Canesin, founder of City of Zion, announced in the latest CoZ weekly development report a new project called Neon Meta Exchange (NEX).

Neon Meta Exchange (NEX), is a decentralized exchange project, founded by four CoZ Council members – Canesin (Founder of CoZ), Ethan (Neon wallet creator), Luciano (NeoScan creator) and Fabian (fabwa).

From the update –

“NEX platform is built on a completely new protocol developed within the NEO ecosytem, utilising the best features NEO platform has to offer. NEX will consist of a reference exchange application, which will make it easy for developers building exchanges and payment services, to integrate with the NEX protocol. This project will possess a high level of innovation, building upon research done by Erik, on superconductive exchange technology.

NEO Council will be investing in the token sale of the NEX utility token that will occur at the end of this year, or at the beginning of 2018. In order to execute this token sale, we will be developing a brand new token sale system, that will be open-sourced with a MIT license, and donated to CoZ. This token sale system will include frontend, backend, and smart contract implementations.”

City of Zion are also working on publishing joint research articles with Loopring on developing cross chain protocols, with the goal of allowing execution of ERC20 and NEP5 token trades, across LRC and NEX.

Another big reveal was that the NEX token sale will be the first to use the token sale legal framework, developed by the NEO Council. The token sale legal framework is a highly anticipated milestone within the NEO community which will allow organisations to run ICOs that are legally compliant.

You can read the full report here –