Abaxx Technologies：了解区块链中间件如何成为公司长期前景的核心 Abaxx Technologies: Understanding How Blockchain Middleware Is Core To The Company’s Long-Term Prospects
摘要
Abaxx Technologies是一家总部位于加拿大的microcap，具有亚马逊式的潜力，通过成为基于区块链的中间件平台和应用程序的第一家上市供应商，它将颠覆多个行业。在使用区块链中我们就会看到灵动公司在区块链的发展中是非常不错的成长着，一家区块链公司必然会有很好的客服中心我们来看灵动客服是怎么回答分布式存储的。
区块链平台应用程序-灵动公司灵动客服分布式存储
区块链技术的出现创造了价值捕获的范式转变，从顶层互联网应用到较低栈级的基础协议和中间件平台。
abax是开发了一个全栈的SaaS解决方案，使用区块链来解决交易所的基本问题，即执行速度和清算交易的成本。
abax将逐步推出自己的软件，首先集中在其控股的新加坡交易所，该交易所将于2021年5月或6月开始交易。
abax是基于区块链的企业中的业务工具套件，如Sign&Verify、Drive&Vault、Chat和ID++等，是将在exchange发布之后有条不紊地去推出。
介绍
在去年11月的一次宏观之声采访中，加拿大是对冲基金的经理兼宏之声主持人埃里克·汤森（Erik Townsend）所提到，他曾看过Abaxx科技(OTCPK:ABXXF)他指出，许多市场参与者很早就将亚马逊视为”仅仅”一家在线图书零售商，因为在线图书市场有多大，其上行的潜力是有限不管怎样？我们现在都知道，亚马逊（Amazon）更多的是从根本上改变零售市场，从实体到电子商务。同样的话Abaxx也不是去要通过在新加坡基于区块链的液化天然气的期货合约来彻底的改变了基于交易所的交易——尽管这本身可能是一项巨大的业务——而是要的是借助互联网体系结构的巨大结构变化中，从上层应用层向中间件和应用层发展分散协议。abax计划中首先在通过其在分散金融领域中（也称为DeFi）拥有多数的股权的新加坡交易所（Singapore-based exchange）来证明了这一点，然而在之后通过推出基于企业的分散业务应用程序来证明这一点。本文所旨在的向读者介绍了区块链技术就是什么，为什么它是很重要的，以及在它是如何在将价值捕获到从应用层转移到中间件层的。对于在有兴趣了解的abax更多的信息的读者，请阅读我上一篇题为”abax技术：加拿大Fintech寻求扰乱全球商品供应链”的文章。
分布式账本技术与比特币和以太坊的兴起
2008年10月，化名Satoshi Nakamoto发表了一份长达9页的白皮书，题为《比特币：一个永远改变现代金融的点对点电子现金系统》。本文的重点是说明区块链如何在同一网络上的各方之间创建不可变的交易记录。当事方之间的交易将是点对点的，不需要由银行或交易所等第三方中介机构进行清算。再此之外交易记录—以及网络上关于这一事项的所有交易——将载于一个分布式账本上，所有各方都可以随时查阅。分布式账本的方面意味着在没有一个单一的中心方充当了所有的交易守门人，从而使账本分散。这些的核心概念中，连同把它们带到生活中的技术，成为了开始DeFi运动的基石。分布式存储中的使用在灵动公司是非常不错的在和灵动客服了解其公司中的相关业务发展让人深受感叹
区块链平台的应用-灵动公司灵动客服分布式存储
尽管许多人普遍意识到比特币（BTC-USD），但是直至到了2017年，比特币的价格出现抛物线式上涨，从1月份的每枚约800美元，到12月份的每枚超过17000美元，比特币才真正引起公众的注意。这引发了一场区块链热潮，似乎与区块链毫无关系的公司，比如在冰茶和柠檬水制造商的长岛冰茶（Long Island ice tea）是被重新命名为Long blockchain(OTCPK:LBCC公司)在2017年12月，就在我们上市之前，试图从这股热潮中获利。尽管这种非理性的繁荣，许多金融界人士看到了区块链如何为该行业创造范式转变的潜力，并已经开始致力于新兴的DeFi技术。
就在比特币上市几年之后，出现了许多其他的初始硬币发行或ICO（请参阅本网站的这张有用的信息图）区块链中心.net有关ICOs的更多信息，其中最具影响力的可能是以太坊（ETH-USD），该公司于2014年众筹，并于2015年7月上线。为了使一种新的数字硬币（也称为代币）有价值，它需要添加其他硬币不具备的功能。以太坊的价值主张来自智能合约，它本质上是区块链上各方之间具有约束力的协议，在满足合约的某些条件时自动执行。然后，智能合约可以保存有关何时执行合约、触发执行的条件以及合约的最终交易价格的相关信息。
除了智能合约之外，以太坊网络也是可编程的，这导致了分散应用程序（也称为dapps）的产生。dapp本质上是互联网应用程序，但有几个与区块链相关的附加好处。eg由于在dapp不是由Facebook（FB）、Google（GOOG）或Twitter（TWTR）集中的拥有，因此没有任何一方控制服务器上应用程序的可用性或访问权限，分布式账本保留应用程序。这也意味着dapp无论好坏都不受审查。此外，所有交易都有加密密钥支持，黑客几乎无法破解这些密钥。此外，考虑到区块链的点对点特性，开发者和用户之间的支付是可以在没有中介的情况之下无缝地是从一方流向另一方。智能合约、区块链代币和DAPP就是创建在第一代DeFi应用程序的必要组成部分。
Web2.0BigFive与Web3.0TokenEconomy之比较
在之前一篇题为Web3.0、区块链和Abaxx的同行Bakkt和Vakt的博客文章中，我详细讨论了Web1.0、Web2.0和Web3.0之间的区别。以下图片来自一篇Hackernoon文章，说明了三个版本的Web之间的一些差异。
我再次提起这个话题是因为Web1.0和Web2.0的大部分都是由五大寡头科技公司（即苹果）创建的(纳斯达克：AAPL)，亚马逊，Facebook，谷歌和微软(纳斯达克：MSFT))它拥有互联网所在的应用程序（顶层）和平台（中间层）。Web1.0和Web2.0的底层协议是像HTTP这样的互联网协议，它已经不属于在任何人之中。是相比之下呢，Web3.0可以被描述为分散的和代币经济。这里的底层是令牌协议，平台和应用程序仍在开发中。在下面的部分中，我将更详细地探讨这个主题。
区块链应用程序-灵动公司灵动客服分布式存储
区块链栈与互联网栈对价值转移的理解
您以前可能听说过术语full stack developer，但如果您没有听说过，它基本上是指能够从底层堆栈（即原始层internet协议）通过中间件层（即软件平台）构建应用程序的人，一直到应用层—这将后端IT连接到前端客户。web2.0和web3.0的栈结构是有很大的不同的。就在Web2.0之中，应用程序位于internet协议栈（如HTTP）的顶部（见下图）。
在这些的应用程序中，如亚马逊（Amazon）等电子商务网站、谷歌（Google）等搜索引擎，或Facebook等社交媒体网站，都位于互联网协议之上，保留了几乎所有的价值创造。当然就是这样做的原因很复杂，但其核心是因为所有信息都包含在应用层和由拥有应用层的人控制的服务器中。相反中呢，是在Web3.0之中，几乎所有的信息都包含在基本协议层的令牌中。这意味着应用程序并不集中拥有数据，协议拥有数据。下图很好地说明了这种值反转，其中Web2.0堆栈位于左侧，Web3.0堆栈位于右侧。fat的部分结论是：
“由于应用层的成功推动了协议层的进一步投机，协议的市值增长总是快于构建在上面的应用程序的总价值。”
另一方面，考虑一下以太坊的更大效用和用途，相对于在比特币中，这对以太坊意味着什么。
资料来源：2019年区块链将全部围绕中间层协议
虽然大部分价值可能包含在分散的web3.0中较低级别的基本协议中，但是需要注意的就是，位于在基本的协议和dapps层之间的中间件是有助于弥合在应用程序创建和使用的鸿沟。区块链中间件在文章中描述如下：炼金术正在秘密修复区块链的节点噩梦。
正是这中间层造就了微软、苹果和谷歌——一些世界上最有价值的公司。。。
它用一个更快、更具可伸缩性的去中心化架构取代了企业用来读写区块链的节点。它还为加密货币连接软件提供分析、监视、警报、日志记录和调试工具。
来源：炼金术正在秘密修复区块链的节点噩梦
此外，应该去注意的就是，许多区块链应用程序不会使用底层协议令牌进行操作，它们可能需要中间件令牌，而这正是创建价值的地方。在这篇关于区块链协议的文章中，亨利将很好地总结：
大多数需要加密令牌的区块链应用程序不应直接构建在以太坊等区块链层协议之上。这就是因为在区块链层协议所使用的令牌在旨保护和激励区块链，因此无法保护和激励应用程序。每个应用程序都需要一个专用的、定制设计的令牌和一个相关的中间层协议——一个位于区块链层协议之上但低于面向客户的应用程序的协议。。。最终，区块链栈中的中间层协议将创造最大的价值，类似于互联网栈。
abax技术和DeFi-dapps作为区块链核心用例的兴起
如文上所述的金融业是区块链和分布式支付平台的最佳使用案例之一，因为在不可变的审计跟踪是可以在创建托管链、即时的点对点中资产交换（即消除清算等金融中间人）、创建数据丰富的代币（即考虑附加碳补偿）的能力绿色的液化天然气期货合约），并可包含有关已执行智能合约的附加信息。正如Coinbase的这篇文章所描述的，实际上任何来自银行、交易所或保险公司的金融工具都可以通过智能合约、dapp和stablecoins或Ethereum创建。与此传统金融去相比，使用DeFi的好处显然是消除了涉及金融交易清算、合伙人审查或非智能合约执行的大量官僚机构。
尽管许多DeFi应用还处于起步阶段，但许多公司正开始采取第一步，弥合早期采用者与主流金融之间的差距。
例如，正如我在上一篇文章中所讨论的，abax是已获得了监管机构的初步批准，成为公认的市场运营商（RMO）和新加坡金融管理局（MAS）批准的清算所（ACH），作为交易所运营。Abaxx交易所（ACX）将利用基于以太坊的智能合约执行液化天然气期货合约交易，并且最终将转向黄金期货——有关的Abaxx黄金交易所的更多的信息，请参见其2020年12月投资者演示文稿的幻灯片22和23。
值得我们注意的是ACX是将使用ACX的母公司的Abaxx Technologies开发的”全栈”应用程序（见下图）。如上所述，这意味着abax技术已经是创建了中间件的平台和位于以太坊合同之上的软件应用程序中。
区块链科技应用存储-灵动公司灵动客服分布式存储
来源：abax首席执行官乔希·克拉姆的推特资料
在Abaxx于20年10月30日在SEDAR上提交的RTO信息通告中，该公司对其软件应用程序作了如下说明（见下文第160/530页的图片）：
资料来源：SEDAR（见第160/530页，自在2020年10月30日算起，信息通报）
读者可以从上图中看到，abax科技不仅仅是计划在其Exchange上使用的其全栈软件，还计划将其推广到”全球众多行业”。在ACX和金融服务界证明这一效用，有效地为了外围有利可图的数字市场和交易部门分配了一个隐含可信度的水平”。
鉴于以上章节所讨论的内容（即中间件将在区块链互联网中获取最大的价值），读者应暂停片刻，并且尝试了考虑Abaxx所在上述段落中所描述的潜在价值。Abaxx不仅仅希望在新加坡中建立了一个革命性的液化天然气和黄金交易所，Abaxx不仅仅希望到使用创新的中间件和DAPP帮助所在其ACX上交易代币，还希望将这些应用程序（一旦在ACX上得到验证）推广到其他行业。此外，请再去考虑Abaxx正在讨论的应用程序中，我将在下面列出这些应用程序：
1） 签字确认。这本质上是DocuSign（DOCU）的区块链版本
2） 驾驶室和保险库。这基本上是Box（Box）的区块链版本
3） 应用程序和聊天。这本质上是Slack（WORK）的区块链版本
4） ID++。这是一个自主的数字身份应用程序，该公司将在2021年第二季度进行更详细的讨论。如果您对自主数字身份感兴趣，并且是对如何将其在货币化中感兴趣，那么我就强烈的建议您在阅读CoinDesk的以下文章。
综合上所述的如果是他们的区块链中间件和应用程序是在ACX上的所推出证明是成功的，abax就是将寻求到了将区块链中的竞争对手推广到了过去十年最流行的一些基于云软件中的应用程序。如果在abax中成功地实现了在上述愿景，他们将真正成为一家像苹果、微软或亚马逊那样改变世界的公司。虽然在Abaxx他们的愿景中是能否成功还不能确定——他们的软件可能有缺陷，行业可能中的选择不采用新技术，竞争对手可能会击败他们——但似乎毫无疑问，Abaxx团队中已经能制定了一系列的雄心勃勃增量目标来实现的。与灵动公司合作过的企业都对灵动客服有了很不错的认知和很好的分布式存储发展前景。
区块链技术应用-灵动公司灵动客服分布式存储
abax的ACX版税协议和主许可协议如何为SaaS产品的未来货币化提供一个窗口
看完以上，你可能会说”大不了。Abaxx中的技术是将如何在ACX交易所产生的收入之外赚钱？”虽然现在说非ACX SaaS的收入情况可能还为时过早，但是在投资者可能会在通过了查看ACX版税协议和ACX主许可协议（MLA）找到了一些线索。在进入这些协议之前，必须了解abax科技拥有abax Singapore 81%的权益，而abax Singapore又拥有了abax Exchange和abax Clearing 100%的股份。读者是可以在SEDAR上阅读版税上的协议和MLA。
资料来源：SEDAR，见Abaxx于12月17日提交的声明，其中在第101页，共359页
特许权使用费协议由Abaxx Singapore（即ACX）和Abaxx Technologies签订，其中在ACX向Abaxx Tech支付了2%的总收入特许权使用费。特许权使用费协议永久有效，1000万美元可增加1%（即从2%增加到3%）。特许权使用费每季度支付一次，但就是直到ACX的息税折旧摊销前的利润达到了2500万美元时才开始了支付-特许权用费应计但是在此过渡期间未支付。
MLA是由Abaxx Technologies（主许可方）和Abaxx Singapore（主许可方）中签订。如果abax是新加坡将在Abaxx技术的交换软件转包给了第三方，那么在MLA就可以开始生效了。MLA每月支付一次，而且是没有像特许权的协议在那样的EBIDTA条款中。MLA也就是Abaxx Technologies和Abaxx Singapore之间所需要续签的年度协议。MLA特许权的使用费用支付方式如下：前200万美元收入到了20%，200-300万美元收入的10%，超过300万美元收入的5%。
尽管上述内容显然与exchange SaaS的许可和再许可密切相关，但读者可以看到，这种模式是如何应用在于其他可能希望”仅仅”使用的abax的sign&verify或驱动应用程序而不是商品交易软件的行业等。在非交换业务中，根据使用情况收取版税或费用可能是有意义的，但我相信投资者将更多地了解到2021年上半年这些SaaS应用程序和中间件平台的收入预期
结论
希望读者读完本文后，能够对区块链如何在结构上改变金融和互联网产生一种欣赏。像是在abax这样的精明的参与者是在几年前就发现了这些结构之上的变化，并且多年来一直致力于开发软件平台（即中间件）和应用程序，这些软件平台和应用程序可以首先被金融行业（如期货交易交易所）采用，后来在相关行业中，可能会发现基于区块链的软件应用程序和平台的采用是有用的。正如上面的文章所讨论的，如果在Abaxx不仅仅成功地在将分布式账本技术引入到金融交易所，而且后来将其平台和应用程序推广到其他行业，那么他们就可以真正成为像Amazon或Microsoft这样的一代公司。
Dec. 29, 2020 11:28 AM ETABAXX TECHNOLOGIES INC (ABXXF)BTC-USD, ETH-USD29 Comments11 Likes
Summary
· Abaxx Technologies is a Canadian-based microcap with Amazon-type potential to disrupt multiple industries by being a first to market provider of a blockchain-based middleware platform and applications.
· The advent of blockchain technology has created a paradigm shift in value capture from top layer internet applications to lower stack level base protocols and middleware platforms.
· Abaxx has developed a full stack SaaS solution using blockchain to address fundamental issues in exchanges, namely the speed of execution and cost of clearing trades.
· Abaxx will incrementally roll out their software, focusing first on their majority-owned Singapore-based exchange, which will start trading in May or June 2021.
· Abaxx suite of blockchain-based Enterprise business tools such as Sign & Verify, Drive & Vault, Chat, and ID++ will be rolled out methodically following the exchange launch.
Introduction
In a MACRO Voices interview this past November, Erik Townsend – Canadian Hedge fund Manager and host of MACRO Voices – mentioned that he viewed Abaxx Technologies (OTCPK:ABXXF) like Amazon in the late 1990s. He pointed out that many market participants early on viewed Amazon as “just” an online book retailer that would have limited upside potential because how big is the online book market anyway? As we all know now, Amazon (AMZN) was less about online book sales and more about fundamentally changing retail markets from brick and mortar to e-commerce. Likewise, Abaxx is less about revolutionizing exchange-based trading through a blockchain-based LNG futures contract in Singapore – although that is likely to be a huge business in its own right – and more about riding the enormous structural change in internet architecture away from the upper application layers and down towards the middleware and decentralized protocols. Abaxx plans to initially prove this out with their majority-owned Singapore-based exchange in Decentralized Finance also known as DeFi, and later through the roll out of enterprise based decentralized business applications. This article will aim to provide readers with a background on what blockchain technology is, why it is important, and how it has shifted value capture down from the application layer towards the middleware layer. For readers interested in learning more about Abaxx, please read my previous article titled “Abaxx Technologies: Canadian Fintech Looking to Disrupt the Global Commodity Supply Chain.
区块链技术型应用-灵动公司灵动客服分布式存储
Distributed Ledger Technology and the Rise of Bitcoin and Ethereum
In October 2008, the pseudonymous Satoshi Nakamoto published a 9-page white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System that changed modern finance forever. The key point of the paper was to illustrate how a blockchain could create an immutable record of transactions between parties on the same network. The transactions between the parties would be peer-to-peer and would not need to be cleared by a third-party intermediary such as a bank or exchange. Furthermore, a record of the transaction – and all transactions on the network for that matter – would be contained on a distributed ledger which all parties could access at any given time. The distributed ledger aspect meant that no single central party acted as the gate-keeper for all transactions, making the ledger decentralized. These core concepts, along with the technology that brought them to life, became the building blocks that started the DeFi movement.
While many were generally aware of Bitcoin (BTC-USD), it didn’t truly capture the public’s attention until 2017 when it had a parabolic rise in price from approximately $800 per coin that January, to over $17,000 per coin that December. This prompted a blockchain mania of sorts where companies that seemingly had nothing to do with Blockchain – such as the ice tea and lemonade manufacturer Long Island Ice Tea that was rebranded Long Blockchain (OTCPK:LBCC) in December 2017 – were going public to try and cash in on the craze. Despite this irrational exuberance, many in finance saw the potential for how blockchain could create a paradigm shift for the industry and had already been working on nascent DeFi technology.
Just a few years after Bitcoin arrived on the market, a number of other Initial Coin Offerings or ICOs occurred (see this helpful infographic from blockchainhub.net for more info on ICOs), the most influential of which was likely Ethereum (ETH-USD) that was crowdfunded in 2014 and went live in July 2015. For a new digital coin, also known as a token, to be valuable, it needs to add functionality that other coins don’t have. In the case of Ethereum, the value proposition came from smart contracts, which is essentially a binding agreement between parties on the blockchain that automatically executes when certain conditions of the contract are met. The smart contract can then hold relevant information about when the contract was executed, what conditions triggered the execution, and what the final transaction price was for the contract.
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In addition to smart contracts, the Ethereum network is also programmable, which has led to the creation of decentralized applications, also known as dapps. Dapps are essentially internet applications but have several added benefits that are associated with blockchain. For instance, since dapps are not centrally owned by say Facebook (FB), Google (GOOG), or Twitter (TWTR), no one party controls the availability or access to the application on a server, the distributed ledger keeps the application. This also means that dapps are for better or worse free from censorship. Additionally, all transactions are backed by cryptographic keys which are practically impossible to break by hackers. Furthermore, payments between developers and users could flow seamlessly from one party to the other without an intermediary given the peer-to-peer nature of blockchain. Taken together smart contracts, blockchain tokens, and dapps were the necessary ingredients to create the first generation DeFi applications.
Web 2.0 Big Five vs. Web 3.0 Token Economy
In a previous blog post titled Web 3.0, Blockchain, and Abaxx’s Peers Bakkt and Vakt, I discussed in detail the differences between Web 1.0, Web 2.0, and Web 3.0. The below image from a Hackernoon article illustrates some of the differences between the three versions of the Web.
Source: Hackernoon.Com
I bring this topic up again because most of Web 1.0 and Web 2.0 was created by the Big Five oligopolistic tech firms (i.e., Apple (NASDAQ:AAPL), Amazon, Facebook, Google, and Microsoft (NASDAQ:MSFT)) which own the applications (top stack) and platforms (middle stack) that the internet resides on. The bottom stack of Web 1.0 and Web 2.0 is the internet protocols like HTTP which aren’t owned by anyone. Web 3.0 by contrast can be characterized as decentralized and as a token economy. The bottom stack here is the token protocols, and the platforms and applications are still being developed. In the section below, I’ll delve into this topic in greater detail.
Source: Web3 – The Decentralized Web
The Blockchain Stack vs. The Internet Stack Understanding the Value Transfer
You may have heard the term full stack developer before, but if you haven’t, it essentially means someone who is able to build an application from the bottom stack (i.e., the primitive layer internet protocol), through the middleware layer (i.e., software platform), all the way to the application layer – this connects the back-end IT to the front-end customer. The stack architecture differs vastly between Web 2.0 and Web 3.0. In Web 2.0, applications sit on top of the internet protocol stacks like HTTP (see image below).
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Source: Middleware protocol a differentiated value creator and value capturer
These applications such as e-commerce sites like Amazon, search engines like Google, or social media sites like Facebook all sit on top of the internet protocols and retain almost all of the value creation. The reason for this is complex, of course, but at its heart is due to the fact that all information is contained in the application layer and in the servers controlled by those that own the application layer. Conversely, in Web 3.0, almost all of the information is contained in the tokens from the base protocol layers. This means that applications don’t centrally own the data, the protocols do. This value inversion is beautifully illustrated in the below image, where the Web 2.0 stack is on the left and the Web 3.0 stack is on the right. This is also summed up by the fat protocol thesis, which partially states:
“the market cap of the protocol always grows faster than the combined value of the applications built on top, since the success of the application layer drives further speculation at the protocol layer.”
As an aside, consider for a moment what this means for Ethereum relative to Bitcoin given Ethereum’s greater utility and usage.
Source: Blockchain in 2019 will be all about the middle-layer protocol
While the majority of the value will likely be contained in the lower level base protocols in the decentralized Web 3.0, it’s important to note that Middleware, which sits between the base protocol and the dapps layer, helps bridge the gap for application creation and use. Blockchain middleware was described as follows in the article Alchemy is secretly fixing blockchain’s node nightmare.
It’s this middle layer that’s produced Microsoft, Apple and Google – some of the most valuable companies in the world…
It replaces the nodes that businesses use to read and write blockchains with a faster, more scalable decentralized architecture. It also provides tools for analytics, monitoring, alerting, logging and debugging for cryptocurrency-connected software.
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Source: Alchemy is secretly fixing blockchain’s node nightmare
Additionally, it should be noted that many blockchain applications will not use the underlying protocol token to operate, they may require a middleware token, and this is where the value will be created. Henry He summed this up nicely in his article Blockchain in 2019 will be all about the middle layer protocol:
Most blockchain applications requiring a crypto token should not be built directly on top of a blockchain layer protocol such as Ethereum. This is because the token used by the blockchain layer protocol is designed to secure and incentivize the blockchain and thus cannot secure and incentivize the applications. Each application requires a dedicated, custom-designed token and an associated middle layer protocol – a protocol on top of the blockchain layer protocol but below the customer facing application… Ultimately the middle-layer protocols in the blockchain stack will create the most value, similar to the Internet stack.
Abaxx Technologies and the Rise of DeFi dapps As a Core Use Case for Blockchain
As mentioned above, the finance industry is one of the best use cases for blockchain and dapps because of the immutable audit trail that can create a chain of custody, the instant peer-to-peer exchange of assets (i.e., eliminates financial middle men like clearing), the ability to create data-rich tokens (i.e., think about attaching carbon offsets to a green LNG futures contract), and that can contain additional information about an executed smart contract. As this article from Coinbase describes, practically any financial instrument from a bank, exchange, or insurance company can be created through smart contracts, dapps, and stablecoins or Ethereum. The benefit of using DeFi over traditional finance is clearly the elimination of large layers of bureaucracy involved in the clearing of financial transactions, in the vetting of partners, or in the execution of non-smart contracts.
While it is still early days for many DeFi applications, a number of firms are beginning to take the first steps of bridging the gap from early adopters to mainstream finance.
For instance, as discussed in my previous article, Abaxx has received initial regulatory approval to be both a Recognized Market Operator (RMO) and Approved Clearing House (ACH) by the Monetary Authority of Singapore (MAS) to operate as an exchange. The Abaxx Exchange (ACX) will utilize Ethereum-based smart contracts to execute trades on LNG futures contracts to start and, eventually, will move on to gold futures as well – for more information on Abaxx’s gold exchange please see slide 22 and 23 of their December 2020 investor presentation.
Of note is the fact that ACX will be utilizing a “full-stack” application developed by ACX’s parent corporation Abaxx Technologies (see image below). As discussed above, this means that Abaxx Technologies has created both the middleware platform and software applications that sit on top of the Ethereum Contracts.
Source: Abaxx CEO Josh Crumb’s Twitter Profile
In Abaxx’s RTO information circular filed on SEDAR dated 10/30/20, the company had this to say about their software application (see image below from page 160/530):
Source: SEDAR (see page 160/530 from October 30, 2020, Information Circular)
As the reader can see from the image above, not only does Abaxx Technologies plans on utilizing its full stack software on its Exchange, it also plans on rolling it out to a “myriad of industries globally. Proving the utility natively in ACX and among the financial services community effectively assigns a level of implied credibility in peripheral lucrative digital marketplaces and exchange segments”.
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Given what was discussed in the sections above (i.e., that middleware will capture the greatest amount of value in the blockchain internet), readers should pause for a moment and try to consider the potential for what Abaxx describes in the passage above. Not only does Abaxx hope to create a revolutionary exchange for LNG and gold in Singapore, not only does Abaxx want to use innovative middleware and dapps to help trade tokens on their ACX, but they also want to roll out these applications (once proven on ACX) to other industries as well. Furthermore, consider the applications that Abaxx is discussing, which I’ll list below:
1) Sign & Verify. This would essentially be a blockchain version of DocuSign (DOCU)
2) Drive and Vault. This would essentially be a blockchain version of Box (BOX)
3) App & Chat. This would essentially be a blockchain version of Slack (WORK)
4) ID++. This is a self sovereign digital identity application that the company will be discussing in greater detail in Q2 2021. If you’re interested in self sovereign digital identity and how it can be monetized, then I highly recommend reading the following article by CoinDesk.
To recap the above, if their blockchain middleware and applications prove successful with their launch on ACX, Abaxx will look to roll out blockchain competitors to some of the most popular cloud-based software applications of the last decade. Should Abaxx prove successful with the above vision, they could truly be a company that changes the world like Apple, Microsoft, or Amazon. While there is no certainty that Abaxx will be successful in their vision – their software could have bugs, industries may choose not to adopt new technology, competitors may beat them to the punch – it seems like there is no doubt that the Abaxx Team has set out a series of ambitious incremental goals to achieve.
How Abaxx’s ACX Royalty Agreement and Master License Agreement Provide a Window into Future Monetization of SaaS products
After reading the above, you may say “Big deal. How will Abaxx Technologies make money above and beyond revenue generated from trading on ACX?” While it’s likely too early to say how revenue from non-ACX SaaS will look, investors can likely find hints by looking at looking at both the ACX royalty agreement, and ACX Master License Agreement (MLA). Before diving into those agreements, it’s important to understand that Abaxx Technologies owns an 81% interest in Abaxx Singapore, which, in turn, owns 100% of Abaxx Exchange and Abaxx Clearing. Readers can read both the royalty agreement and MLA on SEDAR.
Source: SEDAR, see Abaxx Filing Statement on December 17, pg. 101 of 359
The royalty agreement is between Abaxx Singapore (i.e., ACX) and Abaxx Technologies where ACX pays a 2% gross revenue royalty to Abaxx Tech. The royalty agreement is in perpetuity, and for $10 million USD can be increased by 1% (i.e., from 2% to 3%). The royalty is payable quarterly, but doesn’t kick in until ACX has made EBIDTA of $25 million USD – royalties are accrued but not paid during this interim period.
The MLA is between Abaxx Technologies (the master licensor) and Abaxx Singapore (the Master licensee). Should Abaxx Singapore sub license out Abaxx Technologies’ exchange software to a third party, then the MLA kicks in. The MLA pays out monthly, and there is no EBIDTA clause like with the royalty agreement. The MLA is also an annual agreement that needs to be renewed between Abaxx Technologies and Abaxx Singapore. The MLA royalties are paid out as follows: 20% of the first $2 million in revenue, 10% of the revenues from $2-3 million, and 5% of revenues in excess of $3 million.
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While the above is obviously germane to licensing and sublicensing an exchange SaaS, readers can see how this model could be applied to other industries that may want to “just” use Abaxx’s sign & verify or drive applications as opposed to the commodities trading software. In non-exchange businesses, it may make sense to charge a royalty or fee based on usage, but I’m sure investors will learn more about revenue expectations for these SaaS applications and middleware platform towards the end of H1 2021.
Conclusion
Hopefully, after reading this article, readers come away with an appreciation for how blockchain is structurally changing both finance and the internet. Savvy players such as Abaxx identified these structural changes years ago and have worked for years towards developing software platforms (i.e., middleware) and applications that could be adopted in an incremental way first by industries in finance such as an exchange for futures trading, and later in related industries that will likely find utility in the adoption of blockchain based software applications and platforms. As discussed in the article above, should Abaxx prove successful in their vision to not only bring distributed ledger technology to financial exchanges, but to later roll their platform and application out to other industries, then they could truly be a generational company like Amazon or Microsoft.
Thank you for reading, please leave questions and comments below.