If you’re into cryptocurrency, then you’re well aware that centralized exchanges represent a potential single point of failure. Yet at the same time the current decentralized exchanges available are slow and confusing to use.
NEX is aiming to solve that by creating a platform for complex decentralized cryptographic trades and payment services. And it’s being built on the NEO blockchain.
The main features behind NEX are the ability to do high volume, enabling complex trades, and providing a payment service.
To enable high volume NEX is creating a unique off-chain matching engine. Users ‘sign’ their orders and they get sent to the matching engine where they get processed, signed off-chain, and sent back to the user. The engine can batch orders to minimize computation. With this method NEX can execute more than 100,000 transactions per second.
As for orders types NEX can support limit and market orders. Plus it can also feature margin trading. Current decentralized exchanges only support point-to-point orders.
The NEX payment service allows NEO smart contracts to interact with assets that live outside of the NEO virtual machine. So you could send ETH to a NEO smart contract for example. In the future NEX will enable the payment service to support assets on other blockchains or non-digital assets like your local currency.
The project is led by City of Zion co-founders Fabio Canesin, Fabian Wahle, Ethan Fast, and Luciano Engel. If you’ve been following NEO and CoZ you know these guys are the real deal.
NEX will run on the NEX token. A token generation event is to take place in the first quarter of this year, although no firm date has been given at this point. In total there will be 50 million NEX tokens with half being sold in the TGE. The neat feature about NEX is that it allows holders to claim a share of fees generated by the payment service and exchange.
You can see the rest of roadmap below.
One of the things I like about NEO and CoZ is they deliver. So I’m excited to check out NEX once it comes out.
To find out more check out the white paper.
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