There are countries around the world where exchanges aren’t present as of yet or are simply banned. The result of such a situation is that people living in such countries, like Pakistan, have little to no access to the crypto world and they are totally isolated form the developments that are being made in the field. There are a little number of online exchanges that offer such users to buy and sell cryptocurrencies, but they have their own privacy policies and usually people have to go through long procedures before they can buy or sell a cryptocurrency. This is where Cryptonex comes into play.
Cryptonex – the online exchange
Cryptonex envisions to give people an easy “entrance into the crypto world.” Unlike the physical exchanges, cryptonex allows users to buy Bitcoins, Ethereum and the cryptonex tokens using their traditional Visa or mastercards. The usage of simple bank cards to buy cryptocurrencies makes it one of the fastest way to buy crypto. The services of the exchange are not only limited to purchases, but cryptonex also allows the users to store and make crypto.
For storage, Cryptonex provides the users with a download option for their wallets where they can store their converted currencies. Lastly, Cryptonex provides a unique system where cryptonex tokens can be cloud mined with 20% bonus and 11% profit annually, regardless of growth rate.
Cryptonex envisions to provide a platform where the access to all the cryptocurrencies would be one click away; fast and simple. They want to tap into the mobile technology, where people can buy and sell goods through their mobile phones. The fees required to run the setup would be very minimal.
There are a number of reasons why cryptonex takes the title in the race, few of them are stated;
- Cryptonex provides a platform for easy trading. All transactions can be made through mobile phones by entering the information of the conventional banking cards (VISA or mastercard).
- Cryptonex promotes the use of mobile phones as the sole tech required for purchasing and selling goods.
- They incentivize the users based on the proof-of-stake algorithm.
- The commission for transactions is very little.
- Cryptonex provides a web wallet, which can give access to all the popular cryptocurrencies.
- Cryptonex provides a p2p service for making transactions.
Cryptonex is one of the most trusted exchanges as of date. It was listed in the exchanges less than a year ago and since then, it has managed to muscle its way into the top 50 crypto exchanges.
Cryptonex exchange is in the TOP-50 exchanges according to https://t.co/2fHoWJllmp
We start cryptocurrencies/tokens listing on Cryptonex exchange. If you have an interesting blockchain project, you can apply here: https://t.co/6brlVSqW4c #cryptonex #cnx #bitcoin #btc #ethereum pic.twitter.com/PC1tflhbWi
— Cryptonex (@Cryptonex_CNX) July 27, 2018
One of the reasons for this exponential growth is the speed that the platform provides. Unlike the traditional exchanges, the user doesn’t have to wait for the buying transaction to complete, the cryptocurrencies can be purchased right away.
Cryptonex gives the users access to a proof-of-stake mining system where the user has to buy the native tokens (CNX) and keep them in a Windows/MacOS/Linux wallet. The longer the user keeps the wallet online, he gets incentivized through the P-o-S algorithm. To start the mining process the user simply has to register on Cryptonex’s website and once the registration is done, the user has to transfer the coins from the web wallet to the desktop wallet. Once the procedure is followed, voila! The mining starts automatically in an hour. The exciting feature of their mining system is that they provide 12% yearly profits regardless of the price of the token.
Through the web wallet provided by cryptonex, the users are able to make payments, transactions and trade the cryptocurrency whenever they want.
Cryptonex has been able to meet the deadlines they set for themselves throughout their time. The plans for summer 2018 (present time) according to the white paper are “The final stage of acquiring development. Addition cryptocurrencies and tokens to acquiring. Foundation (purchase) of own bank in a country under friendly jurisdiction.” Their visions for the near future include Beta testing and addition to acquiring via banks in Autumn of 2018, and once it becomes successful, in winter 2018-19 there would be a launch of acquiring. Full functioning of all the technical tools will be ensured. The white paper states the achieved goals and the future visions comprehensively.
Tokens and ICO
CNX is the native currency for cryptonex. Since the day of its advent, it has managed to climb the success ladders, and in no time, the currency has managed to land in the top 100 cryptocurrencies currently standing at number 70, trading at $2.28 as of press time.
The token sale period for CNX spanned from 1st Sep 2017 to 30th Sep 2017. 85,000,000 CNX tokens were up for sale with an individual token pricing to 0.0005BTC. The ICO gathered a lot of investments. The token is still termed to be a great investment with a great future because of the potential it has shown, and the pace at which the advancements have been made.
The white paper also explains how the funds would be used for the network through info-graphics.
All in all, the tokens and the visions of cryptonex show great potential in revolutionizing the way exchanges operate and with their mining algorithm, the incentives for users are made as easy as staying online. The question that lies is that will they be able to maintain the pace at which they have been progressing? Only time can tell.