Project TXA x IM community AMA RECAP
đ TELEGRAM AMA: Im Community & Project TXA đ
â° AMA Timing : 09 February 2021 l 04:00 PM UTC l 23:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100 USDT
âĄď¸ The reward pool for the best 5 questions from Telegram is $50($10 Each) đ¸
âĄď¸ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) đ¸
Bà Tân | : Welcome @VBellini from Project TXA
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Project TXA.
Bà Tân | : Today our guest is: @VBellini from Project TXA.
Ahrix : Welcome @VBellini to the IM community.
Bà Tân | : Can you introduce yourself to our Im Community?
Virgil Bellini : Sure thing!!
Virgil Bellini : My name is Virgil Bellini.
Virgil Bellini : Iâve been in crypto for 5 years. Previously operations director at Metal for 3.5 years.
Virgil Bellini : I work in BizDev for Project TXA to assist with onboarding new Settlement Data Oracles (SDOs)
Bà Tân | : Thanks for the introduction.
BĂ Tân | : Todayâs AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1491083607867539458) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
BĂ Tân | : Q1.Could you please give us a simple introduction of Project TXA ? Whatâs the motivation for starting build Project TXA ? @VBellini
Virgil Bellini : Sure!
Project TXA is trying to solve the problems that traders have:
1. CEXes are fast but too risky in terms of custody
2. DEXes are safe (more or less), but slow
3. DEXes cannot do cross-chain settlements of digital assets
Project TXA is focusing on solving these problems by creating the settlement architecture that is able to accommodate exchanges with centralized orderbooks but keep the custody in the hands of traders
Project TXAâs chief architect has spoken at length on the frustrating experiences heâs encountered while trading on CEXes and DEXes alike.
Project TXA was created back in 2019 when he thought about all of the trading venues with thefts and hacks. He realized that centralized exchanges are fundamentally flawed, because they merge custody and control as the saying goes, ânot your keys, not your cryptoâ.
When we think about DEXes, problems also present themselves AND DEXes generally donât support cross-chain settlement
So the solution is to combine the speed and efficiency of the centralized exchange by using only the part of the centralization that matters â order matching.
New and existing exchanges will have the opportunity to white label the hDEX or integrate the TXA Decentralized Settlement Layer into their infrastructure.
A paradigm shift occurs when exchange operators realize they can earn the same trading fees without the risk of storing user data. â
Ahrix : Please say âDoneâ when you have finished the question, thank you.
Virgil Bellini : Done
Bà Tân | : Q2.What are the outstanding features of Project TXA compared to other projects?
Virgil Bellini : Hybrid Decentralized Exchanges allow traders to trade without sending their money to some centralized exchange which could pull an exit scam.
Since the exchange operators have zero ways to steal, they are not incentivized to work on ways to pull an exit scam.
Exchange operators can then focus on ensuring that the trading user experience is the best it can be.
The hDEX allows traders to self-custody and to trade assets across different chains.
A traditional DEX relies on the AMMs (automated market makers) to provide liquidity,
In the hDEX, the liquidity is provided by the traders themselves rather than AMMs.
AMMs are an incomplete answer to liquidity provision because AMMs basically announce the intent through the price-demand curve.
Liquidity pools take money to enter into and exit out of, and LP suppliers suffer from something called impermanent loss.
AMMs are an incomplete answer to liquidity provision because AMMs basically announce the intent through the price-demand curve.
Liquidity pools take money to enter into and exit out of, and LP suppliers suffer from something called impermanent loss.
The hDEX does not need to have AMM because order modification and cancellation is fast, while DEX does not allow fast order modification and cancellation.
hDEX, similar to DEXes, allows traders to settle on-chain â meaning while hDEXes allow a CEX like user experience, traders can still settle even if the hDEX website is down.
The hDEX can support many different types of assets, such as tokens and NFTs, and allow peer-to-peer settlement using the TXA DSL.
Done
Bà Tân | : Q3.What are the economic benefits of the $TXA token?
Virgil Bellini : TXA token is part of the TXA ecosystem. TXA token may allow holders to operate whatâs 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 settlement.
Executed trades are broadcasted 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.
Done.
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 the TXA DSL.
One more part to add!
Now done.
Bà Tân | : Q4.Can Project TXA team please update some Project TXA latest news or major events to attract more users ?
Virgil Bellini : The most important milestone we achieved was the finalization of the feature requirements for the Decentralized Settlement Layer smart contracts at the end of 2021.
Thanks to this, weâre now building the final settlement interface for the smart contract layer and testing it across multiple chains.
This will allow us to verify cross-chain functionality before moving on to end-to-end audits of the entire system.
Done.
Bà Tân | : Q5.What is the project development plan of Project TXA at present and in the future?
Virgil Bellini : Weâre building the new infrastructure of DeFi with our TXA DSL. Weâre giving access to the TXA tokens now so that the holders of the tokens can become the future SDO operators.
Longer term holders will have additional benefits for fupporting TXA from the beginning.
The settlement mechanism weâre building will have an alpha release (testnet) by Q2 of 2022, and beta by Q3 2022.
While working on these milestones throughout 2022, Project TXA will continue to seek out partner exchanges, and work with Tacen to bring hDEX architecture to the traders.
Done.
Bà Tân | : End of session 1
Bà Tân | : Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1491083607867539458) (will choose 5 question)
Bà Tân | : Question1. As far as i know, #ProjectTXA (https://twitter.com/hashtag/ProjectTXA?src=hashtag_click) has organized a lot of ama and delivered a lot of bonuses so that users can understand more about #ProjectTXA (https://twitter.com/hashtag/ProjectTXA?src=hashtag_click). So do you want to receive anything from the community through the ama today?
Virgil Bellini : Great question!
Join our social media communities!
Email hello@txa.app for more information on how to become an SDO operator to earn fees for helping secure the trading settlement layer.
Look out for an announcement to join our newly created Discord community.
Telegram: https://t.me/ProjectTXA
Twitter: https://twitter.com/ProjectTXA
Discord: Coming soon!
Done
BĂ Tân | : Question2. How do you keep your platform safe for Investors, and is your platform protected from hackers? And how do you manage if thereâs an attack on your platform, including the personal data of your platformâs users? Is your platform ready for this?
Virgil Bellini : Superb question!
Decentralized settlement is an elegant way to solve the risks associated with centralized exchanges like Binance and Coinbase.
The issuse with CEXes is they hold all your sensitive information, risk being hacked, and they hold all your funds captive on their platform.
The issue with DEXes is they are constrained by on-chain orderbook updating, the fees are higher, and cross-chain swap attempts suffer from the same issues.
The hDEX solves these issues AND the traders funds on the platform remain safely in the traderâs custody. Personal data collection is unnecessary while using hDEX artictecture. I hope this answers your question.
Done.
BĂ Tân | : Question3. It caught my attention that TXA is described as âcommunity-operatedâ, can you elaborate a little bit more on this matter, please? How will TXA exactly be âcommunity-operatedâ? Will the community be able to have a say on absolutely every decision regarding the future of TXA?
Virgil Bellini : Project TXAâs decentralized settlement layer will be governed by a DAO.
Community members interested in voting on parameters of how the DSL operates will have the opportunity to do so.
This includes setting fees paid to SDOs, changing collateral requirements, and even replacing the DSL smart contracts.
Obviously there are practical limits to how much control over the project can be delegated to the community.
However, without an active and healthy community of participants, the project will not succeed, so we will make every effort to listen to our traders, participating exchanges, software integrators, and SDO operators.
Done
BĂ Tân | : Question4.I read that The hDEX will combine a centralized order book with order matching speeds that rival the fastest centralized exchanges, with the protections and benefits of TXAâs decentralized settlement layer. So how exactly does it differ? How much speed does it provide?
Virgil Bellini : To withdraw funds from an hDEX, in the background we first trigger an on-chain settlement, and then the withdrawal speed is the same as any transaction on the specific chain.
The settlement speeds will rival the fastest existing CEX speeds.
Done
BĂ Tân | : Question5.Partnerships are very important for any platform to build up from zero level to success. So does â â#ProjectTXA (https://twitter.com/hashtag/ProjectTXA?src=hashtag_click)" have strong partners to support for withstanding against huge competition in crypto market?
Virgil Bellini : Project TXA has partnered with Tacen Inc. 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.
Project TXAâs partnership with Tacen will pave the way for the future generation of hybrid decentralized exchanges.
Done
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @VBellini ���
Had a lot of fun!!
Bà Tân | : End of session 2
BĂ Tân | : Weâll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
BĂ Tân | : Donât forget to join the group https://t.me/ProjectTXA
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
BĂ Tân | : Now letâs give our dear guest @VBellini some time to go through them.
Bà Tân | : @VBellini Please choose the best 5 questions and answer it for session 3, Thank you.
Q1. What is the tokenomics of you project? how can I buy your token and what are the benefits?
Virgil Bellini : 1
There are 50,000,000 TXA.
Staking TXA will allow people to become Settlement Data Oracles and earn crypto from trading fees.
To learn more about tokenomics and how the TXA Decentralized Settlement Layer will operate, please visit https://www.txa.app/ and click the purple banner at the top of the page.
Done
Q2. Where can i buy token ?
Virgil Bellini : 2
TXA is listed on 6 exchanges:
Kucoin, MEXC, Bittrex Global, HitBTC, HotBit, and Probit.
More info here:
https://coinmarketcap.com/currencies/project-txa/markets/
Q3. Does your project already have AIRDROP open?
Virgil Bellini : 3
I suggest reading the technical paper for more information on airdrops. https://www.txa.app/
Also, be sure to join our communities for the latest news on airdrops.
https://twitter.com/ProjectTXA
Loyal token holders will be rewarded for supporting Project TXA from the beginning.
Done
Q4. COMMUNITY is important for the success of any project. How can the COMMUNITY help and support the success of your project?
Virgil Bellini : 4
Be sure to email hello@txa.app to learn more about how to join the community of Settlement Data Oracles and start earning fees for helping secure the Decentralized Settlement Layer!!
All community members are welcome!!!
Done
Q5. Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?
Virgil Bellini : 5
Great question!!
This is precisely what makes the hDEX special.
As mentioned before, The hDEX can support many different types of assets.
Gaming and metaverse tokens, NFTs, and traditional financial products can ALL be managed and settled with peer-to-peer settlement using the TXA DSL.
Done
Bà Tân | : Thanks for the useful information from @VBellini
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @ProjectTXA for answers.
Bà Tân | : IM Community, if you would like to know more about Project TXA ! here are some useful links for you:
Official Website: https://www.txa.app
Twitter: https://twitter.com/ProjectTXA
Telegram: https://t.me/ProjectTXA
Gitlab: https://gitlab.com/ProjectTXA-audit
Thank you so much Im Community for hosting this AMA!!!
Bà Tân | : Allright, I declare the Im Community AMA with Project TXA has ended.
Thanks to @VBellini | Project TXA joined us and provided us with Project TXA information, we hope that this knowledge makes us understand more about https://www.txa.app (https://www.txa.app/)
To the members, thank you for following this event to the end. winners will be announced soon.
