openANX – Real World Application of Decentralized Exchanges
The new cryptocurrency called OAX is a type of ERC20 token developed with the purpose of working as a decentralized currency for the platform “openANX”. The main feature of this currency is how it works, being an off-chain cryptocurrency, it offers a better protection to consumers against credit risks and an increased liquidity thanks to DAO, a Decentralized Autonomous Organization.
This will help the current high risk of working on a massive trading method most cryptocurrencies work on By using a Decentralized system, all the transactions go outside the chain and migrate directly into the public, an open domain governed by DAO. Additionally, the system will be able to focus on the competency, compliance with regulations and the integration with fiat currencies, making it easier and more secure to use.
The OpenANX Platform
While taking advantage of the new OAX currency based on ERC20 and other channels like Raiden3, Ox and Swap, the OpenANX platform works in order to avoid the most common problems by centralized exchange masses. By avoiding most common CEM problems, the openANX platform will offer consumers a better way of measuring risks and a more secure platform against theft and registry problems with transactions. In addition, the Off-chain resolution system helps to maintain exchanges safer, easier and faster to make.
But the platform does not use a completely new DAO, as it takes the advantages of the traditional CEM with a different approach when it comes to transactions and the registry of enhances. This way, it can take advantage of all CEM features while circumventing or avoiding the most common problems that make transactions and exchanges less efficient.
The OpenANX platform also has another advantage, it is an open-source project, managed by the users and the wide community it works with This makes it a platform that uses Ethereum ERC20 tokens that can also work in an off-chain nature, making the platform a more versatile and efficient way of doing cryptocurrency’s transactions. In short words, an advanced technology used to increase the productivity of the OAX currency.