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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 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 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, 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 to 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.
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. Cryptonex supports POW Script mining, but makes an accent on POS mining, starting off with which is stupid-easy and it brings some juicy profits. 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, 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.
Thus far my experience with this project has been only positive. So positive, in fact, that It?s one of my favs now. Not much hype around a project, no fuss, but steady and constant development, though the first part of this sentence may well be addressing a negative thing.