What is Cryptonex?
Cryptonex is the next generation of decentralization, cryptocurrency, and the blockchain. Think about buying goods online with a cryptocurrency different from bitcoin and etherium. If you like to do that, you really have to go through several processes like passing through exchanges. This would incur significant transaction fees. With Cryptonex, you do not need to do all that. A bank in the blockchain, Cryptonex allows anyone exchange any currency in the world for any cryptocurrency that exists. Cryptonex’s goal is to reach a point where they would acquire a bank and become a platform where people can buy fiat currency.
Background
A group of international financial experts with a vision of a new generation of cryptocurrency and the blockchain created Cryptonex. The overall objective is that Cryptonex will eventually stand at the center of the blockchain, exchanges, crypto coins, blockchain-services, mining pool, banks, mobile applications and more. Cryptonex allows users buy goods and services using mobile phones and payment cards instantly with low transaction fees. By design, the maximum number of cryptocurrency possible is 210milion. 85milliion of these coins will circulate freely through ICO, website, and exchanges. 15million CNX is the budget for the Cryptonex bounty program. The bounty program is Cryptonex’s unique way of promoting itself and the platform while engaging the growing Cryptonex community. The program will reward creativity, protection, and promotion of the platform. The Cryptonex team plans to announce a contest for the best website design and mobile application interface to drive competitiveness and select the best. Programmers are also included in this program. Cryptonex does not claim to be perfect. It publishes its codes as open source. This means anyone good enough to take it on can be rewarded for telling Cryptonex what is not right about what has been done. Translators can also get rewards for making Cryptonex popular by creating Cryptonex content in their native language and spreading the community. Cryptonex encourages unique ideas. Any idea brought up by anyone that has the potential of unleashing the cryptocurrency will get the support of Cryptonex.
The Tech
Cryptonex employs a unique scrypt algorithm also employed by other cryptocurrencies like litecoin. The security of the crypto algorithm makes Cryptonex highly reliable. The scrypt algorithm design makes it so difficult and prohibitive for attackers to compute the specific key derivation function required to access the hardware on which the system operates. For legitimate users, however, just authentication is required. The Cryptonex system also offers the proof-of-stake capabilities. Its mining pattern allows users to store their coins and get a fixed reward to their back office. Users can spend this reward on any store in the world to make purchases. The proof of stake capability also makes transactions fast and efficient taking only a couple of seconds.
The Bitcoin Comparison
Cryptonex is different from the most popular cryptocurrency—Bitcoin in many ways. From the code to the market, the biggest and only similarity might be the blockchain technology used by both. Bitcoins SHA 256 algorithm is fraught with several problems like scalability and block-time limitations. This makes an attack very likely on the original bitcoin network. The proof-of-stake scyprt algorithm employed by Cryptonex makes it more difficult for attackers and reduces transaction time altogether. Litecon, although similar to bitcoin increased its maximum possible coins to 84million, 4 times bitcoins maximum of 21million. Cryptonex is about 10 times bitcoins maximum supply and more than twice of litecoins. This would seem inflationary, except that by application and use cases, Cryptonex would prove the most important.
Where to buy Cryptonex
Cryptonex is available on HitBTC and YoBit.net. Although, the latter is most popular going by the level of market activities in the last couple of days. Coinclarity also provides a list that includes EtherDelta, Liqui, and Changelly.
Wallet Options
The Cryptonex wallet for MacOS, Windows, and Linux may be the only options available at the time of writing this article. The can be downloaded and from the Cryptonex website.
What the Future Holds
Cryptonex is an innovation. That is right in many respects. The cryptocurrency seems to be taking up what could unarguably be the biggest in the blockchain revolution. Cryptonex wants to bring the entire crypto space together that is actually big and its recent steps in that direction affirm that it is really working to achieve this. One Cryptonex sells for $8.90 at the time of writing this article. If the objective of the destination of the blockchain is efficiency and simplicity all in a single package, nothing stops Cryptonex from doubling its current price by up to 70 or 80%. ~
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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.
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