Neon-Exchange (NEX) - What is It?Neon Exchange (NEX) is a decentralized exchange that makes use of an off-chain matching engine which enables it to compute more complex trades in unit time. NEX can handle a large trade volume and perform these transactions quickly, and in a secure manner due to this automatic matching engine. Performant trades are possible between NEO and Ethereum thanks to cross-chain trading. Users have complete ownership over their tokens due to the decentralized nature of the exchange. Advanced features for buying and selling, worldwide fiat purchasing, a native token (NEX token) and several other unique features set it apart.
Neon Exchange Token- NEX TokenNeon Exchange (NEX) has a native token— the NEX token. It is based on a smart contract system which can interact with assets on the NEO blockchain via the NEX platform. In March-April, 2018, NEX conducted a lottery to determine participants for the sale of the NEX token. 25,000 winners were required to contribute at least $1,000 USD each to purchase NEX token. Each NEX token was worth $1 USD at the time. Participants were required to register for the lottery providing either their passport details or National ID number as proof of identity. The next lottery is scheduled to take place in June 2018. Of the 50 million NEX tokens to be released, 12.5 million tokens will be released over a two year period.
NEO and GASNeo uses the latest blockchain technology. This allows for the decentralization of smart contracts and smart assets and adds transparency to the entire process. The NEX token is an upgrade to the NEP-5 token used by NEO. One can earn GAS tokens upon the generation of new blocks. Although this income is passive in nature and quick minute, it is worth taking note of. The growth of the coin guarantees a larger income. If one takes security as a prerequisite, hardware wallets represent the best option.
- Neon Exchange (NEX) supports NEO’s NEP-5 tokens with advanced features
- Keeping private keys, off-chain matching and cross-chain trading are a few features provided by NEX.
- The GUI is user-friendly and allows for the purchase of several altcoins via fiat currency.
- Worldwide fiat-cryptocurrency trading will be possible as NEX has announced its alliance with several unnamed banking partners.
- In the second quarter of 2018, users will be able to buy NEO and GAS tokens and immediately trade those for tokens listed on NEX.
- The NEX extension wallet supports cross-chain crypto token conversion.
- No hardware wallet is affiliated with NEX token yet. This could change soon as the NEX team is in talks to launch its compatibility with the Ledger Nano S.
- Neon Exchange (NEX) also provides direct purchase and easy linking with other dApps.
- The fee structure is divided into the maker and taker system: Makers are charged no fee to encourage liquidity, whereas takers are charged between 0.1-0.25% per transaction, depending on the generated trade volume.
- Fees collected for each coin supported by the network are divided in proportion among users (a very small amount). Although this does not amount to much, it still is a source of revenue. As the exchange grows and the NEX token flourishes, this amount is sure to rise. This has its drawback as well. NEX token serves as a security token due to this and it makes it difficult for the coin to be listed on other exchanges.