OAX is an ERC20 token developed to fuel an open-source decentralized exchange platform called openANX. It provides an aggregated order book to increase liquidity, holds collateral for asset gateways to reduce credit risk, and features an off-chain, predetermined dispute resolution system governed by the Decentralized Autonomous Organization (DAO) to maximize consumer protection. With improvements in the Ethereum blockchain ecosystem brought about by state/payment channel developments and decentralized governance methodologies such as boardroom.to, significant functional improvements can be considered to the entire Centralized Exchange Model (CEM). The key to this concept is the deployment of a new decentralized exchange platform that allows transparency for end users, holds collateral for participating gateways, and provides a predetermined channel for dispute resolution. Currently, centralized exchanges are opaque, closed systems with limited visibility of security and access protocols, while the first generation of decentralized exchanges fails to adequately provide liquidity and trade volume for users. This white paper provides the pathway to a new, significantly improved platform governed by a decentralized autonomous organization (DAO), which in turn shall be developed by the Open ANX Foundation (the Foundation), a non-profit foundation. Furthermore, we shall explore the importance of governance and transparency required of any exchange system in order for it to be effective. The paper will provide an outline of the openANX project (openANX or the Project), milestones in the development, and delve into the requirements needed to ensure that the project avoids the pitfalls of previous decentralized exchange developments.