Current swap exchanges for cryptocurrencies suffer from the problem that although it is possible to swap between different coins, the displayed value is not fixed.
This is due to the central processing of these transactions, since an exchange is recorded in the internal systems but not implemented immediately.
This can result in so-called spreads, which arise due to the central processing of the transaction. For example, if users swap bitcoin for any other cryptocurrency, this is usually possible.
However, it can happen that a swap exchange does not have the corresponding foreign currency and therefore there is a deviation in the transaction.
This is where OAX Coin takes the stage.
OAX Coin – The Cryptocurrency
OAX is a platform that seeks to eliminate the centralization of barter transactions and aims instead at decentralization, so that all transactions carried out become effective immediately.
In addition, this should result in greater transparency in risk assessment and pricing of risks. The Open ANX platform will provide a solution to this problem using the Ethereum blockchain.
The advantages of existing approaches are to be enriched by decentralization and existing services, so-called asset gateways, are to be combined with the Open ANX platform in order to offer customers a better risk analysis.
In addition, the protection of customer deposits is also to be promoted.
Thanks to the open source approach, the project is transparent and can be promoted by users and the community.
Due to a lack of influence by states or other external regulators, transparency is created by adjusting the block chain.
OAX Coin – Company and Vision
Open ANX sees the crux of current file-sharing exchanges in centralization and therefore pushes the development of OAX.
The team behind ANX has a wealth of experience and is also focused on further developing crypto-currency technology in the future.
In addition, the ANX team brings together experts from the technology, finance and legal sectors.
Open Anx was founded by Ken Lo, Hugh Madden, Dave Chapman, David Tee, Jehan Chu and Bok Khoo.
Check out our guide on the next big cryptocurrency.
In addition to the founders, there are 17 other employees who are responsible for development, marketing and strategic planning.
Furthermore, the team can already have partnerships with other financial institutions at this stage.
The long-term goal of Open ANX is the decentralization of payment transactions and an optimized assessment of financial risks for users.
The project is financed by the OAX coin, which is also traded.
OAX Coin – The Market Capitalization
The Initial Coin Offering of OAX, in which 30 million coins were issued, took place on July 4,2017.
Upon completion of the Initial Coin Offer, market capitalization was US$ 18.7 million. In addition, the current value of an OAX coin is 0.0022 USD.
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The previous high was hitherto recorded on October 2 at a price of USD 0.0028 per coin. In addition, more than 80% of trade between OAX and Ethereum takes place, due in particular to its technological proximity. Current price is at USD $0.47 with a market cap of almost USD $12 million.
The average daily trading volume amounts to 6,000 coins, so there is no high volatility.
You can’t buy it directly for fiat on any exchange. You can choose the best BTC exchange for your region and buy BTC there, then trade it for OAX on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and limits and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is as good or even better than Coinbase. Coinmama is also legit exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is secure place to buy crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet or KeepKey, those are the safest options. You can read our article on how to use Ledger Nano S wallet and where to buy it or check out other top physical crypto wallets here. You can also create a paper wallet – learn here more about crypto wallets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com