What Is Cryptonex Coin and Trading Platform
Cryptonex ( CXN ) is the coin native to the Cryptonex substitution platform and wallet service. Created to facilitate quicker transactions between both fiat and cryptocurrencies, the platform already supports a number of decree currencies as … Cryptonex ( CXN ) is the coin native to the Cryptonex exchange platform and wallet serve. Created to facilitate fast transactions between both fiat and cryptocurrencies, the platform already supports a number of decree currencies ampere well as some lesser know coins. It besides offers peer-to-peer trade with minimal fees, angstrom well as requital gateways for merchants looking to start accepting cryptocurrencies for their work .
Cryptonex platform Overview
Cryptonex is a global cryptocurrency substitution platform and wallet serve powered by the eponymous mint. The independent goal of the platform is to offer the opportunity to exchange any world ’ mho currencies for any cryptocurrencies and tokens, pay for goods and services using mobile phones and payment cards instantaneously, with minimum commission.
Cryptonex is based in Switzerland and is created by an international team of Financial Investment Group which chiefly specialises in software development for fiscal markets. It was founded by Pavel Kalinin, presently listed as Managing Director of Cryptonex . The platform allows its users to buy Bitcoin ( BTC ), Ethereum ( ETH ), and Cryptonex ( CNX ) using versatile decree currencies like USD, GBP, EUR, and russian Ruble. Plus, you can use Visa or MasterCard to make purchases on the platform, though using a credit/debit poster attracts higher fees. It besides has a P2P exchange system, where the Cryptonex platform acts as guarantor and the transactions happen individually, both on-line and offline. If you prefer offline, the individual who placed the ad for buy/sell will choose a position to make the transaction .
Using the P2P Exchange
Using the P2P service is made up of a few steps :
- Post an ad (with details such as: country, payment method, exchange/payment currency, minimum/maximum transaction limit, exchange rate, and total amount)
- Receive a response (either from a seller or buyer)
- Confirm the deal and wait for the other party’s confirmation
- Wait for the “the deal was successful message”
- If anything goes wrong, use the report button
The team had besides promised that they would acquire a “ ready-made bank in Singapore or another state under friendly legal power, ” but there have been no news on that. Their initial plan, as detailed in a blog post, was to connect Visa/Mastercard requital systems and issue cards to clients at will, adding that “ there are plans to add third party banks to acquiring. ”
The company held an ICO throughout the calendar month of September 2017, when one CNX mint went for 0.0005 BTC or 0.007 ETH. 85 million CNX coins were available for leverage through the ICO. Although there is no data angstrom to how many coins remained unsold, the company promised that they would be moved to a coldness wallet and “ sold to banks in accord with need ” during their plan expansion .
Current State of the Project
As of October 2018, the party is working on listing NERVES on its P2P exchange, in the bill and cards services, adenine well as their multi-currency wallet. Nerves, calling itself the “ Neuronet of things, ” is a blockchain overhaul working on connecting all blockchain networks together as one. They are besides working on listing ThingsChain in the same manner. ThingsChain is a next-generation chopine for IoT devices based on blockchain engineering, with its TIC nominal ranked 507th by market capital in October 2017 .
Cryptocurrency exchanges are not precisely a innovative concept, so Cryptonex has its clean plowshare of like projects. The mesa below showcases the differences between Cryptonex and some main competitors .
|Cryptonex||Binance Coin||KuCoin Shares|
|P2P Exchange?||yes||not yet||no|
|Fiat accepted?||yes||not yet||no|
|Market Cap (Oct 2018)||USD 117 million||USD 1.16 billion||USD 114 million|
This board tells us that although Cryptonex offers more leeway, particularly in terms of decree trade, its popularity is significantly below Binance ’ mho, but slenderly bigger than KuCoin ’ s. After all, Binance is the universe ’ randomness biggest cryptocurrency exchange with fees by 24-hour trade book, while KuCoin ranks 47th, and Cryptonex is 23rd ( in October 2018. )
There is presently more than 55 million CNX tokens in circulation, while the total provision stands at around 107 million as of October 2018. The maximum issue is 210 million CNX coins. The Cryptonex team owns 5 million CNX. presently standing at slenderly above USD 2, the all-time eminent of this cryptocurrency was close to USD 10 at the end of January 2018 – a personnel casualty of 80 %. Its grocery store cap is more than USD 117 million, ranking it 56th in October 2018. The transaction fees are besides negligible at 0.0001 CNX, and the company claims to be able to process 15,000 transactions per second .
The mint can be traded on its native cryptocurrency switch over against Bitcoin and Ethereum, a well as a total of decree currencies. however, there are besides early exchanges offering CNX tradings, listed as follows :
- HitBTC (can be traded for BTC)
- YoBit (can be traded for BTC, ETH, DOGE, WAVES, USD, RUR)
- Everbloom (can be traded for ETH)
The coin can besides be mined, which we will talk about far below .
The mint uses the Proof of Stake ( PoS ) consensus mechanism. This concept states that a person can mine or validate obstruct transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have. Since Cryptonex uses PoS as a consensus mechanism, mining is different than the common Proof of Work ( PoW ) method, used by Bitcoin among other coins. Although PoS mine is most often called venture, Cryptonex prefers the term “ mining. ” According to their web site, the profit is 12 % per annum from the stake sum, plus any commissions from the transactions your wallet will confirm. however, all the deposits are kept in a individual pool which charges you 1 % – so your annual net income is actually 11 %. The single pool “ importantly increasing the rewards frequency for POS mining, ” their web site states. To get the mine rewards, you will need to register a world wide web wallet, buy CNX coins, transfer the coins to the background wallet and keep it online angstrom long as possible. When freezing funds for 1 year, the deposit bonus is 20 % of your measure. Rewards are deposited casual, and to be eligible for it, your minimum stake age has to be one hour. There is no maximum stake age .
The chopine offers its own background wallet for keeping your CNX and early coins secure. The multi-currency wallet presently supports Cryptonex, Bitcoin, Ethereum, Ontology, brazilian Real, Euro, British Pound, Russian Ruble, and the US Dollar. You can top up your wallet poise using a QR-code or by a direct depository to the wallet address, and you can exchange all the digest currencies in the wallet.
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Solutions for Merchants
Cryptonex is besides looking to become a payment gateway for both cryptocurrencies and decree currencies. They offer the possibility of invoicing counterparties in cryptocurrency indicating the requital determination. here, you specify the measure and bill passing date, and send it to its recipient through the platform. As the web site states, “ the service has been developed as part of the “ Merchant ” servicing homework from Cryptonex, which will allow connecting on-line stores and retail companies for payments in cryptocurrency. ”
Cryptonex besides offers two types of prepay cards for its users : a nominal card and a chargeable circuit board. Checking the card balance on either one of those will not activate the tease, meaning you can deposit it whenever you want by activating it manually. The nominal cards are issued with the nominal of 1, 2, 10, 20, 50, 100 CNX, giving it this name. The chargeable card, as its name implies, can be topped up with any supported cryptocurrency from your bill. This means you can give and receive cryptocurrency in the real world using postpaid cards in any country .
Other ways to get CNX
The stick out promises rewards for its supporters. There are respective ways person can qualify for receiving CNX, such as :
- Payment for posts (1 CNX for a single post mentioning Cryptonex, and a post with an active link to the website is rewarded with 2 CNX. To receive the reward, you have to send the url through a form in the backoffice, and it will be checked and you remunerated within 3 days)
- Referral program (currently unavailable, but the point was that you sent a referral link to a friend and received 20% of the amount that your friend bought, every time they bought CNX)
- Design (there have been contests for the best website design, mobile application and interfaces)
- Bug bounty (to encourage any programmers who have found bugs and have solutions to come forward with those)
- Translations (to encourage users to translate texts and develop the project in their national environment)
- Ideas and cases (sharing exciting new ideas could land you a reward.)
Category : Finance
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