Cryptocurrency: Nexus (NXS)
Official Website: https://nexusearth.com/
What is Nexus?
Nexus a distributed framework and peer-to-peer network powered by Digital Currency NXS. The network focuses on delivering improvements to the Speed, Scalability, Security & Accessibility of blockchain protocols and technology. The project is developing a quantum-resistant three-dimensional blockchain combined with a ground-based mesh network and a global communication network utilizing satellites in space. Its revolutionary approach to blockchain is ambitious but has enormous potential to change the way we interact with the internet and digital currencies.
Team, Partnerships and Roadmap
The Nexus team has a strong technical background and a proven track record in delivering software architecture. Colin Cantrell is the CEO and lead developer of Nexus since the project’s inception in September 2014. His expertise in quantum physics, advanced coding and decentralised peer-to-peer network forms a strong foundation that has driven the project forward. The remaining team is comprised of individuals highly experienced in software development and aerospace engineering to further support the Nexus project and its ambitious objectives.
Nexus has a long-standing partnership with Vector Space Systems which will be used to launch their satellite network. Jim Cantrell is the co-founder and CEO of Vector and is also Colin Cantrell’s father which emphasises the close ties between the two organisations. Nexus has a partnership with ‘SingularityNET’ to provide blockchain architecture for the projects decentralised AI network. Nexus is also planning to utilise LISP’s internet scaling platform to increase the efficiency and scalability of its own blockchain network.
Though Nexus does not provide a time specific roadmap, they outline their plans for implementing their 3DC blockchain through 3 major network updates; Tritium, Amine and Obsidian.
The three-dimensional design of the Nexus blockchain aims to provide significant improvements to existing blockchain models. The release of the 3DC will ensure greater decentralisation, enhanced security and improved efficiency and scalability as the network develops.
Nexus Decentralised Consensus
Nexus uses three channels to secure and protect the network from attack; Prime Channel, Hashing Channel and Proof-of-holdings.
Prime Channel is a Proof-of-work consensus. Miners deployed use trial and error to search for a complex 308-digit prime cluster. This mining process is ASIC-resistant meaning anyone can contribute using a basic CPU and mine using this channel. This process also produces data that can be used to further prime number research for quantum physics and cryptography. (CPU info)
Hashing Channel is also a Proof-of-work consensus using Hashcash. This is similar to Bitcoin mining algorithm SHA-256, except that miner’s search for SHA-3 and Nexus block hashes are 4x the size of Bitcoins. Anyone using a GPU can mine on this channel. (GPU link)
Proof-of-Holdings is used to secure the network and utilises a Proof-of-Stake consensus method similar to those used by coins like NEO. You earn newly minted Nexus (NXS) through ongoing holding and staking. Various attributes determine the return from staking including, interest rate, trust weight, block weight and Stake weight.
Nexus Network Hardware & Infrastructure
In order to achieve projects vision for “Decentralising on Decentralisation” Nexus runs a three-tiered global telecommunications network; Mesh Network, the Cube Satellites and Ground Stations.
The mesh network provides access to anyone around the world running a node and participate in mining and maintaining the network. Through the mesh network nodes and miners join forces to solve complex computations together rather than than competing against each other. This cooperation serves to distribute network data fairly and provide equal rewards and opportunity for participation.
Through a partnership with Vector Space System, Nexus aims be the first blockchain network operational in space and low earth orbit. Having developed its own satellites called CubeSats, these will be launched into orbit and used to store blockchain signature data operating as full nodes on the Nexus blockchain network. Nexus envisions it will have created its own constellation with thousands of CubeSat satellites in orbit by 2025. The satellite network once deployed will be used to provide a worldwide decentralised internet.
Nexus ground stations connect the mesh networks to the satellite network in space. This uplink/downlink operation will help to scale and balance data transmission and maintain global network coverage.
Where to store Nexus
Nexus has produced an official wallet to hold NXS. This is available on desktop devices running on Windows, Mac and Linux. Although you can keep NXS on exchange it is highly recommended you keep you coins safe and retain control. You are only able to stake your coins and benefit from maintaining the network when they are in the official Nexus wallet.
You can purchase Nexus from the BC Bitcoin website: https://www.bcbitcoin.co.uk/buy/
Nexus is one of the most ambitious blockchain projects, its missions is to develop future blockchain technology that will push the boundaries of decentralisation. Its orbital mesh network has the potential to redefine blockchain technology as we know it and take away control from any government or mining pool monopolies. Having three consensus mechanisms in place Nexus is one of the only projects addressing quantum resistance and other potential future issues with blockchain. Its adopted strategies and future implementations make Nexus a potentially great project to get involved with and hold long-term. Undertaking such monumental challenges is not without risk but those supporting Nexus stand to gain a lot from its success.
Nexus Website: https://nexusearth.com/
Wallet Guide: https://nexusearth.com/wallet
White Paper: https://nexusearth.com/nexus-white-paper
Nexus Blockchain Explorer: https://nexplorer.io/