AMA Recap of Crypto Legacy x ProjectTXA by Virgil Bellini
Project TXA is developing the first cross-chain global decentralized settlement layer.
Rosemary Bianco, [2/2/2022 12:04 P. M.]
We welcome everyone to join us at this prestigious AMA event with ProjectTXA
Our guest today is @VBellini, how are you?
Virgil Bellini
All is well, happy to be here!! @RosemaryBianco
Rosemary Bianco
Excellent, what do you think if we start with the questions of the AMA?
Virgil Bellini
Let’s do it!!
Rosemary Bianco
Introductory questions:
Rosemary Bianco
Q1. Can you provide a brief introduction to the core team behind ProjectTXA?
Virgil Bellini
Sure thing!
Jae yang is Project TXA’s Chief Architect, Clarence Liu is Director, Virgil Bellini leads business development outreach related to onboarding new Settlement Data Oracles and token projects.
Project TXA also works closely with Tacen’s (a U.S. based, legal-first, software development company) team of 15 engineers to help build the Decentralized Settlement Layer.
Rosemary Bianco
Ohh, great team
Q2. What potential does your native token have and what are its different use cases?
Virgil Bellini
TXA token is part of the TXA ecosystem. TXA may allow holders to operate a Settlement Data Oracle (SDO).
SDOs are an integral part of the TXA Decentralized Settlement Layer (DSL), and SDOs provide trade settlement data for the peer-to-peer settlement.
Anyone holding acertain amount of TXA can become an SDO.
Executed trades are broadcast to the SDOs, and the SDOs record and calculate debit and credit relationships between traders. When a trader requests settlement, SDOs provide this crucial information
Rosemary Bianco
Q3. Can you talk a bit about your prospects and how they will benefit from your products and services?
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Puede hablar un poco sobre sus prospectos y cómo se beneficiarán de sus productos y servicios?
Virgil Bellini
Sure!
As mentioned above, Project TXA has partnered with Tacen Inc. to develop the first hybrid-decentralized exchange (hDEX).
The hDEX is a combination of the best features of centralized (CEX) and decentralized (DEX) exchanges!
The hDEX will have a centralized orderbook with order matching speeds rivaling the fastest CEXes (200+ trades per second).
Additionally, the hDEX will provide traders with the same protections and beneifts when using DEXes. The trader will maintain custody of their funds, etc.
The hDEX will also allow for secure/fast cross-chain swapping which is a very dificult/ technical problem to solve.
✅
Rosemary Bianco
Q4. What is that milestone at ProjectTXA that you are most proud to achieve?
Virgil Bellini
The most important milestone we achieved was the finalization of the feature requirements for the Decentralized Settlement Layer (DSL) smart contracts at the end of 2021.
Thanks to this, we’re 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.
Rosemary Bianco
Q5. What plans does ProjectTXA have for this year 2022?
Virgil Bellini
We’re building the new infrastructure of DeFi with our TXA DSL.
Present TXA token holders have the opportunity to become future SDO operators.
Please email hello@txa.app if you are interested in becomming a Settlement Data Oracle operator.
Longer term holders will receive additional benefits for supporting TXA from the beginning.
The sttlement mechanism we’re building will have an alpha release (testnet) by Q2 2022, and beta by Q3 2022.
While working on these milestones throughout 2022, Project TXA will continue to seek out partner exhnages, and work with Tacen to bring hDEX architecture to traders.
Rosemary Bianco
Now we move on to our second segment:
Twitter questions
@TheShadowJK_1
I read that TXA is building an infrastructure to power the next generation hybrid CEX/DEX. What have been the CEX/DEX challenges that have inspired the TXA team? What characteristics will this technology possess to create a new paradigm of hybrid exchange management?
Virgil Bellini
OK!
This first question is GREAT!
Project TXA’s Chief Architect has spoken at length on the frustrating experience’s he’s encountered while trading on CEXes and DEXes alike.
Project TXA was created in 2019 while there were tons of exchange hacks and thefts occuring. Our team realized that centralized exchanges are fundamentally flawed because they merge custody and control. As the saying goes, “not your keys, not your crypto.”
While we thought about DEXes, similar problems present themselves AND DEXes generally do not 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 — 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.
@Cripi_Angel
TXA is creating an ecosystem that integrates more players within the exchange industry and creates more revenue streams. This depends on your hDEX architecture and DFINITY Internet Computer [IC]. So what is IC? How does it function in its ecosystem and why do they integrate it?
Virgil Bellini
Good question!
DFINITY Internet Computer [IC] is being leveraged by the SDO network for its “web-speed” scaling architecture and improved performance arising from its nodes in data centers.
The SDOs MAY* push crucial information required for settlements to IC, which needs to be highly available for settlements on a global scale.
In our early research, IC’s network was one of the few able to meet this demand.
Also we’re looking into supporting trading ERC20-like tokens on IC, once their technology and token standards are finalized.
@Albe_1602
I have read that you don’t need an account to join the platform, I only request to link the digital wallet. But could you please mention any of the wallets you accept on the platform, how fast and secure are the payments coming to these wallets?
Virgil Bellini
Thanks for the question!
We will be supporting all major crypto wallets, however we do not have a firm list at this time.
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.
@ClaudVision
TXA will leverage the strengths of both hDEX systems to deliver an even more efficient solution that changes the narrative. Given that it combines the features of DEX and CEX, how much transparency does hDEX offer through its open source non-custodial smart contracts?
Virgil Bellini
Superb question!!
That’s precisely what will make the hDEX the premier exchange in the industry!
The hDEX relies on members of the community like yourself to witness all the trade data in a decentralized framework.
Therefore, SDOs will run transparent software and communicate with each other to ensure the network’s integrity.
We are currently speaking with code auditors to review the Decentralized Settlement Layer and the Settlement Data Oracles which adds to the transparency of the hDEX.
@Rarr0301
Can you explain to me why Project TXA has focused on decentralized settlement? Actually, what are the problems with the traditional settlement of many projects and how do you solve and provide simple solutions? What characterizes Project TXA liquidity?
Virgil Bellini
Great final question!!
Decentralized settlement is an elegant way to solve the risks associated with centralized exchanges like Binance and Coinbase. CEXes store all your sensitive information, risk being hacked, and they hold all your funds captive on their platforms.
DEXes are constrained by on-chain orderbook updating, the fees are higher, and cross-chain swap attempts suffer from similar issues.
Rosemary Bianco
We just finished with the segment of the Twitter questions, now we go to the third and last: Live session
@Carmen Chacón
@VBellini Through your documents I found the mention of Tacen and TXA interesting. So, can you tell us more about the relationship that Tacen has with your project? Being two completely separate companies, how would Tacen contribute to ProjectTXA and the hDEX?
Virgil Bellini
1
You can find all the links to our social media platforms on our website. Simply scroll down to the bottom to click the links.
Also a reminder to read the Technical Paper at the top of the page if you haven’t already done so.
There’s tons of information on the TXA DSL and the SDOs.
@Lovely Boy
Is your project only for elite investors, what about others with small funds, is it open to everyone? Thanks sir
Virgil Bellini
2.
TXA is open to everyone not in a sanctioned jurisdiction!
TXA is currently listed on 6 exchanges so feel free to check it out!
Exchanges:
Kucoin, MEXC, Bittrex Global, HitBTC, HotBit, and ProBit.
@Sofía Isla
Hello @VBellini
I find interesting that ProjectTXA has an Abstract Global State Machine. So, can you explain us a little more about what is the function that this machine will have for TXA DSL? How does it help in the statements of our assets?
Virgil Bellini
3.
I encourage you to read the Technical Paper on the TXA website to learn more about the function of the Abstract Global State Machine
@Muhammad_khan
IS Your platform suitable for crypto beginners? Or does it only limited for professional users?
Virgil Bellini
4.
The hDEX will look and act similar to the existing centralized orderbook exchanges in existance today.
Traders who are familiar with Binance will be able to participate on the platform with ease.
To be an SDO, the only requirement is the ability to run a piece of software and to stake minimum $200 TXA.
We encourage everyone to participate!!
Gustavo MartinSmith
I would like to know where your token will be listed. I would also like to know when you plan to share a white paper with the public
Virgil Bellini
5.
Stay up to date with the latest news and info from Project TXA on our social media platforms.
As new listings are announced, you will be the first to hear about it!
The TXA Technical White Paper was recently released!!
Find it at the top of the page by clicking the purple banner!
TXA Tegegram:
https://t.me/ProjectTXA
Rosemary Bianco
Thank you very much @VBellini for sharing your successful project with our community, we will be waiting for the news and milestones of your project!