Open Trading Network — A Comparison Against Similar Projects

The mission of the Open Trading Network is to provide crypto-market participants with a solution that offers trading, exchange and storage of assets all within one convenient and secure environment. The OTN trading eco-system offers 100% collateralised, decentralised, cross-chain exchange — creating an innovative, unique and highly sought-after user experience.

Let’s look at some similar projects to help highlight what really makes OTN stand out from the crowd:

1. Ethereum — Speed

Ethereum may be one of the most useful crypto-platforms out there — allowing other currencies to build on top of the Ethereum infrastructure through DApps (Digital Applications) solutions and offering smart contracts for automated transactions. However, speed is a significant limitation. Exchange transactions can often be slow and backlogged. The response rates can be lagging in trading systems — this can hamper timing, a crucial component in capturing trading opportunities. OTN has been designed to overcome these bottlenecks on speed. Specifically, in initial roll out, OTN does not support smart contracts in the network. This maximises speed and convenience for users. A set of custom compiled contracts are provided instead — significantly increasing the speed of transactions in the network, whilst allowing users to release new tokens. Smart contracts will be deployed later in the network — once design has been optimised to reduce bugs that cause delays and offer improved operational speeds.

2. OmiseGo

The Omise company launched the OmiseGo token specifically to be used in the mobile payment business. OTN is a universal crypto trading solution not limited to the mobile space and is also designed to offer a wide range of functions beyond the mobile payments space.

3. Waves

Crypto market participants use Waves for quick issuance of tokens. These users issue these tokens so that they can crowdfund various projects and initiatives. This is a similarity to OTN — which also offers users the ability to issue their own tokens for crowdfunding purposes. Waves also offers users a decentralized exchange. As does OTN — but with a far wider scope of application. The OTN.x system has been built as an integrated solution — with the foresight to meet a growing need to connect traders, classical markets, and other cryptocurrencies in a unified trading space. OTN offers guaranteed cross-chain exchanges and tokenization of crypto assets and will later implement interfaces for the integration of third-party centralized players and more. The focus of OTN is to provide a broad, all -encompassing solution in a simple and convenient platform — decentralised exchange trading is just one of a list of important features.

4. BitShares

OTN are partnering with existing brokers and cryptocurrency exchanges, to provide integration with real transaction flows. However, Bitshares offers tokenization solely through quotes without physical depositories and transfers can be slow due to decentralized order matching in a low activity level network. A shared positive attribute is that both provide market data within the network.

Overall, the team at OTN have studied the useful features of current market solutions in designing the tokenization and decentralized features of the OTN platform. By applying this targeted approach, OTN are able to offer a ground-breaking solution — avoiding the drawbacks and enhancing the benefits of past projects for users.

Sources:

1. https://otn.org/
2. https://iqoption.com/lp/vendor/resources/docs/en/Open-Trading-Network-white-paper_en.pdf

Open Trading Network — A Comparison Against Similar Projects was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.