openANX (OAX) Real World Application of Decentralized Exchanges



  • openANX How to Transfer your OAX Tokens

    A week ago I posted here with details of how to “Register to Activate your OAX Tokens” As we get closer to the 29th July, we are getting a lot of questions so I thought it would be worthwhile to post again just to remind people and answer some of the frequently asked questions about Registration.


    It’s easy to Register




    I have backed many ICO’s and this is the first one I’ve had to register for, why is that?

    As I have mentioned in other posts, we are trying to build a community. We are not simply raising funds as the end goal. We want to develop an amazing platform that is useful and of benefit to the users. To do that, we need to build a strong, active community. So, we’d like to be able to keep in contact with our backers and supporters and keep them informed of developments. We also need to be able to contact any contributor who may need to submit additional information for KYC purposes.

    Why Do I Need To Register to Activate My Tokens?

    To ensure that we can keep in touch with our backers, we’d like to collect an email address from everyone to allow us to communicate project developments, news and upcoming events. Linking an email address to the contribution address also allows us to confirm if we require any additional details from any backer in order to comply with KYC/AML requirements. If we have an email address we can contact you easily.

    Why Do You Need To Do KYC?

    At openANX, we are very committed to the long term development of the platform and its widespread adoption and use. We are trying to build something important, that is functional and changes the nature of crypto-exchanges for the better. To remain viable long term, we need to ensure we follow regulations and compliance as they are presented to us by our legal counsel.

    How Do I Register?

    It’s very simple. Just go to the website (www.openanx.org) and CLICK the REGISTER button on the Homepage.

    Or you can go here directly;

    Loading...
    Edit descriptionregistration.openanx.org

    Register early to ensure that your tokens are ready to transfer on the 29th July.





  • How Does the Freefalling Crypto Price Impact openANX?

    With thanks to @MysticCrypto for the image

    I have been watching the current crop of stories in the media espousing “The Death of Bitcoin” or the rehash of old classics like “Bitcoin is a Ponzi scheme” from 4 years ago (Google “Bitcoin is a ponzi scheme” and see that the Washington Post, FT and a host of others have all taken this tried and true path in the last couple of years) with similar predictions of doom and gloom that the current volatility has stimulated.

    It reminds me the current crypto “Talking Head” community. A bunch of people sitting around saying “Oh it’s bad”, “There’s a lot of money on the table” or my favourite “I’m making a killing” or the more honest “How do I not lose my shirt?” a lot of bloggers and journalists who are beholden to the great machine of the 24 hour news cycle, as well as people who just like shouting into the great darkness of the internet, all have column inches to fill.

    People who’ve been in the market a while are more sanguine. Crypto is volatile, and the independent nature of many traders mean that a lot of people don’t entirely know what they are doing and begin getting skittish and heading for the exit as soon as “word passed around”. In fact that one sentence “word passed around” explains the mechanism of distribution for 90% of crypto market intelligence.

    Many voices are saying “But ETH was $359 two weeks ago and now it’s $161, I have to get out!” Two of those things are true. What is also true is that on Feb 25 2017, the price was $13.10. So, it is certainly down from its exuberant highs, but if you got in in Feb your still up 13x…in 5 months.

    It’s an immature market, and the volatility attracts the types of players with a particular type of risk profile, certainly. If you got in at $359, then you are likely feeling the pain. Hopefully you got in responsibly and you can afford to sit on your coins for a while. There’s a lot going on in the market at the moment, with all that’s going on in Bitcoin around August 1st, a lot of Token Sales who’ve liquidated some of their ETH to begin working on their projects and some helpful and many unhelpful articles about possible regulation and other shenanigans all have an impact.

    There are some reasoned voices out there amidst the madness, but they are lonely. I liked this piece by Steve Kanaval over at CryptocoinsNews, who’s been in the game a while and survived the dotcom bubble and knows a thing or two;

    Ethereum Prices Trade at Support Levels after Tricky Waters
    Ethereum prices have followed the trading pattern of nearly all digital currencies making highs in early June above…www.cryptocoinsnews.com

    Or you can learn more about Steve here.

    Steve Kanaval | Professional Profile | LinkedIn
    View Steve Kanaval's professional profile on LinkedIn. LinkedIn is the world's largest business network, helping…www.linkedin.com

    Most pundits prefer to comment at the extreme ends of the spectrum. Either “The Sky is Falling!” or the excellent “The uncertainty is being exacerbated by big players so they can capture more market share”.

    Most of us over here at openANX are in the middle of the spectrum. We understand volatility right now is not ideal, but we’ve seen this happen before. We are just continuing doing what we are supposed to be doing, working on the project, getting stuff done. Things will settle down, and it’s best we focus on delivering the best possible platform for our users. So, the answer to the question raised in the title of this post, is “not much.”

    Good luck out there! And remember to register before the 29th July to activate your tokens! It seems that a fair number of people are waiting until the last minute, so we are now advising for people to ensure they get their details inputted to the system by July 25th to ensure they are ready to go!

    Go to

    https://registration.openanx.org/

    By,

    By Liam Bussell



  • openANX (OAX) A Peek into the International Community

    By Lewis Lin

    With registrations taking place and tokens soon to be activated, we wanted to continue our Community theme of posts and talk about you guys. We saw a diverse group of participants participating in the crowd sale, with backers from more than 32 countries world wide.

    We’ve seen how vibrant and enthusiastic OAX token owners have been. To get out and meet people, the openANX team held meet-ups for cryptocurrency enthusiasts in China, Singapore, and Korea. Approximately 35% of the participation came from the Chinese community (measured in terms of bandwidth). The Chinese participants are a positive and engaging group of people.

    However, China is not the only country with active members. As we can see from the Bitcointalk forum, the Russian announcement page has also been very active. Although the Russian contributors only consist of approximately 9% of the total participants (measured in terms of bandwidth), the Russian announcement page has 20% more views compared to our English announcement page. Many blogposts and videos were created by Russian supporters and their understanding about the openANX project is outstanding. Our Russian backers believe that the openANX team is hard working and they love the idea of our decentralized exchange system where you get to hold the keys to your own crypto. They believe that openANX has a bright future.

    In conclusion, the openANX project has seen great success in terms of diversity and the vast amount of OAX token holders. The community has been really supportive and believe in the ecosystem our team is hard at work creating and we hope to attend more events in the future to establish an even better relationship with our supporters.



  • OAX Community Roundup #2 — Looking for the Crypto in Ukraine

    By Bitvoyager & Liam Bussell

    This week we return to regular programming with a view of “What’s Happening?” in a couple of the communities our supporters are in. These regular posts aim to give a snapshot view of current trends, opinions and news in different markets as a way to educate and inform. This week we will start with BV and his write up of the Ukraine. This is an absolutely killer post, with a lot of info and detail. I suggest if you like him, you find Bitvoyager on our channels and give him a “Thumbs Up”

    Nice One Bitvoyager!

    Crypto market brief

    The total capitalization of the crypto market reached $165 bn USD in the end of Aug 2017. Millions of people from different countries are involved in this market globally attracted by such advantages:  - financial freedom in sending and getting digital currency directly;

    - investment market with rapid growth;

    - brilliant startup opportunities, etc.

    This modern industry creates unique society of proactive and smart people all over the world.   Ukrainian Karbovanets, Prospectors and so on

    Ukraine with its huge number of IT specialists is the part of this technologically innovative phenomenon. A lot of Ukrainians participate in different crypto related startups all over the world now:

    • electronic cash the Ukrainian Karbovanets (Karbos) is rather young among other 800+ cryptocurrencies worldwide but is quite popular among usual customers and miners already.

    Electronic Karbovanets - Anonymous Ukrainian Cryptocurrency
    KARBO - Ukrainian anonymous cryptocurrency and digital cash.karbowanec.com

    • investment fund TAAS held ICO in April 2017 and have already started to pay quaterly dividends as a results of its successful activity. Founders of the project are Ruslan Gavrilyuk, Kostyantyn Pysarenko, Dmytro Chupryna and Maksym Muratov

    https://taas.fund/

    • Ukrainian exchange KUNA founded by one of the most well-known Ukrainian crypto enthusiasts Mikhail Chobanyan successfully finished the second ICO in August 2017

    KUNA Exchange SCO
    KUNA Secondary Coin Offeringkuna.io

    — Prospectors — unique blockchain project and the first of its kind — a massive, multi-player, online, real-time economic strategy with using the game’s cryptocurrency. This team which consist from Andriy Maslievich, Nazar Chervinskiy and Max Karkachco, founders of the “Coinews”, magazine about digital assets and blockchain is running the ICO right now.

    Prospectors
    The main peculiarity of Prospectors, which is absent in any other existing online game, will be the possibility of…prospectors.io

    — Liqui is one of the most popular Crypto exchanges in Ukraine, and one of the first to list OAX. Liqui is founded by Ukrainians headquartered in Kyiv.

    https://liqui.io/About

    Blockchain in Ukraine

    Ukraine is one of the first countries that has started to use blockchain technologies on the government level.    — Ukraine has entered into a partnership with the BitFury in April, 2017. Under the terms of the deal, the country will transfer all digital government information to the blockchain platform.

    Украина в партнерстве с BitFury переведет государственную информацию на блокчейн-платформу
    Украина заключила партнерство со стартапом BitFury. По словам его генерального директора Валерия Вавилова, сделка пред…ain.ua

    — Land Cadastre and digitize auctions for leases of state land to start on October 2017

    Ukrainian Government to Start Blockchain Land Registry Trial in October - CoinDesk
    The government of Ukraine has revealed plans to trial a land registry system underpinned by blockchain. In a government…www.coindesk.com

    — “SETAP” (The System of Electronic Trades by Arrested Property) will be the first state electronic auction at the blockchain. “This innovative technology provides for decentralized storage and protection of information can ensure full transparency of state registers and services, Prime Minister of Ukraine Volodymyr Groysman said.

    — cyber attack protection (blockchain-startup REMME and Ukrinmash signed the agreement)

    Блокчейн-стартап REMME и Укринмаш подписали соглашение о защите от кибератак
    7 августа в Киеве государственное предприятие Укринмаш, входящее в состав Укроборонпрома, и блокчейн-стартап Remme под…forklog.com

    — foreign investors could buy real estate property in Ukraine by means of blockchain-platform Propy

    Иностранные инвесторы смогут покупать недвижимость в Украине при помощи блокчейн-платформы Propy
    Децентрализованный маркетплейс недвижимости и регистрации прав на землю Propy объявил о партнерстве с правительством У…forklog.com

    De facto => De jure

    Despite of the wide implementation of the blockchain technology on state level in Ukraine and big citizens’ interest to the bitcoin and altcoins the question of crypto currency is still not legally regulated. But the National Bank of Ukraine will consider the legal status of cryptocurrencies for the next Financial Stability Board meeting.

    Коментар заступника Голови НБУ Олега Чурія щодо статусу Bitcoin в Україні
    Коментар заступника Голови НБУ Олега Чурія щодо статусу Bitcoin в Україніbank.gov.ua
    Ukraine's Central Bank Moves Closer to Cryptocurrency Regulation - CoinDesk
    The National Bank of Ukraine, the country's central bank, has indicated it may soon seek to regulate the use of…www.coindesk.com

    Update:

    Ukraine to decide legal status of cryptocurrencies in 3 weeks. According to the parliament’s People’s Deputy, Olexandr Danchenko, the ministers will cooperate with the Ministry of Finance, the National Bank of Ukraine (NBU), the Verkhovna Rada and the Blockchain community to resolve the issue.

    Ukraine to Decide Legal Status of Cryptocurrencies in 3 Weeks
    The Ukrainian Cabinet of Ministers on the Financial Stability Board conducted a meeting in late August 2017 to tackle…cointelegraph.com

    Crypto Ukrainians

    The growing interest to cryptocurrency in Ukraine creates the community and unites people. Leaders and experts provide different activities such as information centres, online discussions, offline meetups etc. to promote innovative technologies and new digital thinking.    — An official opening of the fourth bitcoin embassy in the world took place on the Lvivska Square in Kyiv in 2014. The initiator of the project was the crypto exchange Kuna. There are three such embassies: in Montreal (Canada), Tel Aviv (Israel) and Warsaw (Poland).

    Embassy of Bitcoin (Ukraine)
    Посольство Bitcoin - это информационно-просветительский центр, где можно задать вопросы по биткоину, узнать больше о м…www.embassyofbitcoin.com

    — Bitcoin Ukraine discussion platform and information centre about usage of blockchain technology (bitcoin) and other open protocol in Ukraine.

    Біткоїн Україна
    Майданчик для спілкування та інформаційний центр щодо розвитку, просування і підтримки Біткоїн в Україніwww.bitcoinua.org

    — “Usual meetups in the second largest Ukrainian city, Kharkiv, have 1,000–1,200 visitors in attendance — more than Bitcoin meetups in SF/Valley. Odesa during one week in July will hold several meetups and conferences with industry top leaders. Kyiv is home to tens of Bitcoin startups and has been hosting region-leading conferences since 2013”, said Alex Momot, CEO of Remme.

    Eastern Europe Makes Its Mark In Crypto Space: Ukraine's Insider
    Identifying with cryptocurrencies and the Blockchain technology has improved in the eastern part of Europe as lots of…cointelegraph.com

    Ukraine with its prospective human potential is open to innovative technology and new stage of digital era. According to the experts’ conclusions and forecasts Ukrainian impact is big now and will be growing up in the future.     World Media Review    Forbes — Ukraine Is Silently Leading A Digital Currency Revolution

    Ukraine Is Silently Leading A Digital Currency Revolution
    There's a witticism sometimes used among Ukrainians: "may you be forced to survive only on your official salary." The…www.forbes.com

    Ciklum — Ukraine Becomes the World’s Leader by the Number of Certified Master- Level IT Specialists

    Ukraine Becomes the World's Leader by the Number of Certified Master-Level IT Specialists
    Ciklum reviews the results of the 2012 Bench Games, an international intellectual competition conducted by Brainbench…www.ciklum.com

    Adoriasoft — 101 Reasons Why Ukraine is the Leading IT Outsourcing Destination

    101 Reasons Why Ukraine is the Leading IT Outsourcing Destination
    Which country is the best for hiring your nearshore or offshore IT team? The answer is simple. It's Ukraine! Despite…adoriasoft.com

    Ukraine is #3 in Google Trends — Cryptocurrency Topic — Interest by region

    Google Тренди
    Переглядайте в Google Трендах пошуки термінів "Криптовалюта" за часом, місцем і популярністюtrends.google.com.ua

    GLOBAL CRYPTOCURRENCY BENCHMARKING STUDY   by Dr Garrick Hileman & Michel Rauchs, 2017

    Links  150 Bitcoin ATMs Coming to Ukraine

    150 Bitcoin ATMs Coming to Ukraine - Bitcoin News
    150 Bitcoin ATMs will be installed in Ukraine this year, including 20-30 machines set to be installed on the streets of…news.bitcoin.com

    Buy Bitcoin in Ukraine. 10 Bitcoin exchanges

    11 Exchanges to Buy Bitcoin in Ukraine
    20+ best ways to buy bitcoin in Ukraine. Complete directory of exchanges, brokers, and ATMs.www.buybitcoinworldwide.com

    The Foundation of the Development of Social Innovations Crypto Rous (FCR)

    CryptoRous - KUNA Bitcoin Agency
    The Foundation of the Development of Social Innovations Crypto Rouse (FCR) is an independent scientific and…kuna.ua

    WEBSITE | WHITEPAPER | SLACK | TWITTER | MEDIUM | REDDIT | WECHAT



  • openANX - OAX Foundation launches digital asset industry Working Group in Hong Kong

    By Liam Bussell

    http://www.prnewswire.co.uk/news-releases/oax-foundation-launches-digital-asset-industry-working-group-in-hong-kong-657655343.html

    HONG KONG, Nov. 15, 2017 /PRNewswire/ — The OAX Foundation, the not-for-profit entity that supports the development of the OAX decentralized exchange platform, held its first working group for industry participants this week. The aim of the working group is to develop a series of industry “best practices” in the areas of compliance, KYC, holding and security of funds and other key areas that will be integrated into the ongoing development of the OAX platform.

    The OAX project aims to develop and launch a decentralized exchange with collateral supported asset gateways acting as the “on-ramps” to the ecosystem. By increasing transparency (including posting collateral to a smart contract for digital assets and/or depositing fiat into segregated accounts), asset gateways allow users to properly evaluate the risk of any trade. By doing so, OAX enhances consumer protection to the sometimes opaque cryptocurrency space. OAX plans to launch the first phase of its rollout for institutional participants in the first quarter of 2018, with retail access coming at a later date.

    The OAX Foundation’s development team, led by Enuma Technologies, also demonstrated early UX/UI screens and features to the working group, including the minting and burning of collateral backed tokens, transactions and other key features.

    The attendees of the Working Group were from key industry stakeholders, related to key milestones in the roadmap for the OAX project. Participants included Blockbonds, a technology start-up that utilizes blockchain technology with the aim of helping to “bank the unbanked”; Trusted Key and Netki, two of the KYC industry leaders; Octagon Strategy, Asia’slargest digital asset OTC trading desk; PwC Hong Kong, adviser to the Foundation with respect to governance, risk management and internal control matters; EY, adviser to the Foundation in relation to taxation and accountancy matters; alongside one of Hong Kong’s top digital asset legal firms, King & Wood Mallesons.

    Speaking about the inaugural meeting, William Barkshire, Senior Advisor to the Foundation and Working Group chair said. “It was an extremely productive first meeting — the aim of the OAX project is to enhance consumer protection and transparency for digital asset users and a safe, compliant avenue for bringing fiat currencies onto and off the blockchain. As such, KYC and regulatory compliance are two fundamental areas of focus. The group was very receptive, and engaged in a frank and honest dialogue about the challenges and opportunities they foresee. We will take that input and use it to further refine the project.”

    The Working Group will meet monthly to discuss various topics, such as asset gateway protocols, KYC/AML, compliance and effective banking integration. The next meeting will focus on KYC interoperability and best practice.



  • openANX (OAX) Moscow Blockchain Recap

    By Liam Bussell

    Last week I had the pleasure of being invited to present on at the Moscow Blockchain & Bitcoin conference.

    Blockchain Conference Russia | Moscow Blockchain Conf
    Unique conference in Russia that reveals the very notion of "Blockchain- cryptotechnology of the future". | Moscow…moscow.bc.events

    My topic was

    The Need for a Paradigm Shift in the Exchange Business

    - The problems with the Centralized Exchange Paradigm; - Centralized vs. Decentralized exchanges (CEM vs DEM); - The Asset Gateway Model; - Roadmap and Next Steps.

    It was interesting to present to 500 people about the issues with the centralized model only to come back and have 10 people forward this NY Times article to my inbox.

    Warning Signs About Another Giant Bitcoin Exchange
    In the latest blow, on Tuesday, an alternative virtual currency that is owned and operated by the same people as…www.nytimes.com

    The other key reason for the trip was to get out and meet the large and active Russian OAX Community and introduce new people to the concept behind OAX. In both regards, the trip was a great success, and I was impressed by the vibrancy of the CIS blockchain scene with a lot of new projects and significant interest in how things are developing.

    Many of the people I spoke to who were new to OAX were impressed by the scope and ambition of the project, with the majority of questions around three areas. I have added my answers to each below.

    1. What if I like to trade anonymously?

    The OAX central concepts are around educated choice, and inherent protection for users. By asking Asset Gateways to post ETH collateral for potential future disputes, we allow users to evaluate the risk of any potential trade with a gateway. This gives consumer protection.

    Each gateway decides its level of KYC and client onboarding, so certainly there will be gateways that allow for anonymous access. The challenge will be in coming out into fiat with no KYC, again, individual gateways will determine their policies in this regard. The Project will provide new gateways with standards and guidelines for best practice KYC and by following these there is the potential for KYC interoperability. If a gateway chooses to support a lot of relatively anonymous users, it may not be fully “plugged in” to the KYC inter-operative potential. However, anonymous users of this gateway will still benefit from protection in terms of the ETH based collateral posted by the gateway.

    2. How can we understand asset gateways?


    The simplest way to think of an asset gateway is to understand that every time you go from one asset class to another, you need to go through a gateway. If you go ETH/BTC, you need to go through a gateway. If you go ETH/BTC/Cash (fiat) you may go through one gateway (if that gateway works with both those) or through two gateways. A gateway is essentially any entity that has an order book that integrates with the wider platform aggregated order book or has the ability to mint tokens. Any potential user who holds an asset that he wants to trade with some volume could potentially become a gateway. Existing exchanges could easily become gateways.

    In terms of the general market, centralized exchanges pay around $20 to $70 USD to onboard a new client depending on staff ratios, payroll, etc. This is outside the cost of IT, security and KYC systems. By decentralizing the trade matching engine and providing guidelines in terms of KYC/AML, we see considerable cost saving for existing centralized or decentralized exchanges that plug into the system. In addition, existing exchanges that enter the OAX ecosystem gain the ability to mint/issue new tokens and gain new revenue flows by aggregating their order books. Most importantly, many exchanges that currently cannot offer stable fiat on/off boarding will gain access to to the platforms channels for this if they work to the platforms KYC/AML standards, which are shaped with meeting the broader banking and financial industries best practice in mind.

    3. Do you think the market will be regulated globally soon?

    There is certainly a move in many markets toward regulation. Any market/industry that goes through a 500+% increase in a year attracts opportunistic investors and the attention of regulators. Some kind of regulation in many markets is inevitable, you can either welcome it or try to resist it and a frank look at other sectors which have tried to resist regulation shows that usually does not end well.

    At OAX, we welcome well considered regulation. We think that the meteoric growth has attracted bad actors and unless we in the industry make efforts to self regulate, we will never shed the image of cryptocurrency being the “go to” channel for drug dealers, criminals and money launderers. These bad actors exist in every industry as they pursue new opportunities aggressively. Do you know which asset class is used most frequently by bad actors? Cash. However the general populace understands cash and therefore it does not have a stigma attached to it.

    If we want crypto to become widely adopted and accepted, we need to look at other markets and expect similar sorts of interventions by regulators, especially during a boom time like the one we are in. If the industry does not look at some self regulation is not attempted, then the “heavy hand of the government” will intervene, likely heavier and harder than it needs to.

    However, there are positive signs everywhere that the industry is trying to take this challenge seriously, Project Transparency, ICO governance, code and smart contract audits, companies like Smith + Crown are all making an excellent start in this regard. At the OAX Foundation we believe that we are approaching the same challenge in a different way. Our approach is not the only one, but we think that our approach is unique enough and valuable enough to warrant serious consideration.

    I have inserted both my Russian and English presentations below in their entirety if anyone wishes to go through them in detail.

    WEBSITE | WHITEPAPER | SLACK | TWITTER | MEDIUM | REDDIT | WECHAT




  • openANX Season's Greetings!

    Dear Sir/Madam,

    Greetings from the OAX Team. 2017 has been a fruitful and busy year and we would like to send our best regards to all of you that have been supporting the project. Whether you are a token holder, a member of our working group, or merely a vocal supporter on our social media, we would not have achieved the success we enjoy today without any of you. We wish you all the joy and happiness in this holiday season. And as we approach the end of 2017, let’s take a trip down some of OAX’s highlights this year:

    First Working Group Meeting

    The first monthly Working Group meeting was successfully held in November. We brought together some key industry stakeholders from leading accountancy and professional services firms including PwC Hong Kong, EY, and King & Wood Mallesons, one of Hong Kong’s top digital asset legal firms. The meeting set the foundation of integrating best practices in compliance, KYC, the holding and security of funds and other critical areas into the OAX platform.

    Shanghai Finwise Global Blockchain Summit

    Hugh Madden, our technical director, introduced OAX to the Chinese community and talked about the project in Shanghai at a blockchain conference. Not only did Hugh promote OAX to over 2,000 guests at the summit, he also met with members of the OAX community and further strengthen our engagement with our supporters.

    The Moscow Blockchain & Bitcoin Conference

    Our marketing team had the pleasure to visit Moscow and talked about the need for a paradigm shift in the exchange business. The full recap has been posted here, where we shared our thoughts on understanding asset gateways and the positive impact regulation could play in crypto.

    New team

    We welcome our new General Manager, Amanda Liu. Amanda is going to lead the team with her decades of invaluable experience in investment and corporate banking. Winnie Mak has joined us as the Executive Director of Corporate Finance with her extensive experience in equity research and investment. Our Senior Advisor, William Barkshire, had engaged in senior roles within major exchanges in Asia, Europe, and North America. We will have another senior lawyer joining the team in 2018. With the technical advice from Enuma, our team will continue to deliver under our three pillars: technology, regulatory and community. New members onboard announcement can be found here.

    Finally, we would like to wish you a Merry Christmas and a Happy New Year. We’ll continue our endeavour in 2018 and we thank you again for showing interest and support to the OAX community.

    Best regards, OAX Team

    Our Slack: here  Our Telegram: here Our Twitter: here



  • How the OAX project is going to increase liquidity in decentralized token exchange

    Earlier this week our technology team hosted a session with Amir Bandeali, the co-founder of 0x, a project which has the potential to provide a critical piece of infrastructure for the token economy. Amir and our team discussed how the 0x protocol works and how it is benefiting the OAX project.

    As you all know, we’re building a new type of decentralized exchange platform that gets over the shortcomings of current models. The decentralized exchanges that have already been developed have a number of issues in them, not least the limited trade volumes they can handle.

    To get over this issue, and to power our decentralized exchange model with high trading liquidity, we’re applying the 0x protocol. This is an open, permissionless protocol which allows ERC20 tokens to be traded on the Ethereum blockchain. Here’s an analogy to explain how it works:

    Assume that you’ve got something you want to sell. If you were just to ask around your friends on WhatsApp it might take a while to find a buyer, assuming one of your friends even wants your item in the first place. But if you were to post your offer on a public exchange platform, it would sell much more easily because of the maximized exposure it gains.

    This is how smart 0AX’s trading logic is — by letting someone broadcast their orders publicly on the Ethereum blockchain, the order is exposed to all the potential takers on the network, meaning the order gets filled quickly. This shared, on-chain and decentralized order book results in much higher market liquidity compared to a closed, centralized network.

    At the OAX Foundation, we believe the time is right for the market to evolve from centralized exchange models to a decentralized exchange, free for all users to access and powered by the latest blockchain innovations like 0x. With the OAX project we’re creating a more orderly, transparent and efficient ecosystem for digital asset exchange.

    Reference:

    https://www.0xproject.com/

    https://www.0xproject.com/pdfs/0x_white_paper.pdf

    IMPORTANT NOTICE — We will only ever communicate news and updates about the OAX project via the OAX Foundation’s official channels. Please make sure you are following these:

    Website: www.oax.org QQ: 651355919 Telegram: https://t.me/openanxteam Twitter: https://twitter.com/OAX_Foundation

    Any other channels purporting to be OAX are false and the information they provide should be disregarded. We’re regularly monitoring for false channels and actively working to have them shut down. To report any false channels you find, please contact us: [email protected].



  • openANX (OAX) Dev update #6

    Hopefully you’ve been noticing the increased volume and variety of activities that we’ve been getting involved in over the last few months. These have been across areas including senior level appointments to drive key functions, raising our profile at industry events and educating the wider public about digital assets and what we do. But this doesn’t mean the technology has taken a back seat. Quite the opposite — in this latest development update we’re really excited to be able to give you a first look at the user interface for the OAX platform.

    During the first phase of the development, the back end obviously took priority. But recently things reached a point where we could begin the design of the front end and connect it up to the back end. What we’ve got so far is the screen that people trading tokens over the OAX platform will see (the UI for Asset Gateway owners will come next). It’s designed to be user friendly and intuitive, fitting in with our philosophy of making digital asset trading as transparent as possible.

    Of course, one of the reasons for getting the UI in place is that we are promoting the project much more. We aim to have a full demo ready for Consensus next month and are looking forward to giving delegates there a tour of the project!

    Putting in place the UI is also allowing us to undertake testing. A fully functioning, safe platform is obviously our aim and we will be testing it thoroughly by bringing in some expert traders to put it through its paces. We’re also making sure that it’s robust and conforms to the high governance standards we’re committed to promoting at the OAX Foundation. To that end, we are examining all procedures on the platform so that transparent and proper use is stuck to by all potential users.

    IMPORTANT NOTICE — We will only ever communicate news and updates about the OAX project via the OAX Foundation’s official channels. Please make sure you are following these:

    Website: www.oax.org

    Twitter: twitter.com/OAX_Foundation

    Medium:medium.com/@OAX_Foundation

    Telegram: t.me/openanxteam andt.me/oaxcnt

    Slack: openanx.slack.com

    QQ: 651355919

    Any other channels purporting to be OAX are false and the information they provide should be disregarded. We’re regularly monitoring for false channels and actively working to have them shut down. To report any false channels you find, please contact us:[email protected].



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