OAX Foundation set out in 2017 with the conviction that decentralized finance and digital assets would be an integral part of the future of mainstream finance and commerce. The Foundation’s deep-seated beliefs for the collaborative nature of decentralized finance has served as a basis of engagement for working with key players in the space to explore and push the potential of technology. As the space evolves and the market matures to offer comparable options to those looking for alternatives from traditional financial ecosystems, the need to develop the technology and address the limitations of this new industry is imperative to its success. Such was the need to address the four main shortcomings identified by the Foundation: speed, scalability, interoperability and trust.

OAX Foundation strives to provide support within this space, through tools, technology, applications and community support.

What is OAX?​

OAX, a cryptocurrency with the ticker OAX, is more than just a digital asset; it represents a comprehensive initiative aimed at revolutionizing the digital finance landscape. Launched by the OAX Foundation in 2017, it embodies a commitment to nurturing, educating, and fostering the digital assets ecosystem. The foundation's initiatives, such as OAX Academy and the Notifs Mobile App, underscore its dedication to openness, trustlessness, and strong governance.

The OAX Foundation has identified critical challenges in the decentralized finance (DeFi) space, including speed, scalability, interoperability, and trust. To address these, OAX has developed a Layer 2 solution for decentralized exchanges, enhancing transaction efficiency and reducing costs. This innovation is pivotal for the future of decentralized trading platforms.

Moreover, OAX has embraced the Binance Smart Chain by introducing wrapped OAX tokens in the BEP-20 standard. This move facilitates greater interoperability and access within the broader blockchain ecosystem. The foundation also ensures continuous engagement with its community through regular updates and newsletters, fostering a transparent and informed user base.

The OAX Foundation's vision extends beyond technology, emphasizing the importance of collaboration within the DeFi space. By working with key industry players, OAX aims to push the boundaries of what decentralized finance can achieve, ensuring that the digital asset ecosystem evolves in a sustainable and inclusive manner.

What is the technology behind OAX?​

The technology behind OAX (OAX) is a fascinating blend of innovative protocols and decentralized finance principles. At its core, OAX leverages the Layer 2 Solution (L2X) protocol, which was developed in August 2019. This protocol enhances the scalability and efficiency of blockchain transactions, addressing one of the significant challenges in the blockchain space: speed. By operating on a Layer 2 solution, OAX can process transactions off the main Ethereum blockchain, reducing congestion and lowering transaction fees.

In addition to the L2X protocol, OAX incorporates the decentralized trading hub OpenSwap. OpenSwap operates on code developed by IJS Technologies, a renowned blockchain and fintech solutions provider based in Hong Kong. The development of OpenSwap was supported by a grant from the OAX Foundation in December 2020. This trading hub facilitates seamless and secure trading of digital assets, embodying the principles of decentralization and open-source development.

The security of the OAX blockchain is paramount, and it employs several mechanisms to prevent attacks from bad actors. One of the primary methods is the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These smart contracts are immutable and transparent, ensuring that all transactions are secure and tamper-proof. Additionally, the decentralized nature of the blockchain means that there is no single point of failure, making it more resilient to attacks.

Another critical aspect of OAX's technology is its commitment to interoperability. The OAX Foundation, established in 2017, recognized the need for different blockchain networks to communicate and work together seamlessly. This interoperability is crucial for the growth and adoption of decentralized finance (DeFi) solutions. By enabling various blockchain networks to interact, OAX ensures that users can transfer assets and data across different platforms without friction.

The OAX Foundation's dedication to addressing the limitations of the blockchain industry is evident in its focus on four main areas: speed, scalability, interoperability, and trust. These areas are essential for the maturation and success of decentralized finance. The Foundation's collaborative approach involves working with key players in the blockchain space to push the boundaries of what is possible with this technology.

Furthermore, the OAX ecosystem benefits from the expertise of PAX Technology, a leading provider of secure and stylish POS payment terminal solutions. PAX Technology offers innovative and customizable payment solutions that cater to the specific needs of businesses, enhancing the overall functionality and appeal of the OAX platform.

The OAX Foundation's vision for the future of finance and commerce is deeply rooted in the belief that decentralized finance and digital assets will play a crucial role. This conviction drives their efforts to develop tools, technology, applications, and community support to foster the growth of the DeFi space. By addressing the challenges and limitations of the current financial ecosystem, OAX aims to provide viable alternatives that can compete with traditional financial systems.

The collaboration between the OAX Foundation and IJS Technologies exemplifies the spirit of innovation and cooperation within the blockchain community. IJS Technologies, with its award-winning blockchain and fintech solutions, brings a wealth of experience and expertise to the development of the OAX platform. This partnership ensures that the technology behind OAX remains at the forefront of the industry, continually evolving to meet the needs of its users.

The decentralized trading hub OpenSwap, developed by IJS Technologies, is a testament to the potential of decentralized finance. By providing a secure and efficient platform for trading digital assets, OpenSwap empowers users to take control of their financial transactions without relying on centralized intermediaries. This aligns with the OAX Foundation's mission to promote decentralization and open-source development.

The OAX platform's ability to address the four main shortcomings identified by the Foundation—speed, scalability, interoperability, and trust—positions it as a significant player in the DeFi space. By leveraging the Layer 2 Solution (L2X) protocol and the decentralized trading hub OpenSwap, OAX offers a robust and efficient solution for digital asset trading and financial transactions.

What are the real-world applications of OAX?​

OAX (OAX) is a digital asset ecosystem designed to enhance the decentralized finance (DeFi) landscape. The OAX Foundation, established in 2017, focuses on addressing key challenges in the blockchain space, such as speed, scalability, interoperability, and trust. This foundation collaborates with various stakeholders to push the boundaries of decentralized technology.

One of the primary real-world applications of OAX is the Notifs app, which allows users to track their digital assets efficiently. This tool is particularly useful for individuals who hold multiple cryptocurrencies and need a streamlined way to monitor their investments.

OAX also contributes to the DeFi space through its OAX DeFi parachain features. These features enable more efficient and secure financial transactions within decentralized networks, promoting greater adoption of DeFi solutions.

The OAX Layer 2 protocol is another significant application. Layer 2 solutions are designed to improve the scalability of blockchain networks by handling transactions off the main blockchain, thereby reducing congestion and increasing transaction speeds. This makes blockchain technology more practical for everyday use.

Additionally, the OAX Foundation is heavily involved in community and research initiatives. They work with development partners to explore new technological advancements and have published research papers on regulating cryptocurrency. These efforts aim to create a more robust and secure digital asset ecosystem.

The foundation has also organized hackathons and other events to discover and support new projects. These events provide a platform for innovators to present their ideas and potentially receive grants to develop their projects further.

By focusing on these various applications, OAX aims to create a more efficient, scalable, and trustworthy environment for digital assets and decentralized finance.

What key events have there been for OAX?​

OAX Foundation embarked on its journey in 2017, driven by the belief that decentralized finance and digital assets would play a crucial role in the future of mainstream finance and commerce. This conviction led to the establishment of a collaborative framework aimed at addressing key challenges in the blockchain space, such as speed, scalability, interoperability, and trust.

In April 2019, OAX announced a significant partnership with Blockpass, a digital identity verification provider. This collaboration aimed to enhance the security and compliance aspects of the OAX platform, ensuring a more robust and user-friendly experience for its community.

August 2019 marked the launch of the L2X Protocol by OAX. This protocol was designed to address the scalability issues inherent in blockchain technology, enabling faster and more efficient transactions. The introduction of L2X was a pivotal moment for OAX, as it demonstrated the Foundation's commitment to overcoming the technical limitations of decentralized finance.

Following the launch of the L2X Protocol, OAX hosted an AMA (Ask Me Anything) session in September 2019. This event provided an opportunity for the community to engage directly with the OAX team, gaining insights into the project's progress and future plans. The AMA session underscored the Foundation's dedication to transparency and community engagement.

In the same month, OAX announced a strategic initiative aimed at furthering its mission to develop and promote decentralized finance solutions. This initiative involved collaborations with key players in the blockchain space, focusing on the exploration and implementation of cutting-edge technologies.

Throughout its journey, OAX has consistently provided community updates and hosted events such as hackathons. These activities have been instrumental in fostering a vibrant and engaged community, while also driving innovation within the decentralized finance ecosystem.

The future of OAX remains uncertain, but staying informed on news and events related to the cryptocurrency market and OAX specifically is crucial for making informed predictions. The Foundation continues to explore new avenues and partnerships, striving to push the boundaries of what is possible in the world of decentralized finance.

Who are the founders of OAX?​

OAX (OAX) emerged from the vision of its founders: Dave Chapman, David Tee, Hugh Madden, and Ken Lo. Each brought a unique perspective and expertise to the project. Dave Chapman, known for his extensive experience in financial services, has been instrumental in shaping the strategic direction of OAX. David Tee, with a background in corporate finance, contributed to the project's financial structuring and governance. Hugh Madden, a technology expert, played a crucial role in the technical development and innovation of the platform. Ken Lo, with his deep understanding of blockchain technology, focused on integrating decentralized finance principles into OAX.