ANALYSIS
Open ANX is a decentralized exchange project with solid planning and strong team. OAX token sale started on June 22nd 2017 and has been completed on July 4th 2017. Nearly 25 million OAX tokens were sold to participant for about 18.76 million USD (sale exchange rate: 478.68 OAX per ETH).
There will be 100 million tokens in total. Therefore, we can assume that 25% of all tokens were sold in the token sale. Token allocation for OAX:
The market value of Open ANX platform is around 75 million USD based on the pricing in the token sale. This valuation is subject to change as soon as OAX hits the cryptocurrency exchanges. The activation of OAX tokens for the crowdsale participants is expected to occur on July 29th 2017.
Please keep in mind that most of the tokens will be locked for at least 1 year and the prototype is expected to be released earlier than that. For that reason, we can assume that OAX investors will be happy for their participations in the ICO.
WHY OAX?
Currently there are some other decentralized exchanges available, however, their daily volume is very low in comparison to centralized exchanges. OAX is bringing some new features to be the top decentralized exchange and compete with other centralized exchanges. With Open ANX, customers will be able to use their fiat money to buy cryptocurrencies. There will be higher liquidity, greater efficiency and transparency.
On the other hand, centralized exchanges has the ability to manipulate the markets, especially during a margin trading session. They have the ability to hide all the suspicious activity since the data is flowing in their centralized databases, and they can simply change any data without asking any of their users. Transitioning to a decentralized exchanges like Open ANX will make crypto users more comfortable keeping their tokens in an exchange and making transactions.
OAX will work with Ethereum smart contracts. It will also be integrated with exchange channels. Some of the important features of Open ANX is as follows:
- Decentralized
- KYC/AML service
- Collateralized asset gateways
- Order book registration
- Dispute resolution
- DAO governance
- Upgrades
- Liquidity aggregation
- Counterparty risk transparency
- Exchange channel integration
- Credit risk trading and pricing
- Non-profit foundation
- Open source code
High Liquidity is one of the features that set OpenANX apart from competitors. With this feature, openANX protects the traders and allow more asset gateways to be added.
GOVERNANCE
One of the most interesting features of Open ANX platform is the governance structure.
The users who would like to have more power and rights in the ecosystem will have to apply for certain types of memberships based on their goals or how they can contribute.
In order to become a member, token holders will have to submit with a predetermined number of tokens. The number of tokens will be different depending on the level of the membership. These tokens will be burned upon the acceptance of the application. This process is expected to cause the number of tokens to decrease over time, and as a result the existing tokens will be more valuable.
Memberships:
Participant Member: The main objective of participant members is to use the platform to perform their transaction activities, which could be on a wholesale level or retail level.
Voting Member: User who become a voting member will have the ability to vote on decisions in regards to open ANX platform. This decisions may include adding new features to the platform. With this governance method, the decisions will be implemented quickly and efficiently.
Founding Member: Founding members can suggest topics for discussions in addition to their voting right. These topics will possibly be about new features and will be voted. Therefore, founding members they will have a lot of influence on the future of the OAX platform.
Third Party Service Provider Member: They have ability to provide services within the ecosystem. As the OAX platform grows, whoever has this type of membership will have more power and earnings.
Asset Gateway Member: This is the highest level of membership. They can provide services as an exchange (token-to-fiat, multicurrency, token-to-token, and etc) in addition to the third party services.
ROADMAP AND THE FUTURE
Q2 2016: Concept Development
Q1 2017: Concept Validation
Q2 2017: openANX Project Revealed, Whitepaper Released, and OAX Token Sale
Q4 2017: Working Group Signup
Q2 2018: openANX Prototype Release
The future of OAX seems to be very bright and it will continue to be so as long as the team accomplish what they promised in a timely manner. Open ANX prototype will be released on Q2 2018.
We wish the OAX team all the best. We also hope that the team will continue to keep us informed with the updates of their progress very often.
For more information about Open ANX, please visit the following:
Website: https://www.openanx.org
Whitepaper: https://www.openanx.org/en/#whitePaper
Bitcointalk: https://bitcointalk.org/index.php?topic=1943946.20
Twitter: https://twitter.com/OAX_Foundation