OpenANX

OAX token is an ERC20 token developed to fuel an open-source decentralized exchange platform known as “openANX,” which aims to improve the ecosystem of digital assets by enhancing efficiency, transparency, and governance standards. The platform combines the benefits of centralized exchange models with the trustless and transparent nature of decentralized systems. It provides an aggregated order book to increase liquidity, holds collateral for asset gateways to reduce credit risk, and features an off-chain, predetermined dispute resolution system governed by a Decentralized Autonomous Organization (DAO) to maximize consumer protection.

• Total Supply:

• 100,000,000 OAX tokens.

• Circulating Supply:

• Approximately 77,034,446 OAX tokens.

• Market Cap:

• Varies with live market conditions was USD 16,003,793 at the time of the last update.

As of today #{today’s date}, the price of OpenANX is ₹15.69 INR or 0.1696 USD, with a 24-hour trading volume of 3238442.72 USD. The market capitalization for OpenANX is 13068254.26USD. The circulating supply is 77034446.49 OpenANX, with the total supply also being 100000000 OpenANX.

Pros:

• Decentralization:

• OAX aims to provide a decentralized exchange platform, reducing reliance on centralized authorities and potential single points of failure.

• Transparency:

• The platform’s use of blockchain technology ensures transparent transactions and operations.

• Consumer Protection:

• Features like collateral holding and dispute resolution are designed to protect users.

• Governance:

• The DAO structure allows for community-driven governance and decision-making.

• Technology Integration:

• OAX incorporates advanced features such as an aggregated order book and off-chain dispute resolution.

Cons:

• Market Competition:

• OAX faces stiff competition from other decentralized exchanges and DeFi platforms.

• Adoption Rate:

• The success of OAX depends on the adoption rate within the crypto community, which is uncertain.

• Regulatory Risks:

• Decentralized platforms are subject to evolving regulatory environments, which could impact OAX’s operations.

• Technical Complexity:

• The advanced features of OAX may present a barrier to entry for less technically savvy users.

• Liquidity Concerns:

• As with many decentralized exchanges, there may be concerns about liquidity compared to more established centralized exchanges.

• Innovative Platform:

• OAX’s approach to combining the best aspects of centralized and decentralized exchanges could position it well within the market.

• Strong Governance Model:

• The DAO and community-driven governance model may lead to a more robust and adaptable platform.

• Consumer-Centric Features:

• With a focus on consumer protection and transparency, OAX could attract users looking for a secure trading environment.

• Technical Advancements:

• The platform’s technical features, such as the Layer 2 Protocol, could provide a competitive edge regarding scalability and speed.

• Educational Resources:

• Initiatives like OAX Academy demonstrate the project’s commitment to supporting and educating users, potentially fostering a strong community.

• Decentralized Autonomous Organization (DAO):

• The governance model of OAX is designed to be democratic and community-driven, which is not as common in other cryptocurrency projects.

• Layer 2 Protocol:

• OAX has developed a Layer 2 scaling solution to address scalability and speed issues in decentralized exchanges.

• Educational Commitment:

• The OAX Academy initiative is a unique approach to lowering the barrier of entry into the digital assets ecosystem by providing educational resources.

OAX addresses the lack of transparency, security, and consumer protection in traditional centralized exchanges by providing a decentralized exchange platform that holds collateral, increases liquidity, and offers dispute resolution. It also tackles the scalability issues faced by first-generation decentralized exchanges.

The OAX Foundation was co-founded by Hugh Madden, who has a background in technology and finance. The team includes other experienced professionals like Ken Lo, Dave Chapman, David Tee, and Claudia Lau, who bring expertise from various fields, including finance, technology, and law.

• ICO Price:

• The price of OAX during the token sale was $0.45 per OAX.

• Listing Date:

• The OAX token sale started on 22nd June 2017 and lasted until 21st July 2017.

• Regulatory Uncertainty:

• Changes in cryptocurrency regulations could negatively impact OAX’s operations and token value.

• Market Volatility:

• The cryptocurrency market is known for its high volatility, which can lead to significant price fluctuations.

• Competition:

• The growing number of decentralized exchanges could dilute the market and affect OAX’s adoption.

• Technical Risks:

• As with any technology-driven platform, there is a risk of technical failures or security vulnerabilities.

• Liquidity Risk:

• Decentralized exchanges often struggle with liquidity issues, which could affect trading on the OAX platform.

The OAX whitepaper outlines the vision for a new decentralized exchange platform governed by a DAO. The platform, known as openANX, aims to address the shortcomings of both centralized and first-generation decentralized exchanges by combining their best features. The whitepaper discusses the importance of transparency and governance in exchange systems and how openANX will implement these principles.

The key innovations proposed by openANX include an aggregated order book to improve liquidity, the holding of collateral in a trustless manner to reduce credit risk, and an off-chain dispute resolution process to protect consumers. The platform will leverage advancements in blockchain technology, such as state/payment channels and decentralized governance methodologies, to create a more efficient and user-friendly exchange.

The whitepaper also details the project’s milestones, development roadmap, and the technical requirements necessary to avoid the pitfalls of previous decentralized exchange developments. It emphasizes the role of the OAX Foundation in fostering a sustainable digital asset ecosystem through technology development, community support, and ecosystem advancement.

The openANX project is presented as a solution to the lack of trust and transparency in current exchange models, offering a pathway to a more secure, efficient, and equitable trading environment for digital assets. The whitepaper makes a case for the need for improved governance structures and the potential of decentralized finance to revolutionize the digital asset industry.