August 26, 2019

Deployment update: Details and outlook

Deployment update

Nash is continuing to work on the issues we encountered during deployment. Our goal is to launch the exchange as soon as possible. We refuse to compromise on security or user experience, so we are submitting our solutions to thorough testing.

We would like to provide some further details on the causes of the present delay.

We want to emphasize that our system has been in testing for many months, including several open and closed beta rounds with the Nash Community. Our testing system runs approximately two million cross-chain trades each day on Ethereum and NEO testnets.

Despite this extensive testing, on Friday we were hit by several critical issues that we had not previously encountered on the testnet environments.

Firstly, we had to dedicate time and engineers to fighting network difficulties faced by some of our fiat currency partners following the AWS outage. For this reason, we decided to deactivate our fiat on/off-ramps. Our own infrastructure is hosted on Google servers.

Secondly, when auditing the balances of Ethereum addresses, we found discrepancies between public block explorers, including the one we had queried for user balances. Our concern for security and user experience led us to begin deploying our own internal explorer. This deployment is still in progress and is our biggest remaining issue before launch. However, as the builders of the reference explorer for the NEO network, we understand how to do this very well. In parallel, we started validating balances across the Ethereum network for our settlement systems – a simple but time-consuming task.

As a result of these explorer problems, we performed several manual actions on our smart contracts that resulted in unexpected system behavior and further operational tests. We have confirmed that this behavior poses no security risk to the system. Our team continues to work tirelessly around the clock fixing minor outstanding issues.

When Nash opens, we will provide the user experience that we have always planned to deliver.

Our team will be available on the Nash Community page and our support channels if you require any further assistance.

Tom
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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).
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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 the full value 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.