Token Tank Presents: NEX | Decentralized Exchange on NEO | Cryptocurrency ICO

by birtanpublished on September 10, 2020

Today's silk'n take video is brought to you by Caleb and brown they're an award-winning digital currency brokerage registered with Ashe track and they offer services such as an over-the-counter trading desk cryptid security on wallet setup services

Cryptocurrency education and many more they were founded in 2016 with a vision to become the conduit between the cryptocurrency industry and the financial services industry they specialize in high-volume trading of

Digital currencies from 5,000 dollars up to a hundred million dollars Caleb and Browns services customers globally and is the only Australian based brokerage that enables same day trading of up to 2 million in purchases in most major fiat

Currencies head over to Caleb and brown for special discounts and a free consultation for tokin tank viewers what's going on guys my name is Alex also known as cripple candor and we are

Excited to welcome you to another episode of token tank here at the token tank we invite a promising blockchain and crypto project to pitch or update their project to our panel of experts our panelists are focused solely on

Asking great questions to project founders so that you our viewers can make your own crypto calls today's panelists include the crypto lark more than just the lark of the blockchain k-dubb the hungry zombie in the land and

Julian the editor and founder of the blockchain brief we are extremely excited to have Fabio of the neon exchange with us Fabio welcome to the tokens egg thank you guys for having me it's amazing let's kick

Things off by having you give us an elevator pitch of next fer of yours right so next it's all about trading now quickly there are many issues with crypto trading to start the best solutions are centralized right claim

Based finance they are set alight so getting out the irony on that there's always going to be a security issue when you are centralized platform as we have seen many ways besides out that let's say if they word centralize it there was

No security issue most of the platforms today also are very hard to use so a lot of the work that you guys do is actually clarifying the terms explaining what things does and how things work and if we really want to be this billion person

Projects then we need to get this thing simpler and and that's the thing that next is going after so next is developing technology for trading for payments and for everything that goes on the transactional size so our vision is

That every time someone does the transaction an X is there somewhere very very cool now one thing that I wanted to jump into is really about the exchange itself and in terms of the order matching so the order matching is

Actually gonna be done off chain but then the orders will be filled on chain now are there any security concerns around actually doing that off chain matching and can you just give us some more detail on how that's

Actually gonna be working in practice right so we call it like matching engine so there is actually many systems that together make the matching engine but let's put in two buckets so there is the matching and the settlement system so

This is how next works is not how every magic changing words so in Ex the matching system only take care of looking for orders and matching their correct pairs the settlement system is actually a statement state channel

Management system is like open map tab and you then after you open the tab you can do many trades in next system and whatever you are finishing you close it and then the state channel is destroyed so basically is what we call a mood

Change a channel system so why we do that is because we don't want to hold the funds in a centralized database where the private key are and where someone can hack in and get the funds grow but yes there is some level of

Trust which is the matching side the matching side needs to be fair who said that we didn't match some order first and in yours so that's why your white paper we described the provable fair part of next which is how we gonna prove

That the matching side is fair and then the trades are settled through the settlement system very very cool sure that's awesome so Fabio as far as the scope of this exchange is concerned we already have

Switch do right now which is dealing primarily with nepto khun's and we know that your based on neo so far you guys also what is like power where are you gonna be compared to switch yo are you dealing just with net fives or do you

Have plans to expand into other ERC 20s and possible even standalone native block chains in the future and big right so two is time next is much same from the beginning so this is that I just described with the matching engine it

Works with many changes I state general manager so we are launching with aterial and your desired the biggest platforms right now they have the most projects regardless of the issues they have but the idea here is that the the next

Business should not be dependent of anything and for the user using mags he shouldn't actually know the chains at all he just should just be using the system and the price of the token of the platform should reflect the state of the

Platform we do have a special care for you as I said as well no we are from the new community so we will do whatever we can to make it a success but next is to self is not diet so are you concerned that the long-term success of neo will

Affect the exchange is there any dependence on neo in general no the only the payments on you would be that the next token runs on the video platform but like many other projects talking swap you could do a token swap also but

I am not cool I don't think it's gonna have problems in the long run so Papio upon launch you've mentioned ERC 20s and nip fives which tokens in particular and how many tokens do you plan on having at launch right so just a few tokens

Probably five or six the reason is we want to concentrate on the most importance first to get everything right and then there will be a clear process how to get listed one thing that is really important that every talking that

Enters a max needs to go through a legal review this video review is mostly because different tokens require different licenses so we need to be in line for everything and now so as we want to expand marketer that means

Getting people that is not very familiar with crypto we kind of need protecting from the next big four next you know connect on add your exchange without a doubt now in terms of actually making money I just

Want to actually follow up here as he did mention you know the listing of new tokens is there going to be a listing fee I mean by Nantz quite famously has an exorbitant giant fee to list a project on their exchange and also about

Fees the maker and taker fee that you're charging where do those fees go is that back to necks you know – the guy is running the the blockchain essentially right so our our model is not to have listing fees and the fee is collected on

The trading because this is people and the pool actually is waiting every month for distribution so people holding next they can mistake the token and if you stay for one month you have right to 25% for two years 75% so every month when

You enter in the next system you have a claim to do so you can claim this ticket portion of the tokens so these fees are then really so I noticed that you guys are really concerned about regulation moving forward obviously you've recently

Been approved by the financial market authority of authority of Liechtenstein correct yeah big news right can we um I want you to look can we kind of dive into the significance of that and how that actually is going to really truly

Separate what you're doing from the competitors and then how in turn that's going to affect your listings and the tokens that we deal with in the future and one more thing how that will affect the average user such as myself

Especially us-based citizens for example right sure so first fee so there are many many benefits so the first benefit is the security the lingo security for the user like if you have the token you don't

Need to be afraid that one two years maybe five ten years in the future this is gonna be tag it as infringing the Securities well and then from one day to the other you're talking that is nothing right so that's a too much decoe

Danger in the project that we wanted to remove second by being a security and the token save itself to be selling the security we do need to have audits where you need to have oversight and we do need to follow that so people could bind

The token know that we are actually being checking for everything that we say we do right so we do not only need to do it too here wearing the front of people we need to do it to not go to jail there is good

Reason yeah not a bad reason at all their third theme it's this where the industry is going so every week or every month of this year there was something related to securities on the news be it some of our

Betters pursuing securities licenses be it some projects being targeted also security like this be security regulator's doing announcements about dockets so by clearing this out we actually have

A much clearer path how to proceed them on the platform also so the products we can offer how we can offer them is much clearer because their profit process involves that so we actually did a full description of how and which projects do

We want to run which licenses do we need for and then we get the feedback from is this ok this is not ok with different licenses to do this or not so to get these approvals it takes time and was actually also a leap of faith

From anxious dying these guys were great because they need to be over cautious on how to proceed this because this is the first in Europe so they don't want to expect from the European security markets Commission's so for this to be

Done needed to be really step by step and with free cultures and everything I'm sure this would be much easier for the second one it will be like we paid the price for the industry but we do have we do believe the benefits are

Worth it like I want to do next in five years though Fabio can you talk a little bit more or just about those different product offerings that you're talking about so there's the crypto decrypted trading the

Crypt of securities the prime brokerage tools the inner exchange I'm assuming that's all also tied back to the the regulatory stuff so if you wouldn't mind is kind of diving into those different product offerings

And where you're at with those I'd be great right sure so we allow you first with the funds management part it invokes keeping your tokens so so the first thing is next must be this exchange where you can keep your tokens

Okay so you don't need to do a transaction now to your wallet it's there already so when you have that then you actually need to spend a talking like you have you have tokens to invest and they have tokens to spend so next

Has this payment side which is allowing people to spin the tokens they already have at next that's where the extension winter is everything so we are launching first with the tokens crypto crypto trading then we go spend a little bit on

Fiat on and off trend these are not fiat markets but just way for users to acquire in cell b2 then a little bit farther we add the payment layer and after we add the payment layers we want to wrap everything together so the user

Experience of on and off range can be almost similar to the payments side so you can just buy tokens so you were discussing the Thea gateway sort of by having the ability to do in the future maybe not immediately out of the gate

And you've mentioned in a white paper I saw something about banking partnerships in the future so are there any regulatory issues that worried about there what are your biggest hurdles I guess with creating that gateway so

There's no leak no no regulatory issue actually because we work with partners that already do that so our take is we bring new volume to these partners and we change they offer the services through us so the idea here is that

These people already have the licenses they need for and these are not banks okay so these are remittance companies disappearing processing companies that already use crippled behind the scenes maybe people

Don't even know the newspaper and though the banking partnership the banking side is more for institutional traders and equity providers these guys they need to have a making connection to move huge amounts of money now just to follow up

On a Fiat question you are did get that agreement with Liechtenstein does that mean you're only gonna be doing euros in terms of Fiat or else gonna see dollars and Yan and pounds and a wider range of fiat currencies on offer no I was

Actually curious as well as far as on and as far as with like coinbase you know like how do you see yourself competing with the likes of you know guys like that yeah is that you so quaintly is they are

Doing the decorated side right so they do the Fiat on and off themselves we are not doing ourselves we are empowering others so that's how actually we allow ourselves to serve like the world anyone that is legit has the licenses and do

Fiat on and off range today can provide the API so we have a specification of the API that we need to next and partner with next to attract new volume so this way we are kind of a marketplace of feeds ramps and not just a single entity

That doesn't realize exchange actually exactly so we cannot defeat size anyway so so Fabia I'd love to have you dive in a little bit more on liquidity side just because I think I mean as you know and I think all of us know Dex is notoriously

Have low liquidity so very cool your guys and how do you plan on addressing that all right so first it's not only Dex is very 90% of the exchanges of ready Quincy Touche I don't think it's only being a Dex

That's the issue so we have many plans the first one is being the best user experience for all the users and when I say all the users is not only retail but high-frequency traders and institutional liquidity

Providers they also need to have a great user experience and the plan B is to have the best user experience for all the payments side so the users doing and receiving payments and the third plan is to have the best user experience for the

Fiat on and off ramps so all these components they actually feed back into the next system and they end up as transactions on the matching engine and that's how we try to track liquidity so the quiddity should not come only from

The pure exchange but from the other services and that's why actually that's why I actually we don't charge a fee on the other services because the exchange I like your view on that you know thinking that if you build something

That's user-friendly and as easy and makes it more accessible for people that they will come and that liquidity won't be an issue it's a confident way to look at things but I like your thought yeah maybe can

Be really hard to use but if it's really hard is for the people that should be like no for the common users be easy so it's offering user experiences for all the users that we have that's really important because I think user

Experience is really the only thing that most people care about you know you could preach tech all day but if it's difficult I'm gonna go to the other one that's simpler right yeah so great the question that I had also since you guys

Are a regulated security token officially we've seen centralized exchanges like by Nance recently they've actually made it where the BnB token is now being available on other exchanges as well but because you guys are taking

The route that you're taking does that mean that the next token is going to be specific just to your exchange or will it eventually be traded on other exchanges as well no if it eventually other exchanges but this we only talk

With the exchanges that are acquiring or have the license to do so so unfortunately none of these players have launched yet as you guys would probably already knowing but if they're ones that do not

Have slices we are not pursuing that of course which is blocking we cannot block then to adding the talking itself but people will be trading OTC right off the gate and when these platforms come online it include necks right next is on

The same bucket then people be able to trade their nice I want to know a little bit about the money we haven't talked about that yet holding a next token you get a dividend what's that you ever done gonna look like how often is it paid out

And how much can I theoretically get let's say I've got you know a thousand next tokens well what's that actually gonna mean for me on a daily weekly monthly yearly kind of basis what might I be looking at right so the deep ten

Part is is very simple use you enter in the platform and you stake it there's a processor there and you when you stay here you just go through a slider you decide from one month to two years if you put one month you receive 25% of the

Fees and if you go to two years you've received 75% of the fees so these are the fees we talked it before but the idea here is that the fee is goes to the users and how much is that is totally dependent on volume so if you are a max

Holder you should bring volume to us because you're gonna benefit on that so what other go to market strategies you have to sort of filled out more of that user adoption and more liquidity onto the platform so we have many ideas and

We just want to watch the computation I struggle while we work on that any any of those I have you can hear it you know you're privy to share mm-hmm nuts right now well if we could uh well we can't talk

About that that's fine I'm always down for a good surprise I wanted to just ask one more question in regards to what lark was talking with the token so you explain the staking model is the token purely designed just for staking or does

It also have some sort of loading governance right that comes along with holding the next as well right so no it does not have the voting rights that comes with it it's designing pure for these things but we do we do

Going to work on the community side so if you have a staking next you should have some some kind of say so these people will help us on which coins you should least how we should approach something so there would be for sure

Next community that these people will be part of and that's something that you really really have to worry about well I just sorry Alex have a little time to lay on my in but I just wanted to say too we've seen so much manipulation with

The by Nance voting systems you know you'll see coins last minute just getting pumped out of nowhere people say it's unfair what's the point if you do choose to do a type of community voting system have you

Considered these types of manipulations with with the votes yeah of course so that's why I say next holder and they will have a say so again they cannot choose because these products need to go through review regardless of if the

Community wants or not if they are not appropriate project from the legal side we cannot do anything right but we do want to hear back so it's a feedback mechanism and I do not think having people pay to vote and it's a good

Mechanic isn't always as you said it don't seem to be working so my favorite question which I actually saw a lot on Twitter when I told them that we were gonna have you guys on the token tank I see that you release your the next alpha

For the google chrome plugin and that's gonna work in unison with the exchange will there be hardware wallet support for the ledger the treasurer treasurer on that in the future right oh so there's one issue here is that these

Solutions do not provide the tech knowledge that we need so for next we use a signing feature which is very different very different days it's like how we ship the keys is different also so we

Cannot actually use this harder words that they are and how maybe in the future the extension itself is one part of these products it's maybe on the payment side but you'll be able to access the platform with all text

Extension also you'll be able to login it as you log in in a normal suit alights exchange so the feeling next tips is quite familiar so if you open that the extension is actually almost the same you have a username password

Also so but you'll be able to do that on the website the same way we fought before the extension but the extension does allow you to interact with steps and other things so if you if you try the de alpha that you said the alpha

Itself is a tap right you when you have the extension it enables the website and you do transactions and so on will you'll be offering mobile options as well because a lot of people you know it's it's complicated bringing your

Laptop around with you everywhere so will you be looking into mobile opportunities as well I mean that's how a lot of people will probably in the future honestly use your exchange yes for sure

200% not this year because there's a lot of work and we are working with the best on that side also but next year you'll be seeing next mobile I want to follow up on a customer service question actually I mean we know that one of the

Biggest things that a lot of exchanges have to deal with is actually you know going through the KYC onboarding new customers we saw back in December basically every major exchange had to shut down onboarding new

Customers and they're also getting swamped with questions like what's a private key and all these different things so how are you anticipating meeting that demand of the customers and how much of your time and resources are

You gonna be dedicating towards good customer service right so I think cosponsors is is carnage done is like is the reason for sex for amaz Amazon was just a bookstore but have

Quaid-e-azam service so I think that there are many many sites for this if we acquire Nev users in new markets they're gonna have a different profile for custom service than the current users we have so the way we do we're gonna have a

Team for custom service this is unavoidable and then the platform itself is very tested so we are very proud of our design process is what we call user centric design so everything is actually asking to the user and we see how the

User behaves then we do going iterate on the design so this in itself helps solve a lot of these user issues like understanding the platform but the platform itself should be self-explanatory so you also avoid it's

Like a funnel you know you have many questions you decrease a bit then you decrease if it's more then at the bottom you have the team that does custom service so I oh sorry or is yours as far as customer service

Goes obviously you know you I you said is very important and being useful being easy for people so because that's such a priority for you guys do you see idec's or eat there Delta being a strong competition or do you feel like you're

Gonna be kind of in a league of your own no if you the service they provide else is nothing like we are aiming for so we are aiming for the coin basis of life and I we don't say that because of the profit they have got the bottom they

Have but because of this perience user had when they entered there so we want to be a better experience there so why people if you are to recommend today for a new user to join crypto say hey you should buy this Bitcoin what do you

Recommend that should be next you don't go today and say hey choose first time you are using how you use I Dex I that literally watch my channel that have been following me for months that's

Don't know how to use idec's it's not it's not simple easy not easy and that's where any exchange is gonna be able to win how can you make it user friendly enough that my grandma can use it you know yep yeah and I think it's fair is

Their proposal they they are aiming for and they have that niche but that's not a niche that next is going after yeah so Fabio I wanted to shift the conversation a little bit usually this isn't my kind of question but we've covered so much of

The tech and and how we're using the next token I want to ask a little bit about your sale in particular you know for example we do have idec's which is up and running and they didn't have a token sale but you did so for example

What exactly do you guys plan on doing with these funds that you're raising right so there's a lot of things for example if we want to operate in u.s. trade in security tokens we need to acquire broker dealer license you OS so

We need funds to acquire property devices if want to do the same in Europe in Korea in Japan we also need to do the same so lots of those funds will go to this which is not sexy stuff you know and our other part is is development so

We currently have twenty people on the exchange which is less than I wanted and we need to triple quadruple the number of people to actually deliver the promises that we have so these funds go to pay people and to pay the legal and

To pay the processes that we need to go through so I got probably this process is sometimes they are very cumbersome is so slow that you actually need to acquire another company that already has devices for and it's it's very complex

Process and this has been seen in our competitors itself so they have gone through the same thing so fabio now that you guys have secured the license from the what are some other things that just

Keep you up at night right now because I know that that was a very very long arduous process and we didn't really have like a time horizon for it so what's the next thing that sort of keeps you up is it been working all the time

Is it cushion is the cushion is the question we need to deliver we people expect us to deliver the best and we need to to deliver the best that's why it's 1:30 and you're working got it very good one more question before we have to

Sign off here we touched on a lot of things but we didn't really touch on the future so you know coming up what partnerships are in the pipeline that you're allowed to talk about I guess what are the things that you're most

Excited about and what do we have to look forward to you know the end of this year maybe q1 of 2019 right so end of this year is the platform going live it's true we finally gonna announce some partners we have and this involved like

Major disease from us yet providers liquidity providers so we have great people together because and everybody will know their names in just a couple weeks for the beginning of next year I would say is still a lot of work on the

Exchange so we want to refine it the best okay and then you start to see our strategies to acquire new markets so it will we like 2018 is building and 2019 is growing and happen when is the launch date but software development is very

Hard to predict times so paper is a quite important map for us so we are finishing everything and like sure the system is working have tested but now it starts the details and sometimes the devil is on the details right so we are

Doing security with you we have great companies working first that they took pain testing look at the architecture and so on after security review we want to try and tune things with the user so we have

A pool of testers and they go through the interfaces and testing in seeing what the issues are so let's say September we have the base then we from there we fine-tune it and we launch when it is ready so this is quite important

Manager then that's a great question because we don't believe that should be next version to the same way there's no Google version – you know it should work for what's intended when it's launched it and we continue to refine it like it

Will never be done a good tactic the answer yeah all right cool thank you so much Fabio for joining us we really appreciated it I think you guys was great great questions alright guys so what's the

Deal what are our thoughts on necks it's hot I like it yeah I think one of the biggest things that everyone was worried about was just how dependent it would be on neo right and I think there's been a lot of noise out there and what's going

On on neo but clearly that's not the case so the fact that they're completely independent I think is actually a good sign yeah they just want to build the best platform right they just really want to build the best platform for an

Exchange I was getting a letter I covered this a while ago it was actually one of the first ICO videos I ever did because I really just hated covering I SEOs back in the day but something about next really drew me to it and after this

Conversation this is so much more than just another decentralized exchange this is clearly something bigger than ID X and the fact that they are the first regulated token and they already have the thing with Lichtenstein and they're

Working towards other Bank licenses or whatever they have to do to move forward I think that this is definitely going to be one of those serious projects I mean if you go on their website their mission statement literally says next his

Mission is to empower more than 1 billion users to invest rate and manage digital assets by 2030 I mean that's how far ahead these guys are looking and just think if you're getting 75 percent of the fees right

Holy cat I was impressed by the he seemed to have such all of his questions were like so well thought out and long-term and like Julian you said the word methodical earlier and it's definitely that spot-on oh I was I just

Like the way he seems to be thinking about this you know he said you know I'm gonna be doing this for at least the next five years and I don't really think a lot of people just come out of the gate and say that normally in this space

Yeah yeah we a lot of like you know presidents jumping ship like a month after the ice okay I feel finished I'm out of here mm-hmm yeah so what do you think with those specifically is still liquidity

And I know it sounds very promising I know they seem to have it all figured out with the staking model but a lot of these little guys you know when you get a big whale that's staking their getting their dividends they don't care but the

Little guys got a hundred bucks worth of this if he sees another opportunity a better 10x he's probably gonna just get rid of those you know and I am worried about the liquidity regardless but moving forward they seem like they have

A good mechanism in set to go for this so hopefully if they can tackle the liquidity issue yeah that thing that'll really I mean and his answer was kind of like we're just gonna do it it's gonna be awesome it's like well yeah the

Actual proof will be in the pudding in terms of Williams will provide that liquidity on your exchange and where everyone else has failed maybe they've could they've been working with right partners getting all that right pieces

Put in but let's see it in action great speaking of the partners I'm excited to see who they are going to be he was very very mysterious of huge and I think that I think the fact that he was though I feel like that means it's something good

But I don't want to get too excited too soon I agree then all right thank you guys for joining us for another episode of the token tank please don't forget to Like and subscribe and also leave your comments down below and we will see

Everyone next week

Related Videos

Hello the Republicans and welcome to another video of my cryptocurrency news series where I'm looking at the news that happened last week now today's 28...
What's up crypto gang welcome back to another episode if you guys are doing here we do a giveaway at the beginning of every single episode and today's w...
What's going on guys crypto jeremy here back with xrp video hope you guys have a fantastic day thank you guys so much for tuning in to another video and the...
What's up guys kevin cage here just wanted to do a quick market update on this monday so as we can see ada ada is down 11 today we noticed that it is coming...
Hello the Koopalings and welcome to another video in my cryptocurrency event overview series the aim of the series is to find any upcoming cryptocurrency events...
Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee hope you're doing well today and if you're new her...
Hey guys welcome back so first of all I want to start as usual by thanking everybody who's been liking subscribing and sharing my content you're helping...
Hi i'm brad garland house the ceo here at ripple it's an honor and really a privilege for us to be one of the founding members of the international asso...
Hello the cubicles and welcome to another video maker of the currency event over the series the aim of the series is to find any upcoming the currency events an...
I have to apologize to everybody because I've been promoting a company who only has their best interests at heart top salesmen best interests at heart and n...
It is Monday and you know what that means another episode of Krypto segments what's going out everybody it's your boy Krypto Bobby I hope you were havin...
What's going on everybody Alex back was another cryptocurrency video but today we're going to be talking about how to control yourself how to emotionall...
Hey guys welcome back first off I want to thank everyone who's been liking subscribing and sharing my content you guys rule and I appreciate all the constan...
Live from the USA hoping you get paid every day this stuff boasts a Bitcoin the crease though of creeped up is avoid BK and if you don't like me you must no...
Okay come down here boom that would be picture-perfect beautiful guys look at this we actually have this candle come down right on this line right here right ab...
Wow you guys are going to want to check this out guys as you may know Bitcoin has decreased a few hundred dollars as of about midnight last night we have some i...
What's going on guys crypto jeremy here back with xrp video hope you guys had a fantastic day thank you guys so much for tuning in to another video today&#3...
Hello tokens and welcome to another video nice update now today's third of June and I'm looking at news that happened from 28th of May until today I alw...
hello it's Brad Lori or blockchain Brad and today we're speaking exclusively with icon many of you know it you've known it for years and they'r...
People what's going on this an update on Tron all right so the market right now market cap is 431 billion we've got a Bitcoin dominance roughly 34 perce...