Friday, 23 June 2017

openANX- Real World Application of Decentralised Exchanges

Recently, we have realised the lots of disadvantages of the Centralised Exchanges of cryptocurrencies. This includes-

  • Risk of Hacks
  • Risk of Fraud
  • No Control on Withdrawal/Deposit Fees
Image result for bitcoin exchange hacked

How Decentralised Exchanges solve these problems-

  • Users can see the source code of decentralised exchanges. Since they are open source, people can find any vulnerability and suggest fixes.
  • Since everything is coded onto a Smart Contract and it is open source , there are very low to no chances of fraud.
  • Since Decentralised exchanges are coded on smart contract they have fixed withdrawal and deposit fees.

So, let me introduce you to openANX now. It is  a non- profit organisation that will take advantage of the decentralised to improve the current Centralised Exchange Model (CEM) by creating a link between those exchanges.

Major Features of openANX-

  • Linking Exchanges- Exchanges offer a certain variety of coins. Some offer only Ethereum based coins, some offer fiat gateways and some offer cross blockchain exchanges.
  • Integrated Order Books- For increasing the liquidity, all the order books of various exchanges would be merged into a single book.
  • Transparency- Since it is based on Open source Ethereum Blockchain , it is very transparent.
  • Dispute Resolution- For dispute resolution, they will have a third party which will solve disputes in unpartial manner.


In future, there are a good chances that OpenANX would be a mainstream exchange. If you want to be a part in building of this exchange, join the ICN today.

Invest in openANX here



  1. When on some exchange ??

    1. There are no good exchange till now. Wait for them.
      They will come after 29 July when ONX would be transferable

    2. I want to cash out to fiat/USD asap. What should I do.

  2. Hi Armaan,
    Since the tokens are not activated yet, you cannot have any exchange yet.

    If you want, you can contact them.

    I remember, in case of Iconomi, transfer of tokens took place before the ICN were unlocked.

  3. Arman, if you haven't registered yet on OpenANX site, do it before 25th.