The number of cryptocurrency tokens is continually growing, and so is the number of exchanges as well. This is needed as token liquidity is a huge problem for many cryptocurrency projects, and integration into the established exchanges is often hard or too expensive for smaller projects (cost can be up to 500,000$ for listing).
Axnet is an abbreviation for Asset Exchange Network.
What is the exchange trying to solve?
Stability and Scaling
Although the number of exchanges currently operating already is high, many of the more significant exchanges are giving their customers terrible experiences. Many crypto exchanges are created in a simple way, which causes problems when the volume on the platform increases. This can lead to laggy, slow-responding interfaces as well as downtime from time to time.
When it comes to exchanges, safety is most definitely the most important factor to analyze. Hacks in crypto exchanges seem like a never-ending occurrence, as hackers continuously find flaws in the exchanges that can be abused.
Most recently, the so-called “decentralized” cryptocurrency exchange Bancor lost 13.5 million USD due to a security breach.
Axnet claims that they are following the highest security standards to make sure that the exchange is 100% safe for all users.
AXNET Token (AXN)
The AXN token is set to become a Ethereum based utility token on the exchange.
The total supply has been set to 1 billion tokens.
70% (700 million) tokens are allocated for trade mining.
10% (100 million) of the total supply is set for the team and angel investors.
10% (100 million) tokens have been allocated for investors in the token sale.
10% (100 million) tokens have been allocated for Axnet operations.
AXNET (AXN) token features:
Holders of the AXN token receives 50% of the total trading fees realized on the platform.
Trading Fee Discount
Traders on the platform can use the AXN token to receive a 50% discount on their trades.
20% of all net profit on the platform is going to be used to buy back AXN tokens. Bought tokens are going to be destroyed. This will continue until 500 million tokens (50% of the total supply) has been burned.
Exclusive rights on the platform for AXN holders includes token voting, exclusive offers, membership discounts and more.
Decentralized Exchange: GAS
The project has planned to develop decentralized exchange features where the AXN token is going to be used as the gas for running the system.
The team behind Axnet consist of members that already have proven themselves in the field. The team is already experienced and competent to create high-class financial systems, which includes both developing and operating several exchanges.
Through the extensive experience with other exchanges and financial systems, they claim that they have developed large number of partners.
The project is based in Estonia, where they already have received licenses for the fiat to cryptocurrency exchange as well as the virtual wallet platform.
Listed team members
- Genji Sakamoto, CEO – 20-year experience in software development. Mobile developer and freelancer on Upwork as a mobile developer until 2016. After this, he has worked for several crypto and ICO projects. Served eight months as Blockchain Director of Top2Gether, a company that builds ICO solutions, crypto exchanges, smart contract development and more.
- Maxim Igorevich, CTO – 6 years experience with Mobile Development and Full-Stack engineering. Previously worked as Senior Software Developer for Luxoft. Maxim has released over 20 web applications.
- ZiLong Sun, Mobile Director – Over ten years experience with IT software development and has built over 40 mobile apps. Three years experience with leading developing teams. Also, the Mobile Director for another ICO called Aimedis, a project featuring AI based healthcare.
- Bingfeng Lui, Blockchain Director – Has worked with software companies all over the globe. Solid blockchain knowledge. Bingfeng is also working with the Aimedis ICO project as Senior Web and DevOps Engineer.
- Elena Nikolaevna, Development Director –Solidity and blockchain developer with BE in computer science. Has experience with developing cryptocurrency exchange and blockchain infrastructure.
- Denis Petrenko, Blockchain Developer – Additionally to being a developer for Axnet, Denis has experience with several exchanges and renowned companies as a blockchain developer. Experience working with blockchain solution company Luxcore as wallet developer as well as Blockchain Lead Engineer for the crypto exchange LQDEX.
- Dmitry Tulba, Senior UI/UX Manager – Senior UE developer with 6+ years of experience.
- Chun Zuo – Mobile Engineer – Over six years experience and has built over 20 mobile apps.
Note: Several of the team members have remarkably few connections (-50). But this can be explained by the fact that those team members are from Russia, where LinkedIn is rarely used for business.
Pros and Cons
Integration of FIAT bases
Although there are loads of cryptocurrency exchanges on the internet, there is still a lack of exchanges that accept deposits and withdrawals of FIAT currencies. Axnet is going to feature FIAT currency to the exchange, starting off with EUR, GBP, and USD, and adding additional currencies in the future.
Centralized AND Decentralized
Centralized and decentralized exchanges both have their positive and negative sides, and most people use both. Centralized exchanges are needed to deposit and withdraw fiat, while decentralized exchanges respect your anonymity and give you the control of your funds.
The Asset Exchange Network is going to feature both, and the user can quickly switch between the two.
In addition to the centralized and decentralized exchange, an EOS token based exchange is set to launch Q3 2019.
To incentivize new customers to trade on the platform, Axnet has set a plan to launch a number of promotions to attract new customers. The exchange is going to use most of the exchange commision on promotions to reward active users of the platform.
The trading system powering Axnet is capable of performing 2 million order creations per second and 1 million order executions per second. The efficient trading system ensures that the exchange will never suffer from delays in order processing or lag, no matter the volume.
The exchange is going to include a module for ICO’s raising funds through the platform. Strategic partners of Axnet will be able to host their token sale through the exchange.
This will make the process of running an ICO easier for the host, as Axnet takes care of regulations, compliance, escrow as well as due diligence. After the ICO, the token will get a prioritized listing on the exchange.
70% of AXN Go Back To The Users
Axnet is going to distribute 70% (700 million) of the total supply of Axnet tokens to their users. This is called trade mining, the more a user trades, the more significant the share he will receive from the “mining blocks.”
The ICO for Axnet started August 1, and in one and a half day the project has raised over 950,000 USD. All unsold tokens allocated for the ICO will be used for awards on the platform.
ICO Duration: August 1 – September 1 (2018-08-01 – 2018-09-01)
Price: 1 ETH = 2000 Axnet (20% bonus on all investments until August 7.)
Soft Cap: 3,000,000 USD
Hard Cap: 20,000,000 USD
Restricted for investment: USA and China
Accepted currencies: ETH, BTC, LTC, BCH, ZEC, XMR
The number of cryptocurrency exchanges is rising fast, and there is a huge amount of ICO’s going on that features exchanges that wants to gain a foothold in the market. The reality is that there is no space for all of them.
Axnet has set a goal of becoming one of the top ten most active cryptocurrency exchanges worldwide. With the fierce competition and huge number of competitors, this seems highly unlikely. The exchange platform still has a good chance of becoming a popular cryptocurrency exchange, as the exchange offers a number of innovative solutions. Examples of this are the combined centralized and decentralized exchange, a future EOS exchange module as well as a trade mining system where 70% of all trade fees on the platform go back to the user and more, which can be efficient to bring volume to the exchange.