The Launch of Nash, a DEX Built On NEO, Intends to be Binance’s Biggest Rival
At the recently held Neo DevCon 2019, the launch date of Nash, a decentralized exchange built on NEO was announced. Fabio C. Canesin, the platform’s co-founder made the announcement on 17th Feb that the beta version of the DEX is going to be launched on March 31st, 2019.
Pre-register your Nash account by participating in our referral program and you could win up to $100,000 in Bitcoin! You can find a sign-up code by searching for our hashtag #TrustYourselves https://t.co/yUNpyor2RS
— Nash (@nashsocial) February 17, 2019
Canesin described the Nash exchange, as a financial platform for future digital economies, while saying that the exchange is hoping to address the many problems of centralized exchanges in crypto. The goal at Nash is to bring decentralization to everyone. Since blockchains are too slow to implement high-performance exchanges, users turn to centralized solutions for trading. If decentralized technology is to be truly widespread, we must overcome these bottlenecks.
Nash’s off-chain matching engine achieves exactly this. By matching trades off the blockchain, we bypass its speed restrictions. They can also match trades across multiple chains, like a centralized exchange. However, with Nash, users never give up control of their funds.
The platform is lauded as a tool that will prove its users with the best of both worlds: convenience of centralized banking and security of the decentralized platform. Decentralized exchanges (DEXs) like Bancor, IDEX, and Etherdelta, offer peer-to-peer or order book-based, non-custodial, trustless exchange solutions. They carry trades on the blockchain, so parties to a trade exchange assets directly, eliminating the need for a central party to hold client funds.
With user data spread across multiple data points, DEXs have obvious security advantages over centralized exchanges, and also offer a number of other potentially significant advantages. In spite of these benefits, DEXs are only conducting a fraction of the trades of their centralized counterparts.
On the other hand, the Binance DEX is all set to look quite similar to what Binance’s current UI seems like. As a result of this, older users will find it quite easy to get accustomed to the new platform. Additionally, customers will also be able to control their native account activity at all times since they can easily check for niche’ data such as open orders, trade history, order history as well as a new feature called ‘balances’