The current market is suffering greatly with substantial transaction costs. Bitcoin and Ethereum are surging, but so are the costs of transacting in these heavyweight currencies. The market is looking for a much better solution to empower DeFi.
Many forget that NEXT is much more than just an exchange. We also have our native blockchain (NEXT.chain) born on April 23th, 2019, secured with over 200 peers (masternodes) today and capable of creating/digitizing assets, with superfast and super low cost transactions. Exactly what DeFi needs right now. In coming period, we will therefore focus more of our attention on NEXT.chain’s DeFi potential (whilst still progressing our plans for Next.exchange — more about that later in this blog).
NEXT.chain Unique Selling Points
the power in the chain 💪🏻
NEXT.chain’s is built on bitcoin-core, but expanded with:
- Proof of Stake with Masternode validation;
- Merge mined with Bitcoin, making it attractive for miners;
- API integration for 3rd parties;
- Asset creation and allocation;
- Aliases support, so instead of a long address, send it to ‘Pieter’;
- Instant and private transactions at lightning speed, up to 10k TPS.
Here is the complete list with comparison showing how Next is streets ahead of the big chains in functionality, operability, security, speed, and cost:
NEXT.chain asset creation and allocation
So what exactly does this mean? The ability to create assets on our blockchain is embedded in the chain by default. As you all know, the success of Ethereum was due to the ability to create assets and smart contracts, facilitating crowdfunding and allowing programmable interactions between a project’s decentralised solution and its native currency.
Although it is fully possible, we have chosen not to deploy smart-contracts on NEXT.chain just yet — this will be the subject of later strategy. Many projects over recent years have suffered from over engineering. Making blockchain interaction too complicated and time consuming. So first we have developed the ability to simply create new assets and tokens with a few clicks of a button. After creation these assets can be immediately distributed to others on the NEXT.chain. This simplicity should attract new and existing projects, and by bringing these communities onto our ecosystem the chain and the exchange will grow. These projects and their communities can crowdfund (NEXT.genesis), and can lock up their liquidity so it’s directly tradable on NEXT.exchange. We still have a little work to do here, but the development has been progressing in leaps and bounds.
Why would these projects choose NEXT.chain? With our quick asset creation the answer is simplicity, together with our network of masternode validators, near instant transactions executed at low cost, the answer is obvious. This means that our blockchain users can quickly create and trade decentralized assets without paying high gas prices or waiting around.
Last week we launched the token ‘TEST5’ on NEXT.chain. The information which we capture is:
- The asset ID
- The symbol/ticker
- The interest rate. Yes! Staking directly on the blockchain !!
- The block height
- The balance
- A memo, so we are ready to accept payment messages. “Welcome, PayAccept.”
Below you will find the asset information in JSON, and we also include the price of the transaction. It was 7850 NEXT sats (around $0.00023).
TX on the blockchain -> df76e0fc617e4f5a2a0bb47f7fe6213ac214a3b52d41d55e02cee5a1a5b01d88.
The price of this transaction was 0.00007850 NEXT, which at the time of writing was $0.00023 (try beating that elsewhere). ETH costs you a whopping $12 and on Uniswap between $30-$65.
Since the transaction prices are fixed it won’t make any difference when the price of NEXT reaches the moon. Even when NEXT outpaces Ethereum and Bitcoin, the transaction costs will be less than 15 cents.
So how will it look for the user who wants to create an asset on the website?
Simple and effective. And yes, we can enable crowdfunding (IEO) as well. We facilitated the successful XEP presale a few weeks ago. A good start, and with staking enabled, any and all assets and tokens can easily switch over to a better (NEXT.)chain.
OK, that’s asset creation sorted. How else can we expand the ecosystem and gain exposure?
ERC20 <> NEXT.chain bridge
The Bridge, a bridge where we connect another blockchain to NEXT.chain. With this, we can tap into a multi-billion token market that is suffering high transaction costs. And it works in both directions.
Currently, the NEXT coin is limited by only trading on p2pb2b and NEXT.exchange. By bridging with ERC20, we can trade on Uniswap, store the token in Trust or on the Ledger, and get a colossal community’s attention. This is how the bridge looks now — fully developed and ready to enrol:
NEXT.coin and NEXT.token
NEXT is the native currency of NEXT.chain, the super-fast blockchain on which sits NEXT.exchange and later on many more projects. The value of the blockchain is valued with its native currency. The more projects on the blockchain, the more value the underlying coin will receive. NEXT will also be the currency to trade with other assets on the NEXT.chain and get benefits such as early access to presales.
NB: Masternodes get the most APY, but need to stay on the NEXT.chain because Masternodes validate the transactions in the mempool.
The NEXT.token (ERC20 and later on Binance Smart Chain) is the token that will flow between other blockchains and expand the possibilities of the NEXT ecosystem, maximising exposure and thereby adoption. We have a perfect blockchain, but it will come to nothing at all if nobody knows about it, therefor some great marketing will accompany this great exposure across other large blockchain ecosystems.
We are combining the best of both NEXT and ETH worlds, and with the 1:1 bridge you can switch your NEXT across multiple blockchains. Maximum power and strength for our currency and its holders.
That’s great but what about all those existing ERC20 projects? The grass is greener over this side!
The Bridge works for all ERC20 tokens!! As we grow, more and more tokens will take advantage of the ability to cross over to the Next.chain to utilise the speed and reduced fees, and cross back again at will, without the need to leave or migrate their current blockchain. This creates added value for all tokens to enable a whole new decentralized economy, without high fees and with lightning-fast transactions on a very powerful blockchain. We are ready!
Staking of NEXT
As we abolished the shared staking program as of January this year, we have been working worked on a solution that allows holders to stake NEXT and receive new NEXT as a reward from the marketing fund that the team has been holding for quite some time. Staking and liquidity farming are attractive instruments for new investors to invest in a token. We hope to be able to give a new twist to NEXT with these two initiatives. And our staking has just been deployed and is ready on https://stake.next.exchange. It will provide 10% APY. If you are looking for more then become a masternode holder and buy NEXT on P2PB2B, they currently receive over 20% APY.
Liquidity Farming is a method of benefiting from returns by making liquidity available. For example, a person interested in the project and who wants to receive NEXT can give liquidity to one of the pools where NEXT is traded. As long as the token and liquidity remain available in the pool, they will receive a 0.3% transaction fee from each NEXT changed through Uniswap. To qualify for this, NEXT will create various pools in which liquidity can be placed. To ensure that NEXT is properly listed on Uniswap, adequate liquidity is necessary. This means that investors can participate in this program at a fixed rate, so they buy the NEXT token at 50 cents per token (entry price). NEXT, thus obtains liquidity by places this liquidity on Uniswap at a higher price (the listing price). Thus, due to the quantity of transactions, the pool receives NEXT tokens from the trades. NEXT will therefore organize a liquidity-providing event at a fixed rate that investors can enter. This ensures that NEXT will gain attention, with NEXT.chain presented as a DeFi blockchain and NEXT as the underlying asset.
The above is needed, as without liquidity on Uniswap there would be no trading.
NEXT will release a marketing blog and liquidity providing program to ensure new investors are aware of the potential NEXT has to offer. The timing is now if NEXT is to take an advantage and succeed.
Improvements of NEXT.exchange (built on top of NEXT.chain)
As you are all aware, are trading volumes are still fairly low. We’ve had some ups-and-downs, but are still strong and moving forward. We started by developing a hybrid exchange that is executed directly on the blockchain, and the high fees are killing the take up. Even Uniswap has this issue, and many others are complaining about high costs.
The solution is that we have decided to move over to wrapped Bitcoins and Ethereum on NEXT.chain. Wrapped means that we put these assets on top of NEXT.chain instead of their native underlying blockchain technology. By doing this we get rid of the ridiculous blockchain fee’s and users experience instant and fast transactions during their swaps and transfers from main to trade wallets. This is a massive improvement and will enhance NEXT.exchange further.
These developments will be deployed step by step and take some time. Yes, we are aware we need to scale up, but the move to NEXT.chain is the right move and the most logical option. During this move, the exchange will continue as it is. When the development is finished, we will migrate with a seamless transition — we will then be unstoppable.
NEXT.chain has been stable in mainnet for over two years and connected with over 200 master-nodes worldwide. These peers facilitate instant transactions while miners write the blocks in the blockchain. NEXT.chain is an extended bitcoin-core blockchain with zk-snarks technology, a novel form of zero-knowledge cryptography where transactions are verified in milliseconds. This makes NEXT.chain perfect for DeFi transactions where traders enjoy high transaction speeds at the lowest costs, and with a bridge in place the NEXT.chain is accessible for many many projects. NEXT.token will give holders extended reach and possibilities, while NEXT.exchange will be the leading exchange, running on top of NEXT.chain and make trading available for all digital assets.
2021 will be the year that NEXT takes off / takes over!
Thanks for reading, and we hope you are as excited as we are about these developments and future plans. There will be a further blog over the coming days.