The Decentralized Exchange will allow users to take full control of their assets during the exchange with no need for a third party to control the private keys.
NVO aims to present P2P model for exchanging cryptocurrencies to eliminate the need for a third party to hold customers’ assets. The NVO team was initially inspired by the imperfection of the current ecosystem and decided to offer its own solution.
Soon, it will be ten years since the invention of Bitcoin. It was created an electronic payment system based on cryptographic proof instead of trust, which allowed any two willing parties to transact directly with each other without the need for a trusted third party. But as time has passed, cryptocurrencies became more mainstream and new sophisticated centralized models appeared leaving uninformed users highly vulnerable. Cambridge University has conducted a study and found out that 73% of exchanges today take custody of their customers’ cryptocurrency funds by controlling the private keys.
One can’t feel secure relying on the ability of traditional networks and centralized services to process and store decentralized cryptocurrencies as these networks are far from perfect. One vulnerable service can make all users vulnerable. The vivid example is recent Cloudflare memory leak incident.
NVO aims to offer an alternative solution.
“I have been advising people to invest in cryptocurrencies, but whenever I recommend a centralized exchange, I am worried people assets might get stolen, as these platforms present serious security risks. There is a need to build a more convenient and secure ecosystem for the decentralized economy”, Ton Bi, co-founder of NVO, says.
The NVO team is planning its decentralized model to use the SAFE Network so that users could make transparent and secure transactions with no need to trust the stakeholders. Transactions will be processed via lightweight multi-cryptocurrency wallets linked to an integrated exchange. Users will be the only owners of assets or keys and there will be no need to host them on remote servers.
“Going through the steps required to start using cryptocurrencies with someone who’s not familiar with how it works is painful. NVO will offer storage and exchange in one place. Assets are always under your control even during the exchange”, Yanni Bragui, co-founder of NVO, explained.
The Decentralized Exchange developed by NVO will ensure accessibility and a fast learning curve for novice users anywhere in the world due to its streamlined user flow and multi-language support. Experienced cryptocurrencies users will see the true value of the open source wallet with an open plugin ecosystem for integrated platforms.
One more successful ICO of Polybius Foundation has already raised nearly $20 million. The final aim is $25 million. All the funds will be directed to the creation of Polybius Bank, the first digital bank that will combine features of modern banking, IoT, Big Data and Blockchain-based technologies.