GTA Ventures
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GTA Ventures

AMA Recap : GTA Ventures x TXA

On September 7th, Mr Jae Jang — Director of TXA with GTA Ventures hosted an AMA live session at GTA Trading Community.

The TXA Decentralized Settlement Layer is foundational to the development of the digital asset exchange of the future. Tacen Inc., a U.S. based, legal-first, software development company has partnered with TXA to develop the first hybrid-decentralized exchange (hDEX). The hDEX will combine a centralized orderbook with order matching speeds rivaling the fastest centralized exchanges (200+ per second), with the protections and benefits of the TXA Decentralized Settlement Layer.

We really appreciate your time and dedication to our community. This post includes a recap of the live AMA session and features the questions asked by community members, as well as the answers.

Part 1: Warm — up questions

1. Could you please introduce yourself and tell us more about Project TXA?

I’m Jae Yang, Chief Architect of Project TXA. Project TXA is building a next generation decentralized system that will allow traders to trade without having the exchanges take custody of their funds, while improving the performance of the exchanges by not relying entirely on the on-chain methodologies.

Previously, I was Director of Engineering at Metal and have held a number of engineering roles in industries like fintech and aerospace.

My team and I have a deep background in engineering and crypto, but we also have deep legal expertise on our team so we know how to navigate the changing regulatory landscape while staying compliant.

2. What is the vision and mission of Project TXA?

We’re building for the future.

In 2 to 5 years, Project TXA will have many partner exchanges building on top of it. Within a year we plan on having alpha and beta version of the TXA DSL.

However, after 2 years, we will have a mature system of cross-chain peer-to-peer settlement mechanism.

Within 5 years, we hope to build a network that has vast numbers of asset exchanges (NFT marketplaces, crypto exchanges, and others we may not even dream of now)

Part 2: Pre- ordered questions:

1. How old is TXA? What are the major plans ahead? Could you show us image of your roadmap?

Project TXA is nearly 2 years old. Regarding the project roadmap, we’re planning on Q1 2022 for the alpha deployment and testing of the TXA DSL related technologies

During Q2 2022, we plan on beta release for the TXA DSL. By that time, first implementation of Tacen’s hDEX will also be entering beta test (Q2 2022). Before any of those can happen we need to build, build and build

At some point before, we plan on getting the internal audit completed and preparing the open source codes for external audits by two separate firm.

We plan on discussing with the stakeholders to release plans for governance and foundation before the end of the year.

We can’t do this without awareness raised from communities like GTA Ventures

2. I have read that all the projects seek to “democratize the blockchain community”, but really with hDEX can this democratization be achieved completely? If so, how will it be able to establish it before the Dex projects themselves that have not been able to do so?

We think hDEX technology can truly democratize aspects of the blockchain. Project TXA is building one of the first cross-chain asset settlement layer (TXA DSL) that is trust-minimized, and the TXA DSL standards support integration of exchanges that are built for speed and efficiency.

Because settlement is done in a peer-to-peer manner through the use of TXA DSL, even if the partner exchanges and their websites go offline, traders can still initiate settlement

Another big advantage of what we’re building is that cross-chain settlement is made possible with the TXA DSL architecture. Settlement Data Oracles (SDOs) I mentioned earlier can listen to events in multiple chains that pertain to the settlement requests from traders operating on different chains

Since the consensus mechanism requires SDOs to arrive at quorum to initiate the settlement process, we have a trust minimized system that favors honest participants to win over a longer time frame

3. What is business model of your project? How it works? Who are your potential customers and which markets are you targeting on?

Project TXA’s goal is to build a truly decentralized settlement layer that provides a new paradigm for how exchanges can operate. As the compliance and non-custodial benefits of this architecture are proven, it will create more value in the project and encourage more exchanges to operate on the platform.

The settlement layer cannot operate without the Settlement Data Oracles (SDOs) and the TXA token is staked as one of the requirements to participate in the network. SDO operators are incentivized to operate these oracles because they are able to charge settlement data fees.

Understanding that there are only a limited number of oracles allowed due to TXA supply being capped is key to realizing that there will likely be competition to operate these oracles, thus increasing the desirability of TXA token.

Project TXA’s potential customers are:

1.Blockchains looking for a way to connect their chain to other chains through the cross-chain features of the DSL. Expect upcoming announcements of potential launch chains including some of the most popular chains such as BSC, Tron, Tomochain, Harmony, NEAR and more.

2.New or existing exchange operators that are looking for a next-generation architecture that better complies with regulations, is more decentralized, and protects users’ personal data.

3.Trading desks or institutional traders that realize the advantages of the hybrid-DEX architecture as a way of protecting their funds but also allowing them to deploy high-performance trading strategies that are used to in traditional markets.

The first exchange that will be operating on Project TXA’s DSL will be launched by its key partner Tacen, which is spearheading a new entity to operate the first US-based hybrid-DEX (hDEX).

This is only the beginning however, as Project TXA is working with undisclosed partners to launch similar hDEXs in other regions.

Eventually the goal is to have hDEX-type exchanges commonplace across the world, giving traders a variety of exchange options with the best features between centralized exchanges and decentralized exchanges.

4. I am looking forward to investing in the long term. Can you tell me why should I invest in TXA instead of other projects?

TXA token is part of the TXA ecosystem. A key utility for holding TXA token may allow holders to operate what’s called a Settlement Data Oracle (SDO).

SDOs are an integral part of the TXA Decentralized Settlement Layer (DSL), and SDOs provide settlement data for the peer-to-peer settlemen

Executed trades are broadcast to the SDOs, and SDOs record and calculate the debit and credit relationship between traders. When a trader asks for a settlement, SDOs provide that information.

For storing and accurately providing this info, SDO operators may choose to charge fees. Which means, staking and operating the SDOs may result in a steady yield. TXA tokens themselves may also be used for fee replacements at the exchanges built on top of theTXA DSL.

5. What do you think about the Asian market in crypto? Does your project have any plans in the future to go to ASIAN which is a potential market in crypto?

We believe crypto has exponential growth potential in the Asian markets.

The crypto community in Asia can contribute to Project TXA in many ways:

First, we’re looking for smart contract developers to be involved in the open source development of the TXA DSL’s core tech.

We think that Project TXA can truly be global and benefit from talents all over the world.

We plan on expanding the community to include many different language groups. We currently have a mixed language community in telegram, but we will soon have communities dedicated for Asia Pacific as well as communities for Latin America

We’re focused on key areas where supporters have shown the most interest: China, Vietnam, India, Japan, Korea, Brazil, Eastern Europe, Singapore, but open to more!

Part 3: Live questions

1. I’m a developer, and I’m interested in contributing to your project alongsides earning. Do you have any Bug Bounty to check for vulnerabilities?

We plan on putting together a bug bounty for the community so that community developers like yourself can help improve the tech.

2. While you build your project, do you take into account any of the community feedbacks or demands to further expand the new ideas for the project?

We take community feedback very seriously and we will have a regular AMAs with the TXA supporters in our telegram channel, as well as to bring in more community developers and SDO operators to give feedback and comments for the new features

3. Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

While purchasing token guarantees nothing, the TXA token has a fixed supply at 50,000,000. The tokens can be staked to allow the staker to operate a Settlement Data Oracle (SDO) that can help secure the peer-to-peer cross-chain settlements by providing the data necessary. SDOs then are able to charge fees for providing such service. Token is naturally deflationary.

4. We appreciate the information you provided to the community during this AMA. Through this, please tell us about the project’s achievements?

Yes, we’re getting the token listing done on more exchanges. We’re also working on releasing technical whitepaper to give more details on the operations of the Project TXA’s architecture. We’ve assembled a world-class team this year, and we’re focused on meeting the Q1 2022 Alpha release timeline.

5. In addition to applications like other DEXs do, does team have other more groundbreaking plans?

We plan on expanding our technology and bringing more partners to the Project TXA. We’ll keep developing these partnerships, like ones with DFINITY, to improve the speed and reach of the TXA DSL.



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GTA Ventures

GTA Ventures

GTA Ventures is one of the incubators for cryptocurrency projects in Vietnam.