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:
- 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
- Smart contracts where trades are mediated and executed
- 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.
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.
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.
Remember folks, Crypto is comin!
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