Cryptocurrencies were launched in 2004 as a solution to the ailing economy. Cryptocurrency fostered peer to peer decentralized Exchange and sustained in itself the capacity to replace the traditional banking system.
10years down the line Cryptocurrencies has emerged as a very vital component of the global economy and gradually it is generally being accepted as a means of exchange.
However, the mass adoption of cryptocurrencies have been hampered by quite a number of constraints: Cryptocurrency Exchange markets have been subject to frequent thefts and hacks, resulting in the loss of millions of dollars.
The inability to curb this menace has warded off potential investors and intending users from being a part of the cryptocurrency ecosystem.
There is therefore a need to address this issues if mainstream adoption of cryptocurrencies must be achieved and that solution is Onam.
Onam is a decentralized Exchange platform which incoporates machine learning to curb cyber theft and hacks and employ GoLang programming language to enhance scalability and faster transaction processing.
Onam focuses on addressing major issues plaguing cryptocurrency Exchanges, because this Exchanges are the only door way for anyone to have access into the cryptocurrency markets.
Experts and consultants have proposed reforms and overhaul to put an end to these diverse problems, however they have continued to linger and as such the introduction of Onam is timely and of utmost importance.
- Hack and Breach of Exchanges:
Despite frequent security beefs and reforms, cryptocurrency exchanges have constantly fallen prey to breaches and hacks, losing a total of $266 million in 2017 and $731 million in the first half of 2018. The increase is quite noticeable and raises a cause for alarm.
If cryptocurrency is on the edge of mainstream adoption, then this certainly is not an issue to be overlooked.
Onam understands that cyber hack and thefts are frequent and seems almost impossible to curb due to new manipulations generated frequently by cybercriminals.
However, Onam understands that the non-existence of frequent monitoring is the backdoor through with cyber theft and hacks penetrate exchanges.
Onam introduces it's unique security system: Advanced Threat Prevention, Intrusion Detection and Trade Surveillance, engineered by machine learning technologies.
This system will aid in scrutinizing sub-standard operations and prevent breaches.
-Scalability limits of exchanges:
The design of the present cryptocurrency exchange markets are not capable of sustaining the potential increase of the market in the nearest future.
This has been proven by the influx of traders in recent years, causing many Exchanges to shutdown due to inability to handle traffic.
The entry of new traders into the market should have been a blessing, rather it has compounded to the word of the exchange markets, due to the unavailability of flexible exchange system that can cater for that increased number of users.
The Matching engines of the present Exchanges cannot process more than one or two million transaction per second.
Onam ecosystem out-performs these other Exchanges by guaranteeing transaction speed of 10 million transactions per second with latencies as low as 40 nanoseconds.
-Market manipulation:
In recent times the cryptocurrency market has benn investigated by the United States DOJ and it was discovered that exchanges influence trades by manipulating their ecosystem to take advantage of the fluctuation and volatility of cryptocurrencies to make profit at the expense of their users.
Beginners as well as experienced traders have fallen victim to this manipulative market tactics causing them to opt out or lose confidence in exchanges.
Onam modified Real-time Market Surveillance, Supervision and Compliance system, tracks cyber manipulation and report to regulated bodies, curbing loss and user funds and restoring traders confidence.
-Reckless approach in offering customer support:
Based on a survey, it was discovered that most exchange platforms have reckless approach towards providing customer support and this has been a major issue in cryptocurrency market; as customers cannot result complaints quickly and would most times have to wait for weeks to receive a response.
This surely is not a wholesome structure to aid mainstream adoption and must be addressed.
With competent services Onam goal is to provide 24/7 365 live chats in various languages in a bid to solve the challenges faced, in terms of customer support.
Onam would provide phone support in the first six month of launch and 15 minutes has been set as the timeframe to resolve complaints.
-Absence of regulation compliance
Investors encounter difficulty in relying on the crypto market due absence of regulation.
The SEC has warned investors against making exchanges on platform where the regulation are not adhered to. In order to restore trust and confidence of users in Exchanges.
Onam takes regulatory compliance seriously and has acquired legal advice to aid them stay on track in complaince to stipulated regulations while they focus on running their businesses
This is the recognized token of the Onam platform and is required to interact with the vast features of the Onam ecosystem such as: Pay trading bots,unlock extra tools and access market sentiments.
Onam token generates it value from within the ecosystem and would not be listed on other Exchanges.
Onam exchange platform offers a wide range of possibilitie. When pitted against other Exchanges it is obvious it is one step ahead of all the other and sufficiently solves all the plaguing issues of the cryptocurrency market.
The future looks bright for cryptocurrency and mainstream adoption with Onam.
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Here's my Twitter Post
https://twitter.com/EmemEvans3/status/1062718957356892160?s=20
- EmemEvans3
https://twitter.com/EmemEvans3/status/1062718957356892160?s=20
- EmemEvans3
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