We’ve been talking a lot recently about the promotion work we’ve been doing to get the OAX project better known and to drive the debate about the future of the industry. Behind the scenes we’ve been just as busy, working hard to complete the next phase of the project. As we’re fast approaching the end of the year, it’s about time we gave you all an update on this activity.
Since launching an 0x-based prototype in June, our developers over at Enuma have been extremely busy working on a layer two solution that uses off-chain state channels to address the performance issues of the Ethereum blockchain. As you’ll know from previous posts, this is one of the main things that’s been holding back widespread adoption of decentralized exchanges (DEX) for cryptocurrency trading and is something that many people have tried to address. We’ve made huge strides in that area recently and hope to be able to announce some big news very soon.
This will continue to be our major focus over the next few months or so, part of our plan to deliver a working, standalone DEX platform in 2019. We’ll then be able to move onto the beta testing phase, well on track to go live in the latter part of 2019.
Coming up with a scalable DEX isn’t easy. The blockchain community have been working on the scaling issue for years, several projects have made progress but it’s too early to say whether those developments will work or not. At OAX Foundation, we’ve been working on something that we believe will push the bar.
As Amanda, our General Manager, pointed out recently, the current economic environment is tough for many projects and this situation looks set to continue into 2019. OAX Foundation, however, is in a healthy state thanks to careful management of the funds raised from our token sale. In summary, we are in a strong position to deliver a DEX that has an off-chain order book, off-chain order execution and no custody of user assets, meeting the needs of the crypto community.