Fabio Canesin didn’t like the processing speed and overall user experience of early cryptocurrency exchanges, so he built a decentralized exchange with the performance of a centralized one. The result is Nash, which allows investors to securely transfer assets without trusting third parties. And the exchange is only the beginning.
Mr. Canesin is certainly qualified to build the technology. He earned his Bachelor’s Degree in Mechanical Engineering from the Universidade Federal de Santa Catarina and a Master’s Degree in Computational Science from the Universidade do Rio de Janeiro. As a research engineer at Schlumberger, Mr. Canesin designed, built and managed Linux High Performance Computing systems. During that period he also cofounded the City of Zion, a blockchain and decentralized apps development community focusing on the NEO network.
While Bitcoin was first more of a pastime, it grew into more after Mr. Canesin was left wanting more from early cryptocurrency exchanges.
“You couldn’t get verified by most exchanges, it was a bad user experience,” he recalled. “It was a bad user experience. It was crazy to see people with money who couldn’t part with it, those most likely to do so.”
So Mr. Canesin and a friend decided to build the infrastructure and exchange needed to attract and retain investors. Built on the NEO platform, the Nash Exchange became Europe’s first digital security. Its goal is to bring decentralized finance to everyone.
Much of everyday banking has gone digital, so why not push the needle further?
“We believe blockchain-based digital assets will be the future of finance,” Mr. Canesin said.
What makes Nash’s infrastructure unique is it uses cryptography to manage assets on a blockchain. That allows Nash to provide a decentralized service for what up until then needed to be on a centralized platform. The trading protocol is built on top of a non-custodial trading system and Nash does not access the user’s private keys – they stay encrypted on the user’s computer.
“The user owns the assets, we have no control over them,” Mr. Canesin said. “We cannot lock accounts or move people’s money.”
To truly provide a financial services user experience customers expect, you have to operate across borders just like the Internet does, Mr. Canesin said. For him and Nash that means a global bank online, with an exchange being but the first of several components. Still to come are separate sections for fund management, trading and payments, with specific tech teams building the connecting pieces.
You don’t need to have cryptocurrency at the beginning to begin trading. Nash has a global network of banking partners that allow investors to buy digital assets with national currencies. The technology enables trading across multiple blockchains and can handle complex transactions such as market and limit orders (margin trading is on the way).
More global currencies will be blockchain based, Mr. Canesin believes but that is only the beginning. Stocks, bonds and other securities are traded on private data bases. Why not break those borders, Mr. Canesin asks. Why not build fund management and trading tools allowing users to move between solutions?
While Nash has staff on every continent, they are based in Liechtenstein, which gives them a competitive advantage, Mr. Canesin believes. The region embraces alternative technologies and were receptive to Nash’s ideas and understood that KYC procedures were more than sufficient enough to allow them to track ownership on their blockchain.
“That’s something the United States doesn’t recognize,” Mr. Canesin said. “It was important for us to work with Liechtenstein because of their broader understanding of technology.”
Ours is an increasingly digital society, and as millennials gain more influence they will ask when non-digital aspects of our lives will make the switch. We read digitally, and shop for basic good that way too. Buying a car will soon simply entail a digital transfer of ownership. The manufacturer will send you a token you take to the store to redeem for your next ride.
“These are behaviors that are natural for the customer,” Mr. Canesin said. “The system has to catch up to what they’re ready for.”
Look at gaming if you want to see where the world is headed. Free games with enhancements being sold during the game via microtransactions when they’re hooked. Earn rewards or buy credits (cyrptocurrency) and redeem them to gain an advantage. Or sell the best rewards to the highest bidder on an open exchange.
That is where society is headed and Nash is planning on meeting everyone there. Other features in development include Nash Mobile, described as a mobile wallet and trading app hybrid. Payment features include QR code scanning and automatic currency conversion.
Nash is pretty confident investors will like their exchange, Mr. Canesin said. Until June 19, people signing up for an account will receive a referral code they can share with friends along with a draw ticket. When those friends sign up, the original code provider earns tow more draw tickets. When those people complete a transaction, both them and the original person receive more tickets. It’s worth the the time. As many as 100,000 BTC and 46,000 NEX, the native Nash coin will be given away.
The NEX enables people to transact on Nash, Mr. Canesin said. Up to 75 percent of exchange fees generated will be distributed back to token holders.
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