There's no doubt that the NEX ICO is one of this year’s most highly anticipated offerings. It is a decentralized exchange on the NEO platform that will allow all sorts of NEO tokens to be exchanged directly from a wallet. It does this by combining Blockchain with an off-chain matching engine.
There will be no pre-sale of tokens. At the time of writing no details have been given about the public sale dates either, although the dates are expected to be released soon.
Here's what we know though:
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Token: NEX tokens
Hard Cap: $25,000,000
Payment Methods: To be advised
Total Cap Size: 50 million tokens. 25 million in public sale.
Technology: NEO blockchain
Pre-ICO Date: No Pre-ICO sale
Public Sale Date: Public ICO token sale dates to be confirmed
This project is billed as being “a platform for decentralized cryptographic trade and payment service creation.” It has certainly captured the imagination of the public and has become one of this year’s most talked about upcoming ICOs.
The final outcome is going to provide a way of safely and speedily exchanging coins or paying for services using NEO tokens.
Project Use Case
The NEX ICO white paper explains how hacking and slow transaction times have been a problem with cryptocurrency dealing in the past. Decentralized exchanges like this now offer a way of keeping money secure with less risk of a hacking attack.
However, the problem is that this approach is slower than that of using centralized exchanges. Therefore, the NEX proposal is to use a hybrid method. This means that they will have a system that runs on the NEO blockchain but that has a fully off-chain matching engine.
The idea is that this gives users the best of both worlds – fast processing times and a high degree of security at the same time.
NEX Team Overview
Getting to know the team behind any ICO is a vital step in understanding whether it is likely to be a success. In the case of the NEX ICO, it is being worked on by a global team.
First listed are the 5 co-founders and developers. These are Fabio C. Canesin, Fabian Wahle, Ethan Fast, Luciano Engel, and Thomas Saunders. They come to the project from varied backgrounds in a number of countries. Among their previous companies are NEON Wallet, NEOScan and CoZ (City of Zion.)
Nathaniel Walpole is a designer, with Samuel J. Mansfield listed as another designer. David Schwartz is a developer with the team. The final team members listed are Evgeny Boxer (developer) and Carla F. de Paiva (marketing and public relations).
Several advisors are mentioned on their site. These are Da Hongfei and Erik Zhang. Both of them are members of the NEO Council.
Overall, it appears to be a strong team with a good mixture of experience and abilities.
How Does The Token Work
The NEX token will allow users to claim a share of the fees that are generated by people using this payment service. There will be 50 million tokens created in total, and half of them will be available in the public sale.
Users can claim their share of the fees by staking their tokens in a smart contract. They then make claims to receive their money whenever they want to.
What Do Investors Gain
This ICO is interesting in that investors can make money in more than one way. Rather than just relying on the token gaining value over time, they can also receive regular income through their share of the generated fees.
The white paper points out that staking tokens for a longer period of time will result in higher fees for the user to claim. Clearly, as the platform becomes more popular, it is expected that more and more fees are generated for the users.
Therefore, getting in early and buying tokens in the public sale at the initial offer price could turn out to be a smart way of investing in something that grows in value and also offers regular income too.
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Opportunities & Risks
This is an area that appears to be highly suitable for exploiting in an ICO. Cryptocurrencies are very much in the news right now and there are genuine concerns about the speed and security with which transactions can be carried out.
The NEX proposal appears to be a good solution to common problems. The fact that the tokens can be staked to produce a regular income means that it is the type of opportunity that many people are looking to put their money into.
In addition, in the white paper, it is stated that this could eventually provide a long-term solution for global decentralized banking.
On the side of the risks, this is an ICO that could run into regulatory problems, just like most ICOs. There is also the common risk that new technology makes this proposal obsolete before it can get the support it needs.
ICO SIGNALS :
There are a lot of people who think that this is going to be a huge success. While exact details of the public sale aren’t yet known, it is looking likely to be one of this year’s most sought-after ICOs.
The idea behind the NEX proposal makes sense and it appears that it will address some common concerns about using cryptocurrencies. This alone doesn’t mean that it will be a success, but there is certainly a buzz building about this ICO.
The team working on it is strong and the proposal seems to have been well thought through. Among the key issues, the fact that it gives investors the possibility of a regular income is generating some of the excitement around now.
This is definitely one of the upcoming ICOs that it is well worth keeping an eye on.