Oju X: A Secure Blockchain Based Trading Platform
Originally published on: CCN
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May 16, 2018
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While cryptocurrencies have managed to gain mainstream relevance within the past few years, the potential of the asset class’ underlying technology, blockchain, was not fully recognized until more recently. Slowly but steadily distributed ledger technology has managed to make its way into everything from supply chain to quality control.
One such unique blockchain-based endeavour is a new digital exchange trading platform by the name of ‘Oju X’. The platform’s main goal is to disrupt the digital exchange space with its specifically tailored mathematical algorithms that can more accurately determine fair market value and dynamics.While there are already several online trading exchanges in the crypto-sphere, most of them are limited to crypto-fiat pairings. Oju X aims to move beyond the narrow box of traditional exchange models by gradually introducing new interactive functions and features to the platform.
The platform’s parent company, Oju Group, is perhaps better known as the global brand that owns subsidiaries primarily dealing in the hotel and hospitality sectors.Oju X is the company’s ambitious attempt at reconciling all its real world blockchain-based solutions under one single umbrella by integrating its exchange with its travel-oriented digital coin Oju T, Oju Wallet and Oju Chain.
The primary selling point of the platform, however, is that it will guarantee price stability for its Oju T coin to its users against the US dollar every 24 hours. Oju believes that this feature will protect its users from the intra-day volatility risk currently prevalent in cryptocurrency trading markets, by allowing traders and businesses the time to preserve their profit margin at the fixed daily rate, thus encouraging more businesses into accepting customer payments in OjuT coins.
While security is an important consideration for any company, blockchain or otherwise, it is especially crucial for a cryptocurrency exchange in control of customer funds. As a result, Oju is pushing hard on its platform’s security and not taking any chances. The company has stated that Oju X was designed with security in mind and is the first exchange to be secured by IVN quantum encryption technology.
Oju is working in collaboration with the cybersecurity company IVN Security to bring quantum encryption to the platform, which it claims cannot be decrypted even if quantum computers become mainstream. The company is so confident in its encryption, in fact, that it is offering a $300,000 bounty to anyone that can successfully decrypt the test file on its website.
Another differentiating aspect that will set Oju X apart from its rivals is its game-ified trading experience. Dubbed Oju X “Level Up”, the feature will offer a unique way to directly benefit users simply by adjusting to the users own trading history and offering enhanced option tools controlled by the user.
Apart from all the base functionality that will be included in the first phase of the Oju X platform roll-out, additional features are already under active development according to the company and will be launched over time. Oju has stated that its goal is to
“create a fully-fledged multi-use portal with multiple channels and functions.”
All considered, Oju is not only proposing its own trading platform to offer liquidity for its Oju T coin but also provide a potentially groundbreaking new exchange service based on blockchain technology.