How does Orion Protocol (ORN) work? Quick and easy guide 2021
Orion (ORN) Protocol is a decentralised open source project that was developed to add liquidity from multiple major liquidity providers, or in other words, to aggregate trades from large providers. Orion helps to achieve the best performance of our funds while reducing the risks associated with multiple transactions.
Orion (ORN) works by collecting liquidity offered by multiple exchanges in the cryptocurrency market into a single API, which combines multiple orders from exchanges, making it easier to make trade calls when desired.
The 5 Benefits Orion Protocol (ORN) Provides
1. When an order is placed in a single API call, the Orion Protocol splits and sends this action to multiple exchanges at once. This allows them to find lower bids and ask spreads, and ultimately, the best exchange prices for users.
2. With Orion, traders don’t have to worry about APIs from different exchanges and order types, they can concentrate and make their trades or manage their assets.
3. Orion Wallet gives us the ability to easily keep track of our wallet, as we can find cryptocurrencies in a single API, thus eliminating the hassle of using and keeping multiple wallets just to trade with different exchanges.
4. As Orion is open source, external developers can join the protocol and create their own decentralised applications on it.
5. Orion (ORN) aims to eliminate piracy, another major risk of centralised exchanges. Some reports have revealed that centralised exchanges are very vulnerable, and traders have no alternative where to deposit their cryptocurrencies, thus putting them at risk.
In conclusion, the solution Orion proposes in order to solve this problem is to allow people to manage their assets in a completely free way on the platform and at the time they deem appropriate, without the need to provide their private keys to do so.
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Published at Sat, 21 Aug 2021 19:09:00 +0000
