NeuronEx, the First Decentralized P2P Fiat and Crypto Exchange with cash settlement

Dmitri Dervoed
Articles, News
 — May 23, 2019
5min. read

In NeuronChain’s quest for financial empowerment and financial freedom, NeuronEx plays a pivotal role in income earning, and is also an integral part of the various services offered under the NeuronChain umbrella. NeuronEx is not just an instrument for sale of crypto assets. It also performs one of the main roles in the NeuronChain network, as a key element that bridges the worlds of crypto and fiat.

An undeniable advantage of NeuronChain is that our blockchain is already operating reliably on Mainnet.

Main functions of NeuronEx

As one of the first examples of NeuronChain blockchain usage, the system’s P2P platform NeuronEx enables users to conduct:

  1. Fiat and cryptocurrency exchange transactions.
  2. Provides Agents Network operability.

Core advantages of NeuronEx

  • Own coin – NRON;
  • Cash settlements for Network Agents up to 1/3 of NeuronEx commission;
  • Additional traders’ income – traders receive NeuronEx native currency NRON for each successfully closed trade;

  • NRON holders get discount for NeuronEx commission;
  • NRON can be used as the payment currency for NeuronEx services (in the nearest future);
  • NeuronChain Wallet automatic creation;

  • 10 Cryptocurrencies  – BTC, BCH, ETH, ETC, LTC, DASH, XRP, Dogecoin, EMC, Neuron Coin – NRON;

  • 4 languages interface – English, Spanish, Chinese, Russian .

NeuronEx has such outstanding features as:

  • Direct exchanging of supported Cryptocurrencies between users;

  • Matching trading orders – system automatically finds and informs trader about incoming matching counteroffer trading orders;

  • Setting of desired income in % – trader can set desired % of income and the system will automatically set the exchange rate of the order;

  • Floating trading rate – system automatically changes orders price set by trader depending on market rate changing in a range of set % of desired income;

  • Setting of target value – min or max exchange rate for orders when it could be shown;

  • Automatic order cancelling – system automatically cancels orders which reach target value set by trader.

Fiat and cryptocurrency exchange transactions

NeuronEx can be used to exchange up to 10 different crypto assets immediately, and fiat,  in June 2019. With the increasing hacks on cryptocurrency exchanges, the support for decentralized exchanges has grown much more vocal with major figures like Vitalik Buterin, the founder of Ethereum, talking about the clear advantages of decentralized exchanges.Bitcoinist has said that, ‘Decentralized Cryptocurrency exchanges are the next big thing’.

The need for decentralized P2P exchanges is evident as there has been a huge uprise of P2P cryptocurrency transactions in countries plagued by financial crises.

Provides Agent Network Interoperability

Agents are everyday people or businesses providing fiat liquidity to the network, in exchange for a commission. The option to connect Agents and clients through the NeuronChain network, requires no cash deposit or pickup points that need to be arranged within the platform. In the blockchain environment, the Agent can receive confirmation of the transaction and issue cash from his/her cash desk, receive compensation from another NeuronChain participant or the payment system (PS) as a “counter payment”, in the corresponding area of the fiat currency, along with remuneration for the service rendered to the customer.

Through this network of P2P agents, participants will be able to enjoy multiple financial services without the need for a financial institution itself. This represents an unprecedented opportunity in comparison with conventional banking and payment systems.

Agent’s remuneration is the amount of commission payable by the NeuronChain payment system to Agents, for disbursing fiat funds to the customer in exchange for NRON.

Below is a diagram that explains how the NeuronChain Agent Network functions:

  1. Agent’s remuneration is set at 1/3rd of the NeuronEx commission.
  2. Customer A (Agent 1) in one currency zone wishes to transfer EUR 1,000 to Customer B in another zone.
  3. Customer A (Agent 1) buys Neuron Coins in their currency zone on the decentralized NeuronEx P2P exchange or any other crypto exchange through the Neuron Wallet.
  4. Seller 1 sells Neuron Coins to Customer A via NeuronEx or any other crypto exchange through the Neuron Wallet.
  5. Seller 1 pays commission to NeuronEx for selling Neuron Coins (if he/she trades NRON through NeuronEx).
  6. Customer A transfers the purchased amount of Neuron Coins to Customer B’s Neuron Wallet.
  7. Customer A pays a money transfer commission (1 NRON).
  8. Customer B receives the transfer and sells the received amount in Neuron Coins on NeuronEx or any other crypto exchange through the Neuron Wallet.
  9. Agent 2 buys Neuron Coins.
  10. Agents 1 & 2 receives a reward, which amounts to 1/3rd of the NeuronEx commission for the transaction.

Commissions of NeuronEx

NeuronEx’s commission is set at 1%. Associated platform members may act as liquidity agents (Agents 1 & 2), and with the growing popularity of the NeuronChain, PS Agents will emerge independently in every region.

The future built-in geolocation system will notify the customers about the nearest Agents, with whom the former can deposit or collect cash, in case cash is their preferred mode of payment.

Comparison with other decentralized P2P Crypto / Fiat exchanges

 NeuronExLocalbitcoinsQvoltaBisq
Supported Currencies10 cryptocurrenciesBTCBTC, ETHBTC
Commission feeLowHighLowLow
Scalability PotentialHigh, due to a hybrid consensus mechanismMedium, due to high commission feesMedium, due to an expandable cryptocurrency basketLow, due to the product being difficult to master
Transfer speedsHigh, due to the network’s high throughput capacityMediumMediumMedium
LicenseForthcomingYesForthcomingUnknown
Storage of private keysUserUserUserUser
2FAYesYesYesYes
Multi-signature wallet supportYes (forthcoming)YesYesYes
Code DistributionOpen SourceOpen APIUnknownOpen Source
Mobile AppsYesNoYesYes

NeuronEx is a simple, uncomplicated, revenue-sharing decentralized P2P exchange, aimed at providing an alternative to the costly, slow and unsafe exchanges. With a clear vision for network-growth initiatives and income earning for the multiple parties in the system, NeuronEx is facilitating Financial Empowerment. Here and Now!

If you wish to try the first version of NeuronEx, you can sign up here and if you wish to be notified on further updates and developments of NeuronChain, you can choose to join our email list here. We respect your inbox and do not tolerate spam!

About NeuronChain

NeuronChain is a lightning-fast, highly scalable, financial network with a vision to build tomorrow’s finance. It is creating a borderless-world by cutting out intermediaries and providing access to billions of people underserved by the current financial system.

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