NEX critique


(Hypotheticalidentity) #1

I’ve written two articles on NEX and why I believe it will succeed, but I also wanted to discuss some of my reservations with the project; what I am about to write is speculative and out of ignorance so if it sounds too negative or harsh I apologize in advance.

  1. There is a disconnect between what NEX team members have shared, and what is available to the community:
  • “NEX will actually deliver on the hype of 3 blessings”
  • “we have plans for generating enormous volume/liquidity”
  • “NEX will be bigger than Binance for sure”

These are quotes shared by team members on NEO discord in the past few months, and yet, a majority of community members STILL have not seen a prototype (only a handful selected and have remained silent due to NDA…a good thing). I love the confidence by NEX, and truly believe there should be secrecy to protect innovation, but all we (non-NDAers) have to go on right now is the three screenshots shared at NEO DevCon and other presentations.

With regard to generating “enormous volume/liquidity” I see Fathomlabs (one of your partners) specializes in “market making”; perhaps that will not be their role for NEX, but if so, what have they done for other projects?

  1. I believe NEX has one of the best technical and development teams,bar none, in blockchain. What about the business side of the platform? Who is liaising between the real world needs for a trading exchange (OTC, institutional clients, etc.)? I see Muzzammil Zaveri as an advisor; what role does/did he play?

In another post, a team member shared marketing will commence once the product is live. How do you balance that with drumming up excitement pre-launch?

  1. I hate to beat a dead horse, but an updated projection on an exchange launch would provide clarity. I know the team’s response to this is “when it’s ready”; but I think that’s too broad. I’d rather the team provide an ETA on this, then delay it due to XYZ factor; Binance DEX has a Q1 projection, and BAKKT has a January 24th launch.

At one point, the team expressed confidence it might be able to launch by end of Q3, then a bunch of improvements were made, and now an exhaustive security audit by multiple firms. When I hear “when it’s ready” it sounds like a launch might slip into Q1 due to the audits (NEO security audit by Red4Sec happened over 3 months; will this be the same for NEX?).

@canesin @ethan ,any other NEX team member or community, please debunkt any misinformation in my posts; glad to be proven wrong on my assumptions.


(Crypto King) #2

Just now, Binance has shown a sample view of their said Binance Dex. I am in the binance group. I saw the exitement that grow into group members. Dispite the fact that their UI seems tobe complicated, i still believe NEX will have the best UI.

But on the other hand, i am in total support of @hypotheticalidentity. NEX marketting team should bring the hype or say the excitement after the pre-launch.

Time is going, DEX are popping here and there, I believe making some kind of noise now will draw-in more people or make more people tobe aware of NEX.

Marketting is primordial for projects like this.

We need some noise out please NEX team.


(Ethan Fast) #3

I understand your frustration, and personally I’d love to do a medium post or ten about all the technical and UX innovations we have achieved. It is exciting! But one fundamental issue is that if we do that, people will attempt to copy these things. Some of what we have built is complex enough that it will be very difficult for most companies to replicate, but other ideas are simple (but very creative) and can be copied easily. This has happened before, with our earliest whitepaper, and we don’t want it to happen again.

I won’t speak to the marketing aspects (that is @carla’s area) other then to repeat that we don’t like drumming up empty hype on principal. The product will speak for itself when it comes. As to when it comes, we are working very hard to make that as soon as possible. We will be in better shape to give an estimate (if we choose to) once the security review and audit is complete.

Finally, in my personal opinion, the Binance DEX (from the video) is not really in the same space as what we are doing from a UX standpoint – there is so little similarity. I wish we could show you why, but you will need to wait until the product release. (I am not speaking for the company when I say this; it is just my honest personal reaction. And it speaks to why we can’t share more with you publicly right now. Of course they would just copy what we are doing).


(Xen) #4

I agree. It could probably be the case if once the untapped potential of NEX has been seen. Competitors can adapt so flexibly by means of resources and market direction. It’s a good thing that the main competitors has no plans on converting their utility tokens into a security token for staking.


(Seidler) #5

I would still want to have a timeframe on when the audit and security review will be done.
We need updates like this.:\

Today 19th of November Security review started
Today 6th of December Security review ended and was 100% passed
Today 8th of December we started implementing additional features to the exchange
Today 15th of December we did x

And so on, I believe this will help us as a community understand what is happening in the background even though we will not have all the details.

Can this be done?


(8bit) #6

/del


(8bit) #7

Absolutely agree.


(Crypt On The Beat) #8

I think medium article or announcement will be made close to the end of the month.


(Oldsport) #9

I’m not sure that we do.

I believe that till today, NEX team has done a good job delivering on their promises. Why don’t we trust them and stop being impatient.

Those “updates” would not help us build a stronger community, but only ease our impatience. However it would probably make NEX team’s decisions harder or worse biased on “how will the community take it ?”.

This forum has been the most constructive civilized place I’ve come across in crypto for a while. “Detailed updates” would only fuel tensions without any real benefits.

My personal opinion though :slight_smile:


(Seidler) #10

Hey man,

I understand what you are saying, you might be right. I can speak only in my name when I say I would like some update. For me it would be useful.
Yes I am impatient, this might be because I am in crypto for some time.
I know NEX will come sooner than later, at the same time the road map moved and we are now almost at the end of fall.

I dont know, I am sure the team will do what they believe its best, I am just expressing what I want.


(Rory) #11

I agree 100%. It’s great that we have this sort of access to the team and that the community can get answers, but a lot of these questions are already answered or don’t need to be imo. I think we all just need to take a minute to relax, focus on other things for a bit and before you know it you’ll be hearing NEX launched! :grin:


(Crypt On The Beat) #12

Everybody look excited and impatient to see NEX live, me too :smiley:


#13

About Binance latest showoff: I dont believe the showed UI is their final design. Far from it. It looks more like an earlier version of the current CEX. Don’t be surprised when Binance comes out with an entirely different UI for its live DEX !


(Olu ) #14

Dear Ethan and NEX team, please do not attempt to share sensitive information here! We have observed other teams copy you already and we do not want this to happen again.
Please take your time and guard the NEX brand jealously.
Dear community, Ethan’s appeal is a very reasonable one. Please let us be a little bit more patient and trust not just ourselves but the team as well. :pray:t5:


(Syed Asif Raza Shah) #15

Your personal opinion about Binance DEX may be correct, but Binance already have huge number of users. My concern is that, if they launch the Binance DEX before NEX then it will be difficult for users to adopt completely new platform (like NEX). I think NEX team need to launch at least something before end of this year.


(Ashrith) #17

Exactly that’s what I feel


(Neogasrpx) #18

That’s what they said when Binance came around the corner, no way they can beat Bittrex and get users to adopt to a new platform. Let me tell you, it took them exactly 2 months… Superiour products always win. I’d rather have the team focus on making sure the exchange is top of the bill than them rushing to beat competition in some sort of a rat race.


(Ashrith) #19

Thing you need to know is bittrex is USA license based. They have restrictions to list coins. Binance listed xyz coins and sweeped away all the market competition.


(Neogasrpx) #20

The same restrictions apply here, right? Many claim to either be developing a DEX, or to be running a DEX. Those claiming to be running one are actually not, they are running a centralized exchange with decentralized components, those claiming to be developing one have delivered nothing but hype and empty promises. As for those claiming to be a security token, 99% are actually not registered security tokens but aspire to be/become one… As for those claiming to have a security trading license, they have no idea what they are talking about as they are currently non existent…

The opportunity is amazing… It’s not about being beating competition to the market and be first, it’s about making sure to deliver on all the promises made and we’re safe…


(Ashrith) #21

Common man . Binance is doing something decentralized only . They don’t even have deposit and withdrawal like majority of semi Dex. If binance can deliver sooner than Nex. We would definitely loose majority of the market traders, don’t underestimate binance is what am saying. The ui they showed may not be good but it really doesn’t matter for so called whales who hold majority of btc . They need a secure platform which binance CEX was always a secure platform for traders. I hope you understand this simple logic. :pray::pray: