OAX Whitepaper

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,
we shall explore the importance of governance and transparency required of any
exchange system in order for it to be effective. The paper will provide an outline of the
openANX project (“openANX” or the “Project”), milestones in the development, and
delve into the requirements needed to ensure that the project avoids the pitfalls of
previous decentralized exchange developments.
Key Words: Blockchain, Raiden, 0x, ANX, decentralized, openANX, OAX, exchange,
cryptocurrency exchange, cryptocurrency

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OAX Whitepaper

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