NASH Twitter AMA Recap

NASH Twitter AMA Recap

CryptoDiffer team

Dear community, @NASHsocial x @CryptoDiffer AMA is live! 

You can ask your questions under this tweet and MUST include #NASHxCryptoDiffer_AMA hashtag! 

Official representatives from NASH:  

Fabio C. Canesin – Co-Founder at Nash (@canesin) 

Ethan Fast – CTO and Co-Founder at Nash (@unignorant )

 

Cryptodiffer Community

1/”How the #NASH will address issues like: -How do you address missing market maker on exchanges to provide liquidity? -How to grab a bigger chunk of the market from CEXs? -Why should cryptotraders switch from their current platforms to NASH?”

 by @GopeJayk #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

Our exchange is the first of its kind to have the performance that will allow those players. We are going to work really hard to offer the best user experience and best costumer support. Easy of use, security and belonging to a community that works for the benefit of everyone.

Ethan Fast
CTO and Co-Founder

The primary benefit of Nash over today’s most popular exchanges is that Nash is non-custodial. Funds on Nash are not at risk to hackers or bad actors within the company.

We aim for Nash to be functionally equivalent to centralized exchanges in terms of APIs and performance, and so can capture far more volume than existing non-custodial exchanges. Support for BTC and other popular cryptocurrencies (as we plan) is also key to growing volume.

Cryptodiffer Community

2/ “Ultimately we need $NEX to be listed, so do you have a realistic estimate for acquiring a Security Dealer’s licence, and subsequently an OTF licence? How long after launch before we can expect BTC pairs?”

by @ihl79 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

We are working hard towards obtaining OTF/MTF licenses. Our expectation is 2020. BTC pairs will come this year, as soon as possible. Our internal goals for BTC are implementation in Q3 and QA/testing at the start of Q4.

Cryptodiffer Community

3/ “All tokens go down in price even with great partnerships, hype, marketing, and working products, etc, how will NASH be different so that potential businesses can be sure NASH is the solution for traders, users, investors?” 

by @maikimhien1 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

NEX is not like other tokens. It is still the only public digital security. Our token economics don’t work by selling NEX. The team, company and community all have aligned. You should use something like the dividend discount model (DDM) to price us.

Ethan Fast
CTO and Co-Founder

The NEX (Nash Exchange) token is the only digital security ever issued in a regulated sale to the public. It pays dividends based on exchange volume, and can be easily priced using existing financial models. Unlike most other tokens, it holds concrete and well-defined value

Cryptodiffer Community

4/ “In the long term, are you going to list also common stocks, bonds, and metal securities?” 

by @achlem #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

Yes, that is an objective. See my answer to the second question.

Cryptodiffer Community

5/ “

1. How #Nash will solve low liquidity issue on Dex? 

2. If there will be only 1 pare for 3 months don’t you think #NASH will loose customer base? 

3. What is #NASH game plan for the Indian market?” 

by @AshishS17228231 #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

We aim to solve the historical DEX liquidity issues via a non-custodial system which is functionally equivalent to a centralized exchange from the standpoint of APIs and performance. We support ETH, NEO, and USDC pairs at launch, and will move quickly to add BTC and others

Fabio C. Canesin Co-Founder

What other DEX has a community that can directly profit from it? Nash is not alone – the company and the community working together will be key. We are being honest in our initial volume expectations, so I don’t think investors will be surprised.

https://community.nash.io/t/tiered-staking-calculator/7244/8?u=canesin

 

Cryptodiffer Community

6/ “What has been the biggest challenge that you overcame this year? @Binance_Dex , @KyberNetwork , etc already have the strongly community, high volume , good secure and older solution — what is it that makes your $DEX better?” 

by @maikimphuong1 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

Neither of those exchanges are cross-chain. We are. Neither of those exchanges can handle high volume. Ours can. I also think our community is as strong. We are aligned – if Nash wins, they win – not like some others, that is a race to buy early and sell before the rest.

Ethan Fast
CTO and Co-Founder

Biggest challenges: hard to choose among many, but implementing our protocol for cross-chain non-custodial trading (the hard work of @localhuman and his team!) and designing our new protocol to support BTC and other cryptocurrencies that lack expressive smart contracts.

We offer non-custodial trading without an intermediate blockchain as Binance and Kyber do. We believe our approach is conceptually simpler, safer, and more performant.

I would also add that calling the “Binance DEX” and similar solutions a DEX is inaccurate in my opinion. Nash provides stronger security guarantees than such solutions, but we prefer the term non-custodial.

 

Cryptodiffer Community

7/ “I got 2 questions: 

1. What is the feature you’re the most proud of ?

 2. What you’re partnership with Worldpay,Inc.(NYSE: WP) recently acquired by FIS (NYSE: FIS) will bring for your project ? Keep up your good work!” 

by @MMXXMMXXMMXX #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Two features both driven by user experience: 1. Our encrypted key management solution, which makes non-custodial accounts accessible to users who don’t understand blockchain/cryptography 2. Our protocol that enables non-custodial and fast exchange, both within and across chains.

As much as I love these features in their current form, we have many planned improvements, especially for our non-custodial accounts. Expect even more security and ease of use in the future!

Fabio C. Canesin Co-Founder

Revenue sharing and our cross-chain technology. Payment and fiat partners will allows us to roll out Nash Pay with good global coverage. Nash Pay is a payments solution building on top of the platform that we’re launching this week. Initial user-facing features will come in Q4.

Cryptodiffer Community

8/ “Why do you believe that legal compliance is key to growing digital finance in the long term? What’s your outlook on the future of cryptocurrencies?What can we do to keep increasing adoption? Can you put some light on your partnership?”

 by @maikimhien1 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

It is important to de-risk the business and investors. There is no turning back – every currency and security will be digitalized in time. Blockchain is the most likely set of technologies to be used for this. Partnerships are only important for the services they provide users.

Ethan Fast
CTO and Co-Founder

Compliance goes hand-in-hand with adoption of digital assets by large institutions, governments, and the broader public. I’d be very surprised if we did not see a few national currencies build upon public-key cryptography and digital ledgers in the coming years.

Nash is positioned to provide the most user friendly financial platform for such assets as they emerge and become more mainstream.

Cryptodiffer Community

9/ “What features of the exchange will be available on the day of release?”

 by @GCrypto_Media #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Fabio answered this question comprehensively above. But what I am most excited about: at launch Nash will offer an existence proof for (1) simple but non-custodial account creation for interaction with blockchains (2) performant, non-custodial, and cross-chain trading!

Fabio C. Canesin Co-Founder

Simplified funds management (simple blockchain accounts). Simplified and professional trading interfaces. Third-party fiat ramps marketplace (regional support dependent on partner integration). NEX staking.

Cryptodiffer Community

10/ ” @canesin @nashsocial talked about @ElrondNetwork as a strategic scaling partnership for the coming #NashPay feature in 2019. Could you explain why you chose #ElrondNetwork and if you already tested their product? Thanks!” 

by @Cryptaurelius #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Elrond is just one among many partners for Nash Pay. But I can say that @beniaminmincu and his team are developing some great technology to solve the big scaling problems with today’s public blockchains, and we are excited to learn from what they are building.

Fabio C. Canesin Co-Founder

Elrond is not just a partner for payments but a partner for network integration. They will be receiving feedback on what we need from them so their network can be supported on our platform. I invite every new blockchain still building to approach us and do the same.

Cryptodiffer Community

11/ “I see on 23/8 you live $eth / $neo cross-chain trading. So, Can you tell me why you use cross-chain bridges rather than atomic swaps? What is the advantage?” 

by @maikimphuong1 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

We have built proprietary state channel technology with an absolute focus on providing the same user experience that legacy centralized systems offer. On Friday, I invite people using our platform to think about their cross-chain trades and to notice how seamless they are.

Ethan Fast
CTO and Co-Founder

Atomic swaps simply do not offer the user experience of trading on a high volume centralized exchange. This is why we put so much energy into designing something better!

Cryptodiffer Community

12/ “With all trades being “provably fair” and recorded on the side chain, will this ledger be accessible to the public and act as a historical trade history book? Can I look at trade history from 6 months prior to prove no wash trading?”

by @beefrog #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

We have been working hard to launch our non-custodial trading system, and a feature for verifying the fairness of trade history will not be available at launch. But we have plans for this and, yes, the public can inspect and verify the history of trades in the future.

Also see my earlier post on frontrunning problems in existing non-custodial systems that do not apply to Nash:

https://twitter.com/unignorant/status/1159593238719807488?s=20

Fabio C. Canesin Co-Founder

Yes, the communication layer ledger will be available in the future. The channel contracts are live to look at, so you can be sure there are no shenenigans.

 

Cryptodiffer Community

13/ “How do you think to migitate the risk of someone manipulating the symetracial liquidity pool. And are you taking steps to prevent liquidity wash trading?” 

by @maikimphuong1 #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

Funds are always fully owned by users and there is no liquidity pool – we use channels. No, wash trading is not possible. This is enforced by the matching engine. If someone wants to trade with themselves, they will need to make a huge effort just to pay fees to staking investors.

Ethan Fast
CTO and Co-Founder

It would be very expensive for someone to wash trade on Nash (they would be paying fees to NEX holders for no profit to themselves). Because trades are matched over a state channel, we also avoid all the typical DEX front-running issues.

Cryptodiffer Community

14/ “When your idea of Neon Exchange was born, there were 100s of different exchanges out there, what exactly made you to come up with an exchange?(rhetorical question). How is the vision for Nash that you had 2 years ago different from today?”

by @xxt4x7 #NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Fabio above mentions how the vision changed, but it’s also interesting what has remained the same: our focus on user experience. More accessible non-custodial technology is absolutely necessary to bring digital assets to new users and drive adoption in the broader public

Fabio C. Canesin Co-Founder

We didn’t come up with an exchange! Was always intended as a platform to build borderless, blockchain-powered financial tools. At the start, we envisioned selling licenses to exchanges, our advisor @dahongfei convinced us to create a non-custodial exchange as first product. Tks!

Cryptodiffer Community

So are you still planning to sell licenses to other exchanges?

Fabio C. Canesin Co-Founder

No, in the long term we hope to fully decentralized the system so other projects could integrate with us directly. Our system is very complex so that is another level on the current DeFi smart contract based solutions, but that is the gist of it.

Cryptodiffer Community

15/ “You talked about a community program after the #Nash exchange launch. Could you explain how it will work and the incentives about it?” 

by @MoussaDjebra #NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

I don’t know what you’re referring to LOL! We have so many community programs and I’m sure there will be more after launch. I would just follow and get notifications from @nashsocial to stay up to date.

Cryptodiffer Community

#NASHxCryptoDiffer_AMA What kind of marketing can we expect on launch day? Will your banking partners and seed investors promote the platform as well? I do not think Twitter is the best vehicle for call to action!

Ethan Fast
CTO and Co-Founder

Marketing will ramp up more fully some time after launch day: by that time, we will have ensured the stability and performance of the system for our initial users.

Fabio C. Canesin Co-Founder

One thing that a lot of crypto people confuse is marketing and advertising. We are doing a lot in marketing and will just continue to do so, specially on brand trust and caring for our investors. Regarding advertisement as @unignorant said that should be ramp up as product mature

Cryptodiffer Community

You said you did not care about the token price. But do you care about your investors? Most investors do care about the token price. My question is: Is there away to care about the token price without hyping of shilling?

Ethan Fast
CTO and Co-Founder

Yes, we care about bringing volume to the exchange. This will have a natural impact on token price. Incentives are aligned!

Cryptodiffer Community

Any plan for a Centralized exchange from #NASH DEX? Just like Binance Cex! 

#NASH_CryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Nope!

Cryptodiffer Community

Is there any plan to hire anyone from traditional exchange /business (e.g. cme/nasdaq/nyse) .. hows the team experience with exchange/clearing business

#NASHxCryptoDiffer_AMA 

Ethan Fast
CTO and Co-Founder

We will bring in this sort of talent as soon as it makes sense. Right now our focus is on very well-defined product, technology, and regulatory issues, and on-boarding that sort of person would be premature

Cryptodiffer Community

Will New York be able to stake at Launch? And how about New Jersey. I thought I saw New Jersey on the potentially approved list.

#NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Unfortunately, no.
I believe CA and NY are the only states where staking will not be supported on release or days after.
Discussing more with the team: a few decisions are still pending legal review, check back on our website over the next few days for final confirmation.
 

Cryptodiffer Community

Do you anticipate poor user experience for day traders because of (in some cases) slow blockchain transaction confirmation times? 

#NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

No, trading is not dependent on the speed of any blockchain once funds are in our state channel. Withdrawal would simply take longer under that scenario

Cryptodiffer Community

Can you tell us more about the btc-protocol?

#NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

Short answer: perfect non-custodial security for all funds held on the exchange, even funds ready for instantaneous trading. Funds in settlement remain non-custodial but do rely on the exchange to behave appropriately. All trades will be as fast as CEX, settlement at chain speed

Cryptodiffer Community

Is there a priority list of tokens to be added after BTC/LTC etc.? 

#NASHxCryptoDiffer_AMA

Fabio C. Canesin Co-Founder

BTC, LTC (if network secure), BCH, ETC (if network secure) .. after those we will look at all the applicants and partners waiting.

Cryptodiffer Community

Nash is a DEX, how much protocol coding time is required to implement different blockchains in Nash exchange. 

#NASHxCryptoDiffer_AMA

Ethan Fast
CTO and Co-Founder

For chains based on the ETH VM, not much development at all. For chains based on Bitcoin (once we support BTC), also not much time at all. This should cover most cases.

 

Cryptodiffer Community

Would Monero be a Bitcoin based chain?

Fabio C. Canesin Co-Founder

No, Monero is another animal completely. Great project by the way.

Cryptodiffer Community

Hello, Can you please clarify why is 50million being used to calculate the rewards for staking? Shouldn’t it just be coins staked and locked? I think coins not staked should not be used in calculations..

#NASHxCryptoDiffer_AMA 

Fabio C. Canesin Co-Founder

That is part of the clarity of the econ model for the token, effectively making revenue not clammed by staking available to the company and allowing it to benefit from increased expectations on appreciation. See:

https://t.co/lM0u8MSuhi?amp=1

 

Cryptodiffer Community

Will there be a mobile version on release day?

Ethan Fast
CTO and Co-Founder

No, besides a mobile KYC app. But it is in development

Cryptodiffer Community

Flurry of stablecoins already in the market and recently Binance announced Launching its own stable coin called “VENUS”. Does #NASH has also any plan to launch its own stable coin? 

#NashxCryptodiffer_ama

Fabio C. Canesin Co-Founder

We spent some time researching one at the beginning and seeing how we could do it in algorithmic from. We decided it was too soon for that and instead would work with industry best offering for the mid term. At launch USDC pairs will be available.

Cryptodiffer Community

Holders of Nex token will be entitled to share the fees generated of the Exchange and Nash that are products of the Neon Exchange company. Will future product that generate fees/ revenue will also be shared with people holding the token ?

#NASHxCryptoDiffer_AMA 

Fabio C. Canesin Co-Founder

We currently have no plans for any product or service that does not feed back to the matching engine where investors benefit from. That may be a case in the future for side line products but there is none as this currently. Most of Nash Pay is expected to run though the ME.

Thank you all for the in depth and comprehensive question and answer session. 

The team as always have proven their commitment to the project and community. 

We all greatly appreciate all the hard work and effort you have all put in.

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