On the 2nd of April, the NEX team held an Ask me Anything (AmA) thread on Reddit to answer the most pressing concerns of the community. The top three questions on the AmA were as follows:
1. What is NEX’s Marketing Plan?
The most upvoted question in the thread was about the NEX marketing plan and how it intends to grow its userbase, as well as how far away the team is from a completed product. In reply to this question, NEX said that they will have a completed product in TestNet in Q2, with a fully functional cross-chain exchange on the NEO and Ethereum networks in Q3.
NEX also gave an overview of its marketing strategy, segmenting its users into two categories: mainstream users who want to experience buying altcoins with cryptocurrency and traders. For both user categories, NEX claimed that it will make it easy for anyone in the world to buy tokens on NEO and ETH through its network of banking partners. Also, high performance APIs are on the way for computational trading. These networks will be better and faster than today’s centralized exchanges, with the added benefit of them running on decentralized networks.
2. What is NEX’s Staking Model?
The second most upvoted question was about NEX’s staking model, including the terminology “staking percentage.”
NEX responded to this question by stating the staking rate will be 25-75%, increasing to a rate of 75% if investors stake for 2 years. NEX also gave an explanation of what the staking rate is and how it works. Staking rate is the percentage of revenue investors earn from NEX fee collection proportional to the tokens investors hold. For instance, if an investor holds 10% of all NEX tokens and stake at a rate of 75%, then that investor would receive .10 * .75 = 7.5% of all fee revenue generated by NEX over that period.
3. How soon will NEX Introduce Fiat Pairs?
Another question that attracted a lot of upvotes was about Fiat Pairs, and when NEX intends to introduce them to the ecosystem. Fiat pairs help people buy and liquidate cryptocurrencies with real-world currencies, like the US dollar.
In response to the above question, NEX said that its network of banking partners will go live in Q2, meaning that users can enter the ecosystem using fiat currencies through the NEX browser extension and website. This means that users will be able to acquire NEO and GAS with fiat and any other token traded at NEX – although this precludes direct trading pairs like JPY/NEX. The fiat pairs will simply make it easier for investors to enter and exit the market with ease.
You can read the full discussion thread here.