Altcoins

What is Neon Exchange – NEX

The World can’t go digital without taking money along with it. The cryptocurrency market has grown sporadically (and parabolically) over the past 9 years years and almost all trades takes place on centralised exchanges where funds are controlled by the entity facilitating the exchange.

Because this is crypto decentralized exchanges is the blockchain answer for users to trade without giving up control of their funds. In view of that let’s see how well NEX measures up and what makes it different from other DEXs.

What is NEX – Neon Exchange?

NEX, also known as Neon Exchange, is a platform for payment services and decentralized crypto trade. NEX aims to combine the performance of centralized exchanges with the trust and security features of decentralized exchanges.

There are three aspects where NEX stands out:

  1. An off-chain trade matching engine which allows NEX to benefit from the performance characteristics of centralised exchanges, while maintaining a decentralized user account model based on the blockchain
  2. Smart contracts where trades are mediated and executed
  3. A payment service where global assets such as NEO can be converted to tokens that can be transferred directly by smart contracts, making them compatible with the exchange

What makes NEX different from other DEXs?

Crypto enthusiasts are all looking forward to a day when one can have cross-chain transactions. Imagine sending bitcoin tokens to an Ethereum wallet. Well, NEX is bringing  that reality closer by allowing trades between Ethereum networks and tokens based on the NEO platform. On the trading volume side, NEX unique publicly verifiable off-chain matching engine can efficiently handle a large volume of trade.

NEX aims to transcend the user experience of decentralized exchanges by storing user’s encrypted private key-side in user’s browser. This preserves the security guarantees of a decentralized account model while allowing users to login into NEX through a traditional web form that asks for a username and password.

NEX Team

Perhaps the first team to have all five cofounders that are also developers. Fabio Cesar Canesin, NEX CEO, is the founder of City of Zion a blockchain and decentralized  development community focused on the NEO network. Fabio was formerly a research engineer at the Oil mega company Schlumberger. 

Don’t fret, NEX also has a marketing team and a host of other very distinguished developers, specialists like product designers, communications and advisors.

Conclusion

NEX is building on Satoshi’s aim for creating blockchain: providing a decentralized platform for trading digital assets. A cross-chain transaction feature for a blockchain platform is long overdue and we look forward to seeing more cross chain innovation in the space. And someday soon we can look forward to seeing hacks and cyber threats to exchanges as things of the past. 

Neon Exchange WhitepaperNEX Website; NEX Twitter; NEX LinkedIn

Remember folks, Crypto is comin!

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the 0x Ecosystem Visualized

The 0x protocol is a favorite DApp for many cryptocurrency enthusiasts. Decentralized exchanges have the potential to fundamentally change how people interact with market places and drastically minimize counter-party risk. Trusting 3rd parties with your cryptos is a risk that most traders would love to avoid and 0x might just make that a thing of the past. That being said, the 0x protocol is being used for much more than decentralized exchanges (DEXs) and has the potential to impact a wide variety of industries.

To help understand the scope of 0x, Brent Oshiro created an infographic showcasing all of the use cases for the protocol, visualizing the entire 0x ecosystem.

The graphic places projects using the 0x protocol into the following categories and subcategories:

1. Financial Services

  • Lending and Crowdfunding (Bloqboard, Dharma, Lendroid, Ethfinex)
  • Digital Assets Management (Melonport, Auctus)
  • Payments (Request Network)

2. Decentralized Autonomous Organizations

  • Management and Governance (Aragon)
  • Communities and Marketplaces (District 0x)
  • IoT/AI (Hut 34)
  • Cross-chain interoperability (Blocknet)
  • Prediction Markets (Augur)
  • Labor Markets (Chronobank.io)

3. Decentralized Exchanges

  • Margin Trading and Derivatives (Ethfinex, B0x, Lendroid)
  • DEXs (dexdex, ethfinex, paradex, token jar, Block DX, Radar Delay, ERC dEX, ExTroid, Instex, The Ocean, Oasis Direct, Aamadeus, Open Relay, Oax Open Anx, TokenLon, LedgreDex, DDex, Bamboo, Relay, IDT Exchange.

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Interested in other cool crypto posts….check out Lightning Network: How far away is it?and Bitcoin ETF approval could be huge for crypto!.