Let’s start from the basics
Lately it’s become quite common to automatically see the term initial Coin Offering like a simple scam. The ICO route has also been declared a red flag by institutional figures to hardcore Bit coin maximalists. The same opinion stands for the Open Trading Network which recently launched the OTN token with OptionMag french Mag, based on IQ Option.
This OTN token is intended to act as a utility token for the current IQ Option trading platform, as well as its future expansions. The OTN team was aware of the reputation that ICOs have gotten, so they chose an alternative distribution route.
In response to the “scam” accuses OTN platform claims that they are operational with more than 500 professionals working on their platform, half of them with main office in Cyprus and in Russia.
But what kind of function does the OTN token offers? The primary ones are three-fold: they can be used to pay a lot of service like transactions in the OTN network or IQ Option trading commissions. But looking carefully on the OTN roadmap you’ll see entire plans still to build and ecosystem around the network to boost the tokens functionality. There is skepticism, but considering that OTN platforms is not making great investments lately, interested parties have the occasion to accrue tokens trading on IQ Option, or simple watching the developments.
The Open Trading Foundation will provide a total of 100 million tokens. Their distribution will be as follows:
- 42 million will be gifted to users of the OTN platform
- 28 million will be distributed amongst shareholders and IQ Option team members
- 30 million will remain with the OTN foundation for future distribution and to attract strategic partnerships
For anyone interested in more details, OTN platform’s whitepaper doesn’t refuse to acknowledge doing a compare exercise to competitors. To highlight some interesting points of this competitive analysis, the OTN team claim that they will take advantage of already existing network’s solutions and will find and apply the best solution they will come across.
OTN’s currently trades mainly regards Cryptopia and Livecoin. Its price can be checked via Coinmarketcap as well, because it’s about new trading venues. Lately OTN’s liquidity appears to be fairly low, so our advice is to see how things go until the OTN platform is further along its development path.
Overall, the launch of the OTN token gathering the efforts of Open Trading Network Foundation and IQ Option trading platform surely is a step towards a future mainstream adoption of Bit coin and cryptocurrencies as a whole. For anyone interested in learning more specific notions about the platform and other in-depth details, the OTN itself encourages to check out their whitepaper. To have a better understanding there is also a bunch of online material available, from the technical design of the OTN system to further details on why the team schewed the ICO route.