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.

Conclusions

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- https://www.openanx.org/

Links-
WEBSITE
SLACK
TWITTER

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5 comments:

  1. Armaan15 July 2017 at 22:55

    When on some exchange ??

    ReplyDelete
    Replies
    1. LinuxTech19 July 2017 at 01:30

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

      Delete
    2. Armaan19 July 2017 at 23:47

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

      Delete
  2. LinuxTech20 July 2017 at 05:23

    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.

    ReplyDelete
  3. LinuxTech20 July 2017 at 06:14

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

    ReplyDelete

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