OAX is a sustainable Ethereum-based digital asset ecosystem focused on decentralization and eliminating centralization in bartering transactions. It leverages advancements like payment channels to overcome issues with centralized exchanges. The native utility token, OAX, is used for transactions within the platform, aiming to increase demand and value as the platform grows.
The OAX crypto token is the native utility token of the OAX platform, which aims to create a sustainable digital asset ecosystem. The primary use of the OAX coin is for conducting transactions within the platform. As the platform grows, more use cases are expected to be developed, increasing demand for the token and potentially driving up its price.
To store OAX tokens, you can use various crypto wallets that support the ERC-20 token standard. Here are some options:
MetaMask: This is a popular browser extension and mobile app that supports multiple blockchains, including Ethereum, where OAX is based. You can add custom tokens like OAX to your MetaMask wallet.
Exodus: This is a multi-cryptocurrency desktop and mobile wallet that supports over 100 cryptocurrencies, including OAX. It has an intuitive interface and allows for easy management of your tokens.
Hardware Wallets: You can also store OAX tokens in hardware wallets like Ledger Nano S and Trezor. These wallets provide an additional layer of security by storing your private keys offline.
MyEtherWallet: This is another option for storing OAX tokens, as it supports all ERC-20 tokens.
Defiant: Defiant is a mobile platform that supports Rootstock and the ERC20 Token Standard, making it suitable for storing OAX tokens.
Liquality: Liquality is a browser extension that supports multiple blockchains, including Ethereum, and can be used to store OAX tokens.
Before choosing a wallet, consider factors such as security, ease of use, and compatibility with your devices.
To buy OAX tokens, follow these steps:
Choose an Exchange: Select a reputable cryptocurrency exchange that supports OAX trading. Some popular options include Binance, CoinDCX, and other exchanges listed on Bitcompare.
Register and Verify: Create an account on the chosen exchange's website or mobile app. Provide personal information and identity verification documents as required.
Fund Your Account: Transfer funds to your exchange account using supported payment methods such as bank transfer, credit card, or debit card.
Search for OAX: In the exchange's marketplace, search for "OAX" (OAX) and select it.
Enter Purchase Amount: Enter the desired amount of OAX you wish to purchase.
Preview and Confirm: Preview the transaction details and confirm your purchase by clicking the "Buy OAX" or equivalent button.
- Store Your OAX: Once the purchase is processed, your OAX tokens will be deposited into your exchange wallet. For security reasons, consider transferring them to a hardware wallet like Ledger or Trezor.
Remember to carefully consider your investment experience, financial situation, investment objectives, and risk tolerance before making any investment decisions. Cryptocurrency prices are subject to high market risk and price volatility.
The OAX (OAX) cryptocurrency has a rich history dating back to 2017 when the OAX Foundation was established. The foundation was founded with the conviction that decentralized finance and digital assets would play a crucial role in the future of mainstream finance and commerce. Since its inception, the OAX Foundation has been dedicated to promoting the technology required for digital assets to flourish, focusing on addressing key shortcomings such as speed, scalability, interoperability, and trust.
Early Milestones- June 2018: The OAX Foundation launched a decentralized exchange (DEX) prototype, marking a significant milestone in their journey.
- July 2018: The foundation hosted its second AMA (Ask Me Anything) session, engaging with the community and discussing the DEX prototype.
- December 2018: The OAX team achieved a breakthrough, processing over 1,000 transactions per second using a single node server.
- March 2019: OAX partnered with KYC-Chain to bring strong governance standards to digital asset trading, and with Solidus Lab to address market manipulation.
- April 2019: OAX collaborated with Blockpass to improve digital identity and adoption standards in the industry.
- June 2021: The foundation signed a Memorandum of Understanding (MoU) with IJS Technologies to promote DeFi adoption, community education, and technology advancement.
- August 2019: The L2X Protocol was launched, addressing speed, scalability, and trust by allowing dispute resolution on-chain.
- April 2020: The foundation released open-source code for features benefiting parachains on the Polkadot Network.
- January 2023: The Notifs App was launched, helping users track their DeFi portfolios.
- Early 2024: The OAX Academy initiative was launched to provide newcomers and existing users with resources, support, and guides to navigate the digital assets ecosystem.
Throughout its history, the OAX Foundation has demonstrated a commitment to advancing decentralized finance and digital assets, fostering a collaborative environment, and providing tools and support for the community.
OAX (OpenANX) is a cryptocurrency project that aims to create a hybrid decentralized exchange (DEX) platform, combining the benefits of both centralized and decentralized exchanges. The platform is designed to provide a secure, transparent, and efficient way to trade digital assets.
Key FeaturesHybrid Approach: OAX blends the best features of centralized exchanges, such as liquidity and user experience, with the benefits of decentralization, like transparency and security. This approach sets it apart from other DEX protocols that focus solely on decentralization.
Tiered Membership: The platform operates on a tiered membership basis, allowing users to choose their level of involvement. Members can upgrade their tier to access additional features, such as voting rights and the ability to provide services within the ecosystem. The membership levels are:
- Participant Member: Basic access for retail or wholesale transactions.
- Voting Member: Voting rights on platform decisions.
- Founding Member: Voting rights and the ability to suggest discussion topics.
- Third Party Service Provider Member: Permission to offer services like KYC validation and smart contract services.
- Asset Gateway Member: All privileges of a third party service provider, plus the ability to offer exchange services.
Open-Source Code: The platform's code base is open-source, ensuring transparency and allowing anyone to contribute to its development.
Governance: Governance is community-driven, with decisions made through voting and involvement in the project. This approach separates political motivations from economic motivations.
Native Cryptocurrency: The OAX token is used to pay for transaction fees and other services on the network. The token pool will decrease over time as tokens are burned when users apply for membership tiers, providing a deflationary aspect to the token.
Partnerships and Milestones: OAX has formed partnerships with various companies, such as Blockpass, KYC-Chain, and Solidus Lab, to improve adoption and address market manipulation. The project has also achieved significant technical milestones, including the launch of its DEX software development kit and the deployment of its platform on the Rinkeby Testnet.
OAX's technical specifications focus on four key interactions: clients, the exchange, operators, and a mediator smart contract. The platform's L2X protocol is designed to address speed, scalability, and trust issues by allowing the dispute resolution process to take place on-chain, eliminating the need for third-party custodians.
Use Cases and AdoptionOAX aims to promote the adoption of blockchain technology and create a sustainable digital asset ecosystem. The platform's hybrid approach and open-source nature make it an interesting project for those looking to invest in a cryptocurrency that combines the benefits of centralized and decentralized exchanges.
The OAX token, native to the OAX decentralized exchange platform, has several strengths that contribute to its potential success:
Hybrid Approach: OAX combines the benefits of both centralized and decentralized exchanges, offering a unique blend of security, transparency, and efficiency. This approach allows it to address the limitations of traditional exchanges while leveraging the strengths of blockchain technology.
Scalability and Security: The OAX project is designed to be highly scalable and secure, ensuring that users can trade digital assets in a reliable and efficient manner.
Governance and Participation: The OAX token enables users to participate in governance decisions through a tiered membership system, which includes voting rights and the ability to suggest topics for discussion. This encourages community involvement and helps shape the platform's future.
Partnerships and Liquidity: OAX has formed partnerships with several leading exchanges, including Bitfinex, Bittrex International, OKEx, Huobi Global, and KuCoin Global. These partnerships provide users with access to liquidity from multiple sources, enhancing the overall trading experience.
Innovative Consensus Algorithm: The platform uses a Delegated Proof of Stake (DPoS) consensus algorithm, which allows users to stake their tokens and earn rewards while contributing to network security.
These strengths position OAX as a promising project in the decentralized exchange space, with a focus on security, transparency, and community involvement.
OAX (OAX) is a cryptocurrency that carries various financial risks. These risks can be categorized into several types, including market risk, credit risk, liquidity risk, and operational risk.
Market RiskMarket risk refers to the potential loss due to changes in market prices. This can be further divided into equity, interest rate, and currency risks. For OAX, market risk is significant as its value can fluctuate rapidly due to market sentiments and economic indicators. This volatility can lead to significant price swings, affecting investment returns.
Credit RiskCredit risk arises when a borrower defaults on their financial obligations. This risk is relevant for OAX investors who may face the possibility of default by the issuers of the cryptocurrency. Defaults can result in significant financial losses for investors.
Liquidity RiskLiquidity risk is the risk of being unable to sell an asset quickly without a significant price reduction. For OAX, liquidity risk is a concern, particularly in real estate or other illiquid investments where assets cannot be quickly sold. This risk can be further divided into market liquidity risk and funding/cash flow liquidity risk.
Operational RiskOperational risk involves the risk of business operations failing, leading to financial losses. This can arise from internal failures, such as system outages or poor management. For OAX, operational risk is critical as it can impact the stability and security of the cryptocurrency.
Other RisksOAX is also exposed to other financial risks, including legal risk, which arises from legal constraints or lawsuits. Additionally, speculative risks can occur when investors make improper research or invest a large portion of their net worth into the cryptocurrency.
Risk ManagementTo mitigate these risks, investors and companies can employ various strategies, such as diversification, hedging, and using financial instruments like derivatives. Regular risk assessments and contingency planning are crucial to navigate the uncertainties of financial markets and safeguard investments.
- Ken Lo: Co-founder and CEO of ANX International, with over 20 years of experience in business strategy and more than 6 years in the blockchain industry.
- Hugh Madden: Co-founder, cybersecurity specialist, and Director, with experience in financial services companies like AXA and HSBC.
- Dave Chapman: Co-founder and COO of ANX International, with extensive financial services experience from companies like Barclays, ABN AMRO, and HSBC.
- David Tee: Co-founder, with over 25 years of experience in corporate finance, including mergers and acquisitions, equity and debt financing, and restructurings.
- Paul Li: Team member at OAX Foundation.
- Aaron Lai: Team member at OAX Foundation.