AN INTRODUCTION
Hacking has been around for as long as access control for computing technologies was created. Even before the mass use of the internet, computers with password protection were being exploited.
In 1965, MIT researchers found an exploit in a time-sharing software, where if more than one user attempted to access an editor, the system — only designed for use by a single person at a time — would erroneously swap the password file, exposing the other users’ passwords and allowing for access by that party.
But hacks in the cryptocurrency space are problematic since transactions are irreversible. Since the network is decentralized and trustless, it doesn’t have a mechanism to discriminate between transactions that are made with stolen coins or legitimate ones. Without the ability to reverse a transaction, the protections around preventing illegitimate transactions become incredibly important.
How Much Has Been Lost To Hacks?
High-profile hacks make for good headlines, so there is plenty of coverage around the largest ones. But for illustration sake, Here is list the top five:
• DAO, $53 million
• Bitfinex, $72 million
• Parity, $30 million + $275 million
• Mt. Gox, $460 million
• Coincheck, $530 million
URGENT NEED OF SECURITY
In other words, hackers love going after exchanges because they are a rewarding and often easy targets. In this respect, exchanges are little different from health-care providers with lucrative medical data, or credit reporting bureaus that hold Social Security numbers.
"It's frustrating to see people lose money to this consistent mistake,". "No one should be losing even 10% of their available coins because an exchange is bad. Cryptocurrency is about being trustless. Exchanges are trusted systems without great regulation."
Scalability Issues
Many exchanges have been running close to maximum capacity due to the vast increase in numbers of traders investing in cryptocurrencies, and no one expected the market to grow so quickly.
Hereby money merchant from the preceding paragraphs wasn’t able to keep up with the business, even after she bounced back from the robbery incident.
This was due to the fact that, it got to a point where, he had to go to the bank for a numerous number of times daily. Hence, his business wasn’t scalable.
Market Manipulation
Lackluster Customer Support
Other platforms have taken a lackluster approach in offering customer support to their users. For over six months we conducted a survey of customers from the top five exchanges. Customer support was one of the main concerns raised. Some users reported waiting weeks for submitted support tickets to be addressed, even in urgent cases like loss of funds, account lockouts, and 2FA resets.
Regulatory Compliance
The need to regulate ICOs and exchange platforms had become inherent of the fact that fraudsters now seize the opportunity to hoax minnows and majors in crypto sphere into releasing hard earned funds.
INTRODUCING ONAM EXCHANGE
ONAM is a scalable regulatory compliant crypto trading platform. Onam interoperates its unique state-of-the-art technology security system, robust risk-management, 24/7 customer service and trade surveillance features. On ONAM, there are advanced trading tool and Enterprise Grade Machine Security protocol. All these distinctive features are powered by the Machine Learning technology.
ONAM exchange machine handles over 10 million transactions per second with a low latency of 40 nanoseconds, making it the fastest crypto exchange platform.
ONAM Exchange system was created to be totally scalable, liquidated while satisfying all security, anti-money laundering, market manipulation requirements that governmental regulatory agencies might and may establish._
ONAM prioritize adherence to compliance and security as these two will promote satisfying usability and mass adoption.
ONAM Solutions;
Top Notch Security
ONAM ensures users are protected through the Advanced Threat Prevention, intrusion, Detection and Trade Surveillance Systems._
This system identifies abnormal activities long before they affect users accounts. All systems are secure with encrypted databases.
Scalability
Transparency
With a system that checks irregular trading activities, monitors trade types and characteristics, manipulation of the market is near impossible.
Customer Support
Market Manipulation
Low-fee Transactions
ONAM exchange offers a comparatively cheaper transaction cost compared to other exchange platforms. This helps to send a positive message to the users/traders of crypto currencies that their funds are better safe and least touchable.
Liquidity
ONAM is bound to attract a large market who would actively participate in the network. By enlisting book orders from multiple exchanges, market manipulation would not happen.
ONAM is posted yo at raft large investors, miners and volume traders and empowering them to extenuating poor market liquidity.
Compliance
ONAM lagal team are well informed of legal rules regarding SEC and how it views ICOs.
ONAM has received full licensing and is prepared to comply with future regulations because of its purest concerns for users and its aim at building high level of assurance/confidence in its modus operandi
Here are ONAM Main Features
- Advanced Order Types
- Margin Trading
- Margin lending
- Composite Index Fund
- Paper Trading
- Modular User Interface
- Trade Assistant with Trade Alerts and Signals
- Auto Trading
- Social Media and Sentiment Analysis Tool
- Market scanning
- Advanced Charting
- Trading Expert Coaching
- News and Announcement Feed
- Push Notifications
- OTC Trading
- Multi-Language User interface
- Multi-Language Live Chat Support
- Affliate Program
- Advanced and Custom APIs
- FIX Server for institutional Traders
FEATURES OF ONAM
Here are some awesome features of ONAM
ONAM has a multi - language customer care and support system to help customers navigate the platform hedge free.
ONAM has a fixed server for large and Institutional traders.
ONAM runs an affiliate program with BitGO, amongst others...
ONAM has an advanced and customs APIs.
ONAM has a margin trading system in place where users can leverage larger power for borrowed funds through the payment of little interest fees.
ONAM also have a margin lending system that allows users who lend funds to margin traders to get paid for doing so which makes it a win win for both parties, considering the margin trading system.
ONAM has a composite index fund program which allows customers to explore and diversify their crypto asset portfolio in a smart and secure way.
ONAM trade alert and signal is a feature powered by trade machine learning, for trade assistance. It aims at reducing trade risk, increasing user's trade profit.
ONAM has proposed to set paper tradingmtest trading in place for new and old customers to practice trade without losing real money.
ONAM advanced charting tool has made it possible for its users to trade easily and information on desired crypto asset have been made readily available.
ONAM has a social media and market sentiment analysis tool to help its users make wise decisions on crypto assets while trading. A feature, no other exchange platform has and this places ONAM users at a cutting edge.
- ONAM has an auto-trading strategy in place, so that Users can conveniently create bots with trading commands of their choice, based on their own research/analysis of the market.
Benefit of combining the many financial tools under one platform with ONAM
Other existing players in the crypto-exchange space, ONAM attempts to address the needs of retail investors, institutional investors, novices and intermediaries. This kind of explains how their platform ranges from being the fastest exchange to cater to seasoned traders - to one having trade experts to train novices - to having advanced features like sentiment analysis and more. This not only caters to existing traders but also to novices who would remain attached to the platform for the training and development it offers.
Novice traders can use and grow on the platform and remain a customer for life. In fact, this will attract others too.
Also, institutional investors will be made available a regulatory compliant platform which allows scaling for the institutional player’s specific needs. The solution, therefore, caters well to this segment of investors too. As such, ONAM is a well-rounded exchange platform catering to all forms of traders, as much as developing novices on its workings.
Let's look at some use cases?
Martin is a Gold investor, who is looking to increase his income, and has a slight information about Bitcoin when he was a penny, but at that time he decided not to invest, since he was inexperienced in that financial system. Martin later missed the Bitcoin boom.
Notwithstanding, the ICO market was born now and is growing, emerging new opportunities where others had decided not to invest.
Martins convictions as an investor had been based on a prudent division between stocks and bonds to ensure that his net worth always grew while not losing exposure to new technologies and lucrative industries. As Bitcoin is, after being too radical for him to invest originally, it was now much more expensive.
Martin wanted to speculate on the optimism of the financial climate, as well as on the perspectives of the protocols already in place, such as Bitcoin and Ethereum.
Some of Martins actions were placed on compound indices that were divided among the best actors in a complete market that he chose. unfortunately, their account and Berkshire Hathaway did not have access to the ICO market due to lack of technical experience, how to handle the different tools and applications. Unable to interact with any chain of blocks, or any type of customer service,
Martin almost resigned himself to not buying any position in some of the blockchain projects tested as Bitcoin, Ethereum, Litecoin and NEO. The technological management would have been a negative experience for Martin . Multiple accounts and passwords are difficult to track and expensive in case of losing.
Assuming that he would not make an investment in this type of platform, Martins finds ONAM. offering to Martins all the advanced and general options of any sophisticated trading house. ONAM also ensures the funds that Martin bought in an optimal "cold storage", which means that all public keys are generated offline before a private key has been combined; this makes them safer. They have a multiple signature functionality at Martins discretion, and the physical copies of these passwords will be stored in bank-level vaults and, in turn, have a customer service service, which will make it easier for one more to go through membership. and perform the multiple requirements to carry out their transactions, fulfilling all of Mr Martins expectations.
Hence now, Martin can log on to his platform and it is quite simple to take a prefabricated composite index of all the main market players and own part of his cryptocurrency. You can use your newsletter to make your own smaller index if you like, according to which you can view all the transaction history you have made.
ONAM TOKENOMICS
So how can you and I be a Part Of This Project?
You can partake of ONAM crowdsales that started 1st of October and is to end by 1st of December.
The token is "ONAM token" and there is 300milion of it available for sales. All you need, is a ERC-20 compatible wallet and you are good to go. Acceptable currencies are BTC and Eth.
It's wise acquiring these tokens will put you ahead of those without them because you will be able to unlock certain key features of the ONAM Platform such as trade alerts and signal amongst others.
ONAM will buyback these tokens in exchange for 50% discount on all trading transactions, pay for trading bots, gain access to social media market analysis, etc. ONAM tokens will be distributed at the end of the ICO.
Summary
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Cryptocurrency presents us with some very specific and unique challenges around safeguarding our assets. But it also provides us with incredible opportunities to push the boundaries of financial technology to directly improve our lives.
By implementing good safeguarding practices, you can significantly reduce the chance of loss while experiencing the many benefits that cryptocurrency has to offer. For most, the tradeoff is well worth it. Perhaps, over time, the tools and knowledge will be developed to better track thieves and discourage theft in the first place. Until then, let’s not make their jobs any easier.
With ONAM there is a resolve the shortcomings and other issues our competitors are facing and create scalable, and transparent exchange that’s able to handle future mass adoption.
ONAM will succeed and succeed so well that it will force other exchanges to either shut or follow on its foot-steps!
ONAM collection of advanced tools and features will help boost the individual experience of novice and seasoned traders.
Coins Supported
Roadmap
Team
ONAM Advisors
ONAM Sites and Contest Resources
Onam Website
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Onam Whitepaper
Onam Reddit
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Onam Twitter
Onam BitcoinTalk
This is an @originalworks sponsored contest. Click here to check it out.
Image Courtesy: Pixabay and ONAM Resources
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