AMA Recap of Crypto Legacy x ProjectTXA by .

TXA Pte. Ltd., is building the Decentralized Settlement Layer (DSL), a community-operated, open-source technology that enables fast, secure, non-custodial, cross-chain settlement of digital asset transaction.

Crypto Legacy - Legado de Cripto
9 min readAug 29, 2021

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Rosemary Bianco, [27.08.21 11:00]

We started the AMA with ProjectTXA!

Welcome @dchem

Alfred

We welcome everyone to join us at this prestigious AMA event with ProjectTXA

How are you?

Jae Yang

Thank you for the warm welcome!

I’m doing very well, and excited for this opportunity

Alfred

Well, what do you think if we start with the AMA

Jae Yang

Absolutely, let’s go

Alfred

Introductory questions

Q1. Can you provide a brief introduction to the core team behind ProjectTXA?

Jae Yang

Sure!

I’m Jae Yang, Chief Architect of Project TXA.

We’re building a Decentralized Settlement Layer (TXA DSL), a community-operated, open-source tech that enables fast and secure trades through trust minimized cross-chain assets trading venue.

The TXA DSL will be powered by the TXA token, which is listed in various exchanges at the moment, and the TXA DSL can be integrated by any compatible digital assets exchange platform

Previously I was Director of Engineering at Metal, and I led the backend team there. At Metal I wrote about 1/3 of the backend infrastructure personally, and that still operates even to this date.

Alfred

Interesting

Jae Yang

My team and I have a deep background in engineering, legal, and crypto. This expertise allows us to architect the Project TXA in a way that is compliant with various laws in the US and abroad.

Alfred

Excellent

Next question

Q2. What potential does your native token have and what are its different use cases?

Jae Yang

TXA token is part of the TXA ecosystem. TXA ecosystem allows for cross-chain settlement of digital assets while allowing self-custody of funds by the traders.

The settlement layer, TXA DSL, has several components that ensures correct reporting of traders’ mutual settlement obligations.

This component is called the Settlement Data Oracle (SDO).

TXA token may allow holders to operate the SDOs by staking, and SDO operators may charge fees for participating in the network to provide correct settlement data

Executed trades are broadcast to the SDOs, and SDOs record and calculate the debit and credit relationship between traders for the peer-to-peer settlement on various constituent chains.

This means that operators of the SDOs (basically the stakers of the token who runs these open source software) will help to secure the integrity of the market and may charge fees to earn a steady yield.

TXA token may also be used as fee replacement by the traders who trade in the exchanges plugged into the TXA DSL.

Alfred

Q3. Can you talk a bit about your prospects and how they will benefit from your products and services?

Jae Yang

Project TXA has partnered with Tacen Inc, a US based software company focused on delivering defi solutions with compliance as its primary goal.

Tacen is developing their own exchange that will be built on top of TXA Decentralized Settlement Layer.

This new architecture of exchanges that are compatible with TXA DSL are called Hybrid Decentralized Exchange (hDEX)

The hDEX will combine a centralized orderbook with order matching speed that is comparable to the fastest centralized exchanges out there (roughly 200+ trades/sec)

Benefit of hDEX is to provide self-custody of funds to the traders, while improving speed and performance of the trading venue.

Yep! We’re excited to bring this tech to the world

Many exchanges out there struggle in three ways: 1) compliance 2) performance 3) security

Some of these exchanges are even struggling to get traders logged in, and we think this is false choice. We will strive to make sure that traders do not have to trade security for performance.

Alfred

Great

Q4. What is that milestone at ProjectTXA that you are most proud to achieve?

Jae Yang

We just had our token contract audited by Certik and it passed with flying colors! We had no major, minor, or even lower level alerts

We’re pushing in all fronts to get the TXA DSL launched, and we have a collaboration with DFINITY to integrate the Internet Computer into the SDO architecture.

We’ve also built top-tier team who’s been in the industry for a while

Myself included

We’re continuing to build strategic relationship with other crypto projects and we’re ready to make the project into something that the community will own

Alfred

Ok sir, last question

Q5. What plans does ProjectTXA have for this 2021?

Jae Yang

We’re planning on open sourcing the TXA DSL codes and getting it audited.

TXA DSL softwares will be released for alpha by Q1 2022

Beta release will be by Q2 2022

While we’re pushing these releases out, we’ll continue to develop partnerships to bring hDEX and TXA DSL to the world

Project TXA’s partnership with Tacen is crucial in the initial phase, and quickly we want to make sure that the foundation and the community leads the development of the Project

Alfred

Thanks for your answers, we just finished the segment of:
Introductory questions

We move on to the segment of:
Twitter questions

@MaxiVV05

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

hDEX aims to minimize a few things:

1. Fund custody risk

2. Privacy leaks

3. Total cost to exchange operator

hDEX architecture accomplishes these goals by having the traders deploy their own smart wallets, which is recognized by the hDEX compliant exchanges

hDEX minimizes privacy issues by reducing the need for the exchange operator to have account signup based system, instead using the identity already available as wallets.

If you think about it, the crypto wallets themselves are already identities.

hDEX reduces the total cost of operations by making the settlement data retention and delivery a responsibility of the TXA community

This symbiosis between hDEX and TXA allows for faster trading, lower fees, and more secure exchanges

hDEXes, by design, cannot move your funds, cannot freeze them, and so on because it does not participate in the peer-to-peer settlements

Removing perverse incentive of having access to huge sums of money in hot wallets allows hDEX developers to FOCUS on delivering fastest and cheapest exchange experience.

@meml1997

It caught my attention that on TXA Project, there will be something called “Settlement Data Oracle” (SDO), can you tell us more about this? How will this SDO exactly work and what function do they fulfill within TXA’s platform? What benefits do this SDO bring to your users?

Jae Yang

Absolutely

When a trader trades in hDEX which is connected to TXA Decentralized Settlement Layer (TXA DSL), the hDEX broadcasts executed trades as quickly as possible

when that happens, other market participants may elect to subscribe to that feed and record the executed trades

Settlement Data Oracle does this.

Trader who is trading on hDEX will have something called a Smart Wallet.

A Smart Wallet is a smart contract that the trader owns, and allows trader to lock the funds so that the hDEXes know that the funds are available for trade.

This is similar to many pegging / depegging through sidechains or other layer-2 solutions

By locking in the funds, trader can trade. After that when the trader wants to unlock to move it to whereever, the trader will request settlement on-chain.

This process does not require hDEX to initiate

When settlement has been requested, the SDOs listening for the request then responds with what the trader-to-trader settlement obligations are.

The quorum of the SDOs will answer on the chains where TXA DSL operates
So…

what that means is that SDOs provide settlement data that is vital to the integrity of the TXA DSL.

As mentioned above, hDEX and TXA DSL operate in a symbiosis. Where hDEX operates only to list and match orders, and TXA DSL, through SDOs reporting, operates only to tell the traders’ Smart Wallets how to handle peer-to-peer settlements

This keeps exchange operators honest, or rather, the system prevents theft by design

@Lidiamga

Trading on a centralized exchange can be extremely dangerous that is why TXA Project are building a non-custodial solution. Can you tell us more about the non-custodial solution your platform is building? How it will bring a better impacts to trader and to users of your platform?

Jae Yang

Another great question

In addition to explanation above, I can outline some of the impacts traders will see

Traders will have a similar experience to what they are used to in other centralized exchanges — in terms of speed and fees

However, main difference will be the additional security that the hDEX will provide due to its design and function mentioned above.

For an example

even if the exchange website is subjected to DDoS (DIstributed Denial of Service) attacks and is unavailable, traders can still settle because settlement does not require the exchange website

Your funds are truly safe in this paradigm

Another benefit to the traders is the cross-chain trades of digital assets. TXA DSL operates on multiple blockchains

and the settlements are on-chain

Third benefit traders can expect is the tight integration of the hDEXes with existing DeFi building blocks.
One of the features we’re building is a easy to integrate callback function which will be executed by the trader’s Smart Wallet after settlement has been completed

This allows for timely execution of chain of events that are necessary in the new DeFi world we’re in.

@sg_tahani

decentralized settlement layer is FUNDAMENTAL to the development of the digital asset exchange of the future, however for many this term will be difficult to understand. Could you describe how this DSL works and why you are convinced that we need it?

Jae Yang

TXA DSL works by having couple different components.

One is the SDO I mentioned

Second is the Smart Wallet

Third is the coordination contracts in each blockchains

SDOs have to listen in the chains they serve, which means they have RPC (remote procedure call) clients which will listen to the native events on the chains they serve.

SDOs are recording these data and responding to them as needed (such as when settlements are requested)

SDOs also have their own account of the executed trades, so that they can calculate the debit and credit relationship of the traders

The data backend for the SDOs will be redundant, and not just using one kind of data storage, but using different types of storage so as to prevent data unavailability

Some of these storage method may also be remote, or even DLTs (distributed ledger techs) that are not cryptocurrency platforms

Alfred

I like your caution haha

Jae Yang

Many years ago I was working as an Aerospace Engineer and in that field we have a concept called triple redundancy, and another concept called common-logic error (which every aircraft flying now tries to avoid)

Because TXA DSL potentially will report on peer-to-peer settlement in aggregate for very large sums, we have to build systems that are rock-solid.

Alfred

Last question

@LeyaNirmala

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?

Jae Yang

Awesome question

We strive to build partnerships and build compatibility of TXA DSL with as many chains as possible.

As long as the blockchain project meets the compliance criteria, and has smart contract functionality that is on par with Ethereum, we can build on it

EOS could be one

and Polkadot projects being the other

Alfred

Thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!

Jae Yang

Thank you very much for hospitality and your time

The TXA Decentralized Settlement Layer is foundational to the development of the digital asset exchange of the future. Tacen Inc., a U.S. based, legal-first, software development company has partnered with TXA to develop the first hybrid-decentralized exchange (hDEX).

📚More information about ProjoctTXA:
💡 URL
📨Telegram
🐦Twitter

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Crypto Legacy - Legado de Cripto

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