By HM - MN.Investments content producer, Midas.Investments
Midas announces the listing of Zolex Coin (ZLX) to the Midas platform as an Instant Share. Invest today to receive instant rewards.
What is Zolex and what does it offer?
As a masternode investor/speculator, you are probably already familiar with the business model of the project I’m reviewing today. Zolex is a cryptocurrency exchange like any other exchange you might have seen in the space. They let you trade coins, and they make money by taking a fee of 0.1% per transaction. It is not a decentralized exchange, but it is a straightforward exchange - i.e. expecting familiar functionalities like market/limit orders, depositing or withdrawing.
The exchange is already in operation. It supports trading several major coins such as LTC, DASH, DOGE, WAVE and its own Zolex coin (ZLX) against the base currency BTC and ETH. Interestingly, it supports BTC and ETH trading against the stablecoin DAI whose value is pegged to the USD (1 DAI = 1 USD, roughly). They are offering free listing for more coins, but expect this to change soon when volume increases.
As a crypto exchange, Zolex will need lots of volume to stay afloat. This is where the Zolex coin coming in. ZLX is supported by a network of masternodes and proof-of-stake consensus algorithm. There was no presale, at least in the traditional meaning of the word within this space. The team offered their premined coins directly on the Zolex exchange.
There are several use cases for ZLX. You can use it to pay for transaction fees at a 30% discount. For other crypto projects, listing fee can be paid in ZLX. You can also participate in community voting for new listings with ZLX, and coins used to vote will be burned. Bounty hunting activities are similar to other projects, and notably, you can refer people with your unique referral link and earn 20% of their trading fees.
In terms of security, the exchange supports two-step authentication process via Google Authenticator, which should work with Authy as well. The exchange protects your deposits in cold storage and uses only what is necessary for active trading. There are three levels of customer verification. The team announced on Bitcointalk that they do not require KYC unless you need to withdraw more than 2 BTC daily. Considering the recent hacking of a few popular exchanges, only time will tell if Zolex can stand up against new and current cybersecurity threats.
Team is anonymous.
Where can I purchase ZLX?
Exchange: Zolex. Being an exchange project, presale is done directly through its exchange platform.
Total supply: 20,000,000
Consensus algorithm: MN/proof-of-stake
Masternode collateral: 1000
Block time: 120 seconds
Block reward: variable rewards depending on block heights. MN/PoS split is 70/30.
Can I get more information about ZLX?
Why have Midas offered Zolex to our community?
Midas have identified 2019 as the year of utility - projects can no longer exist solely by offering high masternode rewards to investors. We are taking large strides to be at the forefront of the shared masternode space, listing only projects we have identified as having strong fundamentals, potential for long term success and plausible application in real-world use cases in sectors that blockchain is poised to disrupt.
Do you want to become a Midas partner?
Midas is looking for great projects to join us on our journey. Get in contact with the team via Discord for more details, and visit midas.investments for information on our project, team and road map.