NEX ICO Review

As we can all see, the rise of cryptocurrencies has been nothing short of meteoric in the past couple of years. Since 2015, the daily trade value of digital assets such as Bitcoin, Ethereum has risen from a meagre $60 Million to a staggering $8 Billion (as of Nov 2017).

While most of the common cryptocurrencies we make use of are decentralised, the exchanges on which they are sold and traded within, are usually centralised. As a result of this, our funds are never really completely safe from third party intruders or hackers.

About NEX

NEX is an all new “online crypto exchange” which makes use of the NEO blockchain. It was launched in 2015, and over the years has morphed into a platform that provides investors with a good alternative to Ethereum based smart contracts and distributed applications.

As per the official company whitepaper, NEX will initially be launched exclusively within NEO, but as time progresses, will be expanded to support exchange within the ETH blockchain as well.

Some of the core features of NEX include:

(i) UTXO based:

As many of us might already know, Ethereum makes use of an account model that stores all of our balance information in the form of numbers (within the Ethereum Virtual Machine (EVM) ). However, within the NEO blockchain, global assets are sent and received via the use of a UTXO model, wherein all transactions are carried out via the use of secure IDs.

(ii) Easy Third Party Interactions:

Through the use of the NEO blockchain, it becomes easier for external users to verify transactions that have taken place within the blockchain (via the use of methods such as SPV).

(iii) Smart Contract Execution:

When using the ETH blockchain, all smart contracts have the capacity to interact with one another through the use of their given addresses. However, NEO makes use of a protocol wherein “all calls between smart contracts” need to be clearly declared in advance.

(iv) New Consensus Model:

In a more technical sense, we can see that NEO makes use of Byzantine Fault Tolerance (dBFT) protocols for consensus. This model has been studied in detail, and has been shown to allow for “much higher theoretical transaction throughput”.

About the NEX Exchange

NEX (abbreviation for Neon Exchange) is an “online currency exchange” that aims to bring together the power of “centralized exchanges with the trust and security properties of decentralized exchanges”. As per the website, there are three core component of NEX:

Off-Chain Trade Matching Engine:

Through the use of this technology, NEX has the ability to benefit from the “performance characteristics of centralized exchanges”. However, with that being said, it still allows users to maintain decentralised accounts within the blockchain. To be more specific, we can see that all orders are digitally signed and then processed via the use of specialised hardware. All of the matched orders are then “signed off-chain and committed back to user accounts”.

Smart Contracts:

As mentioned earlier, NEX makes use of special smart contracts that are used to “perform trades between users”. The contracts make use of program data that is powered by NEP-5 token protocols.Through their use, system performance can be enhanced, and overall trade efficiency can be increased dramatically.

Payment Service:

A key feature NEX is that it allows for global assets such as NEO and GAS to be easily exchanged in place for tokens that are compatible with smart contacts.

NEX Token Sale

According to the company's whitepaper, the details of the upcoming ICO will be released soon. NEX will be making a total of 25 million native coins available to the public (out of its entire currency pool of 50 million tokens). The sale is scheduled to start sometime in the first quarter of 2018.

Who is Behind NEX?

Fabio C. Canesin is the Co-founder and Developer of NEX. He holds a Masters Degree from Universidade Federal do Rio de Janeiro, and has previously served as the:

Similarly, Fabian Wahle is one of the core developers of this platform. He holds a PhD in CS (from ETH Zurich), and has previously served as the CTO of Altoida, as well as the co-founder of CoZ.

Ethan Fast is the company’s blockchain dev and holds a PhD from Stanford University. He is also the creator of “NEON Wallet”. Lastly, Luciano Engel is the company's co-founder. He holds a degree in Development Eng from Universidade Federal de Santa Catarina , and is the creator of NEOScan.

For any further details regarding this platform, users can get in touch with company officials via Email ([email protected]). Alternatively, they can also join the company’s Reddit thread, or use media communication portals such as Twitter, Medium.

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