ONAM: a powerful cryptocurrency exchange using machine learning-powered security systems
Introduction
Problems of modern cryptocurrency exchanges
The risk of getting hacked exists
Problems with scalability
Markets can get manipulated
Customer support is far from ideal
Market liquidity is lousy
Regulatory compliance is lacking
How ONAM solves these problems
Using a range of proprietary systems for better security
ONAM is built to be scalable
Combating market manipulation using machine learning
Responsive customer support
Improving market liquidity using order books from multiple exchanges
ONAM aims at being fully compliant
Range of available cryptocurrencies
Features of the exchange
Fees
ONAM ICO and ONAM token
What are the requirements for potential token buyer?
Detailed information about token sale
ONAM ICO funds distribution
ONAM token
ONAM token distribution
User interface of the exchange
Regulatory compliance
Security
Use case
Why choose ONAM?
Project roadmap
The team
Team members
Advisors
Contact information
Without cryptocurrency exchanges, any coin would be worthless. Yes, even Bitcoin. Investors are interested in cryptocurrencies mainly because of the 2 reasons: the potential of technology and high price volatility. And, while the former reason can exist independently from cryptocurrency exchanges, the latter needs cryptocurrency exchanges to exist. So, as it can be seen, exchanges attract investors and traders.
There are many trading techniques, such as margin trading, OTC trading, margin lending, paper trading and so on. Because no crypto exchange can fulfill the needs of a trader using several trading techniques, he has to use several exchanges. According to the survey by ONAM, most traders are forced to use 3-4 exchanges.
Here's when the ONAM exchange comes to help.
The risk of getting hacked exists
Because of the security breaches, MtGox, an exchange that was responsible for over 70% of all Bitcoin transactions at a time, had to shut down. Thousands of BTC were stolen; investors have lost their money are still trying to return it. And if you think that in the past 5 years much has changed and hacker attacks on exchanges are rare, you are wrong. More than a quarter of a billion USD worth of crypto was stolen from exchanges in 2017. These days you have to choose the exchange carefully not to lose your money...
Problems with scalability
Many exchanges use rigid software architectures, offering almost no way to keep the transaction speed on the high level despite the growing number of traders. The problem became evident in 2017, when a large amount of investors rushed into cryptocurrency sphere due to the astronomical growth of Bitcoin. Because of this, many exchanges are running at a capacity that is close to the absolute maximum and will inevitably require long-lasting maintenance in the future in order to offer competitive speeds again. Trading on such exchanges even now can be a frustatingly slow experience - imagine how unusable they will be if even more traders will start using them!
Markets can get manipulated
It is no secret that in cryptocurrency sphere price manipulation is quite common. Using their comparatively large funds, speculators are creating pump-and-dump schemes or are manipulating the markets otherwise. Such price movements create barriers for new private and especially institutional investors in cryptocurrency sphere. What's more, manipulating the markets creates a negative image of Bitcoin and other cryptocurrencies, braking the proccess of mass adoption.
Customer support is far from ideal
Probably due to small amount of people working in large exchanges' customer support, it can take weeks for ordinary user to have his problem solved. Such long waiting periods apply even to urgent cases. Imagine waiting 2 weeks if you, let's say, cannot access your account! In this case, you can lose large amounts of money because of crypto price fluctuations - a disheartening experience for any crypto trader.
Market liquidity is lousy
No exchange can function properly if the gap between lowest ask and highest bid is too big. Because of bad market liquidity, it can be easy to manipulate the market singlehandendly. Also, it doesn't create neccessary conditions for honest traders (small gap between lowest ask and highest bid).
Regulatory compliance is lacking
In current market conditions, regulatory compliance is neccessary to assure new individual and institutional investors that their investments are safe. The lack of compliance is not allowing exchanges to gain trust and create a money flow, thus holding off mass adoption of cryptocurrency and limiting the growth of the market.
Using a range of proprietary systems for better security
Aside from using all the standard security systems, such as DDoS mitigation, 2FA and anti-phishing solutions, ONAM also is using a range of its in-house developed software based on machine learning algorithms. There are 3 of these systems:
- Advanced Threat Prevention - constantly scans the system for potential problems, preventing any breaches before it is too late
- Intrusion Detection
- Market Trade Surveillance - combats market manipulation
ONAM is built to be scalable
A matching engine is the component at the heart of every cryptocurrency exchange. If it doesn't work fast (which is the case with many exchanges), the whole trading experience is slow. ONAM matching engine was written using Google's GoLang language aimed at being used in computationally intense server applications. Because of that, it is blazing fast and capable of processing more than
10 000 000 transactions per second with latencies being extremely low at just 0.00000004 seconds! Crazy numbers, aren't they?
So why exactly these numbers matter?
With such speed and scalability, it is only a matter of time, when ONAM will have a large userbase. Now, let's build a small but important logical chain:
Speed+scalability = excellent trading experience
Excellent trading experience = large user base
Large user base = good liquidity+investments in crypto
Good liquidity+investments in crypto = high crypto prices
Speed+scalability = high crypto prices
Combating market manipulation using machine learning
Market Trade Surveillance, one of the ONAM's in-house developed systems using machine learning, is able to detect suspicious trades and suspend them. Following trade types fall under 'suspicious' category:
- Abnormally large trades
- Momentum ignition trades
- Pass-through trades
- Wash trades
- Spoofing
- Layering
- Hammering
- Front-running
The usage of these systems ensures that all of the market members have equal opportunities and market manipulation is almost impossible. Fair market conditions create a good situation for inexperienced traders, allowing them to improve their skills safely without the risk of falling a victim to some local pump-and-dump scheme.
Responsive customer support
ONAM aims at providing the best customer service among all the major crypto currency exchanges. With the help of 24/7/365 Live Chats most user questions can be answered within 15 minutes. What's more, during the initial 6 months after the launch of exchange, phone support will be offered. Problems will be solved in a matter of minutes, making trading experience painless and attracting even more individual and institutional investors and traders, thus improving market liquidity as well.
Improving market liquidity using order books from multiple exchanges
ONAM plans to tackle the problem of poor market liquidity by attracting market makers, miners and volume traders. Multiple exchange order books will be utilized, solving the market manipulation issues and improving liquidity.
ONAM aims at being fully compliant
All the legal issues ONAM might come into in the future will be tackled by one of the top legal firms in the USA. This will allow the exchange team to concentrate on improving the product and not worry about the possible regulatory threats that might lead to shutting down the exchange. In the end, the users will feel safe and the product will develop faster, so it's a win-win situation.
Available cryptocurrencies include BTC, ETH, EOS and the ones in the picture below:
ONAM team plans to widen the available token range in the future.
ONAM exchange has many useful features apart from the ones mentioned before. Some of this features are exclusive to this exchange, differentiating it from the competition. There is no major cryptocurrency exchange that offers the combination of all these features in a single product.
Here are some of them:
- Advanced order types - these include standard Limit Order, Market Order, Stop-Limit as well as more advanced options, such as Trailing Stops, Take Profit, Iceberg Orders, Fill or Kill, Good Till cancelled and One Cancels Another
- Trade Assistant - this function is powered by machine learning. It can provide trade alerts and signals, as well as limit risks based on every user's unique characteristics and market situation
- Auto-trading - allows to create trading bots using different strategies and backtest them
- Advanced Charting - allows to create and customize detailed charts complete with a wide set of tools
- News and Announcement Feed - informs user about the latest events in crypto sphere, which gives every ONAM trader a competitive edge over other platforms' traders
- Push Notifications - continiously provides user with updates of their situation on ONAM platform
- OTC Trading - faciliates buying and selling of assets by large investors without making a respective market more volatile
- Many other features can be found on pages 10-12 of ONAM Whitepaper
One of the main advantages of ONAM over its counterparts are lower fees. While the difference in fee amount compared to other major exchanges may seem negligible, it becomes apparent that it can save you a lot when trading large amounts of cryptocurrency. Also, the more trades you do, the more economically profitable it gets to use ONAM and not other exchanges.
Some extra information about the fees:
ONAM exchange is offering their ERC-20 token during an ICO, which is live now. It started on October 1, 2018 and will end on December 21, 2018 or when all of the 195 000 000 ONAM tokens are sold out, if that happens sooner. The total number of tokens is 300 000 000. Unsold tokens will be destroyed.
What are the requirements for potential token buyer?
Any person willing to take part in ONAM ICO crowdsale must buy tokens worth at least 0.25 ETH. Passing KYC and AML procedures is also obligatory - it is needed for exchange in order to stay fully compliant.
Detailed information about token sale
ONAM ICO funds distribution
- 50% - allocated for development of ONAM platform
- 25% - allocated for Marketing, PR, Platform education and Community outreach programs, which should stimulate user base growth
- 15% - allocated for company's day-to-day operations
- 10% - allocated for prognosed legal expenses
ONAM token
The value of ONAM tokens is guaranteed by their utility in ONAM platform only. They will not be traded on other exchanges. By using ONAM tokens, ICO participants will be able to unlock all of the ONAM features, as well as save up to 50% on the already impressively low fees. In order to create positive backpressure, every quarter ONAM will be buying back and burning the tokens using 25% of company's profits. This will continue until the 50% or 150 000 000 ONAM tokens are destroyed, depending on which is greater.
ONAM token distribution
- 65% - allocated for the crowdsale
- 20% - allocated for the team, with half of this amount being withdrawable after 6 months, and the remaining half - after 12 months
- 10% - allocated for ONAM Emergency Reserve. This amount is aimed at covering unforeseen expenses
- 5% - allocated for Bounty, Advisors and Strategic Partners
ONAM exchange user interface is aiming to be highly intuitive with interface elements clearly divided. High contrast between background and elements ensures that all the information is easy to read. Also, because every trader has his own individual needs, the UI is modular and can be customized in several ways. Dark mode is also present, making using exchange in the dark pleasant.
With the number of not regulatory compliant cryptocurrency exchanges being big and growing, it was a focus for the ONAM to provide a transparent and fully compliant platform. Here are some of the actions the platform takes to fall under all rules, as stated in the Whitepaper:
- Obtain a Broker/Dealer license
- Register as an Alternative Trading System (ATS)
- Become a member of Self Regulatory Organisation (SRO)
- Register as money transmitter in all of 50 U.S. states
- Check potential investors against multiple global AML watchlists
By making the exchange regulatory compliant, ONAM ensures that trades will not experience any trouble with the law by trading on it, allowing traders to concentrate on improving their skills instead of worrying about the laws.
In our world of constant cyberattacks it makes sense to develop a sophisticated security system, especially if the large amount of money is flowing through the platform, as is the case with crypto exchanges. ONAM team has developed it. A multi-stage enterprise grade security consists of several parts:
- Anti-Market Manipulation (AMM) system - the system monitors the exchange for unusual activities, flagging accounts that are showing abusive behaviour by trying to manipulate the market
- Anti-Money Laundering (AML) system - checks the customer database through various international databases and watchlists
- Quarterly Third-Party Audits - ensures full transparency and compliance of ONAM platform components
- Partnership with BitGo - allows institutional customers to safely store their funds
- Extensive employee check procedure - ensures the security inside the team itself
There are also some extra security features:
John is an inexperienced trader. About two weeks ago, a friend had told him that he could earn money by trading cryptocurrency. John really liked the idea, but quickly lost a large part of his initial capital on losing trades and high fees. John has also wanted to try more different trading types strategies, but his exchange of choice didn't offer a large amount of them. He also realised, that he needed to learn how various indicators work in order for his trades to be profitable.
Fortunately for him, he found out about ONAM from a social network. John was able to educate himself on crypto trading using ONAM's Trade Tutorials, while machine learning powered Trade Assistant helped him to evaluate the risks. Also, John loves to read the cryptocurrency news offered by the platform. He is able to make more trades now as well, because the fees are lower than on the previous exchange he used.
Step by step, John's losses turned into small, but steadily growing profits. He still continues to improve his trading style, learning from ONAM every day.
Thanks to ONAM, John is now a successful crypto trader.
In short, the main benefits of ONAM are:
- A large amount of trading tools, allowing you to improve your skills or use them more efficiently
- Fast and stable experience
- Intuitive user interface
- Enterprise-grade security
- Full regulatory compliance
- Fees that are lower than those of large cryptocurrency exchanges
ONAM is your ultimate trading tool. It ensures that your investment can unleash its full potential, all while making you worry less. ONAM saves you money and time, giving you endless possibilities.
Team members
Advisors
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Great piece of work @alexanderrigov. Solid review, easy to read.
Sometimes im wondering how many exchanges are already out there. Can they still make any profit with such a bearish market?
Yours
Piotr
Dear @alexanderrigov
I hope you don't mind receiving this comment as it may be a little off our usual topic.
I'm not sure if you've noticed your SP lately, but it has recently increased. I managed to receive support and encouragement from a few people who seem to appreciate my work here on Steemit and whoare also interested in seeing our little community grow.
Those 3 guys delegated together almost 4000 SP to a group of around 80 people I support and that includes you! :)
a) majes.tytyty
b) devann
c) boxcarblue
You can check your own delegations using this link:
http://www.steemreports.com/delegation-info/?account=xxxx (xxxx = name of your account)
It obviously took me some time and effort to organize and get them on board. Plus they are using their own resources so ... I can only hope that you will invest some of your own time and effort to show them your support, appreciation/ say thank you etc. And if you enjoy their content then please also try to drop some valuable comment.
After all we need people like them if we want this community to grow stronger. So I hope I can count on you.
In the meantime I'm having a talk with 2 other people and one witness, who may also join my efforts and make some extra delegation :) Fingers crossed :)
Yours
Piotr