4. What is the difference between Option Panda and centralized option exchanges?

First, Option Panda is fully decentralized, no human intervention at all. Option traders could enjoy a fair trading space on Option Panda. On the contrary, when you buy or sell an option on centralized exchanges, you never know whether your trading counter-parties are real or if your counter-party has posted enough physical collateral for underwriting the option. Trading on centralized exchanges bears a lot of inherent risks, especially moral risk. Cryptocurrency traders have experienced a lot of hazardous and painful cases before.
Second, Option Panda’s option pricing mechanism is transparent and strictly following the Black-Scholes formula. Nobody can manipulate the option price on Option Panda as it’s calculated by smart contract according to specified rules. On the contrary, non-professional traders never know how the option price on centralized exchanges are calculated and offered. It’s a black box.