EF: During the last years of my PhD, I started working with a group of amazingly talented people who at least bootstrapped the NEO blockchain open source community. We all worked really well together and shared an excitement about the future of digital assets, so the idea of starting a company seemed as logical as the next step.
In particular, the most compact form of our mission is to “distribute finance to all” and it is still a good job to summarize why we are working on this company. Cryptocurrencies are unique among other assets that are in the level of control and empowerment that they give to their people. We want to make these assets and their features accessible to everyone. We have another slogan, “Believe in yourself,” which gets even faster: We want to empower people to do it! We all like to work with tech, but these are the big things we care about.
It’s always possible to break things down in different ways, but I would say that our first milestone in 2018 was the public sale of our Nash Exchange Security Token (NEX). It was a great deal for us and, in fact, for the entire ecosystem. , Because no one had ever sold it publicly and issued a token that had legal status as a European security. It took more than a year for Lichtenstein to communicate with regulators at the FMA. The reason we suffered so much was to provide legal protection to investors and to pay a clear return on the services we are building, which is only possible with proper protection. In the end, more than 15,000 people invested and we raised about 20 million in public sales.
Our second major milestone in early September this year was the launch of our exchange. We are the first exchanges to demonstrate unconventional, cross-chain trading of assets and tokens that reside on different blockchain (e.g., Ethereum and NEO) with the equivalent performance of a central exchange. I can’t stress enough how difficult it was to accomplish and how proud we are to have the team away from it. All three of these ideas – lack of custody, cross-chain trading and high efficiency – are very important to our customers. I would also like to note that our work on this product is far from over. We’re working to improve and enhance customer retention before the product is fully open to the public, and we’re working to add more assets, including bitcoins. Bitcoin on non-protective exchanges will have a huge impact on the industry.
I’m not sure it’s hard for people to understand if it’s explained correctly. The simplest form of this is to control detention. So self-delivery means you have control over the assets. In almost every exchange that people use today, if you want to trade a cryptocurrency, you have to hand over (and control) that asset to an exchange. But it’s scary because if your exchange is ineligible or unreliable, you have very little facility. If the exchange is hacked or your money is stolen, very few legal systems (or anyone else) can do it for you. Autonomy makes it impossible for an attacker or exchange operator to confiscate and destroy all your funds.