The Nexus of high-speed, low-fee transactions
Source: Youtube
Nexus was born from a deep desire to build a better world, Bitcoin creator Satoshi Nakamoto’s vision of a true decentralized, distributed, global peer-to-peer network could give humanity a better and easier way to transfer financial and informational value. Colin Cantrell, the chief architect and founder of Nexus, sat back in 2013 and watched the evolution of the crypto industry. He saw the strength of on-chain transactions through Proof-of-Work (PoW) and the weaknesses in the Peercoin Proof-of-Stake (PoS) system. He witnessed the benefits and limitations of the original blockchain engineering. He took the opportunity to rewrite the code from scratch, including the most secure and efficient protocols for scalability and mass adoption.
At the time, the altcoin market was being flooded with scams and pump-and-dump schemes where coins pushing promises, buzzwords, and the allure of quick profits were used to swindle BTC from communities. Coinshield (CSD) was born from Colin's vision.
The first CSD block was mined on September 23, 2014, at 16:20 UTC-7, and the project soon-to-be-named Nexus went live. At that point, Coinshield had one channel for mining: a Prime Mining channel (CPU). On October 23, 2014, the second PoW Hashing (GPU) channel was launched. The rewards system included a self-funding mechanism where a portion from each mined block would be sent to one of 13 developer accounts, and another portion would be sent to one of 13 exchange accounts. On January 24, 2015, CSD was listed on Bittrex Exchange.
Shortly afterwards, the Core team drafted the first white paper that outlined how the network would recycle and merge the economies and communities of the scam coins. The goal was to help those people, bring them into the CSD community, and help clean up the cryptosphere. The exchange accounts would be used to merge these economies by exchanging the coins for a portion of CSD.
Soon after, Colin announced the intention to rebrand, and on July 24, 2015, Nexus version 2.0 was released with Nexus Proof-of-Stake (nPOS) and the introduction of the Trust Network. This laid the foundation for the broader scope of Nexus.
In October 2015, a more formal team was formed to promote development, expand the community, and market Nexus. The ticker symbol was revised to NXS. Discussions on Nexus’ direction led to the decision to abandon the recycling and merging that was part of the Coinshield project. The technical work required to implement the merging was done, but with the explosion in the number of new cryptos, the process would have had little impact. Therefore, Nexus began to develop into something much more expansive. The project had a whole new direction.
Source: Youtube
Reasons to Build on Nexus
There is an increasing number of smart contract platforms rolling out in the crypto space, with many becoming household names. However, a dark horse in the race to be the most efficient and secure blockchain is ‘Nexus’. Given its low market cap, most people have never heard of this seven-year-old blockchain, yet it delivers far more than many of the leading smart contract platforms today.
1: Platform-agnostic API
Nexus was designed from its inception with composability in mind. The team and the community have been building a “connected world” that is achievable only with a trustless bridge between the mainstream Web2 infrastructure, such as marketplaces, development platforms, automation tools, game engines, and social networks, and the emerging Web3, powered by Nexus’ integrated API (Application Programming Interface) kit.
2: Fueling the No-Code Movement
The term "no-code" refers to developing digital products, such as websites or apps, without needing to write code. No-code platforms provide a visual interface where users can drag and drop elements to build applications, making it accessible for non-developers to create and manage their own decentralized applications.
Nexus API offers a platform-agnostic API kit that is designed with composability in mind. This allows a seamless bridge between mainstream Web2 infrastructure, such as marketplaces, development platforms, automation tools, game engines, and social networks, and the emerging Web3. This broad compatibility can empower web developers and even no-code developers to build blockchain applications. Thus, by providing a more accessible and flexible tool for development, Nexus API can help democratize Web3 development and encourage wider adoption.
3: Easy Token and Asset (NFT) creation
Tokens and Assets (NFTs) can easily be created via the Nexus wallet or Nexus API. The fee for token creation depends on the total supply, whereas the fee for NFT creation costs 1 NXS.
4: Namespaces
Nexus has a multi-tiered naming system that offers globally unique identification, personalization, and branding opportunities. Three categories exist: local names, namespaces, and global names, all of which can be created via the Nexus desktop wallet.
5: Mobile-friendly Automated Key Management
Nexus has built a groundbreaking transactional architecture called ‘Signature Chains’ that replaces the legacy UTxO, and so-called account-based models, to simplify application development and wallet usability and, therefore boost user adoption.
6: Quantum-Proof Security
Signature Chains also enhance the security of existing ECDSA (Elliptic Curve Digital Signature Algorithm). They generate one-time-use key-pairs derived from the Nexus wallet credentials, of which the public key’s hash is only published once the key-pair is used, while deterministically generating a new key-pair while signing the next transaction.
7: Feeless Transactions
It is free to send and receive NXS, tokens, and assets (NFTs). However, a 0.01 NXS fee is applied to every simple contract generated within 10 seconds of the last transaction to prevent transaction spam attacks on the network.
8: High Throughput
Our latest test shows that the current release can achieve 655 transactions per second on a live application, with each transaction able to contain up to 100 contracts.
9: Custom Database
Nexus has developed its own database called the Lower Level Database (LLD). It is a fast and modular storage engine that is capable of outperforming most of the current embedded database engines that exist.
10: Passionate & Supportive Community
Nexus is not a business; it is an enthusiastic community of independent thinkers and creative problem solvers focused on achieving decentralization through the application of innovative and original technology. They uphold the initial decentralized vision of cryptocurrency and a world where resources are applied more efficiently so that more people are able to unlock their authentic potential. Nexus clan invite you to join them in building a decentralized future. Visit theirTwitter or website to learn more, and if you have any questions, please join one of the Telegram support channels or use the chat box on their website.
Decentralized Non-Custodial Mobile Node wallet
For any blockchain platform to be remotely successful, it needs to make the technology easy and accessible to normal people. Nexus achieves this with a truly decentralized mobile wallet and signature chains. The mobile wallet puts the blockchain in every person's hand, combining that with the free transactions and ease of building dapps with APIs that the developers can use to design DApps, which in turn will create utility for Nexus.
Traditionally, mobile wallets use proxy servers run by third parties or wallet developers to communicate with the blockchain network. The proxy server acts as a trusted party and is the sole provider of information regarding the blockchain state. The Nexus wallet, on the other hand, runs the same desktop core and operates as a lite node by downloading a list of peers from the network seed nodes and forming connections to several of its peers. This lets the wallet broadcast transactions directly to the network and detect confirmations by checking for inclusion against block headers.
The Nexus mobile wallet gains added security by being able to verify block headers provided by multiple peers instead of through one central node. For the tech-savvy, this is also known as Simplified Payment Verification.
Following the principle of the Nexus Software Stack, new mobile dapps will be able to interface and interact with the local wallet instead of relying on a separate server to obtain information regarding the blockchain state. The Nexus mobile wallet is also completely non-custodial, meaning that your Signature Chain remains completely private. All transactions are processed and packaged on the local device and then broadcast to the rest of the network, just like a full node.
By necessity, the Nexus mobile wallet will only store and process block headers and the user's signature chain, starting with the hash of the very first Tritium block hard-coded into the wallet. For an advanced user running their own full node and certain API functionality, it is possible to enable the mobile wallet to establish a direct connection. This enables a user to offload heavy computational work to their desktop node, such as searching through historical data or maintaining a full copy of the blockchain.
The Nexus mobile wallet has been designed with decentralization and mass adoption at its core. The mobile wallet will put blockchain in everyone's hand and this will make Nexus a de-facto choice for any developer to consider.
Signature chains make it a hassle-free experience for the user. If the smartphone is lost or damaged, it will not permanently lock the user's crypto portfolio. Just download the wallet and log in on the new phone and the user has full access to their Nexus assets. Nexus mobile wallet will replace and challenge the centralized system designs, available in the crypto sphere.
Hybrid Network
Hybrid networks provide scalability and privacy
Today fully decentralized blockchains are still in their infancy and scalability holds back the full potential. There are a lot of scaling technologies being integrated, like Lightning and Plasma which claim to solve the problem of scalability, but layer 2 solutions are not the best approach to scale fully decentralized blockchains.
Nexus designed two different scaling solutions, depending on the use cases and requirements, the first being the Hybrid network. Nexus is designed to be a hybrid Network. Hybrid networks will solve a lot of problems faced by other chains like scalability, privacy, and security for sensitive client data.
Hybrid networks allow private and public chains of hybrid user accounts to exist as a single entity. A particular private network is linked to the public chain with a unique hybrid user account. This allows the company's sensitive sales and finance data on the private chain to be truly private and secure, but still, be secured with the public chain by creating state recording checkpoints on the public network. The hybrid network can have their own consensus mechanisms implemented if required.
Hybrid networks let the Nexus chain scale horizontally, as it offloads processing to the private nodes and that creates parallel processing chains. When many hybrid networks join the public chain, the Nexus blockchain can scale massively while still preserving the privacy and security of the private networks. The Hybrid chain will be the preferred way for enterprises and organizations to embrace and shift to blockchain.
Nexus claims to be the de facto choice for Enterprises and Corporations. They will have full control and privacy for their sensitive data, while also being able to transact on the public network.
As all the private chain computation is offloaded to dedicated private nodes it becomes fast and cheap
No fees for any operation on the private side of the hybrid networks
Data security and scalability
Nexus Coin (NXS)
The currency of the Nexus network is the Nexus coin, NXS. The coin holds a distribution for a period of 10 years. In this time 78 million NXS will be allocated until 23rd September 2024. After this, the supply will enlarge every year by a maximum of 1%, via hashing and prime channels, and 3% through holding channels.
The nodes build blocks on an average of every 50 seconds and the transaction for NXS requires verification of almost 6 times. Once 3DC is built and the distribution for 10 years is concluded, the transaction fees will be completely removed. Rather, the system will then absorb the fees with enhancement.
Nexus is one of the most leading-edge cryptocurrencies. The NXS coin works and runs on its own algorithm which has a great framework that is beyond 1st generation cryptocurrencies as well as Bitcoin.
It also includes a checks and balances system for sending coins. In this, the transactions can also be retrieved if they are delivered to a wrong address. The 3D blockchain theory itself is a unique one and relatively untested in the cryptocurrency arena.
Nexus is a fascinating next-generation blockchain platform that is one of the most earnest projects out there and has huge potential to revamp the way we interact with and think about cryptocurrencies.
It also has the potential to reshape blockchains by developing a distributed, orbital satellite mesh network that is composed of the 3D blockchain framework designed to scale efficiently and securely.
How to Buy Nexus Coin
1. If you would like to buy NXS on an exchange, BTC must first be purchased with a fiat currency ($, €, £) or another cryptocurrency. Once you have BTC or another cryptocurrency, you can then buy NXS on Bittrex or TradeOgre.
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