NEXO - The World’s First Instant Crypto Overdrafts
- 1 NEXO Overview
- 2 What is NEXO?
- 3 Weakness
- 4 Threats
- 5 NEXO Technology AND Innovation
- 6 NEXO Smart Contracts
- 7 Client Path to Crypto Overdraft
- 8 Nexo Products and Services
- 9 What Problems does Nexo Solve and How?
- 10 Team Overview
- 11 Competitors and Similar coins
- 12 Conclusion:
- 13 Where to buy NEXO
- 14 Convert NEXO to USD EUR GBP and Fiat
- 15 Nexo Whitepaper
- 16 Useful Links
Project Type: Finance Services
Project Description: Continuing on the technological frontier, Credissimo is promoting the first overdrafts of instant encryption in the world.
Token Symbol: NEXO
White paper: https://nexo.io/assets/downloads/Nexo-Whitepaper.pdf
Presale or whitelist: https://nexo.io/whitelist
Presale Date: Feb-2018 (whitelisting for Public Presale starts on 21-Feb-2018)
Main Sale Date: April 2018
NEXO project develops a platform that allows users to retain 100% ownership of their digital assets, while having immediate access to cash through the use of Instant Crypto Overdrafts, solving one of the crucial inefficiencies of the crypto world. This service will provide consumers with the opportunity to enjoy their cryptography without the need to sell it and without the presence of hidden fees, taxes on capital gains or credit verification.
The interest rates for NEXO Crypto Overdrafts are below the standard interest rates on credit cards, but it is still high when it comes to loans.
Smart contracts will be established in the long term, therefore, in the medium term, the platform will not be as efficient and secure as it could be.
If the prices of the Crypto that support the loans fall, the users will have to increase the amount of these, increasing their possible losses.
Nexo Oracle Regarding the technological model, NEXO Oracle is the main part of the platform, it is an automated system that helps to maintain and monitor the company's business processes, as well as having the following functionalities:
Big Data Analysis Self-regulating algorithms Prediction modeling
Repayment reminders Reached minimum Wallet balance Liquidation warnings Administrative notifications
Interest repayment Overdraft repayment Delays and defaults
Overdraft setup Wallet withdrawals Dividend to token holders
REAL-TIME ASSET MONITORING
Multipe (6+) exchanges Digital Asset Marketplaces
Placement Hedging positions Release Maintenance of overdraft safety levels Increase of overdraft
The smart contract used by NEXO will record the current outstanding balances of the customer's Overdraft wallet. Interest will be accumulated on the Overdraft balances used. Once customers reimburse their overdrafts or use more than their available limits, NEXO will credit or debit the balance and register the updated one in the chain block.
The Client transfers crypto assets to his Overdraft Wallet according to the Contract, which pre-written logic based on computer code. Overdraft Contracts are stored and replicated on the Blockchain, which makes them immutable and verifiable.
The Client’s crypto assets are securely stored and can be unlocked by Nexo only if the Client fails to repay the Overdraft.
The Nexo Oracle operates autonomously and constantly checks various data points. The predefined conditions written on the Overdraft Contract are constantly evaluated by the Nexo Oracle through external data sources.
The value of the Client’s crypto assets is determined in real-time on multiple exchanges in order to minimize risks for both parties. Once any of the code-prewritten conditions of the Overdraft Contract are satisfied, the code triggers an automated action.
Upon appreciation of the value of the Client’s crypto assets and after each Overdraft repayment, the Nexo Oracle self-executes and the Overdraft limits are automatically increased.
The process by which users obtain their instant cryptographic overdraft is simple and can be divided into a few simple steps:
1. Transfer Crypto to Overdraft Wallet
2. Receive Instant Overdraft
3. Repay Overdraft
4. Withdraw Crypto from Overdraft Walle
1. Bank Transfer
Nexo will allow users to receive their instant encrypted overdraft the same day or the following day by bank transfer through SWIFTs, SEPAs or ACHs to their personal or commercial bank account.
2. Nexo Credit Card
Idle Value of Digital Assets
Nowadays, digital and cryptographic assets are worth billions of dollars, however, it is difficult for the investor to use these resources on a daily basis due to large regulatory and infrastructure barriers, which has brought a huge liquidity problem. NEXO solves this problem by providing users with an instant overdraft in fiat currency (EUR, USD, etc.) by transferring encrypted assets to the Overdraft Wallet; and thus unlocking the value of digital assets.
Slow Liquidation Process
The liquidation of digital assets is one of the slowest processes in the crypto currency network; this operation can take from a few days to a couple of months for its completion. This platform allows users to access cash conveniently and instantly and anywhere in the world, through bank transfers, crypto currency or the NEXO credit card.
Loss of Ownership
Currently, the sale of crypto currencies is the only option that investors have to obtain benefits, losing the potential gain that the currency may have in the future; With the proposed solution, NEXO authorizes clients to retain 100% ownership of their digital assets, maintaining the potential capital gain.
Cost and Tax Efficient
Due to the fact that there is no movement of assets within an exchange, the user will not have to pay any platform, transaction or withdrawal fees, which are often high; In addition, there is no sale event, therefore, there are no taxes to be paid.
No Credit Checks
Access to unsecured financing requires lengthy credit reviews and often results in a lower personal credit score and higher interest rates on the client's loans; NEXO's overdraft eliminates the need for rigorous credit controls that could lead to credit score deterioration.
Lack of Trust and Transparency
Overdraft contracts in the block chain make the ownership and transaction of digital assets safer and more transparent, when in many cases, movements involving these assets in P2P agreements lack security and transparency.
Kosta Kantchev | Managing Partner
Krantchev is co-founder of Credissimo and the visionary responsible for the successful 10-year history of the entire European group FinTech Group. One of the first to adopt bitcoin, he quickly realized the potential of block chain technology, which led him to develop in Credissimo one of the first systems to allow repayments of loans in crypto currencies around the world.
Georgi Shulev | Managing Partner
Shulev has experience in banking and has gained considerable experience in fields such as mergers, acquisitions and financial analysis in institutions such as Unicredit Bank Austria, Lehman Brothers and the European Investment Bank. Overseeing the commercial development and international expansion of Credissimo has further consolidated its experience in FinTech.
Antoni Trenchev| Managing Partner
Trenchev has been an enthusiast of cryptography since 2011. As a member of Parliament and a strong believer in the decentralized approach, he defended and fiercely passed legislation on block chain solutions in a variety of electronic government services, especially electronic voting. He has been involved in the development of e-commerce platforms and has been Director of Innovations at Credissimo.
Vasil Petrov | CTO
Petrov is an innovator and entrepreneur of block chain technology. He has more than 16 years of experience in systems administration, back-end development and architecture of high-load and full-cycle projects. His achievements so far have culminated in the co-founding and being the CTO of a multi-channel Internet and video service provider in the United States and distributor of interactive services for more than 150,000 customers.
Kalin Metodiev | Corporate Finance
Metodiev is an investment banker with more than 20 years of experience in corporate finance, securities issuance, mergers and acquisitions, private equity and executive management for leading financial institutions in the United States and Europe. His professional approach has always been directed towards the growth of the company and the maximization of the wealth of the investors. Metodiev's extensive track record covers a wide range of transactions exceeding one billion.
NEXO has a competitive advantage over its nearest competitor, ETHlend is building a decentralized application that only allows loans with ECR20 token, which is not as flexible as NEXO, where it can receive fiduciary currency, and also charge platform fees, (something that does not happens in NEXO). When comparing this system with Salt, one of the main advantages is that, because this platform works by matching the borrower with the lender, the process can last days or even weeks, when in NEXO this happens instantaneously. This platform also offers more flexibility than Salt, since in its system users can only pay with fiduciary currency; in NEXO they can also use tokens to pay loans.
You can buy NEXO on the above exchanges in the NEXO/BTC, NEXO/ETH, NEXO/BNB (Binance) pairs.
Easily Calculate or Convert NEXO to US Dollars(USD), Euro(EURO) or Great Britain(GBP) Pounds and other World currencies below.
Our Crypto Converter makes this as easy as a breeze.
This Wiki is provided courtesy of Crypto cue Magazine