Even though Bitcoin is the world’s leading cryptocurrency as of right now, it is anything but the best option around. Several currencies have been created to complement Bitcoin in different ways. Cryptonex, on the other hand, wants to represent the next generation of decentralized cryptocurrencies. Succeeding in this mission will not be easy.
Uncovering the Purpose of Cryptonex
To most people, Cryptonex may appear to be just another altcoin which may not necessarily serve a purpose. In the real world, however, the project is a lot more ambitious. It is designed to become the go-to way to exchange any of the world’s currencies for any other cryptocurrency or token. Additionally, the team wants to tap into the mobile ecosystem to buy and sell goods. All of this will be achieved through a minimum commission setup.
But How Does it Work Exactly?
Similar to some of the other altcoins in existence today, Cryptonex uses the Scrypt mining algorithm. At the same time, it offers proof-of-stake capabilities, which allows users to hold onto their coins and get rewarded for it. The use of proof-of-stake also ensures transactions can be completed in seconds, rather than minutes. A global network of nodes will help keep the network safe from any external harm as well.
To engage the community, Cryptonex hosts regular contests and runs an active bug bounty program. This latter aspect is critical for any self-respecting cryptocurrency, as code flaws can have disastrous effects in the long run. So far, there have been no real issues as of yet, but it is always wise to keep a bug bounty program in place just in case things change.
The team’s venture into the world of fiat currencies and cryptocurrencies will be interesting to keep an eye on. Considering that the team intends to set up or buy a ready-made bank in the future, they may have bitten off more than they can chew. This scenario would also entail a direct connection to either Visa or Mastercard to issue payment cards.
The CNX Token Explained
A lot of users have received Cryptonex tokens in their Ethereum wallets over the past few months. While these tokens are an airdrop of sorts, they can be exchanged for CNX tokens through the project’s website. This is merely an incentive to get people more interested in buying the actual CNX tokens, even though it remains unclear how the tokens can actually be used other than for staking purposes as of right now.
The Cryptonex Roadmap
There is still plenty of work to be done before Cryptonex reaches its full potential. For now, the focus is on optimizing the mobile applications followed by a sale of hardware wallets for this currency specifically. Later this year, we will see more cryptocurrencies and tokens be integrated into the Cryptonex ecosystem. By the autumn of 2018, the team will start looking for a bank to acquire or set up for use with their future financial services. It will be interesting to see if any of the latter milestones are reached within the intended time frame.