I'm taking a kind-of safe-side investment approach if this term is even applicable to cryptocurrencies, and as Cryptonex has already successfully finished ICO stage and has been under heavy development ever since, which drastically reduces both the risk of investment and the possible reward, or so I think, and makes it an object of consideration for me. So, I'll just share my thoughts on the project so far, after doing a bit of research.
I will be really grateful if you correct the points which I got wrong, or point out some things that must not be overlooked.
In this review I was more focused on the project’s potential and prospects for development, so, if you’d rather get a complete grasp of what’s going on with it now, I suggest you visit the bitcointalk thread or their social networks, and you might also want to take it with a grain of salt, since I have found myself attracted to the idea after reading about it.
- If to put their idea into the simple words, I bet it'll sound a bit like this. 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 a global use, 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 resembles the ordinary exchanges we’re all used to, but with the addition of fiat trading pairs other than USD. The other advantage over the traditional exchanges is a working P2P network, though not many people are using it now. If this platform adds support for more currencies, I can see people start using it.
*here my imagination completely takes over my rationalism*
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 taking wild guesses here, but I think Cryptonex is really going to be big given that they keep up the pace with the development, of course, and that looks like a challenging thing to do, especially so, considering all the things in the Roadmap. There sure are some downright crazy moments in their plans, like, once again, 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 too 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. - If to talk about the current progress, they seem to be following the development schedule just right with recent announcements of the P2P platform, readiness of the mobile app, 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 substantial profit. 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 (as for the world of crypto), 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.
- As for the negative aspects, the information about team members was hard to find, and even after I did find it, I wasn't able to find most of their pages on social networks. Limited presence on exchanges (the only worthy exchange they are present at is HitBtc) is certainly a disadvantage as well, but maybe it's not that important since they are trying to create their own exchange platform, another drawback, and I consider this to be the biggest one, is the lack of presence on social networks and limited communication between the community, although they are constantly posting about the new development milestones on the few ones where they are present, I feel like they could've done a much better job with their marketing on social networks.
Thus far my experience with this project has been quite positive, but I feel like I missed something important and will be really grateful if someone more experienced with Cryptonex will help me out. As I see it, there is not much hype around this project, no fuss, but steady and constant development, though the first part of this sentence may well be addressing a negative thing.