OTN – Bringing Blockchains Together
The cryptocurrency funfair has grown at a staggering rate throughout December and the year as a whole. People are not only looking to expand their crypto-portfolio but also bet on the various offerings. The crypto-market left its mark on 2017 with a combined market value that has soared to just under $500 billion from $18 billion at the start of the year. However, the cryptocurrency market lacks a level playing field for ordinary people and all market participants which form the basic functions of money, including acting as a medium of exchange and a store of value. Cryptocurrencies are not yet in a position to replace traditional money.
For this reason, there is a need to combine all isolated blockchain networks into a unified open network to kick off a revolution in commerce backed by blockchain technology. So, what is Open Trading Network? Open Trading Network (OTN) is the first 100% collateralized decentralized trustless network to support fully secure exchanges between the blockchain networks.
At the moment, there are a number of decentralized crypto exchanges available. What makes OTN stand out is that it was not created as a standalone technology but as an integrated part of IQOption’s (the online trading platform) functioning trading platform. OTN Exchange will act as a fast, centralized order matching engine that can sign token exchange orders in record time in the safest way possible. This will provide flexibility to meet all of the market’s needs and fast implementation of the ecosystem, due to a modular iterative approach to deployment.
Open Trading Network will create a public API for all their products tailor-made to contribute to the growth of the market. At the base of the crypto market growth stands four major types of players; Individuals, Businesses, Traders, and Regulators, who also form OTN’s target clients. OTN will focus on creating customer-oriented solutions to satisfy the need of each cryptocurrency player.
One such product, OTN Wallet is a universal cryptocurrency wallet which will support a maximum number of cryptocurrencies and provide secure operations for exchanging and purchasing tokenized assets in the most versatile and powerful way. The OTN wallet will have features that will support the storage of all assets, buying and selling of cryptocurrencies and tokens for fiat money, tokenization and detokenization of assets, peer-to-peer transfers and direct exchanges among others. This component of the system will be implemented without waiting for the Open Trading Network infrastructure to be fully functional.
All transaction data from the blockchain will be available through OTN Explorer, which will allow regulators to identify users and their transactions. The user can also store their assets on a fairly new product, OTN Depository (launched in October 2017) will store assets in its accounts using OTN as a security guarantee, with a separate application for managing and analyzing the depository and monitoring profits. In February 2018, Open Trading Network is expected to roll-out OTN Business, a product that will make it easy for users to perform widely-used operations such as issuing tokens and listing them on the exchanges instantly, and crowdfunding among other features, which will be available as ready-made smart contracts with a user-friendly interface.