Ever since the collapse of MtGox, centralized exchanges have been seen as a point of failure in the cryptocurrency ecosystem vulnerable to hackers, cyber attacks, government coercion or just plain fraud. Now a new project is seeking crowdfunding via a token sale for an open, transparent and decentralized trading venue technology.
Hong Kong based openANX is an application of decentralized exchanges built on the Ethereum blockchain. Its OAX token sale launches today, June 22, 2017.
How the FX Industry Can Benefit from Outsourced ITGo to article >>
The launch and groundwork of openANX is currently being coordinated and led by ANX International, and industry veteran advisers. ANX International is a fintech company founded in 2013 which specializes in blockchain technology, and powers one of the longest running bitcoin trading platform in Asia, ANXPRO.
“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,” said Hugh Madden, Director of Technology, openANX.
The key technical aspects presented by openANX that address these problems include credit risk markets, transparent collateral ratings for asset gateways, the use of smart contracts for memberships, collateral management and dispute resolution, Know-Your-Customer (KYC), and settlement for asset exchange, both for over-the-counter (OTC) and order book-based transfers.
“openANX’s move to transparency and smart contracts is something that’s been needed in the industry for a long while, but has yet to be effectively implemented,” said Bok Khoo, adviser to the openANX project. “By incorporating technology to secure users’ assets, transactions remain decentralized while becoming more secure.”