Hi NEX’ers
Yesterday I attended the first anniversary/birthday party with around 100 other people being present. I thought It would be nice to summarize some of the things said there and to create a TooLazyToWatch version of the livestream.
The vibe yesterday was really great and it was wonderful to finally meet the team in person. They started of with a presentation by @canesin and the second half of the show was an AMA presented by @samuel with @canesin and @Nathaniel as guests. If there is something missing or incorrenct please comment and I’ll add it.
So beginning with @canesin his presentation
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The first analog security was registered in Amsterdam, now NEX the first digital security is registered there too.
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Fabio repeats there are open positions no matter where you are located. https://jobs.lever.co/neonexchange
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NEX their new slogan is Trust Yourselves.
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In the first phase of the exchange NEX is launching a closed matching engine network, in the future it will be free to join for everybody to compete for trading fees.
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NEX will be it’s own chain a DAG so a graph, not a blockchain.
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They’re in a phase of post-processing of this system and will be launched in Q4 for testing: front-end, matching system, notification and settlement system. Within a staging network
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Canesin doesn’t wanna over-do and saids “We launch when ready”
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Migratrion of the extension from alpha to beta (fixing a lot of issues)
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Payment API’s will launch with AVA, nOS
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Launch staking system
(obviously KYC required) -
Simplified exchange also still in Q4
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Talks about quarterly report click: link
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The NEX social media ethos:
NEX does not distribute information on channels for the sake of doing so. Our social media strategry differs from most in the industry. -
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Canesin announces https://community.nash.io a place to form a home to our community. 1 NEX is needed to sign-up with the extension.
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Canesin ends the presentation and calls Dean van Dugteren (CEO nOS) on stage nOS is partially powered by NEX and he is promoting nOS. Everyone in the audience receives 500 nOS tokens as a thank you.
AMA
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When will the exchange launch?
When mobile wallets? Will KYC be required for staking? And when can we purchase merchandise?
When ready. Mobile wallet early Q1. KYC required. NEX is gonna launch a store to showcase the payment solutions in Q1 2019. -
NEX is busy with a banking license does that mean that soon I have a bank card where I can pay with NEX, NEO, GAS?
Payment solutions, direct crypto Q4 our goal, Banking license will be later due to a few constraints. But if you go to the store you will be able to achieve these two goals with the other solutions. -
How distributed will the matching engine be? Number of nodes? What consensus protocols are the NEX team considering and how will that be incentivized?
5 nodes in the beginning. They don’t know the consensus protocol yet, they’re launching as a distributed system. We’re using a binary agreement. The consensus we’re looking for are graph solutions. -
How do you manage communication as you’re on different timezones? If the one or more of the blockchains are down/congested how will the matching engine behave? What will your marketing plan be to increase the volume of this platform?
NEX works with two systems, matching and settlement system, if ones down it will affect the settlement system. There can not be new things in the market, no deposit. Nathanael answers: Concerning the UI: You always want to give the user feedback, whether if you’re making a trade and that’s succesful. If there’s something particular that has gone wrong, you always give feedback to sort of say this is actually what’s happening. So straight up the users will know exactly what’s going down. You make sure you always inform the users. It will be on a understandable level because there will be a lot of different users. Concerning timezones: We have different teams on different timezones and it’s complicated but it works. After a while you get used to it, we see people by result of their work not because they are every day in the office. Last question marketing for volume. Volume in itself requires users. The first thing to acquire users is you guys helping us. We have 17,000 active wallets if each bring 100 users then we are huge. So this is at the core of NEX. You can only get some organically and that’s users bringing users. In the blockchain space now there’s a lot of trading competitions and gimmicks as I call it. And you can see that people doing that don’t have great volume. Spending resources from the company with no outcome of that. So our team has marketing projects you can think of them as something inside the system: referall links, community. These are the projects they’re developing and this event is also a part of that. -
You suggested a worldclass UI, are you gonna achieve that?
The user at NEX is the focal point. If you don’t do what the user needs you produce a pointless product. So right from the start we did a lot of user research, talk to people. From that we make prototypes that we test with people, if there’s issue with that we iterate on that design. We have a great team of word class designers that can make something really complex look simple. It comes to the core of NEX which is people. -
What kind of expectations do you have concerning to the volume when the exchange launches? Cause we want that stake money
So our goal is launching to be top 100. So launching is Q1 thing. After the first quarter to be top 50. After Q1 we have a lot of developments. -
How are you going to secure the NEX community to be a safe place without fake news?
The community is actively moderated by us.
But that’s maybe something bad has already happened?
I would say no because you shouldn’t trust random people post something.
But this is already what’s happening in the space
That’s why you should wait for NEX team to reply.
Shouldn’t be there a punishment on bad behaviour on the plaftorm?
I agree. You can only access when holding NEX so already a step forward. We have other idea’s for example while staking NEX you can post topics not just having 1 NEX. You have to actually lock it. It’s hard for us to tell it now because we just launched it today. We’re gonna actively moderate and if there’s a problem we’ll find a solution. -
When will the NEX token get listed on exchanges?
Does not only depend on us, we will never pay for listing. We’re a security not aiming for speculation but for staking. NEX only talks to people with the properly licenses to list a security token. The people pursuing this don’t actually have their platform online. We’ll use a cross listing solution, you list us, we list you. We are no police of the internet, we can not guarantee that everyone is acting according to law. We only approach the projects with the pursuing licenses and have the legal background. -
How are the updates of the network/applications maintained? Is that central or open source?
Each matching engine do not communicate to each other. For this to work the message from the blockchain needs to be the same. People are putting orders things are happening to the blockchain but the answer of NEX should be the same. When update, we have to update all the engines through a gateway. It’s called hot code reloading. You don’t need to reboot the system it just waits for a certain height on the blockchain. -
What’s the current status for your DEX platform? Is the team planning on launching only web platform or plug-in functions? What are the plans to integrate a hardware wallet?
For launch we will be fully functional: mobile, web, tablet. The mobile app will come soon after. We had issues with people not understanding username/password and being local to the computer. There’s a lot of pain going trough there. We will come with a solution thats quite familiar. So we came up with some sort of key generation thats not supported by hardware wallets just yet. So maybe in the future. No hardware wallets just yet. -
What if I buy more NEX OTC am I still allowed to stake?
If you pass KYC yes. -
What kind of criteria are you looking for to list a new coin?
When we add tokens we have to look what kind of resources are needed. If it is a completely new chain this would take a long time and what is the kind of community that’s behind it. We want to add tokens that bring people to our platform. We want to have organic trade. There are also legal constraints, fiat or securities are something else. It should be reviewed by our legal team, then the enigeering team then we will list it. Our goal is to start with only a few tokens 5/6 on launch date. Every month we launch a little bit first month 2, then 4, 8… -
Is there a way to incentivize traders? For example I’d like to buy ETH instead of getting 1.999 ETH, If I use NEX the NEX token who I was trading I would actually get a cheaper fee and therefore get exactly 2 ETH.
No there’s no plan for that. When you are using some token to pay a fee you’re actually valuating that token as if it was paying that fee. So it means that fee’s that would go to that exchange. The economics of it is the same as the exchange uses that fee to buy that token. So why not give the people holding the token the fees? Much more direct act of the same economic thing. We don’t envision people to pay with tokens but use the tokens to receive that fee directly.
But for the non-stakers there’s no benefit?
For the non-stakers there’s not benefit except for the increasing value of NEX. -
When will the security license be avaiable when do you expect to get it? There was a lot of attention on twitter because of tweets “Bigger then Binance” “Enormous volumes” and Ethan standing in front of NASDAQ can you reveal something about parnerships?
We do have social media policy but that was probably his personal account not NEX. Ethan has a impressive curriculum
of academia. And he was doing a presentation about the New York Times because of his PhD, and in NY there is NASDAQ so he took a picture, doesn’t mean we are working for NASDAQ, he was taking that looking at them envision us where we could be. So enormous volume means enormous amount of users. There’s two parameters that are correlated but not the same which is liquidity and volume. You could have great liquidity the pricing on the exchange could be really good it could be the same price you get on Binance for example or Coinbase. Volume actually requires users, enormous volume = a lot of users. We have a plan of how to acquire users. We have internal partners that do provide liquidity. When a user comes to NEX the experience and the price of trading is the true price of the market. If we’re gonna get bigger then our competitors I don’t know, we work hard for that and the team works hard for that. And if you’re here you maybe believe that.
I hope that this is valueable for someone that doesn’t have the time to watch for one and a half hour. Still wanna watch? Click here: link!
starting: 00:40:05 mark and with the AMA on the 01:42:00 mark.
And excuse my English and grammar, it’s not my native language.
Wish all you guys a lot of :nex_logo:,
len
Hyped for the exchange, can’t wait!!