Open Trading Network, or OTN, is a cross-chain platform created by a binary options broker 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 aims to allow transactions between blockchains. The platform describes itself as “the first 100% collateralized decentralized exchange which will allow fully secure exchange between the blockchain networks.”
Open Trading Network was developed by IQ Option, a binary options trading platform based in Russia. IQ Option launched an organization called the OTN Foundation to help release tokens and develop the platform, which is scheduled to launch in April 2018.
The Open Trading Network is fueled by digital tokens called OTNs. These digital tokens are being issued to the public over the coming weeks – although they’re not being issued through an ICO. Instead, users will receive OTN tokens in exchange for engaging in trading on the IQ Option platform.
Emission has already begun (it started in October 2017), and is scheduled to continue throughout the remainder of 2017.
How Does Open Trading Network Work?
Open Trading Network consists of three core modules, including OTN Wallet, OTN Business, and OTN Exchange. Here’s a brief overview of how each one works:
Open Trading Network’s wallet is a single multi-currency wallet that lets you store and exchange your assets. Your funds are stored on a secure, decentralized wallet ready to be used. They’re not kept or blocked by any exchanges. Through this wallet, users can “exchange between blockchains and systems with no extra registrations, partners and commissions,” explains the official website.
Overall, the Open Trading Network website doesn’t do a great job of explaining how the wallet works. It’s not even clear if you actually own your funds, or if you control the private keys to your funds from within the wallet. As far as we can tell, your funds are still kept on the Open Trading Network exchange, and the wallet simply lets you perform transactions on the exchange.
The Open Trading Network wallet is available in the form of a mobile app.
OTN Business offers ready-to-use smart contracts in a user-friendly interface. Businesses can use OTN’s smart contracts to deploy tokens on the Open Trading Network blockchain – similar to how Ethereum works. Some of the proposed uses for OTN-issued tokens include for discount systems, loyalty programs, and crowdfunding.
When creating a smart contract on OTN’s business platform, you can easily select basic smart contract conditions. So even if you have limited experience making smart contracts, you can still use Open Trading Network to create smart contracts.
Tokens released within the OTN network can be used as payments for goods and services. Meanwhile, businesses can also accept payments in all existing cryptocurrencies, then convert them into the required cryptocurrency over the OTN network.
The OTN exchange is a cryptocurrency exchange that promises fast transactions through centralized matching engines. The exchange will list more than just ordinary cryptocurrencies: Open Trading Network also aims to list options, futures, and CFD contracts. The developer of Open Trading Network, IQ Option, is a binary options trading platform that offers options, futures, and CFD trading on the current platform – so it’s not a surprise to see these tools available on Open Trading Network.
The exchange is scheduled to launch in April 2018.
Open Trading Network Tokens
OTN Tokens were issued beginning on October 16, 2017, with plans to issue tokens every Monday for the following 104 weeks. The tokens are built on Ethereum’s ERC20 standard.
There’s a total supply of 100 million OTN tokens. Here’s how the total supply breaks down:
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 traders who trade crypto assets on the platform (you pay transaction fees to trade crypto assets on the IQ Option platform, then receive tokens based on your amount of trading activity). 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 shareholders and member of the IQ Option team.
30 million tokens will remain with the OTN Foundation for use in future strategic initiatives.
Once the Open Trading Network platform launches, you’ll be able to exchange OTN tokens to OTN coins at a ratio of 1:1.
You can use OTN tokens (and OTN coins, we assume) to pay commissions on cryptocurrency trading on the platform. You can also sell tokens on exchanges. They’re currently 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 developed by a binary options trading platform called IQ Option. That company is registered in Cyprus for legal purposes, but they’re based in Russia. The company claims to consist of 550+ “developers, support, QA and marketing managers, designers and data analysts.”
Open Trading Network Conclusion
Open Trading Network, or OTN, is a decentralized exchange scheduled to launch in April 2018. The exchange aims to connect different blockchains together, allowing users to access multiple blockchain-based assets from one single blockchain.
The platform is being developed by a binary options broker called IQ Option. That company’s OTN Foundation is issuing OTN tokens over the coming weeks, starting from October 2017. Users can receive tokens in exchange for making trades on the IQ Option platform. The more trading activity you have (and the more transaction fees you pay), the more tokens you’ll receive.
You can learn more about Open Trading Network online today by visiting the platform at OTN.org.