NVO : Yes or No?
So I'm considering investing in the NVO ICO. Although I've got money in a bunch of cryptos - it would be my first ICO.
I've started to read the white paper here and like the idea of the decentralised exchange. However I'm relatively new to cryptos, and although I am relatively technical - I had heard that recent attempts at setting up a decentralised exchanges had failed - not sure why that was the case?
The whitepaper for NVO is relatively thorough - however there are some obvious gaps. Basically you are investing in a few developers and hoping they can pull it off.
The way I see it - some of the basic features/characteristics of NVO are as follows:
Multi-crypto wallets - this is cool. A wallet with let's say 5-10 major cryptos that can be traded and stored securely in the one place. The initial wallet should be open source and written in node.js I think.
These wallets interact with validators - hosted on the safenetwork (maidsafe I think). The validators essentially just check the parameters of a given transaction - e.g. addresses etc, confirm it's legit and queue it for matching. The validators don't act as relays - apparently this was the case with previous efforts with decentralised exchanges.
All transactions are then peer to peer. All private keys etc are held locally.
.2 % fees for each trade - distributed to the holders of NVO Tokens.
Investors in ICO will receive these NVO tokens - All 15 million will be distributed after ICO. There will be no more issued.
API clusters - used to store transaction/trade history etc - without the need for a 3rd party to hold this information. I guess these are remote to the user but distributed throughout the network? They are called clusters because there might be one for BTC, one for ETH etc. The protocol for these calls to and from the clusters hasn't been decided. Who will run these?
Anyway - I plan to read the whitepaper in detail - rather than just skimming. But before then would like to know what people think, especially anyone that has considered investing.