NEXT.exchange is a hybrid digital-asset exchange that uses both centralized and decentralised tech to solve the issues crypto users have with other exchanges and provide a healthy alternative to a CEX dominated market.
We talked with the NEXT team to find out more about this fascinating exchange, including some of the finer, more interesting details and what they have coming out in the future.
Please introduce yourself and provide a short summary of NEXT
Hello! I’m Gleb Jout, the current CEO of NEXT.exchange. Our project is founded and based in the Netherlands, and our main priority right now is launching our trading platform which combines aspects of decentralised and centralized platforms.
For example, our wallet system is decentralised, our order matching system is centralized, all transactions that occur on our platform will be recorded and presented on our Blockchain, NEXT.chain which we have successfully launched a Mainnet for in June 2019. Additionally, user funds on our platform will be held in cold storage.
We have a rather interesting system. We aim to be in line with all necessary regulations and operate our platform in a clean manner, no wash trading will be condoned. Circling back to our Blockchain, it is also hybrid, Proof-of-Stake and Proof-of-Work, merged with Bitcoin, meaning when people mine NEXT, they can also mine Bitcoin.
Our Blockchain can support asset creation, governance, instant and private transactions. This is thanks to our Node network, we have over 130 community launched Masternodes on our Blockchain. We have been quite under the radar in the market, however, we have a very dedicated and active core community that participates in testing of our platform and Blockchain.
What are other cryptocurrency exchanges currently lacking?
The biggest issue I see in the market personally is CEX domination. There’s many things to talk about in this regard. For instance, not your key, not your funds aspect. Additionally, and what is quite troubling is the amount of fake volume (wash trading) occuring on these platforms. This really taints the market in my opinion and misleads a lot of projects towards coughing out heavy funds from their treasury to secure a listing on a “top” platform.
Your average trader, new market entrants if you may, are simply not interested in making sense of convoluted user interfaces. This, we believe, is something we excel at. We put in a lot of work towards making our user interface as clear and easily understandable as possible.
Why would a trader want to hold NEXT tokens?
We loaded NEXT with a lot of utility when it comes to all of our current products. For example, holders of NEXT are entitled to lower trading fees, priority access to trade newly listed assets, access to a fiat gateway, and distribution of trading fees. NEXT will be paired with all assets on our platform, there is more.
On NEXT.chain, users can utilize NEXT to create new assets, akin to those on the Ethereum Blockchain, this opens up room for the creation of stablecoins like USDT and so forth, NEXT can be used to launch Masternodes, which can also accrue seniority bonuses, sort of a reward for running a node and helping the networks stability, security, and speed. We also have NEXT.genesis, which is our crowdfunding platform. On there, NEXT can be used to acquire assets.
As we continue to grow and develop, we will expand the utility offered by NEXT with additional integrations with 3rd parties. Also, it is very likely that we will hold “vote-to-list” events where NEXT will be required to cast votes, as well as to cover listing fees.
How important is regulation to NEXT?
We are okay with regulations as long as they do not suffocate this young market excessively. We understand the reason and purpose for AML and KYC policies that must be enforced, which is primarily what regulators are interested in and proper upholding of these policies is essential for us if we wish to provide our users and holders with access to fiat functionality. These are hurdles and barriers that must be handled and worked with. Sure, regulations can impact volatility and shitcoins but they are necessary if we wish for this market to mature and be able to accomodate a wider range of users, institutions as well.
On NEXT all users have individual wallets. This is an excellent feature. Can you explain why you implemented this?
For us it is important that users understand that we take security of funds very seriously. Especially in light of the tremendous amount of centralized exchange failures we have witnessed throughout the history of cryptocurrency trading. We keep all funds of users separate, individual addresses for each user. In the near future, post-launch, users will gain access to their private keys. We see this as a big advantage and win amongst the other perks we offer.
2020 is still a long road. Do you have any big plans for this year?
It is a long road indeed. Our launch is coming up soon and a lot of 2020 will be focused on gaining recognition, building our user base, generating volume, onboarding liquidity providers, swapping projects over to our Blockchain, expanding the amount of assets which can be traded on our platform and generally increasing market awareness for all of our products. However, the heaviest focus will go towards amassing volume on NEXT.exchange,
What do you think about the current global economy and this downtrend currently experienced by the Blockchain and cryptocurrency industry?
Global economics are facing a lot of pressure right now, healthcare and patient handling is being pushed to the brink in every country. There is a lot of panic in all markets, capitulation and so forth. In sort, this is a black swan event with a colossal impact on all markets. However, Bitcoin is holding its value quite well in light of these events. Sure, we did experience a titanic crash which triggered a lot of panic selling and exiting of many marketing participants into cash. Though, if you look a bit back in time, Bitcoin opened up 2018 at around the 3,000$ price level, cold times for the market, but its value held in light of the stock market crash, oil price crash, and CoronaVirus Pandemic.
In general, I believe that after the dust settles a little bit and the global health crisis eases up, a lot of people will pay more attention to what Blockchain technology and crypto assets can offer. There is currently a lot of commotion circling around what government bodies are doing to “alleviate” some of the pressure faced by markets, cutting rates, injecting markets with unsupported capital and so forth, this raises a lot of questions which I believe can be answered by our industry. At least NEXT and Bitcoin have a forecasted emission rate if you know what I’m leaning towards. In terms of us and the work which we are doing. Look, we held our crowdfunding in December 2017, for one month and some peanuts. Shortly after, the bear market ensued, Bitcoin lost half of its value and this quite negatively impacted our treasury.
Nonetheless, we tightened our belts, worked through the downtrend, took our time, analyzed the market and our competitors, stuck with our guns. Throughout the bear market we developed the products, the exchange, blockchain, and crowdfunding platform, managed to increase our team size, onboard great advisors, and nurture a great core community, who we are very thankful for as they have been supporting us on our development path and rather turbulent times. Are we petrified by the current state of affairs? No. We are developing and getting ready for our main product launch. Though, I would advise people to try and keep their emotions in check while maneuvering such a market. Sometimes it is good to take a break.
Thanks for taking the time to answer our questions. Is there anything else exciting going on right now that you’d like to talk about?
Sure! Well, shortly after our launch we will be launching a referral program aimed towards users. The goal will be to generate volume on NEXT.exchange by means of trading activity, so, traders will be rewarded for that, we will finalize this program shortly. We also recently announced a Community marketing initiative which you can read more about on our medium as well as the revitalization of our Ambassador program, through which users can engage with NEXT and help increase its brand awareness in exchange for rewards.