openANX is a fully open-source and regulatory-transparent trading system. Its aim is to create a truly open-source and decentralized platform that combines existing Centralized Exchange Models (CEMs) and credit risk assessments, structured dispute resolution, and collateral deposit systems in a hybrid model. This helps users, providers, and third parties reasonably assess the long-standing uncertainties in the market. The OAX token is used for staking DAO and its membership, granting participants certain rights, including but not limited to voting rights on key operational decisions related to the openANX platform.
1. The openANX Platform
The openANX platform will leverage Ethereum blockchain technologies, such as payment channels, 0x, Swap, and ERC20, among others, to address challenges posed by current centralized exchange models (CEMs). It will harness the strengths of existing models to improve the operations of decentralized exchanges by establishing connections between existing trading platforms (asset-agnostic) and infrastructure networks while strengthening the collateral deposit system to provide risk assessment for users. Additionally, it will offer off-chain, legally binding dispute resolution mechanisms to provide much-needed consumer protection.
Furthermore, through open-sourcing, the project ensures transparency and allows users and the public to review and participate in it. To become an alternative to central authorities (governments or regulatory bodies), the only way to ensure transparency is to bake it into the blockchain.
The openANX platform employs the latest technologies and peer-reviewed and utilized open-source code. It will integrate the advantages of existing CEMs with the best features and characteristics of decentralized models while avoiding the shortcomings of both systems.
2. The OAX Token
The OAX token is used for staking DAO and its membership, granting participants certain rights, including but not limited to voting rights on key operational decisions related to the openANX platform. Note that members do not have any economic rights in the Foundation at any time.
While the core idea of the project is a fully open platform, users can only participate in policy-making through voting rights, which stem from membership in the association, and tokens serve as the means for users to gain membership. If users wish to obtain voting rights or become third-party service providers, including but not limited to Know Your Customer (KYC), asset gateways, or other services, they must hold participating membership.
(The above information is sourced from the OAX official website and the OAX white paper.)
Related Links:
https://www.oax.org/
https://www.oax.org/whitepapers/openANX_White_Paper_EN.pdf
