What is openANX?
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 (“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.
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.
“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.”
Shortcomings of the current Centralized Exchange Model (CEM)
The current paradigm of the CEM began with Mt. Gox, and has developed and matured to reach the status quo. The CEM allows companies to provide services for users to buy/sell tokens, or exchange them for other assets through a central gateway platform for a fee. These proceeds ensure the service provider in return offers customer support, security and a suite of product offerings. The strengths of the system have developed over time to coalesce around banking relationships (the ability to turn Bitcoin or ETH into cash) and providing liquidity. However, with repeated security breaches in various exchanges and poor management, public’s faith in the CEM system is increasingly waning. The fundamental question is one of trust – without an effective way to measure risk, users tend to under-price its potential.
Age of Decentralized Exchanges
The shortcomings of centralized exchanges have seen a number of decentralized exchanges emerge. These largely fit into two categories; those that handle native fiat currencies, and those that handle only pure digital tokens. A number of pure decentralized digital token exchanges and protocols are starting to emerge, notably on-blockchain markets such as cryptoderivatives.market, and offblockchain protocols such as 0x and Raiden for single blockchain token trading. For cross blockchain exchange, the emergence of the Lightning network for cross blockchain atomic swaps is promising.
Utility of OAX tokens
OAX is a token that can be exchanged for participation membership in the DAO and its association, participating members will be entitled to certain privileges, including but not limited to voting privileges on major operational decisions relating to openANX platform. Note that members are not be entitled to any economic rights of the Foundation at any time. While it is a core belief that the platform be open to all, users will only be able to influence policy through voting privileges, which will be conveyed through membership in the association and tokens will form the method whereby users gain access to memberships. If users wish to gain access to voting privileges, or become a third-party service provider including but not limited to the following areas; KYC, Asset Gateway, or other service, some form of participation membership will be required.
The OpenANX Detail
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.
Token Sale Details
The OAX Token will be sale on June 22
The OAX Team
Ken Lo – He is a successful serial entrepreneur who co-founded ANX International, one of the world’s largest blockchain service providers and backer of openANX. With over 5 years experience in blockchain and as CEO at ANX International, he has extensive knowledge on running a world-class crypto-assets exchange and providing innovative solutions to many blockchain exchange operators. Ken has 20 years’ experience in the business strategy and execution, having worked at MNC’s like BT, Accenture and Verizon.
Hugh Madden – Hugh is responsible for much of the vision behind the openANX project. He has a strong commitment to the future of digital assets and a belief that access should be free and open to all. Hugh started his first business when he was 16, providing security services for companies in Australia. He has worked for various financial service firms (HSBC and AXA) building and designing their systems and security. In 2012, Hugh founded ANX International, one of the world’s largest blockchain developers and a backer of the openANX project.
Dave Chapman – Dave is an invaluable leader who co-founded ANX International, one of the world’s largest blockchain service providers and backer of openANX. As the COO at ANX International, Dave is a thought leader in operating a global crypto-assets exchange, with leadership domain knowledge in the blockchain industry. His professional experience involves working with some of the world’s biggest financial brands on Project Management and Delivery. He has worked at HSBC, ABN AMRO and Barclays.
David Tee – David brings significant professional experience to the team, with over 25 years of corporate finance experience in equity and debt public financings, private placements, mergers & acquisitions and restructurings throughout Asia, Europe and the U.S.
Jehan Chu – Jehan Chu is a partner at Jen Advisors, a Hong Kong based early-stage Blockchain VC firm. He has been a Blockchain evangelist since 2013, is the founder of the Ethereum HK meetup, Hyperledger HK meetup, and a founding member of the Bitcoin Association of Hong Kong. Jehan is a Advisor to Melonport, a Google EYE Program Mentor, Vice Chairman of Para Site, Board Member of Design Trust, and Technology Committee of the Asia Art Archive.
Chandler Guo – Chandler Guo is an angel investor and adviser in Bitcoin and blockchain startups. BitAngel has investments in over 20 companies.
Zane Tackett – Zane is a Colorado native who moved to China at the age of 18 to study Chinese. After spending a few years learning the language he joined China’s largest bitcoin exchange, OKCoin, as the Manager of International Operations and founded the international team in April 2014. In March 2015 he joined the largest BTCUSD exchange, Bitfinex, as the Director of Community & Product Development. After two and a half years on the exchange side, Zane decided to give the trading side a try and joined B2C2 as the Head of OTC Sales.
– Ethereum Dev BEc, AIAA, Director and Consultant is an Actuary and quantitative software developer with over 28 years of industry experience. Bok has been working with clients from bank and corporate treasuries, investment managers, government entities, exchanges and financial soft vendors in Australia, New Zealand, Asia, the UK and Europe. Bok, also known as the BokkyPooBah on Ethereum.StackExchange.com, github.com and reddit.com/r/ethereum, is now working to bring decentralised trustless exchanges (https://cryptoderivatives.market/
) and traditional fiat financial instruments to the Ethereum trusted and decentralised blockchain platform.
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