Nexus is a peer to peer network that ameliorates the scalability, security, speed, and accessibility of current blockchain protocols. The project achieves this through the utilization of a quantum resistant 3D blockchain alongside with communication satellites in space. Nexus founder Colin Cantrell is also determined to “completely decentralize the decentralization”, by taking it out of reach of any mining pool monopolies or government control.
THREE DIMENSIONAL CHAIN (3DC)
Nexus utilizes three consensus mechanisms to create a three-dimensional blockchain. The team debates that possessing three different mechanisms in place decreases miner centralization and allows for more efficient on-chain scaling.
The Prime Channel is basically a Proof of Work channel. In this, miners search for 308-digit dense prime clusters using trial and error methods. Dense prime cluster mining is more ASIC-resistant than hash mining. So, you can comfortably mine on this channel with just a CPU. Beside cryptocurrency, the Prime Channel mining provides data that can be used in research for quantum physics.
The Hashing Channel is also Proof of Work but utilizes Hashcash rather than dense prime clusters. This is somewhat very similar to Bitcoin’s mining algorithm except that miners search for SHA-3 (Skein) hashes while Bitcoin miners search SHA-256 ones. The Nexus block hashes are also 4x the size of Bitcoin block hashes and it is advisable to use a GPU when mining on this channel.
PROOF OF HOLDINGS
The third channel uses Proof of Holdings to secure the network. This is almost the same as the Proof of Stake consensus method used by coins such as NEO. You earn entirely newly minted Nexus coins (NXS) just by holding the ones you have already.
Four conditions basically determine what your return would be when you stake your coins. They include;
i) TRUST WEIGHT
This is a signal of your node’s trust. It starts at 5 percent but rapidly reaches a 100 percent maximum just after a month.
ii) STAKE WEIGHT
This value is almost determined by the average of your block and trust weight. The higher this goes, the more chances you have to receive a transaction.
iii) INTEREST RATE
This is an annual percentage of your balance and it is also the rate at which you receive new coins. This rate starts at 0.5 percent annually and gradually increases to a 3.0% annual maximum duration of 12 months.
iv) BLOCK WEIGHT
This value resets to 0 percent every time you receive a staking transaction. It then gradually increases to 100 percent over 24 hours. If your block weight ever reaches 100 percent, your Trust Key automatically expires and all your values reset. The reset trigger ensures that you are continually working to keep the network running.
Nexus possess a three-pronged distributed telecommunications system that decentralizes the network a bit further.
Due to the fact that the network allows three distinct mining opportunities, so just anyone in the world can run a node and partake in the network’s security. All nodes in a mesh network work together to provide a solution to a block rather than competing against each other. This serves to distribute network data better than other systems.
Nexus is in partnership with Vector Space Systems to create a Low Earth Orbit (LEO) Satellite Network of nodes. The satellites, together with the ground mesh network, will successfully host the Nexus network as well as any decentralized apps (DApps) built on it. Also, the satellite network will provide a worldwide decentralized internet providing quality service to those previously unable to access their own.
The Nexus ground stations connect the mesh networks on the ground to the satellite network in space. They run the up and downlink operations which includes address end-point routes defining and ground-based caching. They also run the software component of the Nexus system Daemon.
NEXUS COIN (NXS)
The Nexus coin (NXS) is the currency of the network. There is no cap about the amount of NXS that will be minted. Rather, the coin has a 10years distribution period in which during this period about 78 million NXS will be distributed until September 23rd, 2024. After which, the supply will inflate each year by a maximum of 3% through the holding channel and corresponding 1% through the prime and hashing channels.
Again, Nodes create blocks on an average of about every 50 seconds, and an NXS transaction requires 6 confirmations. Most transactions currently cost 0.01 NXS. But, once the 3DC is built and 10-year distribution is complete, transaction fees automatically vanishes. And the system will absorb these fees through inflation.
Nexus did not hold any ICO. However, the project has a Developer Fund that collects little commission from mining rewards. This commission starts at 1.5% and increases to 2.5% over 10 years. Additionally, 20 percent of the block rewards are placed for marketing, production, and launch of the Nexus satellite network.
NEXUS TEAM AND PROGRESS
Colin Cantrell is the lead developer and founder of Nexus. The project was originally name Coinshield (CSD) when it started in September 2014. The original code only had the prime channel and later on, the team added the hash channel in October 2014. In April 2015, the team changed to Nexus, and they added the “Proof of Holdings” in July 2015.
Other than the partnership with Vector on the satellite network, Nexus has also combined forces with SingularityNET to provide their 3DC architecture to the project’s decentralized AI network.
Furthermore, Nexus is releasing significant updates following their TAO (Tritium, Amine, Obsidian) roadmap strategy. The releases include the 3DC, quantum resistance mobile wallets, and the satellite network, among others.
Nexus may be the most inordinately desirous projects in the cryptocurrency space today. Firstly, the project is seriously attempting to depose Bitcoin as the number one peer to peer currency. With the decentralized internet produced from its space mesh network of satellites, Nexus is also in real competition with Substratum.
Like many crypto markets, Nexus was somewhat silent until 2017. During which, the price rose from $0.026 (~0.000027 BTC) to $3.35 (~0.00087 BTC) by September. After which, the price dropped back to about $1 before skyrocketing up to an all-time high of $13.33 (~0.0008 BTC) in January 2018.
This significant rise in price can be seen as a result of the Vector partnership announcement in conjunction with the success of the entire market at the time. Hence, the price has rapidly dropped, sitting at about $0.35 (~0.000083 BTC). News of the SingularityNET partnership looks to have had little or no effect on the price.
The team has not yet published a roadmap with an actual date, so it is quite hard to make any price predictions for the future. But, with the scope of this project, you should consider it a long term investment.
WHERE TO BUY NEXUS (NXS)
You can buy NXS on either of these platforms; Binance or Bittrex with BTC. Also, you can earn NXS through mining.
WHERE TO STORE NEXUS (NXS)
Nexus has its own official wallet for Mac, Linux and Windows desktops. These three operating systems possess a command line interface (CLI) wallet version while only Mac and Windows have an easier to use graphical interface wallet. Also, you can store your NXS on an exchange but it’s highly recommended that you move them to a wallet. You will only be able to stake your coins if they are in a Nexus wallet.
Nexus is creating a new kind of blockchain with three distinct type mechanisms for securing the network. Even so, the team is sending node satellites into space to build a decentralized Internet and network beyond the control of any centralized entity. The overall mission is to build an enhanced Bitcoin with lower fees, faster transactions, and less miner centralization.