlenecks. ONAM would tackle all problems and provide a seamless platform. Firstly, let's take a glance at the challenges encountered by trading and exchange platform.
CHALLENGES ENOUNTERED BY CRYPROCURRENCY EXCHANGES
The cryptocurrency trading platform like we all know I'd used for the trading and exchange of cryptocurrency assets. As cryptocurrency rises globally, we've seen a massive increase of users in the market which ad resulted to the success of the market and had also been a plague to the exchange market. The following are some of the major problems encountered in the cryptocurrency market:
Unsafe exchange and security Exchange: The cryptocurrency market as experienced a lot of attacks which as continuously undermined the trust in investors and cryptocurrency traders thus depleting the rate at which traders and investors invest or trade on the exchange.
Early this year, some exchanges were hacked due to lack of sufficient securities like:
- The South Korean exchange also known as coinrail was hacked and over 40 billion won which is equivalent to 36.9 million dollars was stolen.
- Coinheck was the largest so far this year, at about 500 million U.S dollars was stolen as a result of hacking.
Security breaches by hackers as made platforms so unbearable putting trader’s funds at a great risk por to be stolen.
Scalability Limit and other exchanges: Like we all know, the cryptocurrency market is increasing massively, we have some altcoins that processes transactions. This transaction comes with so much data and we know there are many transactions that are being processed every second on an exchange but the major problem is massive delays of transactions due to the large amount of business partners trading and investing on exchange platform.
Market Manipulation: In a market you can’t expect everyone to be very rich and flamboyant with large cryptos, we have both large scale(extremely rich in cryptocurrency assets) and small scale individuals on the cryptocurrency market and the major problem is that the buy and sell order are initiated by a group of the rich individuals also called whales. These large scale investors have the ability to move the price up and also able to bring down the price.
Spoofing, wash trading, pump and dump by whales have actually created a lot of pressure for small scale investors.
Lackluster Customer Support: There are a lot of attacks which can undermine the trust of investors but still the unavailability of the report of lack of funds is also one of the challenges encountered. There are no or less services that can help investors or traders search for their lost funds but the major problem is the slow response due to massive requests rendered by traders.
Lack of Regulatory Compliance: In life, there are laws governing the financial system both locally and internationally. To invest and trades inquires saving of cost but some regulations stops from platform making funds to be automatically stocked and can never be recovered. We’ve seen a lot of fake projects who have sweet talked most investors on how there coin will boom and have high returns after the initial coin offering, because of series of reports of fake projects; SEC is scrutinizing most crypto exchanges and ICOs projects.
ONAM AS A SOLUTION BEARER IN SOLVING KNOWN CRYPTOCURRENCY EXCHANGING AND TRADING CHALLENGES
ONAM is the platform where cryptureencues can be exchanged and traded to gain profits. The ONAM platform will provide swift transaction and exchange of cryptocurrencies with a very less transaction fee and do in. Here are some which would be solved by ONAM :
Cyber Security : To avoid hacking which has lead to massive loss in funds, the ONAM exchange will provide ways in identifying and eliminating the phishing of sites by implementing Industry Standard DDOs mitigation, antiphishing and 2Fa solutions.
The tools developed by ONAM will serve a role in advanced threat prevention, intrusion detection and trade surveillance. This tools will be programmed in a guided form to secure this platform by detecting irregular activities and preventing breaches ensuring the safety of funds on the exchange.
Scalability: Looking at bitcoin and Ethereum, till now they can't process up to a million transaction in a second because they can't actually cope with the infrastructure of the exchange and there are not much liners which would be able to line transactions in blocks.
The ONAM exchange would process unlimited amount of transaction per second. The estimated transaction that can be made in the ONAM exchange is 10 million transaction personal ending for as low as 40 nanosecond which from point of view is far better than the bitcoin and Ethereum exchange. This would enhance :
a. Ultra-high Performance
b. Versatile Matching engine capable of processing a lot of transactions
Customer Support : The [ONAM] platform will provide the best support 24/7/365 days in diverse languages and also provide the customer support that would be readily able in finding or searching for lost funds and also giving a quick response as quick as possible
More Information & Resources:
ONAM Website
ONAM WhitePaper
ONAM Telegram
ONAM Reddit
ONAM Medium
ONAM LinkedIn
ONAM Instagram
ONAM Twitter
ONAM Instagram
ONAM Bitcointalk
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