What is Cryptonex
What is the Cryptonex Coin and Trading Platform?
Cryptonex (CXN) is the coin based on the Cryptonex Exchange platform and the wallet service. The platform was developed to enable faster transactions between fiat and cryptocurrencies and already supports a ...
Cryptonex (CXN) is the coin based on the Cryptonex Exchange platform and the wallet service. The platform is designed to enable faster transactions between fiat and cryptocurrencies and already supports a number of fiat currencies as well as some lesser known coins. It also offers peer-to-peer trading with minimal fees, as well as payment gateways for merchants who want to start accepting cryptocurrencies for their work.
Cryptonex platform overview
Cryptonex is a global cryptocurrency exchange platform and wallet service supported by the coin of the same name. The main goal of the platform is to offer the possibility to exchange all currencies in the world for all cryptocurrencies and tokens, to pay for goods and services with cell phones and payment cards instantly and with minimal commission.
Cryptonex is based in Switzerland and is founded by an international team from the Financial Investment Group, which mainly specializes in software development for the financial markets. It was founded by Pavel Kalinin, who is currently listed as managing director of Cryptonex.
The platform enables its users to buy Bitcoin (BTC), Ethereum (ETH) and Cryptonex (CNX) in various paper currencies such as USD, GBP, EUR and Russian ruble. Also, you can shop on the platform with Visa or MasterCard, although using a credit / debit card incurs higher fees. It also has a P2P exchange system where the Cryptonex platform acts as a guarantor and transactions are done individually, both online and offline. If you prefer to be offline, the person who placed the ad to buy / sell will choose a location for the transaction.
Use of P2P exchanges
The use of the P2P service consists of a few steps:
- Book an ad (with information such as: country, payment method, conversion / 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 something goes wrong, use the report button.
The team had also promised to acquire "a bank in Singapore or some other country under friendly jurisdiction" but there was no news of it. Their first plan, as detailed in a blog post, was to hook up Visa / Mastercard's payment systems and issue cards to customers at will, adding that "there are plans to add third-party banks to the acquisition".
The company held an ICO in September 2017 when a CNX coin sold for 0.0005 BTC or 0.007 ETH. 85 million CNX coins were available for purchase through the ICO. While there is no data on how many coins went unsold, the company promised they would be moved to a cold wallet and "sold to banks on demand" during the planned expansion.
Current status of the project
From October 2018, the company will be working on listing NERVES on its P2P exchange, in the billing and card service sectors and in the multi-currency wallet. Nerves, called the "Neuronet of Things", is a blockchain service that works to connect all blockchain networks into one.
They're also working on listing ThingsChain the same way. ThingsChain is a next-generation platform for IoT devices based on blockchain technology with the TIC token, which was ranked 507 in October 2017 by market capitalization.
Cryptocurrency exchanges aren't exactly a breakthrough concept, so Cryptonex has a fair share of similar projects. The table below shows the differences between Cryptonex and some of its main competitors.
|Cryptonex Binance CoinKuCoin Shares|
|Exchange? Yes Yes Yes|
|Wallet? Yes Yes Yes,|
|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 table shows us that while Cryptonex offers more leeway, especially with regard to fiat trading, its popularity is well below Binance, but is slightly larger than KuCoin. After all, Binance is the world's largest cryptocurrency exchange with fees for the 24-hour trading volume, while KuCoin is in 47th place and Cryptonex in 23rd place (in October 2018.).
There are currently more than 55 million CNX tokens in circulation, while the total supply is around 107 million by October 2018. The maximum offer is 210 million CNX coins. The Cryptonex team owns 5 million CNX.
The all-time high of this cryptocurrency was just over USD 2 at the end of January 2018 and thus close to USD 10 - a loss of 80%. Its market capitalization is more than $ 117 million and was ranked 56th in October 2018.
Transaction fees are also negligible at 0.0001 CNX, and the company claims it can process 15,000 transactions per second.
The coin can be traded for Bitcoin and Ethereum on its native cryptocurrency exchange, as well as a range of fiat currencies. But there are other exchanges that offer CNX trading, which are listed as follows:
- HitBTC (can be traded against BTC)
- YoBit (can be traded against BTC, ETH, DOGE, WAVES, USD, RUR)
- Everbloom (can be traded for ETH)
The coin can also be mined, which we will talk about below.
The coin uses the Proof of Stake (PoS) consensus mechanism. This concept says that a person can mine or validate block transactions based on how many coins they own. This means that the more coins a miner has, the more mining power they have.
Since Cryptonex uses PoS as a consensus mechanism, mining differs from the usual Proof of Work (PoW) method used by Bitcoin, among others. Although PoS mining is most commonly referred to as staking, Cryptonex prefers the term "mining". According to their website, the profit is 12% annually from the amount wagered, plus any commissions from the transactions that your wallet will confirm. However, all deposits are kept in a single pool which charges you 1% - so your annual profit is 11%. The single pool "significantly increases the frequency of rewards for POS mining," it says on their website.
To get the mining rewards, you need to register a web wallet, buy CNX coins, transfer the coins to the desktop wallet and keep them online for as long as possible. If you freeze funds for 1 year, the deposit bonus is 20% of your amount. Rewards are deposited daily and your minimum age must be one hour to qualify. There is no maximum age.
The platform offers its own desktop wallet to protect your CNX and other coins. The multi-currency wallet currently supports Cryptonex, Bitcoin, Ethereum, Ontology, Brazilian Real, Euro, British Pound, Russian Ruble and US Dollar. You can top up your wallet credit with a QR code or by making a direct deposit to the wallet address and exchange all supported currencies in the wallet.
Solutions for dealers
Cryptonex also wants to become a payment portal for cryptocurrencies and fiat currencies. They offer the option of billing counterparties in cryptocurrency, specifying the purpose of payment. Here you enter the amount and the expiry date of the invoice and send it to the recipient via the platform. As the website states, "the service was developed by Cryptonex as part of the" Merchant "service preparation, which enables online shops and trading companies to be connected for payments in cryptocurrency".
Cryptonex also offers its users two types of prepaid cards: a nominal card and a paid card. Checking the credit balance on either of these two cards does not activate the card, i.e. you can insert it at any time by activating it manually. The nominal cards are issued with the nominal value of 1, 2, 10, 20, 50, 100 CNX, which gives it this name. As the name suggests, the rechargeable card can be recharged from your account with any supported cryptocurrency. This means that in the real world you can use prepaid cards to give and receive cryptocurrency in any country.
Other ways to get CNX
The project promises rewards for its supporters. There are several ways that someone can qualify to receive CNX, such as:
- Paying for posts (1 CNX for a single post mentioning Cryptonex and a post with an active link to the website will be rewarded with 2 CNX. To receive the reward, you need to submit the url via a form in the back office, and it will checked and you will be rewarded 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 your friend bought every time they bought CNX).
- Design (there were competitions for the best website design, mobile applications and interfaces)
- Bug bounty (to encourage all programmers who have found bugs and have solutions to develop them)
- Translations (to encourage users to translate texts and develop the project in their national context)
- Ideas and cases (you might get a reward for sharing exciting new ideas.)
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