ICO

Onam ICO Review: Seamless Global Crypto Trading Exchange under one Roof

Problems with Centralized Exchanges Today

On June 19, 2011, a strange thing took place. The value of Bitcoin dropped to one cent in Mt. Gox. A hacker attacked the cryptocurrency exchange’s computer and transferred huge amounts of Bitcoins to themselves. They used the software to sell these Bitcoins causing a strain in the system and the value of the currency to drop dramatically. It re-adjusted in a few minutes but the damage was already done.

This attack was to be the first of many such attacks to face cryptocurrency exchanges. Security concerns have grown with each breach. Last year alone, cryptocurrency exchanges lost $266 million to these breaches. Experts predict the number of breaches will increase in the days to come.

Besides, cryptocurrency exchanges are not made in a way that they can keep up with the growth in the space. Many of them are running nearly to their capacity as no one expected such tremendous growth. In the meantime, these exchanges are riddled with manipulations like spoofing and wash-trading which affect everyone in the industry. Couple these issues with a growing concern from customers that exchanges cause them to lose money over incompetent customer support and you have a hole so deep it looks difficult to get out of.

Furthermore, a market fraught with such a huge number of challenges becomes more unstable due to the lack of regulation. This begs the question, what hope is there?

How Onam helps to solve the problem

Onam is a high-performance trading platform that complies with regulation. The platform features trade surveillance, risk management, trading tools and an excellent machine learning powered security system. The team claims to have created the platform to meet security concerns and to fight money laundering. It also places a high premium on stopping market manipulation and being scalable.

Onam Exchange is introducing a new way of standardizing digital assets. It enables trade that is regulatory compliant, usable and secure. One needs ONAM tokens to be able to use the platform. There, users will save on trading fees while at the same time unlocking features such as trade alerts and market scanning tools.

The platform brings together margin trading, crypto trading, and OTC trading under one roof to make it easy for the user. It does this while ensuring transparency in the process. Besides, Onam has a modular UI system that helps to improve efficiency for the trader.

What sets Onam apart?

The team at Onam holds that to draw institutional investors and retail, they need to comply with regulation and ensure that their processes are transparent and fair. To this end, the company has brought legal experts on board to help them work without the looming threat of being shut down by regulatory bodies.

The platform is also integrated with a responsive modular user interface. This will help to serve different regions. They will get an option to choose and operate in the language they prefer.

Other features that make the project stand out include:

  • Paper, margin and OTC trading
  • Support for custom digital assets and private and public blockchains
  • Custom and advanced APIs and order types
  • Margin lending and composite index funds
  • A 24/7 platform with round the clock support
  • Scalability of the trading and connectivity engine

The platform’s matching engine is built to be able to handle more than ten million transactions in one second; this, with a latency of 40 nanoseconds. If this is not an indication or the platform’s futuristic approach, then their threat prevention and surveillance tools are. The platform features encrypted databases that guarantee that your funds trade within the market, fairly.

ONAM token

The ONAM token is on offer based on the Ethereum network during the ICO. The ICO began in October 1st and is meant to go up to the 1st of December or until 195 000 000 tokens are sold out; whichever happens first. Any tokens that are unsold will be destroyed.

Crowdsale participants will need to pass KYC and AML verification processes before they can claim their tokens. The following image shows how the company plans to run the token sale:

Figure 1: ICO Schedule and Token Details

Holders of the token will not get any control or ownership of the company or any voting rights. In fact, the plan is to not have the token listed on other exchanges since the token gains value from being used on the platform. To help the growth of the token, the company will be buying back and burning some of the tokens every quarter.

Conclusion

Onam’s project is a truly decent one. Their roadmap is particularly interesting, promising and doable. If the company can follow up on what they promise, they might excel at the project. The team also has to be able to keep up with the market.

Token Details

Ticker: ONAM
Platform: Ethereum
Contract: ERC20
Price: 1 ONAM = 0.08 USD
Token Supply: 195 000 000
Accepting: BTC, ETH
Soft and Hard Cap: 2 500 000 USD & 15 600 000USD
Country: Virgin Islands
Restricted: Iraq, Iran, China, North Korea, USA
Website: https://onam.io/
White Paper: https://onam.io/wp


B0x: Gustafio

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1 Comment

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  • Too many exchanges popping up these days.. Kinda interesting to see the wide range of features though, an exchange, OTC and margin trading platform in one.