What is OAX (OAX)?
Future of OAX Cryptocurrency and know how to buy OAX

#1 – What is OAX?

OAX: The Basics

  1. OAX aims to improve the digital asset ecosystem by increasing efficiency, improving transparency and promoting high standards of governance. It is a decentralized digital asset (cryptocurrency) exchange platform which combines the benefits of the current centralized exchange model with all the benefits of a trustless, decentralized system.
  2. The exchanges would include enhancements like credit risk assessment, structured dispute resolution and collateralized deposit schemes to improve usability as well as empower the providers and third parties.
  3. The code of OAX is open-source, making it possible for anyone within the community to contribute to the development of the platform.

OAX Development

  1. OAX originated from the open-source platform OpenANX, backed by the company ANX International, which is one of the world’s largest blockchain developers. The website lists a team of 15 members, which include 4 founders, 4 advisors and other managers.
  2. Ken Lo is a co-founder and the CEO of ANX International, has over 5 years of experience in blockchain and has worked for over 20 years in business strategy and execution, having worked for BT, Accenture and Verizon.
  3. Hugh Madden, another co-founder of the OAX cryptocurrency, is the “man behind the vision” of OAX. Having started his first business at the age of 16, he went on to work at financial service firms like HSBC and AXA.
  4. Co-founder and COO of ANX International, Dave Chapman has extensive experience in leadership, strategy and finances, having worked for firms like HSBC, ABN AMRO and Barclays.
  5. The 4th founder David Tee is an invaluable addition to the team due to his vast experience of 25 years in corporate finance.
  6. Other members include General Manager Amanda Liu, Legal Aid Paul Li, advisors Lionello Lunesu, Henry Yu, Jehan Chu and Bokk Khoo, and many others.

 

#2 – What are the advantages of OAX?

OAX Technology

  1. While decentralization is beneficial when it comes to transactions, especially since it’s the heart of the “cryptocurrency” concept, OAX realizes that not every functionality of trading exchanges can be decentralized, although some like price discovery and trading transaction execution can be achieved through smart contracts.
  2. Instead, OAX tries to integrate the best features of the centralized exchange model while making some key enhancements to give the benefits of decentralization like security, credit risk assessment, structured dispute resolution, etc.
  3. An important difference between OAX and centralized crypto exchanges is that the OAX “Asset Gateway” never holds the keys to both assets involved in any transaction; rather, it holds only one of the two, which reduces risk significantly.
  4. The market participants on the platform include exchange users, asset gateways, order book sponsors, KYS/AML services, dispute referees and voting members.
  5. Asset Gateways take real-world assets like EUR and USD into their custody and in turn mint an equivalent amount of ERC20 tokens into the blockchain. These tokens are not generic fiat tokens, but rather specific to the exchange, eg., OAX may issue OAXUSD tokens.
  6. Before the issuance of tokens or receipt of funds, Asset Gateways generally request a KYS/AML service to be performed on a user receiving real-world assets, using a KYC smart contract address. The gateway only releases the token to the user if he/she has satisfied the requirements of the KYC.
  7. A major enhancement of the OAX platform is that it will enable users to trade “Credit Risk” or support credit risk order books, where two tokens issued by exchanges to be traded, creating a credit risk trading marketplace.
  8. Membership on the OAX platform is tiered, which enable simple access, voting privileges or commercial solicitation of services on the OAX platform, with the number of tokens required varying with the level of benefits.
  9. Users who apply for and receive the various tiers of memberships submit the tokens with their applications, which are destroyed on acceptance of the application, thus causing a deflation in the OAX token pool over time.
  10. The memberships include:
    1. Participant membership: They use the platform for their various wholesale or retail transactions
    2. Voting membership: These members will be able to vote on the decisions pertaining to the OpenANX platform
    3. Founding membership: In addition to voting rights, founding members are also allowed to suggest topics for discussion
    4. Third Party Service Provider Membership: These members will be able to provide various services within the OAX ecosystem, like KYC services, legal or smart contract services, etc.
    5. Asset Gateway membership: These members have all the privileges of a third party service, and in addition, can also provide services as an exchange on the platform.

 

#3 – How to buy and store OAX tokens (OAX)?

How to buy OAX

Despite having been around for just about a year in the crypto market, OAX tokens are available for exchange in nearly 10 platforms, including Binance, Qryptos, HitBTC and others. Most of the exchanges accept Bitcoin or Ether, or both. Liqui and OKEx also accept Tether, while TokenJar only accepts WETH in exchange for OAX.

There is only one exchange as of August 2018 which accepts any fiat currency in exchange for the OAX tokens, which is HitBTC, accepting US dollars.

  1. These are just platforms where you can buy or sell OAX tokens, but help is often needed to decide which one to buy from. This assistance is what CoinSwitch, one of the best cryptocurrency exchanges provides, by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your OAX token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

OAX Storage

  1. OAX is an ERC-20 token, so it is capable of being stored in any of the numerous wallets compatible with Ethereum.
  2. Hardware wallets are the most secure, and Ledger Nano S as well as Trezor work for ERC-20 tokens.
  3. Exodus and Mist are desktop wallets which store Ethereum and tokens on its blockchain. They are both compatible with Windows, Linux and Mac operating systems.
  4. Jaxx, another Ethereum wallet, functions as a desktop wallet for Windows, Linux and Mac PCs, a mobile wallet for Android and iOS phones, as well as a web wallet through Chrome and Firefox extensions, making it one of the most versatile wallets around.
  5. MyEtherWallet is its most popular Web wallet, and ETHAdress is one of the paper wallets storing ERC20 tokens.

 

#4 – What is the future of OAX?

Also Read: Complete Analysis of OAX | Live OAX (OAX) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The ICO for OAX tokens was held between June and July 2017 with 30 million tokens available for sale. About 25 million tokens were sold during the ICO, raising about $18.75 million USD in the process.
  2. The total number of OAX tokens in existence is 100 million, which have been allocated as below:
    1. 30% (30 million tokens) were to be sold in the token sale
    2. 30% (30 million tokens) were kept for an additional token sale, which is to be held sometime in the future
    3. 20% (20 million tokens) was retained by the foundation as treasury, locked for 24 months, after which they will be used for development and operations in the subsequent 2 years, and
    4. The remaining 20% (20 million tokens) were distributed amongst the directors, advisors and early backers of the OAX project.
  3. OAX has a circulating supply of about 25 million tokens, with a market cap of about $ 5.98 million USD and an individual price of about $0.24 USD.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 06, 2018

0.237105

0.239664

0.229978

0.232096

80,361

59,29,814

Aug 01, 2018

0.278859

0.279684

0.265555

0.27061

1,41,517

69,74,049

Jul 01, 2018

0.324541

0.346503

0.320436

0.339524

3,52,478

81,16,527

Jun 01, 2018

0.559018

0.577969

0.54928

0.576795

3,88,872

1,39,80,627

May 01, 2018

0.911246

0.913023

0.839769

0.881508

11,45,440

2,27,89,576

Apr 01, 2018

0.494641

0.52005

0.413526

0.44434

15,48,370

1,23,70,601

Mar 01, 2018

0.864583

0.929136

0.84202

0.880732

10,62,310

2,16,22,580

Feb 01, 2018

1.08

1.13

0.810928

0.880994

9,29,498

2,69,83,912

Jan 01, 2018

1.21

1.48

1.11

1.11

60,60,930

3,01,62,516

Dec 01, 2017

0.372714

0.3923

0.344664

0.378722

17,34,810

93,21,287

Nov 01, 2017

0.407185

0.412565

0.371496

0.38338

2,44,375

1,01,83,383

Oct 01, 2017

0.463109

0.585579

0.460663

0.580212

2,42,801

1,15,81,999

Sep 01, 2017

0.7886

0.821072

0.684738

0.81306

7,83,949

1,97,22,296

Aug 01, 2017

0.4002

0.489555

0.352693

0.367984

1,24,893

-

Jul 31, 2017

0.391918

0.417715

0.387712

0.401564

49,180

 

Trends so far

  1. It’s difficult to predict the trends of new cryptocurrencies, but OAX has faced its fair share of volatility in the year it’s been in existence. From an initial price of about $0.4 per token at the end of July 2017, it increased quite suddenly to a maximum of $2.81 in August 2017. Its minimum value is about $0.22, as of August 2018.
  2. OAX has a low rank among cryptocurrencies in terms of market cap, probably a consequence of its low individual price combined with a low circulating supply. It stands at the 525th position in global market cap rankings as of August 2018.
  3. The relatively low market cap ranking of OAX may be a bit discouraging, but that is not indicative of the great potential that the platform has. Its idea and effective implementation of a platform combining the pros of a centralized as well as a decentralized exchange model promises a bright future for the cryptocurrency.

 

#5 – What makes OAX different from other cryptocurrencies?

  1. OAX is not the first cryptocurrency to attempt a decentralized digital asset exchange platform, but it’s the first to realise that not every feature can be made decentralized. It combines the benefits of the centralized exchange model with all the advantages of decentralization, making it unique among cryptocurrencies.
  2. Another factor that makes OAX peculiar is its open-source nature and governance system. Anyone can contribute to the code of the network, and the tiered membership on the platform helps separate economic motives from political ones.

 

#6 – Should you invest in OAX?

  1. OAX’s low market cap ranking discourages users from investing in the cryptocurrency. However, its promise and potential cannot be ignored.
  2. The idea of a decentralized crypto exchange platform which nonetheless keeps the benefits of a centralized model like risk assessment and a regulated dispute management system is a remarkable one, and such an exchange is bound to increase in demand in the emerging crypto world.
  3. The team behind OAX seems a promising one, each veterans in their own fields and extremely enthusiastic in the development of the platform. Besides, since it’s open-source, the community also pitches in, making the development of the platform an active process.
  4. All this makes OAX a very interesting long-term investment opportunity, made all the more so by the fact that its individual price is at a low as of August 2018, meaning it could benefit from the psychological impact of low prices leading to higher buy-ins from the masses.
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