What is a Nexus
Nexus is a peer-to-peer network that is ahead of the speed, scalability, security and availability of today’s blockchain protocols through the use of quantum-stable 3D blockchain in combination with communication satellites in space. Due to this, the creator of Nexus Colin Cantrell intends to “decentralize decentralization”, completely removing his network from the zone of legislative control and monopolies of mining pools.
Three-dimensional blockchain (3DC)
Nexus uses not one, not two, but as many as three consensus algorithms, thereby forming a three-dimensional blockchain. The creators claim that the use of three algorithms at once reduces the centralization of mining and provides more efficient scaling on the blockchain.
The main channel uses the Proof-of-Work algorithm. Here, miners select 308-digit clogged clusters using the selection method. Mining clogged clusters of the main channel is more ASIC-resistant than regular hash mining, therefore, in order to mine on this channel, one CPU is enough.
In addition to cryptocurrency, mining on the main channel produces data that can then be applied in the study of prime numbers in quantum physics.
The hash channel also uses the Proof-of-Work algorithm, however, instead of consolidating clusters, it uses the so-called hash cache. This is similar to the Bitcoin mining algorithm, except that Nexus miners look for SHA-3 using the Skein algorithm, and Bitcoin miners look for SHA-256. The hash of a single Nexus block is 4 times greater than that of a Bitcoin block.
Mining on this channel involves the use of a graphics processor.
The third and last channel uses the Proof-of-Holdings algorithm to protect the network. In fact, this is almost the same as the Proof-of-Stake consensus used by NEO type coins. You get freshly released NXS by holding on to your existing coins.
The reward from the coins you put will depend on four factors:
- Interest rate: the annual percentage of your balance. This is the annual rate at which you get new coins. It starts at 0.5% and increases to a maximum of 3.0% after 12 months.
- Level of trust: this is an indicator of the trust of your node. It starts at 5%, but quickly reaches 100% in just a month.
- Block weight: this indicator drops to 0% every time you receive a bid transaction. Then it slowly rises to 100% over the next 24 hours. If your block weight reaches 100%, your trust key expires and all your metrics are reset. Due to the reset mechanism, the network ensures constant user participation in maintaining the network.
- Bet weight: the value of this parameter is approximately determined by the average value between the weight of the block and the level of confidence. The higher this parameter, the higher the probability that you will receive a transaction.
Nexus Hardware (NXS)
Nexus has a three-component distributed telecommunication system for further decentralization of the network.
Since the network allows three different mining methods at once, almost every user around the world can manage the node and participate in the network. Instead of competing with each other, all nodes in the network together generate new blocks. This distributes network data even better than other networks.
The creators of Nexus did not stop there: the company produces special antennas that allow it to function inside a locally created network.
Nexus collaborates with Vector Space Systems (Vector), working on the creation of the so-called satellite network of nodes in low Earth orbit (Low Earth Orbit or LEO). On these satellites, as well as on the ground grid, the Nexus network itself, as well as decentralized applications built on it, will be located. Moreover, a satellite network will provide worldwide access to a decentralized Internet.
Nexus ground stations connect the ground grid to a satellite network in space. They are responsible for outgoing / incoming communications with satellites, determine the final starting address and ground caching. Ground stations also work with their own Nexus software, Daemon.
Nexus Coin (NXS)
Coin Nexus (NXS) is an online currency. NXS has no limit on the number of coins released, but at the same time there is a time limit. NXS coins will cease to be generated exactly 10 years after the start of their release: September 23, 2024. By this time, 78 million NSX coins will be issued. After that, the coin will grow by a maximum of 3% through the Proof-of-Holdings channel and another 1% through the main and hash channels.
Nodes create a new block on average once every 50 seconds. And the NXS transaction requires 6 confirmations. The vast majority of transactions currently cost 0.01 NXS. However, when the three-dimensional blockchain is fully built, and the 10-year period of the distribution of the coin is completed, the transaction fee will be abolished. Instead, the system will absorb the commission through inflation.
The creators of Nexus did not conduct an ICO. Instead, the project has a so-called development fund, which takes a small commission from mining rewards. At first, this commission was 1.5%, and in 10 years it will reach its maximum of 2.5%. In addition, 20% of the block rewards are allocated to the marketing, production and launch of the Nexus satellite network.
Nexus Team and Progress (NXS)
Colin Cantrell, also known as Videlicet, is the founder and lead developer of Nexus. Initially, in September 2014, he named his project Coinshield (CSD). The original code contained only the main channel. Later in October 2014, the team added a hash channel. In April 2015, the project changed the brand to Nexus, and in July 2015 added a new channel with the Proof-of-Holdings algorithm.
In addition to partnering with Vector on a satellite network, Nexus also teamed up with SingularityNET, providing their decentralized AI network with its 3D blockchain architecture.
Then, in accordance with its roadmap, Nexus released several major updates (TAO – Tritium, Amine, Obsidian). Updates included the introduction of three-dimensional blockchain, mobile wallets, quantum resistance, satellite network, etc.
The Nexus team is currently working on the Tritium phase in its roadmap. In addition to introducing signature chains and parallel processing channels, this phase also involves updating the Proof-of-Stake mechanism – Tritium Trust. Tritium Trust is based on the current Nexus Proof-of-Stake system, but now it enters the trust level parameter and trust key.
Nexus developers do not give an exact update date for Tritium, but they constantly publish updates, showing steady progress.
Nexus Competitors (NXS)
Nexus is one of the most ambitious cryptocurrency projects. The creators of Nexus are clearly hinting at their intentions to overthrow Bitcoin as a top-tier peer-to-peer cryptocurrency. Nexus, being a decentralized satellite-based Internet, competes with Substratum.
Where can I buy Nexus (NXS)
NXS can be purchased for BTC on the Bittrex or Binance exchanges.
As mentioned earlier, NXS can be earned through mining. Go to the page of the Nexus website with information about mining to select the most suitable option for you. We remind you that CPU is used on the main channel, and the hash channel uses ASIC type mining rigs.
If you have at least 1000 NXS, you can use stacking to earn extra coins. Technically, you can earn on the stacking and with a smaller amount, however, it will be more difficult to maintain the so-called level of trust.
Where to store Nexus (NXS)
Nexus has its own official wallet for Windows, Mac and Linux. The wallet for all three systems is a command line interface, although for Windows and Mac there are more user-friendly graphical interfaces.
Although NXS can be stored on the exchange, it is best to store them in a separate wallet. In addition, you can only make money on the stack if the coins are in the Nexus wallet.
With its triple mechanism, Nexus creates a completely new type of blockchain. In addition, the Nexus team sends satellite nodes into space to provide a decentralized Internet and network that is not subject to any organization. At the same time, in fact, Nexus developers are trying to create an improved version of Bitcoin with faster transactions, lower fees and less centralized mining.
Nexus is one of the few projects that really solves the problem of quantum resistance and other potential problems of the future. If in the future these problems are not going anywhere, then Nexus has every chance to survive by proposing its own solution to these problems and successfully continue its long-term existence.