Updated Diagram

We’ve been updating you recently on some of the governance [here] and team [here] news we’ve had, but now it’s time we gave another development update. Things have been progressing well behind the scenes with our developers hard at work on a number of areas.

The previous few months saw a focus on two major aspects of the project:

· Integrating a number of separate components into a single system to provide efficient, end-to-end functionality:

o Smart contracts on the blockchain

o Web user interface for asset gateway operators and customers

○ Backend tool to interpret and aggregate events happening on the blockchain, and display them on the web UI

· Extending the functionality of the smart contract system to provide:

o Configurable authorisation levels for deployers, operators and customers

o Daily limits on token minting/burning for operators

o Enhanced KYC verification for customers

Right now, the development team’s attention is turning to focus on the mechanism required to convert ownership of the OAX token into membership of the OAX platform. In our white paper [link], we described five types of member:

· Participant member

· Voting member

· Founding member

· Third party service provider member

· Asset Gateway member

The different member types come with different rights and benefits, depending on the role they’ll play on the platform. As a result, the number of tokens required to take out each membership varies according to the different categories. The team are currently building the system that’ll manage the token redemption and membership activation process. There’s a description of this on page 18 of the whitepaper [link] giving more details of what this will mean.

In addition to this, work continues on completing the Primary Asset Gateway and on various governance aspects, including KYC aspects. As you know from previous updates, governance and transparency are core parts of the OAX project and are being built into it.

There’s plenty of work still to do of course, but we are making great progress!