Omega One – OMT ICO Decentralized Automated Trade Execution?
Omega One claims to be the “smarter way to trade cryptocurrencies”. Find out what that means today in our review.
What Is Omega One?
OmegaOne, found online at Omega.one, is a decentralized, automated trade execution platform. The platform uses Omega tokens, which are scheduled to be released in a crowdsale in the near future.
Overall, OmegaOne describes itself as “the smarter way to trade cryptocurrencies.” Like other decentralized exchanges, Omega One aims to allow customers to conduct secure trades while retaining access to their funds at all times.
Essentially, OmegaOne wants to facilitate atomic swaps between cryptocurrency users while accessing a decentralized pool of liquidity across multiple exchanges. That means lower costs for traders, better security (you retain control of your private keys), and a wide range of cryptocurrency assets available for atomic swaps.
Version 1.0 of OmegaOne is scheduled to launch in Q2 2018. At launch, the platform is expected to support decentralized trading for ERC20 tokens, ETH, and BTC.
OmegaOne is advertising all of the following features:
Decentralized: Members’ funds remain under their control in decentralized smart contracts on the blockchain.
Liquid: The OmegaOne system aggregates liquidity across multiple exchanges, then further improves liquidity with trade execution logic.
Low Cost: OmegaOne emphasizes low costs due to its smart execution and order routing that reduces liquidity costs.
Secure: OmegaOne uses a non-custodial smart contract wallet system, which means members are not exposed to exchange counterparty risk.
What Problems Does OmegaOne Seek To Solve?
OmegaOne seeks to solve many of the problems we see with today’s centralized exchanges.
Those problems include a lack of liquidity, increased fragmentation, and high trading fees. Centralized exchanges also pose a tempting target to hackers. Specific problems identified in the OmegaOne whitepaper include:
- Lack of liquidity, which causes realized trading costs to be many times higher than published commissions and fees
- A lack of security, where the most liquid and transparent venues pose a tempting target to hackers
- A lack of transparency into the true costs of trading
How Does OmegaOne Work?
OmegaOne plans to solve the problem of centralized exchanges by providing traders, investors, and institutions with a decentralized automated trade execution system that intelligently implements their trades across the world’s cryptocurrency exchanges.
By implementing trades across multiple exchanges, OmegaOne can shield users from counterparty risk and reduce the costs of trading. By radically increasing the liquidity of crypto markets, OmegaOne lays the foundation for the maturation of cryptocurrencies as an asset class.
The key innovation with OmegaOne is the way in which it accesses liquidity. Instead of maintaining its own liquidity pool, OmegaOne leverages the power of other liquidity pools in order to lower costs and decentralize any potential targets. Here’s how the whitepaper explains it:
“Our decentralized, automated trading intelligence interfaces between crypto exchanges and blockchains, using our balance sheet to enable our members to realize liquidity many times greater than available directly in the market, by both generating liquidity within the platform and breaking larger orders into small pieces that are placed across all market venues simultaneously.”
Omega One gives its trading intelligence platform its own balance sheet, cold storage vault, and insurance. Omega One also intermediates trust between blockchains and exchanges to allow trading members to retain custody of their funds at all times.
Omega One will initially only support ERC20 tokens. Eventually, however, their plan is to support tokens across all blockchains. By the time version 1.0 launches in Q2 2018, Omega One will support ETH, BTC, and ERC20 tokens.
Ultimately, Omega One provides pure trustless atomic swaps in settlement of orders while mediating risk between members and markets.
Who’s Behind Omega One?
Omega One’s management team has launched multiple startups. They’ve also created one of the largest private crypto funds in the world and launched a multi-trillion-dollar fiat trading platform.
Omega One is a ConsenSys Mesh Company. ConsenSys is one of the world’s leading blockchain technology companies. The company is focused on building decentralized applications, currently focused mostly on Ethereum.
Key members of the team include Alan Keegan (Chief Executive Officer), Alex Gordon-Brander (Chief Technology Officer), Mark Bakacs (Chief Strategy Officer), and Jon West (Chief Trading Officer).
The Omega One Token Sale
Omega One’s ecosystem revolves around the use of Omega Tokens. these tokens are held as proof of membership, and users can buy Omega One memberships using Omega tokens. Some trading fees will also be paid using Omega tokens.
Tokens can be used for discounted trading on the platform. Furthermore, users with a large number of tokens will have faster trade executions than traders with a smaller number.
A date for the token sale has not yet been announced.
Omega One Conclusion
Omega One is a trading platform that is currently in the process of integrating with several exchanges. When Omega One launches, it will be a decentralized exchange where users can conduct atomic swaps without giving up control of their crypto assets to a centralized party – like a traditional centralized exchange.
Release 1.0 for Omega One is scheduled for Q2 2018. During this time, the creators of the platform aim to have integrated with 2 to 5 exchanges. The platform will also work with ERC20 tokens, ETH, and bitcoin.
To learn more about Omega One, or to stay updated on the latest news about the project, visit online today at Omega.one.