Neon Exchange (NEX)
|White paper||NEX Whitepaper|
|Code repository||NEX Github|
|Supply limit||50,000,000 NEX|
Neon Exchange (NEX) is a platform for high performance decentralized exchange and payment. NEX trades a small degree of user trust for vastly improved performance and usability.
NEX is based on a trusted, off-chain matching engine. This matching engine works exactly like its equivalent in a centralized exchange, but only has control over active orders, and commits trades on-chain without access to the full balance of a user account. Like exchanges based on off-chain relay, NEX orders are matched off-chain and fulfilled on-chain, but NEX’s automatic matching engine reduces opportunities for arbitrage and allows for more complex orders. To ensure trust, NEX provides a public record of orders and a deterministic specification of behavior, so that users can verify orders matched off-chain and claim an award in the event of incorrect behavior. Taken together, this makes NEX the first decentralized exchange with performance comparable to today’s centralized exchanges.
NEX aims to combine the performance of centralized exchanges with the trust and security properties of decentralized exchanges. The system consists of three main components: an off-chain trade matching engine, a smart contract where trades are executed, and a payment service where global assets such as NEO and GAS can be converted to tokens that can be transfered directly by smart contracts, making them compatible with the exchange. In the following sections, we describe each component in more depth.
Off-chain Matching Engine
An off-chain matching engine allows NEX to benefit from the performance characteristics of cen- tralized exchanges, while maintaining a decentralized user account model based on the blockchain (Figure 1). Orders are signed and sent from user addresses to the matching engine, where they are quickly and deterministically processed using high-performance hardware. Matched orders are then signed off-chain and committed back to user accounts on the blockchain.
Web Extension Launch - Launch of web extension for dApp integration with NEO blockchain and NEX exchange.
Framework release - Release of an open source framework for conducting such sales, including smart contracts, wallet and extension integration, KYC, and backend website.
Banking partner API template release - Open source framework and template for interaction with NEX banking partner APIs.
Trading interface - Develop designs and architecture. Conduct usability research and information gathering from alpha testers.
Matching Engine - Develop prototype capable of more than 50,000 TPS. Complete an API sketch and share with partners.
Settlement Layer - Develop smart contract vaults to hold user trading balances. Formalize off-chain architecture for cross-chain interactions.
API for dApps - Develop v1 of web extension dApp APIs, for integration on client websites and smart contracts on ETH and NEO (e.g., APIs that allow websites to interact with smart contracts, or request payments in NEO or ETH from a user).
Token sale - Participation for lottery winners in the NEX token sale.
Cross-chain token support - NEX web extension support for ETH and ERC20 tokens. Cross-chain token conversion support in NEX extension wallet.
Token purchasing - Buy and sell NEO, GAS, and RPX through banking partners.
MainNet trading release - Beginning of trading operations: Matching engine and trading user interface launched on MainNet with support for NEO, ETH, NEP5, and ERC20 tokens.
Staking contract release - Launch of staking contract on NEO for holders of NEX to receive exchange revenue.
Trading features - Advanced trading features.
Cross-chain support - Cross-chain support for trading BTC, LTC, and RPX on NEX.
Index funds - Launch of cross-chain cryptocurrency index fund, supported by the exchange and extension. .
- Round 1 = 3rd - 7th September 2018.
- Round 2 = 10th - 14th September 2018..