The cryptocurrencies and blockchain technology emerged with well-defined rules and parameters that determine its operation. This registration technology, composed of a set of codes on which all its operation is based, is open and free, so that any developer can see it, inspect it and use it without major inconveniences.
Since the beginning of cryptocurrencies, starting with bitcoin and with the passage of time, investors, entrepreneurs, consumers, and institutions, have been interested in blockchain technology, and it is not considered simply as a fashionable subject, it is considered a change firm and continuous towards the future, where the management of personal and institutional finances will be easier, faster and more transparent.
The application of Blockchain technology with the handling of cryptocurrencies is convenient for any company or organization because it allows greater efficiency and speed in all types of transactions. It has been seen how its use has generated a major change in conventional business practices, such as finance and commerce, and that it can already be seen as an alternative for the transfer of value and information between different organizations.
The growth of cryptocurrencies has generated the exchange business. Despite the inherent advantages of block chains, the platforms that are used to exchange cryptocurrencies are being increasingly attacked by scammers who constantly try to hinder processes and enter accounts to steal cryptocurrencies from users. Last year, cryptographic exchanges recorded millions of dollars in losses for security breaches and thefts. The first half of 2018 registered triple the amount stolen from encryption exchanges in 2017, which has caused investors in the cryptocurrency space to develop concerns regarding the standard of security measures implemented by the trading platforms of encryption.
In addition to security problems, exchanges are experiencing limitations in terms of the scalability due to the increase in the number of merchants that invest in cryptocurrencies, and with this, the volume of transactions handled, which makes these systems inefficient and not scalable
With this in mind, Onam appears to offer a secure exchange covering the current and future needs of all merchants because it is constituted by functions that comply with current regulations to protect the investor.
Onam is the most robust cryptocurrency exchange platform on the market, it is scalable and innovative with built-in business security, risk management and advanced trading tools. This platform offers the advantages of an efficient exchange. It offers all commercial markets within a single exchange, so it is not necessary for merchants to use at least 3-4 exchanges for their commercial needs.
ONAM is a platform that complies with current and future regulations established by the SEC, FINRA, FinCEN and other regulatory bodies.
The U.S. The Securities and Exchange Commission, popularly known as SEC, is an independent institution of the United States government responsible for overseeing compliance with federal securities laws, regulation of stock exchanges and the US options market. The SEC is the United States' Securities and Exchange Commission, a regulator and supervisor of financial markets and is responsible for enforcing federal laws.
- ONAM stores 99% of the funds in Class III bank vaults, securing its capital.
- It has an extremely powerful commercial comparison engine that can process more than ten million transactions per second and is more scalable.
- Quarterly audits of third parties in Onam are a mandatory compliance that keep the platform in good performance.
- It has a user interface in several languages.
- Beginning users in Onam can learn the best practices from a community of experts on the platform.
- It has trading simulations for novice users.
- Users can take advantage of greater purchasing power in exchange for a small interest rate.
- Users of margin loans earn interest through loans and can choose their own terms of rate and duration.
- ONAM never stores passwords, encrypts confidential data before sending them to your database.
- ONAM's real-time market surveillance, monitoring and compliance system is based on automatic learning and always works.
- Multilingual support 24/7 LIVE Chat. Chat where users always have access to help.
It is important to bear in mind that due to the growing demand for cryptocurrencies, many exchange platforms have emerged, some with more success than others, which makes it difficult for users to choose which is the best to meet their needs. Due to the fact that there are not many regulations that revolve around the issue of exchanges, some platforms do not comply with the basic operational requirements, and the result is that if you do not comply with the security measures you will suffer constant attacks of theft and fraud , or if the volume of transactions exceeds the capacity of the platform, it will become inefficient, causing inconveniences to its users (investors and traders), who handle cryptocurrencies as a portfolio, in order to obtain greater monetary gains.
Onam applies solutions to emphasize the security of the funds of all its users, among them we have:
- DDoS mitigation
DDoS mitigation is a set of techniques that are applied to resist distributed denial-of-service (DDoS) attacks on networks connected to the Internet and that are committed by computer criminals who control the computer bots, thus protecting the objective and the forwarding networks. DDoS mitigation requires correctly identifying incoming traffic to separate human traffic from bots that look like human and from captured web browsers. The process is done by comparing signatures and examining different traffic attributes, including IP addresses, cookie variations, HTTP headers and Javascript traces.
- Antishiping solutions:
The objective of Phishing is always that of identity theft or what is the same, fraud: theft of passwords, financial data, since once sent our data will pass into the hands of the scammer, which will use our resources as it comes in win The antishiping solution creates a filter that analyzes the pages and determines if they can be suspected of phishing. If you find them, it will show you a warning message.
- The two-factor authentication solutions (2FA):
Two-Factor Authentication (2FA) solutions are a fundamental and basic part of any identity security initiative. They guarantee that only approved users have access to the data. Strengthens access security by requiring two factors to verify your identity as a username or password, in addition to another factor, such as a smartphone application to approve authentication requests.
!But let's look a little further!
ONAM understands that technological innovation is fundamental for the healthy development of global securities markets. Applies the combination of Advanced Threat Prevention, Intrusion Detection and Commercial Surveillance tools along with encrypted databases to ensure the safety of your funds and the market equity within the platform. Its system is based on machine learning to detect and flag any potential market manipulation attempts to ensure the fair growth of encryption assets, similar to Nasdaq's SMARTS commercial surveillance system.
How does it work?
Onam uses a commercial surveillance system that monitors market activity in real time and generates alerts if it detects unusual commercial patterns. If flags are raised, more steps are taken to determine if the merchants behind the employers broke any rules.
Its Advanced Threat Prevention system reinforces the review capabilities of the operations carried out in the cryptocurrency market, so as to strengthen the potential of the exchange platform, for the detection of qualified behavior patterns in the international environment such as contrary to sound market practices. With the system, the work of supervising the capital market is consolidated, and the efficiency and effectiveness of the processes is strengthened.
It is important to point out that thanks to Advanced Threat Prevention and Intrusion Detection, ONAM provides such a scalability capability that allows it to go in accordance with the growth projected in the operation of the market, in a simple way and without large investments, so that the efficiencies will not only occur in the short term, but also in the medium and long term.
Association with BitGo
Always thinking of offering the best custody service to investors, Onam intends to join BitGo a security company Blockchain, which offers a bitcoin multi-signature wallet service, where the keys are divided among several owners to manage the risk . Specifically, BitGo's wallets have three keys: one held by BitGo and two others, one hot and one cold, maintained by the owner of the wallet.
1.- Security: Onam has its own advanced threat prevention system, and together with standard solutions such as DDoS mitigation, 2FA solutions, antishiping solutions, and encryption database, they work together to strengthen the security potential of the exchange platform.
2.- Scalability: Onam is built thinking about the future to keep up with the growth of the market. In order to achieve a good performance of the platform in terms of the number of transactions per second it performs, Onam uses the open source programming language Goland, a simple language that supports thousands of simultaneous connections. As it is designed for the modern internet, its speed and performance are quite high which makes Onam overcome the scalability problems that affect other exchanges.
3.- Transparency - Onam's market surveillance system analyzes the data before and after the commercial activity to identify possible irregularities (such as unusual operations). This allows generating reports of suspicious activities for system regulators and avoiding market manipulation.
4.- Customer service: Most exchanges offer a slow customer service system which generates concern for users. ONAM offer assistance to its users live 24/7/365 through chats in multiple languages. Common problems will be addressed in 15 minutes through the support ticket system. Telephone support will also be offered within the first 6 months of the launch.
5.- Liquidity: ONAM will attract the largest investors in the market of cryptocurrencies, miners and volume merchants to participate in its network. High slippage and market manipulation problems will be fought by inscribing multiple exchange book orders.
6.- Compliance: The Onam team is convinced that to attract new investors it is necessary to guarantee the transparency of the processes in order to gain the trust of the users. In this sense, the representatives of the platform work according to the latest positions with respect to the SEC and based on the opinions on the activities of the OIC.
For the Initial Currency Offer (OIC) phase, the Reg S and Reg D Securities Act exemptions established by the SEC of the United States will be used. Compliance with the massive sales regulations established by the SEC will allow the ICO to be carried out in a legal manner and this will avoid the sanctions that many ICOs are facing in recent years.
Onam will offer a token based on the Ethereum platform during its ICO and will be conducted at BTC and ETH. The pre-sale participants must approve the AML and KYC verification processes in order to obtain the tokens. AML and KYC work through automatic learning, are customer identification processes that include the compilation and analysis of identification documents, the verification of data by contrasting them with third-party databases, the creation of a forecast of the user's behavior pattern and the monitoring of this behavior to see if it is coherent. In this sense, the tokens will not be released until this process is completed by the participant.
Onam is the largest and most robust cryptocurrency exchange platform, it is concerned with applying the most advanced and fundamental technologies to maximize security and performance and provide the best benefit to its users.
Onam is a platform that is built with the future in mind to keep its clients up to date with the growth of the market, with the combination of Advanced Threat Prevention tools, Intrusion Detection and Commercial Surveillance along with the encrypted databases guarantees the security of funds and market equity within the platform.
Its system is based on machine learning filters customer data, classifies and identifies the illicit behavior before it happens, this system also detects and marks any potential attempt to manipulate the market to ensure the fair growth of encryption assets . Onam is dedicated to carry out compliance with current and future regulations of the established organizations to comply with security and thus initiate a new era of standardization in the commerce of digital assets.
More Information&Resources:
ONAM Website
ONAM WhitePaper
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Twitter link
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