Date : 2nd September 2021
Host : HunterX & GemFlair
Guest: TXA Team (Jae Yang — Director)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with TXA, on 2 September at 4:00 PM UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a saver & a feeder of knowledge for them.
INTRODUCTORY QUESTIONS — BY SPYKEFAST TEAM.
HunterX | Spykefast (@realsch1- twitter):
Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #TXA Project?
Jae Yang:
I’m Jae Yang, Chief Architect of Project TXA. We’re building a Decentralized Settlement Layer (DSL) that will power the next generation of exchanges. TXA DSL will allow exchanges to provide non-custodial, cross-chain settlement for traders looking for speed and safety.
Previously I was Director of Engineering at Metal and before that held a number of engineering roles in industries like fintech and aerospace.
I have been writing software for roughly 17 years professionally and have deep knowledge for deploying high-availability software
My team and I have a deep background in engineering and in crypto, but we also have deep legal expertise across our teams. So we know how to navigate the regulatory landscape and stay compliant
HunterX | Spykefast (@realsch1- twitter):
Excellent credentials to be the director for this exciting project.. 👏👏
Q2. Let’s talk in detail about #TXA project. What are the main features of the project? Can you please throw some light on hDex and its development?
Jae Yang:
Project TXA is building a next generation of 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.
We accomplish this by having the order matching done centrally by the TXA DSL compatible exchanges, what we call Hybrid Decentralized Exchanges (hDEX)
The matched orders are then broadcast to the market validators, what we call Settlement Data Oracles (SDOs)
The SDOs record and calculate the settlement obligations of the traders, and allow for truly trust-minimized cross-chain settlement of digital assets.
TXA token is the platform token that will work with the TXA DSL in securing the network by making sure that settlement data providers are well compensated
Tacen, a US software development company, has partnered with Project TXA to develop the very first hDEX compliant with the TXA DSL standards.
Furthermore, SDO operators must stake the TXA token to operate on the platform, and can configure the SDO to learn fees
HunterX | Spykefast (@realsch1- twitter):
Q3. What are the major utilities of holding the #TXA native token? How does team plan to enhance its further value so as to attract users onboard?
Gem Flair:
The concept of #hDex is so unique and eye catching.
Jae Yang:
TXA token is part of the TXA ecosystem. TXA token may allow holders to operate the Settlement Data Oracles (SDOs) a vital part of the community infrastructure
For storing and accurately providing the peer-to-peer settlement data, SDO operators can choose to charge fees.
This means that staking and operating the SDOs may result in a steady yield
TXA tokens may also be used for fee replacements at the exchanges participating in the TXA Decentralized Settlement Layer
TXA tokens will have further governance functions that will allow holders to set limits and ranges for the TXA DSL functionalities
The team plan on making sure that the values of the token is maximized across the board on the platform by ensuring that the token’s functionality as the staking and reward mechanism is well regulated for the SDOs
lastly the token has no minting function, and will have steady burn when some platform function is used by the traders or operators
the token is broadly deflationary in that sense
As the network size of the TXA DSL grows, we believe that more and more SDOs will be needed to support the growing settlement needs of the partner exchanges
HunterX | Spykefast (@realsch1- twitter):
For the #Spykefast community..
$TXA team doing their best to add more and more value to the $TXA token.
Q4. What are the major partnerships done so far? How have these played a major role in TXA project development?
Jae Yang:
Project TXA has partnered with Tacen, a US company, to deploy the first hDEX (hybrid decentralized exchange).
Project TXA is integrating DFINITY’s Internet Computer within the TXA DSL’s SDO codebase, so that the calculation of asset settlement obligations can be done within the reasonably trusted computing environment afforded by the Internet Computer’s canister architecture
Project TXA is also considering integration of Hedera Hashgraph’s fair-ordered queue to ensure that the broadcasted trades from the hDEXes have a common data backend for multiple SDOs to subscribe and use.
We believe that having multiple data backend for SDO, an open-source software that any market participants with staking requirements met can run, should have several redudancies
Lastly, we’re developing partnership to bring NFT markerplaces to the TXA DSL
We believe that NFT creators can unlock HUGE value by having cross-chain settlement that allows creators to sell NFTs that are issued in one chain with price denominated in token or coin in another chain
HunterX | Spykefast (@realsch1- twitter):
Hedera Hash graph, Dfinity some of the big names the team is working with.
Immense potential in terms of what is to come in near future.
Q5. How does the project leverage the power of Internet Computer? How has the project roadmap progress been so far?
Jae Yang:
Project TXA relies on community operated Settlement Data Oracles (SDOs)
SDOs are open source software that will record executed trades broadcast from the partner hDEXes that are operating on top of TXA DSL.
One of the responsibilities of the SDO is to record the trades and when the settlement is requested by a trader, provide the debit and credit relationship for the traders to settle among themselves
In order to support that peer-to-peer settlement data provision, we want to have something akin to trusted or secure computing environment to do the calculations so that we know that the rules are applied consistently and no cheating occurs
Internet Computer provides some unique technical opportunities for the Project TXA team to leverage in that the IC provides canister architecture that operates in the manner consistent with our security needs for the SDO data processing
Regarding 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 have to build build and build
At somepoint before, we plan on getting the internal audit completed and prepare the open source codes for external audits by two separate firms
We plan on discussing with the stakeholders to release plans for governance and foundation before the end of the year
LIVE AMA QUESTIONS.
Silver Calt:
TXA is a US based company, abiding by the reguIations set down in the United States; correct? Why are US folks unable to access/read the tokenomics documents? Genuine question that I’m a bit confused/concerned about. Had something changed from private sale times? I thought TXA was going to remain a US company, compIying with US regulations. Those regulations prevent others in the US from even gathering additionaI information about the project?
Jae Yang:
in the US, we have a piece of law called Securities Act of 1933. Under that law, which SEC is the enforcement agency, Section 502(c) outlines the exemption status for the unregistered securities offering under Regulation D. The Rule 502(c) states that he safe harbour protection afforded under Reg D can be taken away if issuer engages in “General Advertising or General Solicitations”. Geographically fencing is not something we want, but we have to follow the law of the land.
Amina Peter:
Your project contain advanced tech functions such as hybrid-decentralized exchange (hDEX),
Settlement Data Oracle” (SDO) and Settlement Layer (TXA DSL), which are difficult for simple traders like me to fully understand how they works, thier functions and benefits offered in ProjectTXA Platform. Can I know who can use the product? A PRO/High tech traders or a Novice traders too can? Any planned for a video tutorial for the better understanding of your project? Finally, what makes trading on hDEX better advantages than that of DEX exchange?.
Jae Yang:
ok, the systems like SDO, hDEX are ones that the infrastructure that communities can be involved in. Trader experience will be that of seamless integration of centralized orderbook (like Binance) and decentralized settlement (like Uniswap and such) except the settlements are peer-to-peer and traders never give up control of their money.
Underlying tech can be reviewed by anyone since TXA DSL tech will be open sourced
One of the usecase for TXA DSL is to integrate disparate chains and have single pool of capital from which traders can freely engage in peer-to-peer trading
hDEX can operate across chains and allow cross-chain trades in trust minimized manner.
hDEX users can rest assured that funds are SAFU because funds are never custodied by the hDEX, they are self-custodied by the trader. This also means that even if hDEX website or operators go under or are unavailable, you can still settle in peer-to-peer manner because settlement happens outside of hDEX — on TXA DSL.
Sage (T.C):
@dchem Many Dex already exist, and though the concept of hDEX Is quite unique but how will it bring people from other renowned Dex to make use of the hDEX when fully launched?
Is the project licensed to operate in the USA in regards to TACEN connection?
Jae Yang:
Tacen is a US software developer, and will not be operating the hDEX it is building. Another company will operate the first Tacen-built hDEX in US (probably based out of Wyoming)
Growth plans… we plan on making sure that we have the most secure platform, bring in industry partners with development supports, and to ensure that SDO operators are well taken care of and market participants operate with equal or lesser fees than the exchanges that are out there (whether CEX of DEX)
More biz dev is on-going from both Project TXA and Tacen side so stay tuned!
রাশেদ বিদেশ:
🎨🎨🎨 What do you think about NFT? Do you have any plans to transplant NFT into your ecosystem? What is the main vision and goal of your project! What are you really trying to become successful in this highly competitive Blockchain space? Do you have a plan in attracting customers?🎨🎨🎨
Jae Yang:
Great question. We think that NFT marketplaces are great fit for the TXA Decentralized Settlement Layer.
As mentioned in section 1, NFT creators can choose to create in less costly chains (one that charges less fees) and sell the asset on another chain using the NFT hDEXes that are build on top of TXA DSL
CLOSING REMRKS
HunterX | Spykefast (@realsch1- twitter):
Cheers to the team for their successful efforts
Jae Yang:
This will unlock IMMENSE value to the artists and creators by linking islands of funds together
What a great set of questions from SpykeFast community!
Legendary-Guy🔥:
if hDEX can pull all that you talked about i think we are witnessing a revolutionary concept in the making
HunterX | Spykefast (@realsch1- twitter):
Thanks for being here..
Great conversation with you @dchem
Pleasure to have you here..
SpaceMan:
Impressive stuffs from the hdex team
IMPORTANT LINKS
👥 Join Social Media Links
📌 Telegram — ProjectTXA
📌 Twitter — projecttxa
📌 SpykeFast Telegram — @spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
