Lykke is a new financial platform for the 21st century. It is the brainchild of Dr. Richard Olsen of OANDA, which is one of the largest forex platforms in the world. Dr. Olsen spent some time thinking about the blockchain and decided to start a new company and rebuild the financial system with new technology. His target was to build a platform, which is open-source and comes with a new algorithm and with the help of his team of developers, they can build Lykke.
The algorithm refers the various set of rules that are followed in the computer calculations. According to David Siegel, one of Lykke developers, one of the biggest problems they see with cryptographic exchanges is when all the users’ assets are on a single platform, which can potentially become a target for thieves and hackers.
How Lykke works?
With the Lykke exchange, users will be able to keep control of their assets at all times, since the assets or tokens will be placed in the user’s wallet. The new algorithm set up by the Lykke platform helps in providing smooth transitions in the market. The Lykke platform strives to create and improve the financial industry in where everyone has the capability of selling and buying any digital assets at the best possible price with zero fees.
The business model is to make money in volume by being a market maker. Anyone on the platform is allowed to become one; there will be no fees and commission involved in Lykke. Digital tokens can also be traded from person to person via the Lykke platform. Digital assets like stocks, loans, minerals, and others are going to be represented as digital tokens.