Open Trading Network Review – Cryptocurrency Guide
Open Trading Network, or OTN, is a cross-chain platform made by a binary alternatives dealer called IQ Option. Find out how it works today in our review.
What Is Open Trading Network?
Open Trading Network is a decentralized exchange that plans to allow transactions between blockchains. The platform portrays itself as “the first 100% collateralized decentralized exchange which will allow completely secure exchange between the blockchain networks.”
Open Trading Network was created by IQ Option, a binary alternatives trading platform situated in Russia. IQ Option propelled an association called the OTN Foundation to help release tokens and build up the platform, or, in other words dispatch in April 2018.
The Open Trading Network is filled by computerized tokens called OTNs. These computerized tokens are being issued to people in general over the coming weeks – despite the fact that they’re not being issued through an ICO. Instead, users will get OTN tokens in exchange for engaging in trading on the IQ Option platform.
Emission has just started (it began in October 2017), and is booked to continue all through the remainder of 2017.
How Does Open Trading Network Work?
Open Trading Network consists of three center modules, including OTN Wallet, OTN Business, and OTN Exchange. Here’s a short review of how every one works:
Open Trading Network’s wallet is a single multi-money wallet that gives you a chance to store and exchange your benefits. Your funds are put away on a safe, decentralized wallet prepared to be used. They’re not kept or blocked by any exchanges. Through this wallet, users can “exchange between blockchains and frameworks with no additional enrollments, accomplices and commissions,” explains the official site.
By and large, the Open Trading Network site doesn’t complete an awesome activity of explaining how the wallet works. It’s not in any case clear if you really possess your funds, or if you control the private keys to your funds from within the wallet. To the extent we can tell, your funds are as yet kept on the Open Trading Network exchange, and the wallet basically gives you a chance to perform transactions on the exchange.
The Open Trading Network wallet is available in the type of a mobile app.
OTN Business offers prepared to-use smart contracts in a user-accommodating interface. Businesses can use OTN’s smart contracts to send tokens on the Open Trading Network blockchain – like how Ethereum works. A portion of the proposed uses for OTN-issued tokens include for markdown frameworks, unwaveringness programs, and crowdfunding.
While creating a smart contract on OTN’s business platform, you can without much of a stretch select fundamental smart contract conditions. So regardless of whether you have constrained experience making smart contracts, you can in any case use Open Trading Network to make smart contracts.
Tokens released within the OTN network can be used as payments for goods and services. In the mean time, businesses can likewise acknowledge payments in all existing cryptographic forms of money, at that point convert them into the required cryptocurrency over the OTN network.
The OTN exchange is a cryptocurrency exchange that guarantees quick transactions through incorporated matching engines. The exchange will list something other than ordinary digital forms of money: Open Trading Network additionally intends to list choices, prospects, and CFD contracts. The engineer of Open Trading Network, IQ Option, is a binary alternatives trading platform that offers choices, prospects, and CFD trading on the present platform – so it is anything but an amazement to see these devices available on Open Trading Network.
Open Trading Network Tokens
OTN Tokens were issued beginning on October 16, 2017, with plans to issue tokens each Monday for the following 104 weeks. The tokens are based on Ethereum’s ERC20 standard.
There’s an aggregate supply of 100 million OTN tokens. Here’s the means by which the aggregate supply separates:
42 Million OTN Will Be Given To Users Of The Open Trading Network Platform:
Of the 42 million, 21 million will go to IQ Option dealers who exchange crypto resources on the platform (you pay transaction fees to exchange crypto resources on the IQ Option platform, at that point get tokens dependent on your measure of trading movement). A further 16 million tokens are given to OTN token holders as a reward for holding OTN tokens, and 5 million tokens will be given to OTN wallet users.
28 Million For Shareholders And Team:
28 million OTN tokens will be given to investors and individual from the IQ Option team.
30 million tokens will remain with the OTN Foundation for use in future vital initiatives.
Once the Open Trading Network platform dispatches, you’ll have the capacity to exchange OTN tokens to OTN coins at a proportion of 1:1.
You can use OTN tokens (and OTN coins, we expect) to pay commissions on cryptocurrency trading on the platform. You can likewise offer tokens on exchanges. They’re right now trading at a price of around $1.45 on an exchange called Livecoin.net.
Who’s Behind Open Trading Network?
Open Trading Network is being produced by a binary choices trading platform called IQ Option. That company is registered in Cyprus for legitimate purposes, but they’re situated in Russia. The company professes to consist of 550+ “engineers, support, QA and marketing managers, planners and data examiners.”
The Open Trading Network looks to associate the entire crypto world. One imperative service of the association is to give an alternative to a decentralized exchange.
Open Trading Network looks to make the world more open for all market members including ordinary individuals who are not (yet) some portion of the cryptocurrency space. One of the main goals of the association is to make an arrangement of market applications, which can be used adequately to different assignments, including managing the majority of a user’s crypto resources, performing cross-market transactions, safely storing savings, accessing the worldwide marketplace, effortlessly working with tokenized faithfulness frameworks, and conducting buys from a crypto wallet. The Open Trading Network’s main principles are straightforwardness and speed, which can be used for associations to effectively and helpfully enter the cryptocurrency market, travel to another ecosystem, and to give administrative apparatuses to the experts.
The Open Trading Network, which was made in association with the trading business IQ Option, works a crypto exchange platform within a decentralized trustless network without a focal center in a brisk, secure and straightforward way. The Open Trading Network additionally works a widespread wallet service where users can store the majority of their different digital currencies in a single place and can get informed about which is the best cryptocurrency to pay for a specific buy, along with converting the coins through the Open Trading Network.
With an unmistakable vision and equipped team along with the vital associations and funding, the Open Trading Network’s main intention is to combine disengaged blockchain projects into a unified network so the majority of the blockchains can without much of a stretch speak with one another. The Open Trading Network’s platform will serve for the tokenization of real world and crypto resources with the abilities of completely insured inter-network exchanges. This, in a decentralized way.
Aside from the exchange and the wallet, the Open Trading Network offers services to businesses as well. Utilizing the power of smart contracts and a user-accommodating interface, the business application will be used to different activities, for example, crowdfunding, issuing tokens and listing the computerized monetary standards instantly on exchanges, issuing tokenized unwaveringness cards, tokenization of services, integrating payment plots, and notwithstanding connecting exclusively brought together matching engines.
The OTN Depository serves for the storage of advantages in the depository’s accounts, while, in the meantime, guaranteeing the security of the tokenized resources in the Open Trading Network. The association will make a different application for managing, analyzing the depository and for monitoring the benefits.
OTN’s price, the cryptocurrency powering the Open Trading Network’s ecosystem, can be effectively checked each time by navigating to coinmarketcap.com. Users can likewise exchange OTN on different cryptocurrency exchanges, for example, livecoin or cryptopia.
Open Trading Network Conclusion
Open Trading Network, or OTN, is a decentralized exchange planned to dispatch in April 2018. The exchange plans to interface different blockchains together, allowing users to get to numerous blockchain-based resources from one single blockchain.
The platform is being created by a binary choices merchant called IQ Option. That company’s OTN Foundation is issuing OTN tokens over the coming weeks, starting from October 2017. Users can get tokens in exchange for making exchanges on the IQ Option platform. The all the more trading action you have (and the more transaction fees you pay), the more tokens you’ll get.
You can learn more about Open Trading Network online today by visiting the platform at OTN.org.