OAX Set To Launch Decentralized Cryptocurrency Exchange
The OAX foundation recently announced the launch of the prototype of the OAX project which aims to be a new decentralized platform for the trading of digital assets which utilizes some of the latest blockchain technology.
The OpenANX Platform Will Take Advantage Of Technical Developments On The Ethereum blockchain such as payment channels 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 openANX platform and enforcing a collateralized deposit system that will provide users with a way to measure risk. It will also provide an off-chain, dispute resolution system to enhance much-needed consumer protection.
By utilizing the latest technological advances and a peer-reviewed and implemented open source code, the openANX platform will integrate the strengths of the existing CEM model with the best functionality and features of the decentralized model while circumventing or mitigating the shortcomings of both systems. In addition, by being open sourced, the project will be transparent and subject to scrutiny and input from users and the wider community. In lieu of a centralized authority, the only way to enforce transparency is to write it into the blockchain itself.
Both centralized and decentralized exchange models have inherent weaknesses that limit their potential to service the rapidly developing digital asset market. The present weaknesses also a hindrance to widespread acceptance of tokens. The OAX platform addresses these shortcomings whilst combing the best elements of both trading systems.
The General Manager of OAX Foundation Amanda Liu, when asked about the launch, said:
“The launch today of the OAX platform prototype is a significant milestone in our mission to revolutionize digital asset trading. Since we first launched the project, we have put in place the people, systems, and technology that together have brought about the successful delivery of this crucial stage, on time and on budget. We remain focused on delivering greater technology and standards for the digital asset industry.”