What is Cryptonex and How Does it Work?

What is Cryptonex and How Does it Work

The well-known indigenous coin to cryptonex exchange platform and wallet service is known as Cryptonex (CXN). It is the fastest mode of providing services for transaction purposes among cryptocurrencies and fiat currencies. The peer-to-peer trading cost is minimal in this case. Moreover, it is a good and affordable option for those merchants who wants to start accepting cryptocurrencies for their work. So, if you are planning to trade or mine Bitcoin, check out how Bitcoin has a future as an investment.

Cryptonex platform Overview

Cryptonex is exploring a global exchange platform and providing wallet services for anonymous coins. The main objective of Cryptonex is to offer the chance to exchange various currencies available in the world with any type of crypto and tokens which will be payable for goods and services with the use of mobile phones and instantly used credit cards with a pinch of commission.  A software development team of a financial investment group who is specialised in the financial market-based in Switzerland is based on Cryptonex. 

This platform is capable to buy currencies like Bitcoin, Ethereum, and Cryptonex by using fiat currencies like GBP, USD, Russian rubles etc. The purchase of coins is possible with visa or MasterCard instead of using credit or debit cards due to their high fee charges. The P2P exchange system makes it like a platform where Cryptonex work like a guarantor and those transactions can be completed in both online and offline mode. 

Using the P2P Exchange

Some steps have to be completed for P2P-type services for the exchange of cyprotex. 

  1. Post and advertisement: an advertisement is required to use the P2P exchange or payment currency for doing an activity such as payment, exchange or payment of currencies, lowest to highest transaction limits along with rates offered in exchange. 
  2. Response received from a seller or a buyer: as the deal has been discussed with the firm, wait for that party’s response and in case of any mishappening use the report button. 

However, a readymade bank in Singapore or any other country for just friendly jurisdiction will be promised by the team. Although the first step of the team is to provide the visa/MasterCard for payment mode to the clients so that third-party banks may also be added to the team. 

Trading of Cryptonex

The trading of Cryoronex is possible with its native currencies like bitcoin or Ethereum along with several fiat currencies. However, CNX trading also offered many exchanges such as HitBTC, YoBit and Everbloom etc.

Cryptonex ICO

Ab ICO has been scheduled by the company in September 2017 where the cost of  1 CNX coin was 0.0006 BTC. The quantity of purchasing CNX coins is 85 million. however, the unsold coins data is not provided by the firm but the company can move to a cold wallet and the coins will be sold as per the demands of the banks. 

CNX Coin

Out of 109 million Cryoronex coins, there are 55 million coins have been in circulation in October 2018. The maximum supply of coins is 250 million as of now. 

The applicable transaction charges are negligible at 0.0002 CNX and the company plans to process 16000 to 17000 transactions per second. 

Cryptonex Mining

These coins also use the Proof of Stake mechanism. According to this mechanism a person is authorised to validate the block transaction as per the number of coins he can hold. In short as the number of coins owned by the miners will be increased, they will be all for more mining power. 

Since the consensus mechanism opted by the cryoprobes uses PoS. The mining process is somehow different from the Proof of Work mechanism via using Bitcoins. The PoS mining is often called skating, but in Cryoronex language the term is considered to be mining. According to its website, the profit owned by cryptonex is 15 % per year from the staked amount. In addition to this, the transactional commission will also be confirmed. Moreover, to earn the reward, a web wallet is needed to buy CNX coins for transferring the coins to the desktop wallet and keep the coin available online for a long period. This is because the freezing fund of coins for 1year will turns into a profit of 25 % of your amount. This is how Cryptonex along with its rewarding criteria makes it the unique and the best coins available in the market. 

Leave a Reply

Your email address will not be published.