NES was designed by Neo Economy founder, Vincent, who sought to enable a streamlined process for users to purchase NEO or GAS. Neo Economy acts as a third-party provider to connect users who seek to swap tokens with ChangeNOW services. ChangeNOW is an instant, non-custodial digital asset trading platform that claims to require only five steps to make a trade. As Neo Economy is a third-party integrator, users do not have to provide KYC/AML information to the platform; nor are they required to provide such information to ChangeNOW.
Until the launch of NES, other than custodial and non-custodial exchanges, the only token swap option was offered by O3 Labs through its suite of tools and products. However, in October 2019, maintenance of O3 products was assumed by Neo Global Development after O3 Labs was purchased by Bitcoin.com in a talent acquisition. The transition however has not been without disruption, and at the time of writing the O3 Wallet is currently unavailable on the Apple App Store.
Vincent saw an opportunity to pick up the torch and develop a swapping platform on the Neo Economy platform. In a conversation with Neo News Today, Vincent said:
I’ve wanted to do this for two years, but at that time, O3 had started doing the swaps. I didn’t want to step on their toes. The recent issues with O3 acted as an inspiration to launch this project; to keep the swap up and running.
NES used some of the back-end code that O3 Labs had developed for its token swapping platform. Vincent claims to have extensively tweaked the design, APIs, and code to simplify the transaction process further, as well as to allow integrating NEP-12 and Ethereum-based logins. Users can connect to the swap platform using compatible dAPI wallets O3, Teemo, NeoLine, and NeoLogin, and also features MetaMask compatibility for access to the Ethereum ecosystem.
Other than a baked-in referral rate for directing traffic to ChangeNOW, Neo Economy will not derive revenue from trading fees off swaps conducted via NES. Costs for using the service will be calculated at a dynamic rate, which is dependent on variables such as price fluctuations, market conditions, and network fees.
The Neo Economy Swap can be found at the link below:https://swap.neoeconomy.io/