openANX Community #1

One of the things we are most proud of while working on this project is the community that has rallied around and has been very supportive. Not only in English or Chinese, but Ukrainian, Russian and French, German and Italian. Todays’ post comes from one of our very vibrant and vocal communities, the Italian Community

Today we are here to talk about one of the most important community around the openANX project, the Italian community.

To realize how great is it, i’ll tell you that the telegram group (where there is the most of the discussions) counts about 210 members at the moment, more than any other international group!

Most of them are active crypto-investors who recognized in openANX an opportunity to be the next big trend in the ICOs, hybrid exchanges. But, why so much interest about hybrid exchanges? Well, as we can see here: https://coinmarketcap.com/charts/ in the last two months the total cryptocurrency market cap doubled in value and a lot of traditional traders and investment funds outside the crypto-economy are watching cryptocurrencies with interest, but one of the main reasons stopping them to enter in the market –also with massive orders- is the unknown (in)solvency (also known as credit risk) of the exchanges and the illiquidity of the market, all problems that openANX, and hybrid exchanges in general aims to solve.

These could be considered the main ideas that brought so many people to the same group. There were a lot of discussions about how openANX could achieve these goals, how it could be a real alternative to the traditional exchange and, one of most discussed topic, with a little awe, how and when openANX will apply the KYC/AML policies to backers. For these reasons –thanks to Tiarnan, the Bounty Manager- there was an AMA with the Dev. Hugh Madden. Here some “highlights” of the AMA:

User: “Could you explain the policies you want to adopt regards KYC?”

Hugh: ”Reasonable KYC processes are conducted to minimize negative regulatory outcomes which may jeopardize the viability of the project. Given the critical interaction that will be required going forward for the successful launch of the project, it is important that the Foundation and the Exchange do not get started on a negative footing with regulators and policy makers”. That’s the official statement.

What it really means is, we are a heavily regulated/scrutinised organisation with banking relationships and regulators to work with; what is means for the end user — not much at all, simply need to register at registration.openanx.org, enter in your ethereum address.

Some users may need to provide additional information, but the great thing about this token sale: many many really small contributions (i.e. low risk of money laundering, so regulators happy, KYC not onerous).”

User: “What exchanges are involved in OAX token trade?”

Hugh: “we are preparing a roadmap to visit every single exchange on the planet, we want to go sell the virtues of -not holding customer private keys- to every exchange we can talk to. Our corporate finance team is preparing the charter for a working group and we will be asking every exchange to join.”

User: “May I ask what kind of relationship (if any) is there between the OpenANX and the ANXPro platforms?”

Hugh: “ANX International is a group of companies these days, one of which is ANXPro.

Two other products are very relevant

-Octagon Strategy Limited (top 5 OTC desk in the world by our estimates, certainly Asia’s largest)

-ANX Blockchain Services (instant whitelabel crypto currency exchanges)

ANX International was instrumental in kicking off the openANX project. It prefunded the whole concept, it offered brand support, and it offered IP, that said — openANX is a properly incorporated non profit organisation.

openANX has an independent charter to ANX International. The directors of openANX have a fiduciary duty to further the charter of the non profit, openANX. This means there is a legally binding arms length agreement. We were really careful to make this arms length agreement properly structured — 3 legal firms engaged for council.

Everyone involved is named and highly public, if I was you I would be asking — so what’s the commercial motivation?

We believe whole heartedly, that decentralised exchanges are the future”

And about the advantages to join the platform..

“1. save significantly on technology costs

(I estimate ANX spends 80% of its IT budget on exchange matching technology and security for cryprto)

2. get access to the liquidity of all participants in openANX

(even those tech costs are significant — this is the biggest, the critical liquidity level makes or breaks competition for a new exchange)

My rough estimate, is the openANX team will approach perhaps 50 to 100 regional exchanges in the coming weeks to join the working group. Really, really exciting.”

This -well done- AMA has become a great point of discussion in the group because it solved the KYC question (even if there is some people that still ask for more information about it), involved more people to join the ICO and –thanks to Hugh’s tip- also invited someone to try to read the smart contract code without being a solidity programmer.

And as Hugh said, certainly hybrid exchanges are the future, this is why there was so much interest in the Italian community, a little but clever community of experienced investors and technology enthusiasts.

We believe that this project -being the first one in its genre- could change the things for real, enabling more people to join in cryptocurrency trading without fear due to event like MtGox and so many others.

The Italian group Administrator,

Abicidieffe

This is a great piece from our Italian friends as it shows a growing global community who are keen to see change! Thanks Guys!

Don’t Forget to Register to Activate your tokens to be ready to transfer by July 29!
Go to https://registration.openanx.org/