More and more cryptocurrency trading platforms are coming to market in recent months. That is a very positive development for the industry, as well as enthusiasts globally. More competition will strengthen the trading platforms in question, which ultimately benefits the users. The newly launched GO.Exchange is rather interesting to keep an eye on, as this launch marks a major milestone for the OmiseGO team.
Focusing on Transparency
Anyone who has kept an eye on cryptocurrency exchange reports over the past few years may have noticed a peculiar trend. More specifically, there have been concerns regarding fake trading volume and potential price manipulation for quite some time. Proving those claims are true is very difficult, but it is evident a push for transparency is what this industry needs most right now.
As such, the Go.Exchange platform will push toward transparency to please its users. How the project will achieve this goal, remains to be determined. An intuitive user interface and offering proper customer support are two ways of working toward this goal. It seems the team wants to collaborate with data aggregators to make this happen. All information will be shared through an industry-standard open API.
What About Regulation?
The cryptocurrency industry as a whole is under scrutiny from regulators and policymakers. That is not entirely surprising, as some oversight was long overdue. However, the current measures and rules make life difficult for companies looking to operate in specific regions, such as the United States. Go.Exchange sees merit in additional regulation, as the company will comply with all requirements accordingly.
For the time being, the platform will continue to restrict access to users in most US states. This is due to most states having their own regulatory requirements at this time. It is expected the platform will become more widely available over time, albeit it may take some time to cover the entire US. Even so, it is a process which will be ongoing for the foreseeable future, making it worthwhile to keep an eye on.
Burning OMG Tokens
Perhaps the most intriguing aspect of GO.Exchange is how there will be token burns. More specifically, the OMG token – which is the native OmiseGO currency – will be the first burn. A total of 100% of the trading fees generated by this platform will be destroyed during the first three months of operation. Afterward, it is up to the community to determine the future burn rate.
It is also expected the team will introduce its own exchange token, the GO.Exchange Token or GOT. This will reward tokens for trading on the platform. The value of this token remains a bit unclear, as it will not be sold through an ICO or other fundraising methods. It also remains unclear if this token will receive its own trading pairs on the exchange at some point, albeit that seems rather likely.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
Image(s): Shutterstock.com
1 Comment
As an early supporter of OMG this is a very interesting development. Thanks!