Published on June 8th, 2017 | by olcaytu2005
openANX – The Much Needed Decentralized Exchange
Every time I talk to my friends about cryptocurrencies, I face the same damn concern. To them, cryptocurrencies are virtual and they can never be safe trading them. Well, looking at the past (mt.gox yoo!) and recent events (Poloniex?! how the market freezes before huge dumps) had and have unfortunetly proved them right. The whole nature and beauty of blockchain technology is to remove the need to trust to a 3rd party, as Satoshi explained in his famous whitepaper. Satoshi’s vision was to create a completely decentralized economy, removing mostly the banks and whoever we trust our money. When we trust someone with our saving, there is always a chance that someone would someday dissappear with our funds. As long as we keep depending on centralized exchanges, there are no ways to lure avarage Joe into cryptocurrency investments. He will always be afraid to invest his child’s collage funds into something virtual, at least into something he can’t pshysically observe. We need avarage Joe to trust the blockchain technology. Only than blockchain projects can reach the marketcaps they truely deserve.
There have been numerous decentralized exchange attempts in the past. Many had flaws that the developer team couldn’t handle. Some had poor interface, literally unusable by trader (you hearing me EtherDelta?), while some had backdoors that were easy to find by hackers. While some seemed to have a bright future, they eventually failed to keep up with the fast pace of blockchain, where everything could easily chance in a single day. Nevertheless, they all failed to be the decentralized exchange we need desperatly. We have a new candidate that is more ambitious than any other with same aim: To provide the traders an exchange without a central authority. It’s called openANX.
openANX is a decentralized cryptocurrency exchanged by a very talented team. I’ll go into team details later on. Let’s continue with what openANX is and what it offers. The openANX platform will take advantage of technical developments on the Ethereum blockchain such as 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 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.
The key deliverables of openANX are to:
• 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 (“ANX”)’s 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 critical mass of initial users; and then growing a consortium of new and existing exchanges committed to migrating to the openANX platform.
The openANX ICO will be on 22nd of June. To bookmark the ICO page visit https://www.openanx.org/en/ now.
There will be a total of 100 000 000 tokens, of which 30 000 000 will be sold through first ICO, 22. June. After the successful launch of the prototype there will be the second sale of 30 000 000. 20 000 000 are kept as foundation treasury, while the last 20 000 000 will be used for advisors, directors and early backers.
OAX token holders will be able to vote on update proposals regarding the openANX platform.