AMA Recap Crypto Library with TXA


On 25th August 2021, TXA conducted an AMA in the Crypto Library Community. Our guest is Jae Yang. Lots of questions as usual from the Community about TXA progress. The TXA team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into TXA.

Let’s take a look at the most interesting points of our conversation. 

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Jae Yang (TXA) : I’m Jae Yang, Chief Architect of Project TXA. We’re building a Decentralized Settlement Layer (DSL), a community-operated, open source tech that enables fast and secure non-custodial way to settle assets cross-chain. TXA DSL will be powered by the TXA token and can be integrated by any compatible digital assets exchange platforms.
Crypto Library Team : What is TXA Project? and how does it work?

Jae Yang (TXA) : The TXA Decentralized Settlement Layer is foundation of the digital assets exchange development for the future. TXA is an open source project that will be a open platform for many other stakeholders to build on top of. Tacen Inc is a US based software development company that has partnered with Project TXA to develop one of the first hybrid decentralized exchange (hDEX). The hDEX will combine a centralized orderbook (high speed order matching) that rivals some of the fastest centralized exchanges out there (200+ trades per sec) with the protection and benefits of the self-custody through TXA DSL.

Crypto Library Team : Could you give us some reason why we have to choose TXA Project than other projects out there?

Jae Yang (TXA) : Project TXA offers a lot of benefits currently unavailable to exchange platform operators. For an example, trader custody being one such issue. TXA DSL allows traders self-custody, while making sure that the settlement rules are consistent and fair across the board. Project TXA also is attempting to create one of the first cross-chain settlement system for assets trading. TXA tokens can be used for fee replacements, selection of settlement data providers (which I will cover later), and other staking mechanisms to create a fair and smooth operating peer-to-peer assets settlement layer. Both Project TXA and Tacen, one of the chief contributors, are well repsented in terms of compliance and legal knowhow. Which allows the project team to architect the system to be compliant in US and abroad, while maintaining trader privacy to the maximum extent possible. In a world where various centralized exchanges are in legal proceedings because of their “technical glitches”, we want to give traders more control.

Crypto Library Team : Please tell us about $TXA token! What are the token use-case, distribution, and where we can buy it?

Jae Yang (TXA) : TXA token is part of the TXA ecosystem. TXA token may allow holders to operate what’s called a Settlement Data Oracle (SDO). SDOs are integral part of the TXA Decentralized Settlement Layer, and SDOs provide settlement data for the peer-to-peer settlement. Executed trades are broadcast 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. For storing and accurately providing those 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. You can buy the token at KuCoin, Bittrex, Probit, and others, more listings to come.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Jae Yang (TXA) : We’re building the new infrastructure of DeFi with our TXA DSL. We’re giving access to the TXA tokens now so that the holders of the tokens can become the future SDO operators. Settlement mechanism we’re building will have an alpha release (testnet) by Q1 of 2022, and beta by Q2 2022. Settlement mechanism we’re building will have an alpha release (testnet) by Q1 of 2022, and beta by Q2 2022. While that’s happening, Project TXA will continue to seek out partner exchanges, and work with Tacen to bring hDEX architecture to the traders.
Crypto Library Team : Currently $TXA has been listed on Kucoin so to be traded on there. Which currencies should I use in buying some $TXA? what is the slippage to be set when exchange $TXA? What will be the next exchanges, you hope to list $TXA?

Jae Yang (TXA) : KuCoin currently lists TXA/USDT and TXA/USDC. I can’t really comment on the trading side, and for that I hope yualikoo consults his or her own financial advisor. I don’t have a lot of visibility on which exchanges will choose to list TXA, but I hope that with your support that many more exchanges will decide soon.

Crypto Library Team : 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 (TXA) : As mentioned earlier, Tacen is building a hDEX that is compatible with TXA Decentralized Settlement Layer. We will continue to develop new partnerships to bring more exchange platforms to the ecosystem. We believe that NFT marketplaces can benefit from having a cross-chain settlement layer. Currently, places such as OpenSea only supports Ethereum based digital collectibles. Imagine the future where NFTs from one chain can be traded for tokens in another chain. I think that will be great.
Crypto Library Team : Being a hybrid platform, can you contextualize which features of both CEXes and DEXes have you taken into account for the development of your platform? How do you expect it to be a long-term success?

Jae Yang (TXA) : Yes. CEXes have fast order matching and DEXes have custody security (more or less) so what we are aiming to do with Project TXA is to bring the best of both worlds into one architecture - hDEX and TXA DSL.

Crypto Library Team : Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable?

Jae Yang (TXA) : Yes, we had token contract audited by Certik and we plan on open sourcing and getting the TXA ecosystem codes audited by external firms.

Crypto Library Team : Do you have any plans for token unlocks in near future? What’s the total supply?

Jae Yang (TXA) : Yes, total supply is 50 million, and the there are multiple token unlocks. The team unlock (25% of team allocation) is in June 25th of 2022, so about a year from now.

Crypto Library Team : The hDEX architecture relies on a decentralized network of oracles that enable tracking and provide commercial data, but does this imply any risk or vulnerability to user data from hackers?

Jae Yang (TXA) : While no one can be safe from hackers, the hDEX and TXA DSL architecture allows a degree of privacy for traders unheard of in the industry. First, the traders have total custody of their own funds, which means that there is no central point of failure for fund safety like in CEXes with their hot wallets. TXA architecture also allows for minimizing the perverse incentive that many exchange operators have which eventually leads to some of the less reputable exchanges stealing depositor funds. hDEXes, through carefully designed archtecture, prevents exchange operators from even having the ability to steal.

Crypto Library Team : What is the connection TXA and ICP? And will ICP support marketing of TXA?

Jae Yang (TXA) : Project TXA is keen on collaborating with DFINITY by integrating Internet Computer into SDO’s architecture. Where the Internet Computer may help is by offering what’s called secured computing environment, where computing environment is consistent and the rules surrounding what kind of code gets executed is well defined through ICP’s use of canisters. We’re excited to use technology that makes sense in terms of reducing the time to market.