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Jun 19, 2017 Posted /  5365 Views



1) It is a DAO

The Decentralized Autonomous Organization, which is run by smart contracts, constitutes the core of the openAnx. 

It comprises of a project team of highly experienced innovators with the best of technology, business and legal minds with a deep passion for cryptocurrency and its future prospects.

 The openAnx happens to be  an evolutionary system combining the relative merits of current market system of centralized exchanges and decentralized platforms while being open, transparent and using a decentralized structure of governance written directly to the Ethereum blockchain

2) It offers multiple services

The openAnx uses new decentralized exchange platform that allows transparency for end users and holds collateral for participating gateways while providing a channel for dispute resolution that is predetermined. 

It provides users with a way to measure risk by enforcing a collateral deposit system. 

It also enhances the much-needed consumer protection system by providing services like an off-chain, legally enforceable dispute resolution system to the consumers.

3) It has a unique objective

The Open ANX foundation believes decentralized cryptocurrency exchange markets will dominate the industry. Therefore, it aims to improve the existing decentralized exchange platforms by linking them to the openANX platform. 

The current centralized exchange systems are opaque, closed systems with restricted visibility of security and access protocols; while the first generation of decentralized exchanges fails to adequately provide liquidity and trade volume for its users. 

Here is where openAnx comes in and takes advantage of technical developments available on the Ethereum blockchain such as payment channels (Raiden3, 0x, Swap, ERC204) and utilizes them to overcome the aforesaid challenges faced by the current CEM. 

This initiative offers gateway services and bridging to the current secondary, decentralized markets for Ethereum ERC20 tokens. These tokens can be in the form of native Ethereum tokens (such as tokens for other DAOs) or tokenized representations of off-blockchain assets.

4) It is based on DEM 

 A number of decentralized exchanges emerged due to the drawbacks of centralized exchanges. These largely fit into two categories- one, that handle native fiat currencies, and two, that handle only pure digital tokens. 

openAnx is one such Decentralized Exchange Model available in the current scenario. 

The lack of a suitable and secure fiat currency bridging mostly contributes to the lack of liquidity in pure digital token exchanges, as compared to the currently centralized exchanges.

5) It provides asset gateways

In the coming future, customers will be trading their assets through decentralized hardly entrusted exchanges. Their only interaction with existing centralized exchanges would be for onboarding and offboarding real world funds. 

Only, this time the consumer will be protected with blockchain collateral and a real-world dispute resolution process that will be provided as service by openAnx.

6) It is an amalgamation of CEM and DEM

The openAnx project recognizes that non-trading auxiliary services are required to attract the vital mass of users required for a functional ecosystem network which is central to openAnx. This makes it different from pure decentralized emerging initiatives.

This also incorporates the integration of emerging decentralized exchange protocols to a mechanism that provides transparency to the counterparty credit quality of service provider and participants. 

Price discovery and trading transaction execution could be achieved through smart contracts, but in practicality, not all trading exchange functionalities can be decentralized. 

So, openANX combines the merits and demerits of both the system to bring together a platform with a better opportunity for the users!

7) It provides liquidity

Liquidity refers to the amount of traded assets available on the order books of an exchange. A highly liquid exchange allows a large deal to trade instantly while hardly affecting the price. 

Liquidity has a strong network effect. As soon as one exchange or venue becomes the largest in terms of liquidity, it without delay attracts more liquidity until other exchanges cannot compete. 

The result has been disastrous with the formation of a small group of centralized crypto exchanges that dominate the marketplace for some time.

 The openANX platform has overcome this issue via the function of order book aggregation, paired with credit risk trading books.

8) OAX token

The OAX token (OAX) is a digital token which is native Ethereum divisible, with up to 18 decimal places and can be exchanged for memberships in the DAO or its associates. The members are entitled to certain privileges, including voting privileges on major operational decisions relating to the openANX platform.

 These tokens will be offered to backers of the openANX project via a token sale. The token sale will be launched on the 22nd June 2017 with a total number of OAX tokens to be issued is 100,000,000.

9) They offer transparency, literally!

When ANX says they are open they’re not kidding! The OpenANX source code will be open source and all existing and new cryptocurrency exchanges are encouraged to join. OpenANX has been designed to be self-governed by its community of users. They will make transparency enforcement viable by writing it into the blockchain itself as a centralized authority like a federal government or a regulator will not be available to do so.

10) They have a full scale working prototype

The technology platform to be delivered by openANX will comprise of a specification of the market operating model, the Ethereum smart contracts to govern and operate the market, the integration with one or more exchange channels (notably Swap, Raiden, or 0x) to support matching, API for each off-chain function integration (gateway, trading, KYC, order book registration, dispute resolution, DAO governance and upgrade), a standard, reference implementation user interface to allow account management and trading. It can be expected from the community to provide additional user interface implementations since the platform is entirely open.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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