Nash, a decentralized financial services platform registered in Liechtenstein, has outlined details of the smart contracts that will support the future currency exchange’s deployment. The development parallels work on the Nash Exchange matching engine, details of which were previously covered by NEO News Today.
The matching engine is a multi-chain state channel network, hosted off-chain, that will use smart contracts to interface directly with each blockchain.
Nash Smart Contracts
Users will maintain custody of their private keys and their funds when using the Nash exchange.
Nash will deploy smart contracts on each supported blockchain to receive deposits, issue withdrawals, authorize trades, and give final settlement to completed trades from the off-chain matching engine.
Nash states that its smart contracts “are designed to be simple and portable” in contrast to its “complex” matching engine. The Nash design attempts to merge the performance of a centralized exchange with the user custody model of a decentralized exchange. Accordingly, its smart contracts are designed to be lightweight and straightforward gateways to the Nash matching engine that can easily be ported to a wide range of blockchains, even if the blockchains are running different virtual machines.
Nash Exchange will launch with support for the Ethereum and NEO blockchains.
Nash states that “second-layer strategies” will be used to offer the trading of blockchains such as Bitcoin that do not support smart contracts. Nash notes that its Bitcoin solution should be “adaptable for related technologies, such as Litecoin.”
The team expects to support Bitcoin trading “shortly after the launch of our MVP.” Meanwhile, Nash plans to announce the launch of its exchange at the upcoming NEO Devcon in Seattle, USA.
Nash Exchange’s full announcement can be viewed at the following link: