The Open Trading Network, Coming To A Broker Near You
The another cryptocurrency firm is about to issue its first round of tokens. Unlike others this blockchain startup will not be pursuing the typical route of initial coin offering. Why? Because of the growing stigma attached to such offerings, a stigma driven by fraud and scams that the just team just doesn’t want to associate their project. Called the Open Trading Network it is aiming to bring safe, transparent and brokerless trading to the financial world.
The Open Trading Network is an Ethereum powered blockchain whose goal is to unite the cryptocurrency world by allowing cross-chain transactions and regulatory oversight. They advertise themselves as the first 100% collateralized and decentralized exchange which will facilitate foreign exchange across cryptocurrency platforms and the answer to mounting concern of legality, regulation and safety of cryptocurrency trading.
The project is backed by IQOptions who has hinted in the past it would be opening a full service cryptocurrency exchange and wallet service. The OTN network will support wallets, trading/exchange and merchant services. Of the many benefits these are a few of the highlights;
- Keep all currencies in the same wallet. Currently wallets are enabled for specific currencies, most will not hold all. If you want to diversify into multiple currencies you will likely have to have 2 or more wallets to do so. This is especially true for ICO coins.
- The wallet is decentralized and maintained by a blockchain. This means no third party risks, no blocked transactions and no limits to use.
- Legality. The OTN network is providing regulatory access to the blockchain for oversight and transparency.
- Trade 24/7. One of the greatest benefits of the cryptocurrency world is round the clock, 7 day a week no holiday trading. The OTN network will be available 24/7 for exchange and trading services.
- Secured exchange. The OTN network ensures execution of smart contracts with its own currency. The OTN tokens will be tradable and exchangeable at the market rate.
Because the project is funded by IQOption there was no need for a fund raising ICO round. Instead project partners are issuing coins as rewards for their clients and compensation for shareholders and employees of IQOption and the OTN Foundation. The coin limit has been set at a max of 100 million with the following schedule of disbursement.
- Beginning October 16th and for 104 weeks following coins will be distributed to the total amount of 42,000,000. These will go to IQOption cryptocurrency traders, users of the OTN wallet and holders of the OTN coins (as liquidity providers) in order to promote the use of the network and wallet.
- 28,000,000 coins are distributed among the shareholders and employees of IQOption and the OTN Foundation.
- 30,000,000 coins will be held by the OTN Foundation to be used in the future as reward and incentive within the network. These coins are never to be sold.
Right now the only way to get tokens is by trading cryptocurrency at IQOptions. The wallet is scheduled to be launched in February 2018 at which time those not trading at IQOption will be able to start earning tokens as well. Once that happens both IQ traders and OTN wallet users will be able to withdraw and exchange OTN coins and/or hold them to earn more. The OTN Exchange is expected to go live in the spring of 2018 with connectivity to other exchanges, clearing houses and business coming later in the year. You can follow this link to read our Full Review of IQOption.