Today, cryptocurrencies are placed on centralized exchanges where they are targeted by platform managers and hackers. DEX (Decentralized Exchanges) offer a layer of security by giving users an encrypted blockchain network and the ability to create smart contracts.
However, due to concepts such as verification and mining, it can be difficult for keep up with a high volume of users within their network. That’s why Neon Exchange (NEX) was created, and our review will help you discover its strengths, disadvantages, and why the decentralized exchanges need it.
What is Neon Exchange?
Neon Exchange was made with the goal of solving the issues that are made by regular decentralized networks. It’s used to combine security and trust properties from decentralized exchanges while also offering the same level of intense security as centralized exchanges.
Neon Exchange has three main components:
- Smart contract where the trades take place
- Payment service where NEO and GAS can be turned into tokens and traded into smart contracts.
- Off-chain trading machine engine
It works by allowing its users create their own type of taker/maker fee structure. This means that market makers who want to create new limit orders don’t have to pay a fee. Takers who want to create a limit order or an order that’s below the market price will have to pay a fee.
This gives it the ability to make it faster than other decentralized exchanges. Having the ability to create these orders help the network run without having to wait for long transaction times. Neon Exchange is ran by NEO’s blockchain network and can help you receive your cryptocurrencies while having a strong platform behind it.
Token Sale Information
NEX gave a token sale during the first quarter in 2018. They plan to sell a total of 25 million tokens to the public, out of a total pool of 50 million. After they work with their legal advisors, then they will release a new public sale. Neon Exchange wants to be compliant with their regulators so that they can expand their sales to as many countries that will accept them.
Disclaimer: Our post was made just to inform and educate our readers. We don’t create investment advice. Speak to your advisor before investing and invest knowing your own risk.
- On & Off Platform Trading: NEX users don’t have to worry about transferring their NEP-5 tokens on and off the platform.
- Comprehensive Roadmap: NEX has a comprehensive roadmap with an extensive vision; meaning it has a great direction for the near future.
- NEO Infused: Since it’s on NEO’s network, the cryptocurrency will be legal in China and other Asian countries.
- Lack of Interest: Neon Exchange has a lack of hype behind it, they hope to increase their awareness of NEO’s Smart Economy as time progresses.
- ETH Trading Pairs: While it’s a good network, we can only expect the ETH trading pairs to appear in Q4 of 2018.
We don’t know how Neon Exchange will perform in the later months. But due to their active team, platform, and their goal to help the crypto exchanges, it can be assumed that they will be here to stay.