#### What is NewYork Exchange? NewYork Exchange (NYE) is a digital asset that leverages [blockchain](https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain) technology to facilitate transparent and efficient transactions. It aims to bridge the gap between traditional stock and commodities markets and the emerging trend of [cryptocurrency](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency) trading platforms. NYE uses [smart contracts](https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contract), a feature of blockchain technology, to enhance the investment experience for users. It is designed to provide a secure, fast, and private digital currency that can be used in various business transactions. NYE operates on its own blockchain and uses [Proof of Stake](https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake) (PoS) [consensus mechanism](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/consensus-mechanism-protocol), which makes it energy-efficient and allows for faster transaction validation. #### How does NewYork Exchange work? NYE operates on a private blockchain, which ensures secure and private transactions. It uses a Proof of Stake (PoS) consensus mechanism, where [validators](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/validator-) are chosen based on the amount of NYE they hold and the age of their [stake](https://www.coinbase.com/learn/crypto-basics/what-is-staking). This mechanism allows for faster transaction validation and increased network security. NYE also uses smart contracts to facilitate and record transactions, providing transparency and efficiency. These smart contracts allow for the division of profit and contract features of cryptocurrencies, protecting holders from the risk of duplicate sales. Furthermore, NYE has a master [node](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/node) network that performs functions distinct from [staking](https://help.coinbase.com/en/coinbase/trading-and-funding/staking-rewards/eth-2-0-staking) nodes, contributing to the overall functionality and security of the network. #### What are the potential use cases for NewYork Exchange? NYE aims to provide a platform for secure and efficient transactions in the digital asset space. It can be used for various business transactions, extending to deep learning and user portrait analytics. NYE also seeks to integrate with the blockchain stock market, providing a platform for trading in classic commodities. Furthermore, NYE's private blockchain and smart contract features can be utilized for secure and transparent investment processes. The coin's master node network also offers potential use cases in maintaining network functionality and security. #### What is the history of NewYork Exchange? The NewYork Exchange Coin was conceptualized to use the smart contract feature of blockchain technology to enhance and streamline investment processes. The project was launched with a roadmap that included the development of a [wallet](https://www.coinbase.com/learn/crypto-basics/what-is-a-crypto-wallet), application, and desktop platform, as well as integration with the blockchain stock market. The NYE team has been working diligently to create an advanced digital asset, with milestones including the launch of development plans, the release of the NYE wallet, and the initiation of a pre-[ICO](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/altcoins-and-icos) plan. The project has also focused on expanding its reach through roadshows and PR campaigns in various regions, including the US, Canada, East Asia, and the Asia Pacific region.