1 Level
154 Review
169 Karma
Review on Open Trading Network by Mr Benji
Good idea, but fiasco
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OTN is a project with a good idea from the people behind the IQ Option broker, but it didn't work out. Its value fell by more than 99%.
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The OTN Foundation's Open Trade Network (OTN) project seeks to change the shape of current trading and cryptocurrency exchange. The goal of OTN is nothing more than to create a decentralized platform for blockchain trading. The ambition of a considerable investment is huge. The OTN Foundation has therefore come up with its own currency to help launch the project.
- OTN tokens play a major role in the development of the Open Trade Network. It is a kind of initial version of the OTN cryptocurrency, but the OTN Foundation has committed itself to swapping (in a one to one ratio) OTN tokens for OTN coins, cryptocurrency in the true sense of the word. The whole project is being developed in cooperation with the broker IQ Option, which has long held a high rating of the binary options broker and other business activities.
- It is the IQ Option that is essential for the extraction of OTN tokens. The new cryptocurrency is currently only the one who trades with the broker with cryptocurrencies. The number of tokens received depends on the volume of assets traded over the past seven days; OTN's first ever token release came on October 16, with a total of 350,000 tokens distributed among 29,765 IQ Option clients.
- The OTN Foundation plans to issue a total of 100 million tokens, 21% of which is for IQ Option investors.
Pros
- The idea of decentralized cross-blockchain platforms
Cons
- The whole project ended in a fiasco
