Cryptonex (CNX) 2018-04-13T04:52:31+00:00

Cryptonex (CNX)

Project Description

Purpose

Cryptonex is a global, decentralized new generation exchange. It is created on its own blockchain platform. The main goal is to offer the opportunity to exchange any world’s currencies for any cryptocurrencies and tokens, allowing users to buy goods and services using mobile phones and payment cards instantly, with minimum commission.

Cryptonex has a mobile application that will include the functions of web wallet and contactless payments. It will also be possible to stake CNX on a mobile device to receive PoS rewards.

 

 Strengths

– Cryptonex provides an easy way to acquire BTC and ETH with fiat
– Cryptonex is available on mobile

 

Weaknesses

– Very poor communication with the userbase
– The whitepaper is very high-level and full of grammatical errors
– They say in their whitepaper that they have PoW and PoS, but they only have PoS

 

Network Status

The network is not live yet. The beta testing is scheduled for Q4 2018.

 

Roadmap

Q1 2018: Development, test and launch of mobile applications for iOS and Android platforms.
Q2 2018: Development and sale of hardware wallets. Acquiring licenses.
Q3 2018: The final stage of the exchange development. Adding cryptocurrencies and tokens to the exchange. Purchasing of a bank in a country under friendly jurisdiction by the Cryptonex Foundation.
Q4 2018: Beta-testing. Addition to exchange via banks.
Q1 2019: Launch of the exchange. Full functioning of all the technical tools

 

Governance

Cryptonex uses a PoS consensus protocol. The yield is 12% per annum + commissions from the transaction your wallet will confirm. The coin price growth is not included in the income. In order to get the reward from staking, it is necessary to register a web wallet, buy CNX coins, transfer the coins to a desktop wallet and keep it online as long as possible.

 

Similarities

Cryptonex is similar to other decentralized exchanges like Waves and BitShares.

 

Notable partnerships

Cryptonex has no notable partnership as of yet.

 

Exchange

CNX is traded on HitBTC and YoBit.

 

Stack

Cryptonex is an application layer built on its own blockchain.

 

Community

Twitter: 30 332 followers
Reddit: n/a
Telegram: 4 598 members

 

Price history

Mar-7th-2018: 7.32 USD
Feb-2018: 7.20 USD
Dec-2017: 2.39 USD
Oct-2017: 2.70 USD

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations

One Comment

  1. WhiteSnake April 30, 2018 at 2:41 pm - Reply

    If you read the information given here and became a bit interested in the project, which I presume you did, given that you are reading the forum section now, I’ve done a little research on the Cryptonex recently, so I’ll just leave what I found here.

    I’m taking a kind-of safe-side investment approach if this term is even applicable to cryptocurrencies, and this project has already successfully finished ICO stage and has been under heavy development ever since, which drastically reduces both the risk of investment and the possible reward and makes it an object of consideration for me. So, I’ll just share my thoughts on the project so far.

    If to put their idea into the simple words, I bet it’ll sound a bit like this. Cryptonex aims to create a system that will allow exchanging any fiat currency for any supported cryptocurrency, exchanging between any two given cryptocurrencies, and, in the future, to pay for virtually anything with a mobile app or credit cards of partner banks. The last part is the thing I’m most excited about for it should contribute to mass cryptocurrency adoption big-time. The project has the real – world use case with the potential for a global use, but what are the guarantees that banks and payment systems, some of which admit financing mass-media campaigns against cryptocurrencies would join forces with a blockchain related project? Well, Cryptonex mentioned they are going to buy a bank, but is that really going to happen?

    With that said, a lot of projects nowadays have huge things planned, so let’s look at what they’ve already achieved. Out of curiosity, I’ve registered on their platform in order to try it out, and, as far as I understand, all it does is allow you to exchange your CNX directly to GBP, EUR, USD, BRL, RUB. deposit on the platform without commissions, and later perform transactions and withdrawals. It resembles the ordinary exchanges we’re all used to, but with the addition of fiat trading pairs other than USD. If this platform adds support for more currencies, more people may start using it. Cryptonex is really going to be big given that they keep up the pace with the development, of course, and that looks like a challenging thing to do, especially so, considering all the things in the Roadmap. There sure are some downright crazy moments in their plans, like purchasing a functioning bank, good luck with that, lol, but all in all, I do believe that their idea can be pulled off, not without narrowing the scope though. A lazy writer may call Cryptonex a “blockchain bank” without going too much in the details, when in fact it’s rather a system which aims to make payments with cryptocurrency a part of our daily life. The back-n-forth exchange rates are the same, which means they are not getting any profit the way the banks do.

    If to talk about the current progress, they seem to be following the development schedule just right with the recent release of the p2p platform, announcements of the readiness of the mobile app, development of their mobile wallet and start of work on the hardware wallets. Moving on to a tech side, Cryptonex supports POW Script mining, but makes an accent on POS mining, starting off with which is stupid-easy and it brings substantial profit. I’m not sure how it’s implemented and cant really go into the details here for I am by no means a blockchain/security expert, but it seems to guarantee fast transaction time while maintaining the top level of security. I haven’t tried Script mining, but I did try POS one, (Also it has taken awhile for the first reward to come because the balance of my wallet wasn’t that big) it works alright, and I haven’t seen anyone on the web addressing any issues regarding it as well. 12% annually is a good profit, not crazy big (as for the world of crypto), but when you consider the price-growth over time it becomes even more appealing. I think this project has a great long-term perspective, but everything is strongly dependant on how the development proceeds. They seem to be doing ok so far, though marketing can certainly use some work.

    As for the negative aspects, the information about team members was hard to find, and after I did so, I wasn’t able to find all of their pages on social networks. Another drawback is the lack of presence all social networks and limited communication between the community, although they are constantly posting about the new development milestones, I feel like they could’ve done a better job with their marketing on social networks.

    Thus far my experience with this project has been quite positive. So positive, in fact, that It’s among the top positions in my possible-investment list, nonetheless, I can’t get rid of the feeling I missed something. There is not much hype around this project, no fuss, but steady and constant development, though the first part of this sentence may well be addressing a negative thing.

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