Cryptonex Coin, also called CNX, is a completely new blockchain with the aim of creating a token that can be used to exchange any crypto currency and any fiat currency anywhere in the world. At the same time, the coin should also be able to purchase products and services using blockchain technology, using mobile devices and credit cards.
Cryptonex Coin – What is this crypto currency for the Bitcoin trader?
The CNX coin development is based on a new blockchain instead of doing it like other projects and using Ethereum or Bitcoin trader as a basis. The crypto currency acts as a token for exchanging other crypto currencies and is not a scam for Bitcoin trader.
Liquidity is a big problem for crypto currencies, as there are vast amounts of them, but few are accepted by trades or exchanges. That’s why you have to exchange them on the Exchanges, which can cost not only time, but also money, as the Exchanges charge their own fees.
The crypto currency uses the proof-of-stake algorithm. Many other blockchains use proof-of-work to validate transactions and create new blocks. This can be very costly and energy intensive. Users must provide the computing power of their PCs so that the blockchain can generate new blocks. With proof-of-stake, it’s enough to keep coins in the wallet. By keeping CNX coins in the Cryptonex wallet and running them online, you participate in the mining and ensure that the block chain can continue its work. As interest you get up to 12% per year.
At the same time, due to the proof-of-stake algorithm, the transactions are much faster than at Bitcoin, for example. The security of the network is to be ensured by a global network of nodes. These offer decentralization and yet stability, as users can set up their own nodes and thus support the network. At the same time, Crypto nex uses the Scrypt encryption technology. This makes mining and a fair distribution of revenues possible in the first place.
Cryptonex Coin – Who is behind the crypto currency?
The initial coin offering of the coin took place in October 2017. Although a large PR team was still missing at that time, the developers were able to raise a total of 18 million dollars to finance the project. In the process, 85,000,000 CNX coins were put into circulation. 15,000,000 coins were saved for a possible reward program and 5,000,000 coins went to the development team. The Reward Program is intended for programmers and blockchain developers around the world. It is a reward for those who can find a bug in the blockchain code.
The blockchain already has its own wallet. This is a multi-currency wallet, which means that you can store multiple currencies with it. Not only crypto currencies, but also Fiat money should be able to be stored in it.
The CNX coin development is based on the work of the „International Team of Investment Financial Goup“, so you can read on the website. Unfortunately, not much can be learned about most of the members of the team. According to their own statement, the team is mainly concerned with software development for the financial markets. Therefore the team should have experience in creating a crypto currency, which should provide more flexibility and liquidity in trading the coins.