In 2020, new projects in the cryptosphere don’t appear very often, and those who loudly announce themselves are attracting increased attention.
Unfortunately, the share of fraud and outright scam has not dropped much in this arena and reasonable caution should be taken whenever it comes to a new cryptocurrency project.
One particularly high-profile startup in 2020 was the launch of the NeuronEx P2P exchange, backed by the NeuronChain financial blockchain platform. Simultaneously, it was announced that the functionality of the NRON tokens issued by the developer NeuronChain will be significantly expanded. The tokens will be used for payment of exchange commissions in the project’s financial ecosystem.
Despite NeuronChain not conducting an ICO and not building MLM schemes around the new exchange launch, the issuance of tokens always raises concerns.
The most reasonable approach would be to conduct your own audit of the project. Alternatively, let’s take a step-by-step walk through the main points of any blockchain project.
1. Project Concept
Over the past four years, NeuronChain has positioned itself as a decentralized financial network addressing the problem of financial services availability and cross-border payments on a global scale.
NeuronChain plans to address this with its own P2P network based on the blockchain. According to the project team, the opening of the NeuronEx crypto exchange was the first significant step.
It should also be noted that the NeuronChain project has been working for many years to create services alternatives to modern banks.
The concept itself is sound because the market for global transcontinental remittances is practically vacant today. Existing systems are unreasonably expensive, and many financial institutions have announced plans to create such a network. NeuronChain was simply the first to actually roll it out.
2. Business Model
The key service of the NeuronChain project is the NeuronEx crypto exchange. It combines the P2P market and the exchange service on its platform. This allows it to offer a wide range of options for the legal purchase, sale, and exchange of cryptocurrencies.
This includes the ability to convert fiat and cryptocurrencies with minimal risk. The system accepts more than 200 payment types, including bank cards and secure PayPal transfers.
NeuronEx, like other crypto exchanges, plans to make money on commissions, which at the time of launch were priced quite low.
The exchange was issued a license to provide financial services No. FVT000032. NeuronEx is also collaborating with Visa and key regional banking regulators.
The project team, including the founders and all leaders, is completely public. They are well-known specialists with a professional reputation and experience in the financial and banking sector.
You can learn more about the project team by checking out their profiles on the project website or on Linkedin. The Linkedin accounts of both the project team and the founders reveal that they have hundreds of professional connections.
4. Project Token
NRON is a utility token, the functionality of which is consistently being expanded by the project team. NRON has a limited circulation and performs mainly utilitarian tasks like paying commissions and rewarding active traders.
NRON was issued in a limited volume and was never offered via ICO. Changes in the value of the token in the near future will be associated, apparently, only with the organic growth of the project.
5. Public Activity and Social Networks
NeuronChain is a fairly transparent project whose activities are actively covered both in the company’s social networks and in the financial media.
The Facebook page is live with posts collecting from several hundred to a thousand likes along with comments and reposts, which speaks of a live and active community.
The project is also present on reddit.com, Instagram, Medium, and Twitter. There is a lively discussion on all platforms, and the accounts themselves appear to be legitimate and active.
Leading financial publications such as finance.yahoo.com, coingape.com and APnews.com have published articles about the opening of the P2P exchange NeuronEx, and a quick search should lead you to them.
All publically searchable information on social network, the media, and the company website gives the impression of a real project with an active and loyal community.
it should be noted that the project has been on the market for a long time with all the necessary licenses and seems to offer users popular and valuable services.
The project team and founders are experienced and in the public space. An active community has been formed around the project, and NeuronChain and NeuronEx are actively developing as financial services.
As a result, this is one of the few blockchain projects that look more like traditional banking institutions. Perhaps this is due to the position of the company and its team, or, what I want to believe, the blockchain sphere has begun to mature and companies such as NeuronChain are in demand today.