Coineal is an online platform that aims to make cryptocurrency trading easier and more interesting. Find out how it works today in our review.
What Is Coineal?
Coineal, found online at Coineal.com, is a cryptocurrency exchange founded by a team based in South Korea and China.
The exchange was announced on April 24, 2018. The exchange also announced plans to launch its own “NEAL” token.
One of the unique things about Coineal is that it will be South Korea’s first decentralized exchange. The exchange will operate across a series of nodes based worldwide. Nodes will receive NEAL tokens in exchange for their processed transaction volume. Furthermore, nodes will be asked to participate in various aspects of running the exchange – including democratic governance decisions.
How Does Coineal Work?
Coineal will work similar to most other cryptocurrency exchanges: the exchange aims to offer high security, easy trading, and strong liquidity across major cryptocurrency pairs.
Here’s how the company describes their services in the initial press release:
“Coineal is committed to building a world-class blockchain asset trading platform, providing users with safe, professional and easy-to-use cryptocurrency exchange services. Coineal provides a full liquidity for digital assets which would enable everyone to trade cryptocurrencies freely.”
Obviously, there are hundreds of cryptocurrency exchanges available today that make similar promises. What makes Coineal different? Let’s take a closer look at its features and benefits.
Coineal Features And Benefits
Coineal is emphasizing all of the following features and benefits:
Global Business: Coineal currently maintains offices in South Korea and China. They’re also planning to launch offices in Japan, Singapore, the United States, Russia, and other countries. The goal, according to the initial press release, is “to build an integrated global business layout.”
Safety and Security: Like all cryptocurrency exchanges, Coineal emphasizes safety and security. Coineal claims their team has “extensive experience in the digital asset industry” and the platform is built “using a distributed architecture with high-quality risk control system and DDoS defense system.”
Strong Liquidity from Day One: Coineal claims to have already amassed a large number of users prior to their official launch. To do that, Coineal has announced support for strong niche cryptocurrencies like China’s MT token.
Easy UI: Coineal will allow users to access the exchange through iOS, Android, H5, and PC. Coineal will also be available in multiple languages with 24 hour customer support.
Community Exchange Nodes: One of the unique things about Coineal is that it will have community exchange nodes. Coineal will setup community nodes, with each node acting as a native, independent cryptocurrency exchange. Bonuses will be distributed in NEAL tokens each month to incentivize these community exchanges. If your exchange achieves a certain amount of trading volume, for example, then you may be rewarded with NEAL tokens.
Multiple Markets: Coineal offers multiple cryptocurrency trading pairs. As of April 2018, the exchange offers pairs like ETH/BTC, MT/BTC, BTC/USDT, ETH/USDT, and MT/ETH.
Profit Distribution: A portion of profits earned by Coineal will be distributed to the community as a reward for nodes that operate and manage the Coineal exchange.
How Do NEAL Tokens Work?
NEAL tokens work in a similar way to the tokens offered by other cryptocurrency exchanges. You can pay transaction fees using NEAL tokens, for example. And, users who hold a certain number of NEAL tokens can enjoy a discount on transaction fees.
NEAL token holders will also have the opportunity to “claim” other cryptocurrencies. Here’s how Coineal explains this unique claiming process:
“NEAL holders will have the choice to claim various other cryptocurrencies. For example, MT (the native token of MyToken) will be listed on Coineal so users can use NEAL to 1:1 claim MT. Those repossessed NEAL will be burned immediately. As more cryptocurrencies are traded on Coineal, a lot more other cryptocurrencies can be claimed with NEAL.”
Traders are allowed to exchange 66 NEAL with 66 MT per day. There’s a total cap of 300,000 1:1 swaps allowed on the Coineal platform in total. Further 1:1 swaps are expected to be launched in the future – so NEAL tokens can potentially be transferred into a number of different cryptocurrencies.
NEAL tokens are also required in order to list your token on the Coineal platform. If you want your cryptocurrency to be available for trading on Coineal, then you’ll be required to hold a certain number of NEAL tokens.
Finally, NEAL can be earned through mining. Coineal will have a “POW-like mechanism” that rewards users for their contributions.
The NEAL Token Sale
Coineal is offering 10,000,000,000 NEAL tokens. You can claim your NEAL tokens simply by registering on the Coineal platform at Coineal.com.
You can also earn more NEAL tokens by referring friends to the platform. Plus, high volume traders that purchase MT tokens through the Coineal exchange will receive NEAL tokens. If you’re among the top 2,000 purchasers of MT for the day, for example, then you’ll be rewarded with 1,000 NEAL tokens. The top 3 highest-volume traders will receive a bonus of 100,000 MT each.
Coineal is a decentralized exchange based in South Korea. The exchange is built across a series of distributed nodes. These nodes are responsible for processing transactions through the exchange, then receive NEAL tokens as a reward for their contributions.
To learn more about Coineal and how it works, visit online today at Coineal.com.