The crypto sphere refuses to slow down its growth
as new projects and applications
keep surprising us every day
despite other applications like NFTs now sharing the spotlight,
as everyone looks for the next big thing.
Now, as much as I personally love to see that new niches
are living up to their potential
and being noticed by other traders,
I think there are still some problems that need to be solved in DeFi
for crypto to keep maturing and growing as a whole.
Today, I'll be talking about a project
that's aiming to create an all-in-one destination for traders
looking to increase their gains
by taking advantage of the best of two worlds,
DeFi and CeFi.
You won't want to miss this one.
Let's get it.
Welcome to BitBoy Crypto!
My name is Ben.
Everyday, I tell you how to make money in crypto.
Today, I'm gonna be talking to you about the CXN Network,
a project that claims to be a mix of CeFi and DeFi on steroids,
which, honestly, doesn't seem like an exaggeration
once you start looking closer at their white paper.
And if you didn't know,
you might know DeFi stands for decentralized finance,
while CeFi stands for centralized finance.
The CXN Network ecosystem is powered by its native token, CXN,
which is required to access all the services offered by the network.
CXN runs natively in the Ethereum network.
Ethereum has been the most popular platform for DeFi applications
and is currently approaching the release of Ethereum 2.0,
which is sure to address most of the issues
that the network has experienced over the past months.
The token is built on a DeFi staking and deflationary model,
aimed to improve the value of the token
by promoting staking and holding.
A fraction of every CXN transaction will be allocated to the staking pool to be distributed between stakers,
while another part will be burned in order to prevent inflation.
Burn them all!!!
The token will also give its holders voting rights to participate in the governance of the network.
CXN will have several features,
including an exchange that will leverage an escrow system for advert-based trades,
that's advertising,
and instant swap mechanics for traditional transactions.
This means that any digital assets,
like Gift Cards,
Bitcoin,
altcoins,
PayPal,
WebMoney,
or Alipay,
and even fiat currencies,
like USD,
the Canadian Dollar,
Yen, or Euro,
can be traded on the exchange with any payment method.
This is something that no other exchange offers at this time,
making it the go-to destination for traders
due to being the all-in-one platform that the crypto industry has been missing up to this point.
The alpha version of the exchange was launched on September 30 of 2020,
which means users can already start taking advantage of all it has to offer.
The exchange offers an easy to use user interface,
top level security,
low transaction fees,
more importantly,
good customer service,
as the team is paying special attention
to fixing these slow dispute resolutions
that users encounter when using other exchanges.
I didn't catch you at the wrong time, did I?
Now, while CXN is the pre-sale token
and the one that will power the entire ecosystem,
there will also be a token called
COX,
or COX,
which will be used by the first set of products,
including the exchange and wallet,
as well as the savings, investment, and lending facets,
so you may want to have some COX in your pocket.
COX will be launched prior to the deployment of the exchange’s beta version,
with CXN holders being eligible to receive it once it launches.
I--I ad-libbed that, guys.
That was good.
The network also offers a staking dApp, which is already live.
As the name suggests,
the dApp allows users to passively generate gains by holding their tokens.
There is no mystery there.
However, this dApp leverages a deflationary model through an address-to-address transfer tax and an unstaking tax,
which works as an incentive for users to keep holding and boost the growth of the network as a whole.
Just within 72 hours of launch,
over 60% of the pre-sale tokens were staked.
About 16 million CXN were burnt,
and 4 million CXN were earned by stakers as a reward.
All this happened without increasing the circulating supply.
In fact, circulating supply was decreasing by a huge rate,
which is a testament to how well the deflationary mechanisms of the network are,
as it is hard to find such a self-sustaining system
that reduces their circulating supply and rewards the stakers.
Some crypto investors are skeptical of new projects
that promise to change the game and offer all-in-one solutions,
which I think is a great quality to have most of the time.
This is why it's important to note that the CXN Network has an audited smart contract.
The network’s smart contract was audited by QuillAudits,
a smart contracts security audits platform that specializes in auditing Ethereum, EOS, and TRON contracts.
The auditors found no major bugs in the smart contract
that could cause issues for users or security vulnerabilities.
The developers actually had to decide between launching the pre-sale on the original date
with a smart contract that didn't include the staking and burning mechanisms
or audit it beforehand.
The team ended up going with the audit to provide its user base with ease of mind,
which, in my opinion, clearly shows that the dev team knows what they're doing,
as privacy should be the main concern in every crypto project.
Now, let's talk about the project's roadmap.
As I said before,
the alpha version of the exchange was just launched in what would be the end of the 3rd quarter of 2020.
This last quarter will bring the launch of COX,
which will power the product so it will be part of the roadmap for Q1 of 2021.
So, anyone interested in obtaining it should have acquired CXN by then.
There will also be a mobile app that will be launched in the 1st quarter of 2021.
It will integrate the exchange lending, savings, and investment facets,
allowing users to trade,
save in bits and bulk,
set saving targets,
create saving challenges with other users,
lock their assets,
lend against the locked assets to capture the margin in a secondary market,
launch their collateral-backed businesses,
and co-invest with other users to increase their gains.
Now, remember, I told you that the network wanted to be an all-in-one platform?
Well, now you see why.
Another feature of the network will be its own wallet for crypto asset management.
It will be available to everyone,
as it will offer other features for both beginner and advanced users.
The wallet will only support BTC, ETH, BNB, and CXN at first,
but it has planned for more cryptocurrencies to be supported
as the team develops the wallet and the network's growth as a whole.
This wallet will be launched in the 2nd quarter of 2021,
according to the project's roadmap.
Okay, so, now, I think it's time to talk about the DeFi aspect of the platform,
so let's jump into saving, lending, and investment facets of this project.
These are some of the most important aspects of the network,
as they aim to allow users to manage their personal assets
by harvesting the best of CeFi and DeFi.
The network is aiming to connect users to huge markets,
like blockchain, agriculture, and real estate,
all without the need for users to leave the platform.
This will enable users to collaborate between them to fund collateral-backed businesses,
generating even more investment opportunities.
And, hey, who doesn’t love a good investment opportunity?
Users will be able to generate interests
by saving or lending their assets,
as well as set up saving goals by locking their crypto
to ensure financial security and discipline.
The financial services of the platform are reminiscent of those of traditional banking
in the sense that the network's team backs it up
but with all the benefits of blockchain network
providing security and the opportunity to generate gains.
There's not a lot of information I can provide you with at this time,
as the CXN token has not been available for even half a week
and was just recently added to CoinMarketCap and CoinGecko,
but you surely will want to keep an eye on this token’s price,
as it is definitely is a low market cap gem.
I'm going to try to keep you guys updated on CXN
because I'm going to be working with them a lot in the future.
CXN is a supporter of the channel,
and this is one that I'm really excited about,
and I believe it's going to be a great project.
That’s all I got.
Be blessed.
BitBoy out.