Neon Exchange (NEX), a decentralized cryptocurrency exchange built on NEO, was recently featured on “The Advancements” on CNBC, hosted by Ted Danson. The show aims to cover “state-of-the-art technologies and solutions dedicated to shaping, molding, and transforming our world” to “create a new level of social awareness”.
The segment began with an introduction to blockchain technology and its role in providing transparency and fairness to economic models, before transitioning to its application with cryptocurrencies and the issues of centralized exchanges. NEX received a six minute long segment, with most of the footage focused on the benefits of the platform and how it can allow cryptocurrencies to complete its goal of existing in a truly decentralized ecosystem.
The first NEX team member in the video was Nathaniel Walpole, who is the UI and UX designer of the platform. Walpole outlined weaknesses of centralized exchanges, namely a lack of platform security and control of funds. Wadpole claimed that these issues attract hacking attempts and criminal activity, and pointed out that millions of dollars have been lost already due to these vulnerabilities. Here, Walpole set the tone for the rest of the segment by introducing NEX and the market trend towards decentralized exchanges.
The next person to speak was Darius Rugevicius, co-founder and general partner at Connect Capital. Rugevicius’s segment was short and to the point; he stated that cryptocurrencies, as an ideological movement and as pragmatic means for transferring value, need decentralized exchanges.
Luciano Engel and Thomas Saunders, NEX co-founders were featured next. Engel described that despite NEX using the latest in decentralized technology, the platform will be very intuitive and easy to use for traders, and that it will never hold the user’s funds. Both of these features should come as welcome news for many, as trading platforms are notoriously complicated to use for newcomers to the market, and the fact that one’s funds are not held on the exchange itself will make NEX an unattractive target for criminals. Saunders also described NEX’s payment service layer that is capable of handling a high volume of trades.
Finally, Ethan Fast and Fabio C. Canesin described NEX as being the “missing link” in blockchain technology for crypto traders, with the platform’s Provable Fair Off-Chain Matching Engine. The matching engine is what decentralizes NEX from its user’s funds using cryptography to verify account actions. The engine also connects to the NEO blockchain so that each transaction can be audited from outside the platform.
The episode aired on May 20, and the video can be found at the below link (NEX segment starts at 20:43):
The appearance on CNBC comes as NEX prepares to announce the date of its public sale. The team finalized the first and second lottery draws for participation, which concluded in March and early April, and are waiting on final approval from the Financial Market Authority to proceed. NEX requires regulatory approval as it has taken steps to register as a security under European jurisdiction.
More information on Neon Exchange can be found at the below links.