Myriads.io - autonomous and decentralized P2P network for machine learning based on blockchain. T...
Blockchain meets Forex - a brand-new financial trading platform with the blockchain technology. Nami.trade is designed and structured to revolutionize traditional trading platforms, since there are lots of inconvenience with which the traders have to deal on a daily basis.
Currently, trading in the financial markets must go through brokerage firms, from stocks, bonds to currencies or commodities. The operation of these firms/platforms costs a lot of money in infrastructures, operating, selling and other expenses. These costs are charged to traders on each trading volume of their transaction, under different names as spread, swap, commission, tax, etc. Not to mention that there is a lack of transparency as brokerages can provide inaccurate prices, change spread or take opposite sides of traders’ trades. These not only reduce traders’ trust but also hurt them and have negative impacts on their’s trading performance.
Blockchain will be the “ledger” to record all transactions of investors. This data is constantly being updated and maintained by peer-to-peer computer network around the world.
In addition, nami.trade uses Smart Contract technology – a decentralized application based in dispersed blocks of blockchain. The basic idea behind a smart contract is that transactions between two or more relating parties can be verified through blockchain, instead of a centralized program like traditional brokers.
Picture that, in order to ensure the security of a contract, we will need legal experts to compile and third parties to help implement it, in traditional ways. Moreover, if any problems with the contract, we will need to base on judicial system to solve it, which is time-consuming and costly.
Whereas, smart contract of nami.trade is executed on Ethereum’s blockchain network, which specifies the terms of the deal and penalties in the event of breach. Smart contract can not be modified by any object, once deployed. Therefore, its ensures the safety and transparency in all transactions of investors on nami.trade.
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