OJU X: A Secure Blockchain-Based Forex Trading Platform
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 recognised until more recently. Slowly but steadily since though, 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 foreign exchange trading platform by the name of ‘Oju X’. The platform’s main goal is to disrupt the forex industry with its specifically tailored mathematical algorithms that can accurately determine market conditions and dynamics.
While there are already a number of online trading exchanges in the cryptocurrency sphere, most of them are limited to crypto-fiat pairings. The platform’s parent company, Oju Group, is perhaps better known as the global brand that owns subsidiaries primarily dealing in the hotel and travel sectors.
Oju X is also the company’s ambitious attempt at reconciling all of its real world blockchain-based solutions under one single umbrella. So far, the company operates three such services, including its travel-oriented digital coin Oju T, Oju Wallet and Oju Chain.
Prices on the trading platform will be calculated and displayed in real time, all while taking into consideration important factors such as trading volume data and actual circulation. 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 dollar every 24 hours. Oju believes that this feature will protect its users from the intra-day volatility risk currently prevalent in the forex trading markets.
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 in the event that 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 users a unique way to directly benefit simply by using the platform.
Apart from all the base functionality that will be included in the first phase of the Oju X platform rollout, additional features are already under active development according to the company and will be launched over time. Oju has stated that its ultimate goal is to “create a fully-fledged portal with multiple channels and functions.”
All considered, it is clear that Oju is not only proposing a trading platform to offer liquidity for its Oju T coin but also provide a potentially groundbreaking foreign exchange trading service based on blockchain technology.