The incidents seem to be more profound when the very cryptocurrency exchanges that are supposed to secure these digital assets cannot even keep themselves safe from hackers, all due to being centralized and ironically not having the security capabilities of the assets that they deal with on a regular basis.
This very notion breathes life to the idea of decentralized exchanges that plan to leverage blockchain technology not just for the sake of using it, but due to how its utilization could resolve major security problems and ensure that investors’ funds always remain secure – along with providing other functionalities.
Neon exchange (nex) aims to be the primary decentralized exchange
One such exchange is the Neon Exchange (NEX), which has lately been making the rounds among the cryptocurrency community.
And for good reason as well.
Based on the NEO blockchain, NEX seems to be different from most of the other decentralized exchanges currently being marketed or developed.
It is because NEX plans to not just run its operations on the blockchain, but to also have an off-chain engine which will be utilized to handle trading operations and complex orders which other decentralized exchanges cannot meet at the moment.
The off-chain engine that will be used by NEX for these complex volume and order transactions will also be publicly verifiable, ensuring transparency for its users.
To simplify, NEX will work as a hybrid system cryptocurrency exchange. It will have readily available functions that are used by popular centralized exchanges, and it will couple them with blockchain based functionalities.
NEX will also offer a payment service to its users, where they will be able to use smart contracts on the NEO blockchain to send and receive popular cryptocurrencies.
This makes NEX a powerhouse offering, and the people behind it seem to be capable to pull all of this off with ease according to the skills and expertise that team possesses.
Further details on NEX ICO
The NEX platform is currently accepting registrations for its token sale until March 30, where investors will be selected through a lottery mechanism.
Once the registration for the lottery is completed, the NEX team will announce 25,000 winners for its first round of lottery, and start know your customer (KYC) procedures for them. The procedures will be completed by April 7.
The team will then announce the second round of lottery winners on April 8 in order to make up for the remaining spots which are free due to people not meeting KYC standards in the first round.
The KYC for the second round will be completed by April 14.
However, the actual date of the token sale remains to be announced as of yet.
Through the token sale or the NEX ICO, the NEX platform will distribute its native NEX tokens for the price of $1 for 1 NEX.
Though this mechanism, the platform aims to distribute half of its total supply of 50,000,000 tokens, and raise $25,000,000 in total.
Meanwhile, Switcheo completes its Initial Coin Offering
While NEX was going through building the hype for its product and creating a buzz for its service and NEX ICO, another NEO based decentralized exchange by the name of Switcheo was completing its token sale.
Switcheo plans to launch its operations by the second quarter of 2018. It remains to be seen if its edge over timing would prove to be significant competition for NEX.