openANX
openANX
Token: OAX


Real World Application of Decentralized Exchanges

ICO dates
Start date: 2017-06-22
End date: 2017-07-21

Registrated in: China

Platform: Ethereum
Type: ERC20

PREMIUM ICO

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Cryptocurrency Banking
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KYC passing required No | Whitelist No | Restriction for countries No
Soft cap 13000000
Tokens for sale 30,000,000
Sold tokens 25,009,249
Price 0.45 USD
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Table of Contents
1 INTRODUCTION
.......................................................................................................................... 4
1.1 Background
................................................................................................................................................... 4
1.2 Current Problem
.......................................................................................................................................... 4
1.3 openANX
....................................................................................................................................................... 5
2 CURRENT SECONDARY MARKET STRUCTURES – MOVING FROM CEM TO
DEM
........................................................................................................................................................... 7
2.1 Historical Centralized Exchange Model (CEM)
....................................................................................

Abstract
With improvements in the Ethereum blockchain ecosystem brought about by
state/payment channel developments and decentralized governance methodologies
such as boardroom.to, significant functional improvements can be considered to the
entire Centralized Exchange Model (“CEM”). Key to this concept is the deployment of
a new decentralized exchange platform that allows transparency for end users, holds
collateral for participating gateways and provides a predetermined channel for dispute
resolution. Current centralized exchanges are opaque, closed systems with limited
visibility of security and access protocols, while the first generation of decentralized
exchanges fail to adequately provide liquidity and trade volume for users. This white
paper provides the pathway to a new, significantly improved platform governed by a
decentralized autonomous organization (“DAO”), which in turn shall be developed by
the Open ANX Foundation (the “Foundation”), a non-profit foundation. Furthermore,...

1 Introduction
1.1 Background
In regard to cryptocurrencies (“crypto”), the prevailing general reference to “centralized
exchanges” is arguably misleading and inaccurate as there is no transfer of legal
ownership or title taking place when participants (i.e. account holders) act to buy or sell
crypto on an exchange. There is also no record of the participants’ actions on the
blockchain and there is no back office settlement between the participants. Rather, for
example, when selling a Bitcoin that was previously deposited in an account with an
exchange, the seller has operationally and economically traded a “Bitcoin IOU” issued by
the exchange for a “fiat IOU” issued by the same exchange, and the transaction is
recorded internally in the exchange’s accounting ledger. Existing “centralized exchanges”
in a sense are not exchanges at all.
With current centralized exchanges, users hold fiat IOUs and Bitcoin IOUs issued by the
exchange in the form of their account balances...

smart contracts, participants are able to maintain possession of tokens and by being able
to transact via the smart contracts, counterparty credit risk is eliminated – and this is true
for the trading of crypto pairs. But the experience of the decentralized exchanges that
have been launched to date is that there is a significant lack of activity and liquidity on
these platforms as not everyone is desirous, or is able, to trade only crypto pairs – these
exchanges do not work for the general population. In the utopian quest of eliminating
counterparty credit risk, what has been ignored and shunted aside is the critical and
practical services provided by centralized exchanges that are needed for a functioning
exchange system. A functioning exchange system is a microcosm of an economy, and as
all economies are networks
1
the value of that network is an exponential function of the
number of connected users
2
. As network externalities are critical for all networks to be
functio...

The key deliverables of openANX are to:

Migrate existing exchanges to the role of collateralized Asset Gateways, bridging
fiat to tokens in a collateralized, transparent manner

Provide credit risk trading to allow price discovery and a market “voice” of
gateway creditworthiness

Provide dispute resolution to access collateral in the event of disputes

Aggregate order books using ANX International’s (“ANX”) proprietary
“aggregation liquidity IP”, and merging the liquidity of participating Asset
Gateways

Complement the wave of “token only” decentralized matching engine projects
which otherwise would not have fiat support, and hence further increase liquidity,
and accessibility for the general public

Both order book and Peer-to-Peer (“P2P”) Over the Counter (“OTC”) order
matching

Migrate ANX International’s existing user base to the new platform, ensuring a
critical mass o...

2 Current Secondary Market Structures – Moving from CEM
to DEM
2.1 Historical Centralized Exchange Model (CEM)
The current paradigm of the CEM began with Mt. Gox
5
, and has developed and matured
to reach the status quo. The CEM allows companies to provide services for users to
buy/sell tokens, or exchange them for other assets through a central gateway platform for
a fee. Proceeds from these activities ensure the service provider in return offers customer
support, security and a suite of product offerings. The strengths of the system have
developed over time to coalesce around banking relationships (the ability to turn BTC or
ETH into cash) and providing liquidity. However, with repeated security breaches in
various exchanges and poor management, public’s faith in the CEM system is increasingly
waning. The fundamental question is one of trust – without an effective way to measure
risk, users tend to under-price its potential.
However, there are deeper underlying issues o...

5. Opaque closed source code and centralized data stores
1. Each develops their own exchange, deposit, withdrawal and security
software; these are typically not open source (with no or limited audits)
2. Metrics and order data within centralised exchanges are not visible to
customers, it is unclear to market participants if the reported data is true
and complete
6. Fragmented liquidity as the proliferation of exchanges results in separate trading
pools
If we look at the list of the most widely used exchanges
9
, we find that the virtue of market
dominance is driven by aggregation and accretion over time, the clear majority of trade
volume is handled by a small number of players.
Currently, most transactions run through approximately 20 centralized exchanges, with
the majority running through 8, namely:
Of the top 8, a significant number have suffered from hacks. In fact, with total losses in
excess of $1.7 Billion USD, over 2% of all digital assets have been stolen, the ...

2.2 Emergence of the Decentralized Exchange Model (DEM)
The shortcomings of centralized exchanges have seen a number of decentralized
exchanges emerge. These largely fit into two categories; those that handle native fiat
currencies, and those that handle only pure digital tokens.
A number of pure decentralized digital token exchanges and protocols are starting to
appear, notably on-blockchain markets such cryptoderivatives.market, and off-blockchain
protocols such as 0x and RAIDEN for single blockchain token trading.
For cross blockchain exchange, the emergence of the Lightning network for cross
blockchain atomic swaps is promising.
These initiatives are becoming broadly accepted by the industry as the likely future of pure
native digital currency token trading. Each has benefits and disadvantages, but all lack
fiat currency bridging, which is needed to bring mass market adoption of decentralized
exchange technology.
The closest fiat currency solution for these exchanges are modelled along t...

openANX Roadmap

1
Q2 2016
Concept Development
2
Q1 2017
Concept Validation
3
April 2017
openANX Project Revealed
4
May 2017
White Paper Released
5
22 June 2017
OAX Token Sale
6
Q4 2017
Working Group Signup
7
Q2 2018
openANX Prototype Release
Peter Smith
Advisors Peter Smith Strategy Advisory

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