OpenANX Coin Review: Application of Decentralized Exchanges

Last Updated on August 18, 2020 by CryptoCreed

Recently a number of decentralized exchanges enter the virtual market. But most of them failed to perform because of the poor interface and bad teamwork, while some of them succeed but not for a long time because they failed to keep a balance between their project and blockchain. Also, many people started with the aim of only black earning. Now we have a new project in the market that is openANX, which provides their user’s exchange without a central authority.

Hugh Madden, CTO

“ANX firmly believes decentralized exchanges will dominate the cryptocurrency market. We plan to lead the march toward this future through openANX, which will be fully open sourced, transparently governed, and kickstarted by ANX’s technology, experience in operating an exchange, infrastructure, and wide network of users.”

OpenANX is a new decentralized crypto exchange that will be launched with good team effort. The OpenANX platform will take advantage of technical development on the Ethereum blockchain in a way of payment channels (Raiden, 0x, Swap, ERC20) and utilize them to
overcome the challenges faced by the current CEM. It will co-opt the strengths of the existing model to improve the existent decentralized exchange attempts by linking existing exchange platforms (“Asset Gateways”) to the network and enforcing a collateralized deposit system that will provide users with a way to measure risk. It will also provide an off-chain, legally enforceable dispute resolution system to provide much-needed consumer protection. In short, it will utilize the latest technological advances and peer-reviewed and implemented open-source code.

The key deliverables of openANX :

  • Migrate existing exchanges to the role of collateralized Asset Gateways, bridging
    fiat to tokens in a collateralized, transparent manner
    • Provide credit risk trading to allow price discovery and a market “voice” of
    gateway creditworthiness
    • Provide dispute resolution to access collateral in the event of disputes
    • Aggregate order books using ANX International’s (“ANX”) proprietary
    “aggregation liquidity IP”, and merging the liquidity of participating Asset
    Gateways
    • Complement the wave of “token only” decentralized matching engine projects
    which otherwise would not have fiat support, and hence further increase liquidity,
    and accessibility for the general public
    • Both order book and Peer-to-Peer (“P2P”) Over the Counter (“OTC”) order
    matching
    • Migrate ANX International’s existing user base to the new platform, ensuring a
    a critical mass of initial users; and then growing a consortium of new and existing
    exchanges committed to migrating to the OpenANX model

OAX Coin and ICO

The openANX DAO

At the core of the openANX platform is the Decentralized Autonomous Organization, which is run by smart contracts. The governance model affects the way the DAO behaves, thus always staying in the best interest of all participants.

OAX Coin can be used in exchanged for memberships in the DAO and its association. The participated members have some privileges including but not limited to voting privileges on major operational decisions relating to the OpenANX platform. Members don’t have any economic rights of the foundations, also members will not entitle the owner of any distribution of profit nor claim on any assets.

The openANX Initial Coin Offering will start on 22nd June. There are a total of 100,000,000 OAX tokens. out of this 30,000,000 (30%), tokens will be sold on the first ICO. After the release of a successful prototype, the second token sale will hold 30,000,000(30%) tokens. 20,000,000 tokens will available for project matter and the left 20,000,000 tokens will be distributed to directors, advisors, and early backers of the project. oax coin price prediction.

openANX Team

  • Hugh Madden, CTO
  • Dave Chapman, Leadership and operations
  • Liam Bussell, Marketing
  • Ken Lo, Strategy
  • David Tee, Finance

 

Contact Links

Website:  https://www.openanx.org/en/

Twitter: https://twitter.com/OAX_Foundation/

Reddit: https://www.reddit.com/r/OpenANX/

Slack: https://openanx.slack.com/

Blog: https://medium.com/@OAX_Foundation/

Whitepaper: click here

Ann: https://bitcointalk.org/index.php?topic=1943946

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