What Is OAX (OAX)?
The OAX token (OAX) is the native of Ethereum divisible virtual token with up to 18 decimal places. According to the whitepaper of OAX, from utilizing decentralized or centralized exchanges to the times of ICOs and STOs and then the development of DeFi, the evolution of these technologies needs experts to come together for addressing the technical challenges. Moreover, the OAX Foundation aims to render optimal support in the space via tools, applications, technology, and better community support.
The openANX platform leverages the advantage of technical evolutions on the Ethereum blockchain, like payment channels, and uses the same to overcome the hurdles faced by the present CEM (centralized exchange model). The platform combines the solidities of the current CEM with the operations and attributes of the decentralized prototype while avoiding the drawbacks of both systems. OpenANX does so by leveraging the technological refinements and a peer-reviewed and enforced open-source code.
Furthermore, openANX co-opts the stability of the current model to enhance the existing decentralized exchange endeavors by linking the present exchange platforms (“asset gateways”) with the openANX platform and implementing a unique deposit system that offers users a method to estimate risk. Moreover, the model also provides an off-chain dispute resolution system to improve consumer protection.
The platform is transparent and subject to probe and intake from individuals and the broader community by being open-sourced. Rather than being a centralized authority, the ideal way to implement transparency is to document everything into the blockchain itself. The practice presents gateway services and bridging to decentralized exchange services for the Ethereum ERC20 tokens. These Ethereum tokens can be available in the native form or tokenized models of the off-blockchain assets.
Hence, the technology platform delivered by openANX obeys Ethereum smart contracts to handle and drive the market structure. Also, the platform is a standard implementation interface to enable better account administration and trading.
Who Founded OAX?
Hugh Madden, Dave Chapman, Claudia Lau, David Tee, and Ken Lo are the co-founders of the token.
