NEO team is building NEX, a new decentralized crypto exchange with off-chain matching

NEX, or Neon Exchange, is a decentralized exchange also called as DEX on NEO platform which aims to bring high trading volume and advanced features to so that users can take advantage of both the convenience of centralized and the security of decentralized exchanges.

How it will work

The main distinguishing feature of NEX is off-chain matching. Instead of executing trades directly on the blockchain and potentially clogging up the network the platform will be running an off-chain matching engine (which is semi-centralized). This will allow for much faster and more complex trades than existing decentralized exchanges.

Thanks to the semi-centralized nature, NEX will host a public record of all trades and orders so that the users can verify transactions and claim a compensation award if they wish.

NEX’s users will store their private keys client-side via a Metamask-like web browser extension. This will allow users to interact with the platform without uploading their private keys.

NEX has already built a Chrome extension for the NEO platform, called a NEX beta wallet extension. It allows users to interact with dApps, as well as send and receive NEO, GAS, and NEP-5 tokens (tokens in use on the platform).

Progress and roadmap

Recently, the team has announced its partnership with Red Pulse, one of the first applications to bridge the traditional economy users with advanced blockchain technology.

The team has a busy roadmap into 2019 and beyond.

NEX aims to be fully operational by the third quarter 2018.

On March 12, 2018, NEX opens registration for token sale lottery. In the first round, they will conduct lotteries among all registered users to select up to 25K participants to contribute up to $1,000 each.

In April 2018, they plan token sale and token distribution – exact dates TBA. Their website <arel=”nofollow” href=”https://neonexchange.org/token_sale_info/index.html”>lays out the specifics. In Q2 2018, they plan to launch payment service on MainNet for NEO and GAS, matching engine on testnet, and smart wallet and API on MainNet. In Q3 2018, trading interface and matching engine launch on MainNet. And in 2019, they want to launch decentralized banking services on NEX.

The project is highly anticipated by the market and public – a decentralized exchange supporting NEP5 tokens is really needed.

And with the backing of the NEO Council, Neon Exchange has a good chance of success.

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