Cryptonex (CNX) – Is It Worth? An In-Depth Guide
What is Cryptonex?
Cryptonex is a decentralized Cryptocurrency with its own underlying blockchain. The primary feature of Cryptonex is a platform of exchange where any currencies of the world can be exchanged for cryptocurrency and tokens.
Additionally, goods and services can be bought by using a mobile phone or payment cards. These transactions are claimed to be instantly and with very low commissions.
The native token of this ecosystem is called CNX and Cryptonex provides a web wallet for storing this asset, along with BTC and ETH. Cryptonex operates with two kinds of consensus mechanisms, Proof-of-Work and Proof-of-Stake. Information in the whitepaper is very vague, and no technical details are submitted.
An ICO was held to fund the project, from 1. September till 30. September 2017.
85 000 000 CNX were issued during the token sale, at a price of 1CNX = 0.0005BTC or 0.007ETH. The team is unknown in the blockchain space, and no social media profiles are found under their names.
Can cryptonex be mined?
Yes, it can be based on Proof-of-Work. The mining algorithm is Scrypt. Additionally, CRX tokens can be staked with a Proof-of-Stake algorithm, the annual payout for staking is claimed to be 12%.
What differs Cryptonex from other Cryptocurrencies?
It claims to offer an exchange where every currency of the world (!!) can be exchanged to Cryptocurrencies and tokens.
How much is Cryptonex worth today?
What is the total and the circulating supply?
The maximum supply of CNX is 210,000,000; the total supply is 106,721,784 CNX and the circulating supply at the time of writing is 45,284,158 CNX.
Where can you buy CNX?
You can buy CNX on several cryptocurrency exchanges, most notably HitBTC and Cryptonex itself.
Can CNX be sold for cash?
You can sell CNX for cash on several cryptocurrency exchanges that have fiat-pairings, most notably YoBit and Cryptonex itself.
The launch of the Cryptonex acquiring project is scheduled for Winter 2018. Before that, there is development and Beta testing on the roadmap throughout the year 2018.
Verdict and Rating
0/10 There are several red flags surrounding this project. First, there are no technical explanations in the whitepaper, which is also poorly written by the way. There is no information about the team to be found, no LinkedIn-profiles or anything similar.
There is no way to verify that these people exist. And the offering of exchange against all currencies of the world is extremely unrealistic and seems like a false claim to me. The possibility of Cryptonex being a scam is high. Stay away!
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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