NEX vs Everyone : Competitive Landscape

(Guardian Circle) #1

Here is a little something I did today. Comments / additions are welcome (and very encouraged)

This ‘stack of features’ is how I, as a dApp creator, look at the world. I want all of these columns filled in as best as possible by one or more providers. Therefore, these are the metrics by which I evaluate NEX – they are not the ONLY way to look at this of course, but this is my bent. I suspect most dApps will look at NEX through the same lense.

(Guardian Circle) #2

The ‘Simple New User Onboarding’ means: Is there a process similar to a Coinbase onboarding that a grandma, mere mortal, AOL-simple, Joe 386-pack average person could get through – get a wallet, and get a little crypto? Lynx definitely has this. nOS for example, does NOT – “enter your private key” is basically the last thing grandma new user is every going to make it through. NEX may indeed have this, I just have yet to see it.

(Frank) #3

The NEX extension as a wallet (or future mobile NEX wallet apps/web wallets) is better suited to group together with the other features imo. For the average Joe using an extension is already difficult, let alone having to learn about a separate wallet.

I understand that a lot of focus is on easy user experience for the average Joe, but lets not forget the professionals/business that is going to use NEX.

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(Guardian Circle) #4

Really – that’s a surprise to me. You think the primary use case of NEX will not be consumer but enterprise?

(Thomas) #5

I also see the enterprise side as the bigger usecase for NEX. A lot of dApps have there utility token that is used in their system. At the moment it’s kinda complicated for a user to get this tokens and use the dApp. When these dApps now use the NEX API the dApp doesn’t have to care which coin the user is paying with because in the background NEX will transfer them to the right tokens.

I think alot of consumers won’t even realize that NEX is used in the background when they use a dApp and pay for example with Bitcoin.

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(Mdk757) #6

hey guys, whats APIs??? and what they used for??

(Ethan Fast) #7

Yes, NEX will have this. And unlike Coinbase (the only good offering today) our user keys will be decentralized and fundamentally under user control. This means we will be the first to create a usable-but-still-decentralized experience with traditional account metaphors (e.g., email/password login) on any blockchain. This feature will support ETH and BTC as well. We’re very proud of how this account system works and are excited to share more details about it after launch.

(Guardian Circle) #8

If there is a NEX API provided that makes this insanely seamless (i.e. “Pay for Guardian Circle using Bitcoin – NEX simply exchanges it for $GUARD under the hood”) that will be amazing. @mdk757 an API is an “Application Programmer Interface” – it’s how two different pieces of software can be glued together, basically. One them provides a “this is how you interface to me” documents and set of commands.

(Guardian Circle) #9

Thanks @ethan that is really good to hear. I like how you consider Coinbase to be the ONLY good offering – I think you are correct. This tells me you’re on it :smiley:

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(Guardian Circle) #10

Related question: What are the most popular released consumer dApps in the NEO ecosystem? Are any of them getting traction yet? (EOS has a number of gambling dApps – EOSDice for example – that are getting millions of transactions per day, and doing a quarter million in monthly revenue (25M is profit)) – what does NEO have for a consumer dApp that is comparable? Anything yet? The success of NEX is intertwined with the success of the dApp ecosystem (I think?).

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(Chris Fenwick) #11

You just described the NEX Payment Service :slight_smile:

(Guardian Circle) #12

oooh that is awesome. :slight_smile:

(Nikita Babaev) #13

Today Binance DEX revealed its preview.

What are your thoughts on it guys?

(CryptoUK1) #14

@Nikita_Babaev The product doesn’t seem groundbreaking to me. Pretty standard. Just the fact that it is Binance it may do very well

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(Nikita Babaev) #15

I wonder how groundbreaking is the technical side that lies behind it.

(Ashrith) #16

Thing is they already have binance cex where majority of volume is precent. If nex doesn’t operate soon than these new dexs , we would definitely loose market share. Nex may come with different ideas but it really doesn’t matter to others to copy. If we operate soon we can grab majority market share asap.

(CryptoUK1) #17

@Ashrith I agree. Was just speaking from the look of it, pretty similar to other DEXs. Like i said though, because it is Binance dex, it has much more potential than those

(Ashrith) #18

Yeah actually no Dex support btc pairs or top 50 coins . If binance can do this, though it looks similar to all other dexs people ones get used to their first Dex MAJORITY they don’t go to other Dexs. So, Nex should speed up .as binance is a big competition. They too can get a Fiat gate way or may be even security token license to list etc…even switcheo is gng to get Fiat gateway soon. Thing is there isn’t much creativity in exchange space atleast in UI part. Though backend we may have wonderful things like decentralized matching engine. People doesn’t care much I feel.

(Vt) #19

The Binance DEX still gives you the difficulty of handling recovery seeds and other blockchain technical details, it is indeed not really different than other dexes. I trust in NEX that they’ll diminish the technical stuff and increase simplicity for the average user.

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(Jump Around) #20

I see the Binance DEX as no different than another standard DEX/CEX. If NEX is aiming to be more like a decentralized Coinbase, where its easy to log on and buy BTC/ETH with fiat, then its fine. When people are using Binance (whether that is centralized or not), typically they are buying BTC/ETH from Coinbase (or something similar) and then sending it to Binance for other Alts.

This isn’t what Grandma or your neighbor are doing. We have a much more narrow view given we live in the space every day and take for granted the aspect of sending between exchanges (remember CNBC describing how to buy Ripple on TV?)