August 31, 7pm(GMT+8)
Hello everyone, I am Abell, the co-founder of BlockWay. Today we invited Mr. Jae Yang, the director of TXA, to explain the trading and SDO operations under the hDEX exchange mode.~
Jae Yang: Thank you for the invite to the community
Q1. First of all, Can you introduce us about Project TXA?
Jae Yang: Project TXA is building a Decentralized Settlement Layer (DSL), a community operated, open source tech that enables fast and secure settlement of digital assets in cross chain way
The TXA DSL will be powered by the TXA token and the TXA Decentralized Settlement Layer will integrate many different exchanges that are compatible to allow non-custodial trading solution for traders
Q2. Security, trust and efficiency are important foundations for financial projects. What technologies/modules are built into TXA to build trust foundations?
Jae Yang: Project TXA plans on open sourcing all of the source codes related to settlement layer’s operations. Firstly, TXA DSL will be composed of network of Settlement Data Oracles (SDOs) which will record executed trades from exchanges participating in the TXA DSL. SDOs are programs that TXA token holders can stake into that will calculate the settlement obligations when a trader requests peer-to-peer settlement at the end of the entire process.
Traders will use smart contracts they deploy themselves, called Smart Wallets, and Smart Wallets will lock the trader fund to allow the participating exchanges know that the funds are ready to be traded. Smart Wallets are owned by the traders and the exchanges operating on top of TXA DSL has no control over the traders’ funds.
When the settlement is requested by the trader, on-chain function is called to start the process. A quorum of SDOs then responds to answer on-chain what the trader’s obligations are to others and what other’s obligation to the trader is. That completes the peer-to-peer settlement process. We intend on getting the entire methodology audited by external firms.
Q3. Why does TXA need to introduce hDEX architecture?
Jae Yang: Technology wise, hDEX (hybrid decentralized exchange) architecture will merge the benefit of a centralized orderbook with the security and benefits of decentralized, self-custodied settlement.
Thanks to the hDEX, traders will no longer have to choose between speed and safety. Exchanges like Binance and Coinbase are in legal proceedings because their technology glitches and when the volatility rises, users have no ability to trade because they’re locked out of their accounts.
We want to give traders more control through self-custody while providing the transaction speed comparable to the centralized exchanges.
Q4. How does TXA decentralized settlement layer efficiently match transactions?
Jae Yang: TXA DSL is not matching the transactions themselves，hDEX that is part of the TXA DSL will broadcast the executed trades to the SDOs, and the SDOs record the trades to calculate the obligations between traders.
Q5. What is the role of SDO oracle?
Jae Yang: As mentioned above, Settlement Data Oracles are responsible for recording the executed trades from participating hDEXes that are on the TXA DSL. SDOs record the trades themselves, and when the settlement is requested, they provide the data for the trader’s smart contract to allow peer-to-peer settlement of the digital assets. SDOs basically secure the network by accurately recording and responding to settlement requests.
Q6. Supervision and compliance are very important so what preparations has TAX made in this regard?
Jae Yang: There are multiple ways in which Project TXA tries to make sure it designs the system to be in compliance with US and other laws. Firstly we have an extensive experience with US and foreign regulations within the team, which allows us to architect the system to be in compliance. Second, we make sure that engineering work is done with expectation that open sourcing the code will mean that external audits and review will be conducted.
TXA token contract has been thus far reviewed by Certik, and more audits will follow for the core component codes, We have many team members who have experience building crypto projects, as well as other software systems. We’re confident that we will make the right choices to ensure their safety.
Q7. What do you think is TXA’s biggest advantage in leading the market?
Jae Yang: Project TXA offers a lot of benefits currently unavailable to the exchange platform operators.
1. Traders retain custody of their own fund
2. Traders can trade assets in different chains
3. TXA DSL ensures that settlement rules are consistent and fair across the different chains
Q8. What is TXA’s project Token? Can you explain in detail what its functions and tasks are in the development of the project?
Jae Yang: TXA token is used in the TXA DSL in multiple ways
1. Fee replacement
2. Staking for SDOs, which allows SDOs charging fees and operate on the network
3. Governance functionalities
4. Risk premium / insurance for when the settlements go wrong
there will be other functionalities that are important to the operation of TXA DSL and TXA token will be used for those purposes.
in those functions where TXA token is used, there will be different times when TXA token will be burned.
9. What are the goals or plans for the recent development of TXA project?
Jae Yang: Project TXA is planning on alpha release of the source codes by Q1 2022 to test in the various testnets. Beta release, which will allow actual assets to be traded, will be Q2 2022.
Tacen, an American software development company, is developing a hDEX that is compatible with the TXA DSL, and will be one of the first exchange software that will be operating on top of the TXA DSL
We’re excited for the next year when we can show the work to the community.
Q10. When is TXA’s product expected to be available online?
Jae Yang: TXA token is already available in exchanges to trade, and the TXA DSL software will be released in line with Q1 and Q2 2022 plan. We’re working on various methods, such as formal verification, to ensure that smart contracts we write are error-free. And we’re constantly reviewing the changes in the regulations across the world to ensure smooth launch of the platform.
Contact TXA
https://t.me/ProjectTXA
https://twitter.com/ProjectTXA
Website: https://www.txa.app/
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