Project TXA x Im Community AMA Recap
đ TELEGRAM AMA: Im Community & Project TXA đ
â° AMA Timing : 10 September 2021 l 02:00 PM UTC l 21:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100 USDT
Bà Tân |: Welcome @dchem from Project TXA
Bà Tân |: Welcome everyone. Today Im Community will host AMA with Project TXA.
Bà Tân |: Today our guest is: @dchem from Project TXA.
Bà Tân |: Please introduce yourself a bit: @dchem.
Jae Yang : Sure thing
Jae Yang : Iâm Jae Yang, Chief Architect of Project TXA
Jae Yang : I worked as software engineer for about 17+ years, working in fields such as aerospace, consumer electronics, and blockchain
Jae Yang : I started the project two years ago to improve privacy and speed of trading experience
Bà Tân |: Thanks for the introduction.
BĂ Tân |: Todayâs AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Project TXA
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1435818547414908931).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
Bà Tân |: Requirements:
đŁIm Community (https://t.me/imcommunityitw)
đŁProjectTXA (https://t.me/ProjectTXA)
đŁTXA Announcement channel (https://t.me/TXAannouncements)
đŁTwitter TXA Project (https://twitter.com/ProjectTXA)
đMore information about Project TXA :
đŁWebsite (https://www.txa.app/)
Bà Tân |: Start session 1 AMA @dchem
Bà Tân |: Question1. Can you briefly describe what is Project TXA? We would like to know more about it and how it works.
Jae Yang : 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
Imagine a trading experience where traders have full custody, but with fast order execution and low fees like CEXes. Traders can also trade and settle assets in different chains in a trust-minimized manner.
Ahrix : @dchem Please say âDoneâ when you have finished the question, thank you.
Jae Yang : Project TXA is working on creating a Decentralized Settlement Layer (DSL) which will allow exchanges to integrate with it. Partner exchanges will never need to take custody of funds, because traders will use Smart Wallets (smart contract that allows traders to collateralize the trade in a manner similar to how layer-2 technology handles them). Smart wallet allows traders to have self-custody, and the collateralized funds are reflected in the exchanges built on top of the TXA DSL.
Jae Yang : With TXA DSL, traders will even be able to start settlement for peer-to-peer settlements even if exchange website and servers are down.
Jae Yang : done
Bà Tân |: Question2.What products are the Project TXA team developing?
Jae Yang : While Project TXA is not a commercial project, weâre building several open-source software that will be made available freely to the community
Firstly, Project TXA is building what weâre calling Decentralized Settlement Layer (DSL)
TXA DSL, as mentioned above, will allow traders to trade in cross-chain manner while maintaining custody of the assets
Project TXA is working on a standard for the partner exchanges to create compatible exchanges work with TXA DSL.
Weâre working with Tacen, a US based company, to create whatâs called hybrid decentralized exchange (hDEX) possible
The hDEX will combine a centralized orderbook with order matching speed rivaling the fastest centralized exchanges in the crypto industry (200+ per sec) with the protections and benefits of the TXA Decentralized Settlement Layer.
Project TXA is building an open source software called Settlement Data Oracle, which will allow the peer-to-peer settlement to happen cross-chain by providing a correct settlement data for the traders.
done
Bà Tân |: Question3. What role does the $TXA token play in your ecosystem? What are the benefits of holding?
Jae Yang : TXA token is a project native token of Project TXA
TXA token will be used for staking to allow holders to operate Settlement Data Oracles (SDOs).
Settlement Data Oracles are used by the TXA Decentralized Settlement Layer when the trader requests settlement to start
When a trader trades, executed trades from the exchanges operating on TXA DSL will communicate the facts about the trades to the SDOs
SDOs record the fact, and when trader requests settlement, SDOs tell the DSL what the tradersâ obligations are for peer-to-peer settlement
for providing that settlement data and for securing the network, SDO operators can charge fees
TXA Token -> Staked to allow SDO operation -> SDOs secure the network -> SDO operators earn fees
Coinbase made $1.8 billion Q1 of 2021, imagine if half of that went to the community for providing the settlement service
TXA tokens will also be used as fee replacements in the exchanges compatible with TXA DSL, and finally TXA tokens will be used for governance functions, like setting the rules for the DSL
done
Bà Tân |: Question4. What are the achievements that Project TXA Team has achieved so far?
Jae Yang : Weâve assembled a world-class team. Weâve achieved our goal of Q2 TGE back in May.
We had our token contract audited successfully by Certik and we plan on open sourcing and getting the TXA ecosystem codes audited by external firms
We also have a collaboration with DFINITY to integrate the Internet Computer into the SDO architecture.
Weâre also working on possible integration with Hedera Hashgraph, to allow fair-ordered messaging architecture to be integrated easily for our Settlement Data Oracles
Project TXA has partnered with Tacen. Tacen is working on building a first Hybrid Decentralized Exchange (hDEX) that will be built on top of the TXA Decentralized Settlement Layer
done
BĂ Tân |: Question5. What is Project TXAâs development roadmap this year?
Jae Yang : Weâre working on the settlement mechanism weâre building will have an alpha release (testnet) by Q1 of 2022, and beta Q2 2022
Before Q4 2021 ends, we will announce the Foundation plans, and the governance rulesets
We will also get the open source projects audited by two external firms and release the result to the public
While working on these milestones throughout 2021, Project TXA will continue to seek out partner exchanges, and bring hDEX architecture to the traders
done
Bà Tân |: End of session 1
Bà Tân |: We will move on to session 2
Bà Tân |: Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1435818547414908931).
Bà Tân |: Question1. @NguyenThKhHuyen
I see on your website that the $TXA Decentralized Settlement Layer provides settlement for multiple Exchange Platforms, so can you tell us which one is already involved with your project and what is your bigger ambition in this regard?
Jae Yang : Tacen is building the hDEX that is compatible with the TXA DSL.
Weâre working on onboarding NFT marketplaces that will allow them to trade NFTs using tokens from different chains
Bigger ambition for us is to start building tools and configuration guidelines for different exchange scenarios
Once TXA DSL has been launched, we think that thereâs sufficient technical infrastructure to have exchanges build their own exchanges without worrying about cybersecurity associated with custody
done
Bà Tân |: Question2. @Nguyenkiet340z
Partnership is always an important factor for every project . So who is your partner? What are the benefits you get from those relationships?
Jae Yang : Weâre working on integrating DFINITYâs Internet Computer into the SDO code, and where the IC may help is by offering whatâs called secure-computing environment, where the computing environment is consistent and the rules surrounding what kind of code gets executed is well defined through ICPâs use of canisters
Weâre working with several companies already in the validator space who will be operating the SDOs and provide the initial settlement infrastructure. Once we have more community involvement it will bolster TXA DSLâs capacity in terms of peer-to-peer cross-chain digital assets settlement
and more!
done
Bà Tân |: Question3. @oGiaLinh5
I could see that for their fourth quarter they plan to integrate the Moonbeam and Moonriver networks, but what do they hope to achieve by integrating these ecosystems to TXA? In addition to these chains, in the future do you plan to integrate others such as Solana or EOS or Near?
Jae Yang : We strive to build partnership with as many chains as possible.
AS long as the project meets the compliance criteria, and aids Project TXA in technology integration, and has smart contract functionality, we will work on integrating them
Solana and EOS are interesting, and they certainly have the smart contract functionality on par with Ethereum. Prospect of deploying TXA DSL for these chains are intriguing and we will explore it further
done
Bà Tân |: Question4.@NguynQu56146057
I read thatTacen Inc has partnered with TXA to develop the first hybrid-decentralized exchange (hDEX). What would be the highlight features about this hDEX? What is the difference between a hDEX of a traditional DEX?
Jae Yang : 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
hDEX allows traders to self-custody and to trade assets across different chains
Traditional DEX relies on the AMMs (automated market makers) to provide liquidity,
in hDEX, the liquidity is provided by the traders themselves rather than AMMs
AMMs are 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
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, allow traders to settle on-chain â meaning while hDEXes allow CEX like user experience, traders can still settle even if the hDEX website is down.
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 |: Question5. @JohnnyNguyenn1
How can the community contribute to Project TXAâs success? Do you wish to expand communities globally, or are you currently concentrating on local communities?
Jae Yang : Crypto community at large can contribute to Project TXA in many ways
First, weâre looking for smart contract developers to be involved in the open source development of the TXA DSLâs core tech
We think that for the project can be truly global and benefit from talents all over the world, and we plan on expanding the community to include many different language groups.
We currently have mixed-language community in telegram, but we will soon have communities dedicated to different languages
Weâre focused in key area where supporters have shown the most interest: Vietnam, China, India, Japan, Korea, Latin America, and so on
done
Bà Tân |: End of session 2
BĂ Tân |: Weâll move on to session 3
Bà Tân |: Sessions 3: The conversation will open to the community questions and the best questions will be selected.
Bà Tân |: Requirements:
đŁIm Community (https://t.me/imcommunityitw)
đŁProjectTXA (https://t.me/ProjectTXA)
đŁTXA Announcement channel (https://t.me/TXAannouncements)
đŁTwitter TXA Project (https://twitter.com/ProjectTXA)
đMore information about Project TXA :
đŁWebsite (https://www.txa.app/)
BĂ Tân |: Donât forget to join the group https://t.me/ProjectTXA
Bà Tân |: Thanks for the questions from the community.
Bà Tân |: @dchem Pick the 5 best questions and answer it for session 3.
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/TXAannouncements
Q1. What are the security measures you adopt to ensure maximum security for your users so they can trust you?
Jae Yang : We will have all of our open source codes audited and audit results will be released to the public. We plan on running the system through security checks before the alpha launch
Q2. Share with us about your plans for 2021, what are you currently focus on, and are you going to expand the list of major exchanges.?
Jae Yang : Rest of 2021 will be focused on building the tech and we will be releasing the plans for the foundation and governance rulesets. Weâre focused on the SDO open sourcing and audits
Q3. NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?
Jae Yang : Project TXA is well suited for providing NFT creators with solutions for cross-chain sale of NFTs. Imagine a world where NFT creator can sell NFT created in one chain to buyer paying for the NFT using another token in another chain
Q4. The goal of the DeFi is to create a new financial system that eliminates subjectivity, bias, and inefficiency by relying on programmable terms. Does your project support this vision and how does it participate in the DEFI space?
Jae Yang : Yes Project TXA does support all of these visions. We are working on decentralizing the settlement layer for everyone, and SDO operators will be able to earn income by helping to provide key piece of infrastructure for the market
Q5. 1-Increasing Token price 2- make Token Valuable 3-Building Community Trust From 3 aspects above. I want to ask, which one the most important for you?If all above are important for you, which one that Will you do first?
Jae Yang : Token price is important, but I think that it is a result of inherent value of the token. So Project TXA is much more concerned with building out the TXA DSL technology and to create more partnerships and communities that we can learn from.
done
Bà Tân |: Thanks for the useful information from @dchem
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/TXAannouncements
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/TXAannouncements
Bà Tân |: Allright, I declare the Im Community AMA with Project TXA has ended.
Thanks to @dchem | 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.
BĂ Tân |: Todayâs AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .
