Neon Exchange ICO - Decentralized Exchange w/Rewards
This is our writeup of our notes for NEX or the Neon Exchange. Please excuse the formatting as this is taken from our video (which we'll add below). Please follow us and like the post. Thanks
NEX - NEX is a platform for complex decentralized cryptographic trade and payment service creation
Problem
Centralized exchanges are prone to hacks, slow and are expensive.
Product / Solution
Neon Exchange (NEX), a new decentralized exchange on the NEO blockchain that applies a publicly verifiable off-chain matching engine to handle massive trading volume and support complex orders (such as limit orders) that are not possible on existing DEXs
Works by placing order book directly on the blockchain. Automated Market Maker function to find best price.
Differentiating factor is DEX are actually quite slow as there are no state channels. NEX remedies that with their tech. Always for multiple forms of payment to work like GAS for the DEX.
NEO’s 10k TPS allows for faster transactions as well as their preliminary call times for smart contracts.
Off chain order book
Faster
Decentralized
Safer
3rd party integration for fund exchanges for larger customers
Wants to store private key CLIENT side - Need clarification on this.
Makers of orders pay NO FEE while the takers pay a small fee.
Built on Elixir which is built on ErLand (used for telecommunications)
Allows NEO smart contracts to interact with assets that live outside of the NEO virtual machine
Token Function
To allows transfers and enable off chain purchases.
The NEX token allows holders to claim a share of fees generated by the payment service and exchange. In total, 50 million tokens will be issued that entitle holders to a share of the fees taken by the exchange and payment service. NEX holders can claim their profits through a staking process, where claims on the staked NEX operate similar to GAS claim calculations on the NEO network
Issues
Loopring and Ox are established players with a lot of connections.
ETH pairing not until 2018. No mention of BTC
ICO / Token Metrics
50 Million Total - WOWWWWWW
25 m to public
Waiting for this one, they said end of january I think. Let's see if they make it happen. Hopefully they don't have the same problems like in The Key ICO, I waited like 6 hours with no success :) Also they sold a lot in the pre-sale... But I think those ICO's weren't expecting so many users, so now they will come more prepared. A guy on youtube said that NEX will cost 1$ so it's a very good price for the circulating and total supply. Glad to see you on steemit btw.