Cryptonex has developed its own blockchain to facilitate the exchange of any cryptocurrency through a sophisticated peer to peer platform. The coin that powers the network, CNX, is a top 100 coin based on market cap, and utilizes a proof of stake consensus to reward wallet holders for running their systems and verifying transactions.
The purpose of the coin is simply to guarantee transactions between users, and even with this limited utility, the trading value of CNX has been relatively steady since its launch in October. Peaking at over $10 in late January, it has maintained a base of between $3.50 and $4.50 amid the volatility of the past four weeks. One of the pluses of CNX is that it is very easy to acquire. You simply open a Cryptonex account and add funds. If you add Ether or Bitcoin and move them to the web wallet in your account, they will automatically transfer into CNX. Similarly, fiat currencies can be transferred easily using the web wallet, although a KYC process must be completed first. The coin is also available to trade on Yobit and HitBTC. Once you have your CNX, you can watch it gain income through staking.
By running the web wallet, which operates as a browser tab, a user is essentially mining the currency. The more CNX you have the more you will receive in rewards. This type of consensus is a lot more user-friendly and less energy draining than proof of work, best known through Bitcoin mining. As the creators of CNX have determined that 210 million is the maximum number of coins that will be produced, it is open to speculation how stakers will be rewarded once the maximum has been achieved. Given that over 45 million are already in circulation, this may not be that far in the future.
Being easy to acquire and store, CNX is a great place to start for crypto novices. The utility of the coin is very limited however, and its value is likely to depend on the success of the project. This is difficult to gauge, as many people on the network may have bought the coin to stake it and make a profit, planning to sell it later when it suits them. Cryptonex appears to have shaken off the “scam” allegations that surfaced after their ICO late last year, and they operate a tidy product with a user-friendly website. With the platform now producing payment cards, this is a project that is less about solving the more esoteric difficulties at the heart of cryptocurrency debate, than it is about providing a useful service that people can benefit from and understand. And in the cryptoverse, that is surely welcome!