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RE: CRYPTONEX

in #cryptocurrency7 years ago

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 project has the real - world use case, and I can certainly see the potential for mass-adoption here, 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 sort of 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, some people may start using it. Imagine you got a crypto-cart that is bound with your account, on which there are like 50 different coins/tokens and when you're actually buying stuff you can choose for the funds to be taken in equal portions from all cryptos, or to pay with a specific currency, or a bunch of them etc., and then they'll be converted to $ instantly and with minimal fees, or without fees at all. I'm just imagining and taking wild guesses here, but Cryptonex is really going to be big given that they keep up the good work with the development, of course, and that looks like a challenging thing to accomplish. 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.

As for the current progress, they seem to be following the development schedule just right with recent announcements of close releases of mobile app and p2p platforms, the development of their mobile wallet and start of work on the hardware wallets. Back to mining part, starting off with POS-mining is stupid-easy and it brings some juicy profits. (Also it has taken awhile for the first reward to come because the number of coins in my wallet wasn't that big). 12% annually is a good profit, not crazy big, but when you consider the price-growth over time it becomes even more appealing. All in all, I think this project has a great long-term perspective, but everything is hardly dependant on how the development proceeds. They seem to be doing ok so far, though marketing can certainly use some work.

As to the article above, it's ok for the most part. Though, I don't think it's really appropriate to call Cryptonex a blockchain bank without quotes. Also, the comparison with Bitcoin and Litecoin seems really out of place. Some features were completely overlooked, for instance, that Cryptonex combines POW Script mining with POS algorithms. So the part about the safety comparison can be overlooked while there's no in-depth analysis of a technical part. However, one thing that could be said after pointing the difference in the coin supply is that the CNX's price will be unlikely to rise as high or as drastically as that of Bitcoin, which will make it more understandable to pay for goods and services with it. Afterall, it's easier to comprehend the difference in price when you are talking whole numbers. Paying for the mug of coffee in BTC now will be just ridiculous, especially considering a rather big transaction fee and slow transaction speed, both of which are better in this one. Then again, I never had a feeling that CNX is really intended for such use after doing a little research.