NVO is a decentralized exchange that uses a validator on the SafeNetwork for orders validation. Find out more about the NVO exchange and wallet today in our review.
What is NVO?
NVO is a new exchange found online at NVO.io. The exchange promises to be secure and private. It also allows for the direct exchange between wallets without the use of proxy tokens.
There are two key components of the NVO decentralized exchange:
NVO Wallet: An open source wallet for storing crypto-assets. All keys are created client-side and are never sent to any servers.
Validator: The validator matches orders and processes raw transactions. It does not, however, sign transactions or hold funds. The validator runs on the SafeNetwork.
NVO is currently in the early stages of development. The company just announced its ICO. That ICO will see the release of tokens throughout the development process.
Benefits of NVO
NVO’s unique decentralized exchange promises to offer several major advantages over the competition, including:
Secure: Assets are locked in each wallet’s local storage, away from any server.
Private: No persona data or private info is given away. Communications are secured by the SafeNetwork.
Assets to Assets: There’s a direct exchange between wallets without the use of proxy tokens.
Full Autonomy: Users have full control of their assets at all time, even during exchanges.
Store Multiple Assets: Users can enable “as many different assets as they want” through an open plugins system.
Integrated Platform: “Being dynamic means we can bridge utilities from other projects like XRP fiat gateway”, explains the official NVO website.
NVO maintains that its decentralized system doesn’t mean extra work for users. Like most other exchanges, NVO has invested considerable effort into making sure its platform is easy to use. If you’re familiar with other exchanges, then you shouldn’t have any trouble using NVO.
You can view the full NVO Decentralized Exchange whitepaper here.
Why Does NVO Use SafeNetwork Instead of a Smart Contract?
Smart Contracts and SafeNetwork are two different products. Each one has its own unique advantages and disadvantages. Why did NVO choose to use SafeNetwork instead of Smart Contracts?
Smart Contracts are seen as the ideal choice for autonomous organizations because the code is saved in the blockchain and can be run remotely. However, the downside is the amount of data that can be stored in the blockchain – even though Ethereum provides more storage space than most other blockchains.
SafeNetwork, on the other hand, is a distributed file storage system and computing system that provides resources to the applications and websites built for it. This environment is more suitable for the NVO validator because, as the creators of the platform explain, the “size and resources consumption will grow over time”.
The other advantage of SafeNetwork is that it “respects the decentralized requirements as the data will be securely stored within the network”.
The NVO Wallet
The NVO Wallet can currently be viewed in demo form at the official NVO.io website. The wallet is in its very early stages. It’s functional, but doesn’t have many features. Right now, the wallet lacks a stable way to read the blockchain, which means the sending feature is unreliable and transactions can get stuck when multiple transactions are sent at the same time. However, NVO still describes their wallet as “a secure wallet to store assets”.
Key features of the NVO wallet include:
- Right now, the NVO wallet stores BTC, ETH, and XRP, although XRP requires a deposit first (as per usual)
- Users control the private keys in their wallets
- The wallet is available on OSX, Windows, and Linux
- Multisignature addresses
- Addresses management
- Account management
- Offline storage and offline management
- Assets creation and management
- Support for Ethereum tokens
- Light nodes
- Multiple languages
- Wallets will use random password and pass phrases dynamically generated using the CPU entropy or another provider of random data
- Each wallet will generate a unique user ID used by the validator for order origin and transactions history; this ID will be used to manage user accounts in the wallet and enable the support for multiple accounts in the same wallet; however, the ID will never be used to track users, and personal data will never be asked, collected, or sent to any third party
These features will not all be implemented from day one. NVO will implement them at different stages of the development. Full details of the NVO wallet and its planed future development can be found in the whitepaper on page 5.
The NVO ICO
NVO announced a crowdsale through Bitcointalk.org on May 17, 2017. You can keep track of that ICO by visiting ICOCountdown.com here. It’s scheduled to take place on May 22.
The crowdsale process works like this: each escrow will provide NVO with a list of addresses. These addresses will be assigned to each registered user in the NVO website.
Investors will need to provide a personal bitcoin address they control in order to receive the NVO tokens. The NVO token itself is a counterparty asset. Keep in mind that this needs to be a personal bitcoin address – not a pool or exchange address.
The NVO tokens will have a 30% release at the end of the crowdsale. An additional 30% will be delivered when the beta wallet and first API cluster is released. Another 30% will be released on delivery of the beta validator, and the final 10% will be delivered through the plugin system.
Who’s Behind NVO?
NVO’s team includes Yanni Bragui (lead developer and CTO) and Ton Bi (CEO and co-founder). Bragui has 14 years of experience in software engineering and is a software developer for ERMA, the biggest research center in Africa for light and streetlights. He’s also the head of development of Veserus, a fully-licensed cryptocurrencies exchange.
Ton Bi, meanwhile, has 5 years of experience in growth hacking for startups. He has previously been the project manager for Newnote Financial Corp., a public Bitcoin company based in Vancouver, Canada.
Stay tuned for more information about NVO as the company continues to roll out its platform and its ICO over the coming months. You can check the progress of the NVO decentralized exchange by visiting their official website at NVO.io.