OBITS, the Decentralized Crypto a Decentralized Exchange Platform

Jayanand Sagar | June 20, 2017 | 6:56 am
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OBITS, the Decentralized Crypto a Decentralized Exchange Platform

Jayanand Sagar | June 20, 2017 | 6:56 am

Cryptocurrencies like Bitcoin could make a dent in the global economic system due to their decentralized nature, which not only made them trustworthy among the general public but also shielded them from the heavy hand of the governments and financial institutions. However, while interacting with these cryptocurrencies, people are forced to make use of centralized exchange and trading platforms.

While these centralized exchanges make the whole point of creating decentralized cryptocurrency protocols meaningless, there are few platforms like OpenLedger which maintains decentralization at the exchange levels as well. Known for being the world’s first truly Decentralized Autonomous Exchange platforms, OpenLedger has its own tokens called OBITS that ensures community participation as stakeholders, allowing them to trade and earn profits while holding the right to vote on critical decisions made by the platform.

OBITS is based on the BitShares technology, which in turn is driven by the MIT licensed Graphene distributed ledger. In addition to acting as shares in the OpenLedger ecosystem, OBITS also work as a marketing tool that incentivizes people to spread the word about OpenLedger and other CCEDK owned ventures. Those who don’t want to earn the tokens by promoting the platform can buy them from the OpenLedger exchange platform against BTC, BTS or bitUSD. Alternatively, OBITS is also available for purchase over Livecoin exchange.

Unlike conventional cryptocurrencies, OBITS is not affected by volatility. The cryptocurrency’s price is continuously supported by the OpenLedger, which is constantly involved in circulating the liquidity gained from the sales of OBITS to repurchase them from the community every month. The acquired OBITS will then be burnt, ensuring a constant demand for the cryptocurrency in the market. This mechanism ensures that the price of OBITS continues to appreciate, allowing users to make more profits as they hold on to it for longer durations.

OBITS holders tend to benefit from the profits made by the company’s allied products like ICOO and others which generate revenues by offering a range of services to the cryptocurrency businesses and community members alike. With the value of OBITS tokens linked to the overall performance of the OpenLedger ecosystem and not pure speculations, which once combined with active efforts by the network to maintain a high demand makes sure that everyone, irrespective of their education and previous experiences with cryptocurrency trading can hold on the tokens and earn in the process.

By design, OBITS has been showing a positive price trend which is set to continue over time as long as OpenLedger and other CCEDK’s initiatives continue to be profitable. Also, the proactive buyback measure implemented by the platform will also contribute to their stability.

Disclosure: Deepak Bharadwaz, Crypto Data Analyst for BlockStreet.info, was paid for his cooperation with NEWSBTC in preparing this content. Deepak provides Bitcoin Price Analysis & Trading Intelligence.

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