What makes nex a dex? Seems like cex

(Roberto947) #1

So based on what I’ve heard, the cross chain transactions or any transactions on the nex platform (besides withdrawals and deposits) will happen off chain. But isn’t that how a centralized exchange works? For example, I can go on Binance and get some eth (off chain) and trade it into neo (also off chain trasaction). Then when I decide to send that neo to another wallet which is basically a form of withdrawing it, the transaction happens on the block chain. So what makes nex anymore decentralized than binance or any other centralized exchange. I’m sure i’m missing something here. A clear explanation would be much appreciated.

(Ethan Fast) #2

I don’t want to be too specific, but first, the off-chain system can itself be decentralized. Second, coordination even with an off-chain centralized entity can follow a protocol that enforces decentralized trust (think 0x style protocol). Eventually we might publish more of the insights behind our approach, but these things are important to keep internal for now.

(Ashrith) #3

@ethan so I have a doubt so can I see with whom I have traded like example if I have traded btc for eth. Can I see the addresses of the eth owners too (it might be order of two persons too right so will there be both addresses ) may be like ether scan will there be any explorer for neon exchange? If not you have any plans to make one? Because if we can see with which addresses we have traded then that would make a better decentralized exchange . I don’t know if it’s possible either

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(Ashrith) #4

@canesin can you please throw some light on this. And I can’t edit the previous post. Is it a new update. Where I can edit only once ?

(Chris Fenwick) #5

You can only edit posts for up to 60 minutes after making them. AFAIK this is not a new update, but the time limit isn’t explained in the tutorial. I’ve added a line to it now so this is made clear to new users.