OCTION Releases Call-Put Smart Contract Functionality
The OCTION Call-Put Smart Contract
The OCTION project has come a long way and now a second piece of the puzzle falls nicely into place; the Call-Put Smart Contract. This smart contract is built for European-styled options and another smart contract for American-styled options, and will be released on a later date post-platform launch. Similarly to the first piece of the puzzle, the Liquidity Pool Smart Contract, the Call-Put Smart Contract will also undergo a full security audit, ideally this time, by a different auditor. The auditor whom was employed for the Liquidity Pool Smart Contract was Beosin Security. This time we aim to use a different auditor to ensure non-bias in the auditing process. With the Call-Put Smart Contract, the OCTION platform will be able to do Blockchain-based settlement for options buyers who exercise their options with a profit. The process is simple - the web layer sends the strike price and the current price to the smart contract, together with other numerical variables like the option size, and the smart contract will perform unadulterated settlement based on the difference in the current price and strike price, assuming the option buyer was correct in his or her trade direction. All of it is based solely on price data and there is NO actual transfer of assets, like what happens during the exercising of a CALL/PUT option contract which relates to shares. However, despite being solely price based, there is no room for misconduct because the price feed itself is decentralized and will come directly from Umbrella Network. In other words, there is no component in this entire equation that is susceptible to manipulation.
As per all other components of the project, the OCTION team is always seeking to improve on the cogs and gears of the tech ecosystem. Similarly, this component of the tech roadmap will undergo debugging and beta testing before it is fully launched to the public. We do seek your kind understanding if there is the presence of bugs prior to the launch of the platform. Most importantly, the platform will kick off with the European styled option contracts and later a separate Smart Contract will be coded for American Styled options. This is something that is NOT SEEN BEFORE in the cryptoverse as all decentralized options trading platforms to date, does not offer American styled options. In addition to option style, look out for exciting developments in the realm of asset types, expiry durations and options data analytics! These are all areas which the team will seek to improve over time and we look forward to your support.
As always, THANK YOU for your continued support, and stay tuned for more exciting news on OCTION!
- The OCTION Team
OCTION is the world’s 1st CeDeFi Options Trading Platform built on the Binance Smart Chain. Users will be able to trade options through CeDeFi, with no middlemen, no centralized organization, lower fees, more option types and zero data or market manipulation. OCTION allows for options trading through a democratic framework on the Blockchain, specifically the Binance Smart Chain.
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