Place/Date: - May 15th, 2017 at 8:34 am UTC · 3 min read
NVO’s goal is to remove the need for a third party to hold customers’ assets, proposing instead a P2P model for exchanging cryptocurrencies. The project was first envisioned by the NVO team after observing how the current ecosystem fails to meet the needs of the market.
When presenting Bitcoin to the world in 2008, Satoshi Nakamoto declared “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” And the public’s growing interest for the decentralized economy supports this claim.
However, as cryptocurrencies gained momentum, this inclusive P2P philosophy gave way to new sophisticated centralized models leaving uninformed users highly vulnerable. According to a study from Cambridge University, 73% of exchanges today take custody of their customers’ cryptocurrency funds by controlling the private keys.
Relying on the ability of a traditional networks and centralized services to process and store decentralized cryptocurrencies defeats the purpose; these networks are inherently flawed. A vulnerability affecting a single service can leave all users vulnerable. The recent Cloudflare memory leak incident is one of many such examples. 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, Cofounder of NVO
NVO’s decentralized model plans to use the SAFE Network to offer security, transparency and remove the need to trust the stakeholders.
Users will be able to transact using a lightweight multi-cryptocurrency wallet linked to an integrated exchange. No assets or keys will be hosted on remote servers; they will remain on the user’s device at all time.
“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 ” explained nvo.io Cofounder Yanni Bragui.
As an asset-to-asset exchange, NVO will not use any proxy tokens. Thanks to its streamlined user flow and multi-language support, the Decentralized Exchange will ensure accessibility and a fast learning curve for novice users anywhere in the world. Meanwhile, experienced cryptocurrencies users will enjoy the open source wallet complemented by an open plugin ecosystem for integrated platforms.