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October 10, 2018
Bitcoin, Blockchain, Business, Cryptocurrency, Decentralization, Decentralized
exchange, Ethereum, Fintech, Nash


THE 2018 NASH REPORT: FROM 0 TO 70,000

On 10 October 2017, the founders of City of Zion (CoZ), an open-source community
dedicated to blockchain development, announced a revolutionary project in their
weekly report. The “Neon Meta Exchange” (NEX, now known as Nash) promised new
technology that would vastly improve the security and performance of digital
asset exchange. It also proposed an ambitious and unprecedented path to
fundraising: a registered European security issued on a public decentralized
ledger.

One year on, Nash has come a long way:

 * Our innovative decentralized exchange architecture is nearing completion and
   we aim to launch this year.
 * We’ve broken new regulatory ground by registering our token as a security.
 * A fantastic community has gathered around our product and secured us the
   funding to make our vision a reality.
 * Our company has now grown to over 20 people – and the longer we work
   together, the stronger our team becomes!

In this first annual report, we’d like to offer a review of our progress and a
glimpse of the explosive start our company has enjoyed.

We also have some announcements to make.

Firstly, during a recent development sprint in Vienna, we decided to implement a
planned security upgrade to our matching engine before going live. The Nash
matching engine will now launch as a distributed system. The novel architecture
we have developed will also permit a future transition to a fully decentralized
matching engine. We believe that decentralization is the best guarantee of
security and did not wish to compromise by including a centralized component in
our exchange at launch. Hence, when the Nash Exchange launches, we will be
offering a product superior to the one described in our whitepaper.

Secondly, we’ll be having a birthday party! On 27 October, at an event in
Amsterdam, we will celebrate one year of Nash with cocktails and a live AMA with
the founders. For those unable to attend, a livestream will be available. Keep
watching our Twitter for more details!


AN EXPLOSIVE START

A little over one year after our project was announced, Nash is poised to launch
the fastest, most user-friendly decentralized exchange in existence. Our
development team has worked tirelessly to implement our revolutionary protocols
and our award-winning designers have made no compromises in creating an
accessible interface.

The blockchain space moves rapidly, yet even by these standards Nash has made
exceptional progress.

Our technical advances have been complemented by legal innovation. Both are
necessary to achieve the “Nash Vision” we set out in a showpiece article from
July.

If decentralized technology is to gain mass adoption it must be legally
compliant. Public ledgers of transactions promise a future of open, honest
finance – but this must also be achieved within existing legal structures. This
is why we decided to register our token as a security. After a long and thorough
review by the Financial Market Authority (FMA) of Liechtenstein, our application
succeeded in August, paving the way for further regulatory innovation related to
blockchain. We published a report on the process here.

Our ICO was unprecedented in terms of legal compliance. But it can also claim to
be one of the fairest ICOs to date. We sought to follow CoZ’s guidelines for
responsible ICOs and pioneered a lottery system to guarantee a wide distribution
of Nash Exchange tokens (NEX). The success of our ICO was thanks to our
fantastic community, and we’re glad to have allowed as many to participate as
possible.

Throughout the year, the Nash founders traveled the world to spread our vision
and promote our product. Beginning with the Ontology Network launch, we gave
presentations at NEO DevCon in San Francisco, the Beyond Blocks summit in Tokyo
and a variety of other blockchain events. We’ve consistently engaged the online
community, giving regular interviews with cryptocurrency YouTube channels.

Nash also made an impact outside the cryptocurrency world. On 2 May, Nash
co-founder Fabio Canesin joined NEO’s Da Hongfei and others for a detailed
presentation to the European Parliament about the possibilities of blockchain
technology.

Nash’s Fabio Canesin presents to the European Parliament alongside NEO’s Da
Hongfei.

Later that month, our founder Fabian Wahle also gave a presentation at the St.
Petersburg International Economic Forum. We’ve given television interviews and
the CNBC show Advancements ran a segment on Nash.

Lights, camera, action! Nash featured on CNBC’s Advancements.

Our first year also saw our first partnerships. In February, we announced our
agreement with Red Pulse, a Chinese event-driven research firm, who will use
Nash’s payment service to integrate their token with the traditional economy.
Recently, we also partnered with Phantasma Chain, this time to facilitate online
payments, and with nOS as their exclusive native exchange dashboard.

The company itself has grown considerably over the last year. Right now, Nash
has 23 internal team members and approximately the same number of external
consultants. Starting next week, we’ll be publishing quarterly reports on our
new hires to keep investors informed about how we’re using our funds.

Let us give you a better idea of how our team works together.


A GLOBAL TEAM

Nash wants to bring borderless finance to everyone. But our commitment to
borderlessness is also clear in the makeup of our team. The Nash founders live
on three continents: Europe, North America and South America. As the company has
grown, we have gained team members in Africa, Asia, Australia and the Middle
East.

With team members on every inhabited continent, Nash can claim to be a genuinely
global company, true to our vision of an economy connected across the world.

Having a global team also presents its challenges. All Nash team members work
remotely. The technology to coordinate remote work is well established:
businesses today regularly make use of cloud-based platforms, online workboards
and messenger applications. But what about the human element? Working together
doesn’t just mean uploading tasks in time. It means collaborating with others to
generate new ideas and share responsibilities. This requires communication in
the oldest sense – from person to person.

As a small but global company, Nash must do everything we can do cultivate
meaningful personal relationships within our team.

In February 2017, the whole Nash team gathered for the first time in Thailand.
We discussed the company structure and worked on our product and strategy.

Team-building exercises in Thailand (the ‘Nash Olympics’).

Shortly after Thailand, the Nash team convened for a second time in March, in
Boston. This second gathering coincided with a CoZ workshop in Cambridge, MA,
and gave us the opportunity to collaborate on the details of our ICO platform
and process. We also met members of the community, with the Nash founders
offering workshops on developing for NEO.

Presenting to the community in Boston.

Most recently, in September, we met in Vienna, Austria. A full report follows
below.

While delegations of Nash team members have made presentations across the world,
these full company gatherings are essential to building the team relationships
required by the challenges of remote work. We enjoy working together – and this
is absolutely key to our success.

The Nash dungeon in Vienna.

As the Nash team continues to grow, we will strive to welcome new members and
make them feel comfortable working remotely with colleagues across the globe. By
providing a supportive environment for our team members to exercise their
individual freedom, our company benefits from the diversity of their talents and
ideas.

And we look set to keep on growing. Our timeline of the year gives a sense of
just how far we’ve come – and how far we’ll go in the future.


FROM 0 TO 70,000: TIMELINE OF THE YEAR


VIENNESE NASH, NEW AND IMPROVED

The Nash team, now grown even larger, gathered for the third time in Vienna,
Austria. From 10–21 September, we scheduled a development sprint to accelerate
completion of the exchange platform.

And we took a big decision.

In the original Nash whitepaper, we proposed to deliver a centralized off-chain
matching engine first of all. This would be protected by the same rigorous
security monitoring, audits and deployment protocols used by centralized
exchanges such as Coinbase and Binance. This off-chain matching engine would not
directly control user funds, but mediate the results of trades and update the
decentralized settlement layer.

Nash is dedicated to bringing distributed finance to everyone. We are working to
increase the speed and usability of systems built upon decentralized
architecture, such as blockchains. This is because we believe in the
revolutionary potential of such systems. They offer vastly improved security
over centralized solutions, which ultimately entail a single point of failure.
Moreover, centralized systems are open to exploitation via corruption or high
service fees.

However rigorously we could monitor our matching engine, a centralized component
within Nash would stand in fundamental contradiction with our goal of achieving
a decentralized financial system.

This is why, from the start, our matching engine was designed with a view to
increasing its decentralization. Before Vienna, we had plans to implement the
first security upgrade after launch. Now, to avoid any compromises, we are
implementing this upgrade before the exchange goes live.

The founders hard at work.

The Nash matching engine will launch as a distributed system employing a binary
agreement protocol. Multiple instances of the matching engine must reach
agreement in order for a trade to be written to the blockchain. It is now
significantly more difficult to compromise Nash, since any potential attack must
target multiple points of our system.

Furthermore, the novel architecture we have developed will permit a future
transition to a fully decentralized matching engine employing a consensus
protocol. In addition, while the entire distributed system will be under the
control of Nash at launch, we will look to improve decentralization by
entrusting the operation of elements of the system to other parties in the
future.

These improvements to security do not alter the speed with which Nash can
process transactions. When the exchange launches, it will hence be superior to
the product described in our whitepaper.

A film about Nash, shot during the sprint in Vienna and featuring interviews
with our team, will soon be released by Neo News Today.

In the meantime, we hope to see as many of you as possible on 27 October in
Amsterdam. Come and wish Nash a happy birthday together!

--------------------------------------------------------------------------------

Can’t make it to Amsterdam but think you can help us out? We’re hiring!

Tom
Read more posts by this author.
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COMPLIANCE AND REGISTRATION

Nash was the first Crypto Platform in Europe registered by the Financial Market
Authority (FMA) of Liechtenstein. Nash is also registered with the De
Nederlandsche Bank N.V. (DNB).


INDUSTRY LEADING SECURITY

Nash’s Crypto Platform and Investment App uses state-of-the art, audited
security measures and is fully non-custodial.
What makes Nash so safe

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Rates may vary over time. Crypto-powered earnings on Nash are not covered by any
deposit guarantee schemes like bank savings accounts and involve risks unique to
the underlying technologies: (i) Exploitations of the smart contracts used; (ii)
Forex fluctations between your national currency and the US dollar, which
underlies crypto earnings assets; (iii) USD stablecoins losing their peg. 
Nash is a trademark of Neon Exchange Aktiengesellschaft. Neon Exchange
Aktiengesellschaft is an exchange bureau registered with the FMA of
Liechtenstein (TT Exchange Service Provider Nr. 261096 as defined by the Token-
und VT-Dienstleister-Gesetz / TVTG, 3 October 2019)
Nash Exchange B.V. is registered with De Nederlandsche Bank N.V. (DNB) as a
provider of crypto services. DNB conducts supervision and monitors Nash Exchange
B.V.’s compliance with the Money Laundering and Terrorist Financing Prevention
Act and the Sanctions Act 1977. Nash Exchange B.V. is not under the prudential
supervision of DNB nor under business conduct supervision of the AFM. This means
there is no supervision of financial requirements or business risks and no
specific consumer financial protections.
Neon Exchange Aktiengesellschaft is a partner of Modulr Finance B.V., a company
registered in the Netherlands with company number 81852401, which is authorised
and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution
(Firm Reference Number: R182870) for the issuance of electronic money and
payment services. Your account and related payment services are provided by
Modulr Finance B.V. Your funds will be held in one or more segregated accounts
and safeguarded in line with the Financial Supervision Act – for more
information please see this link.
Neon Exchange Aktiengesellschaft also provides fiat-crypto exchange services.
These are separate and unrelated to the account and payment services you receive
from Modulr Finance B.V.
© 2023 – Nash. All rights reserved.