Nexus (NXS) Review – Transforming the Blockchain Into a 3D Process
|White Paper URL||https://www.nexusearth.com/wp-content/uploads/2018/05/Nexus-White-Paper-2018-05-11.pdf|
Nexus is a digital currency and P2P network that focuses on the current challenges in the blockchain such as speed, scalability, security and accessibility. It does this through a 3D process it terms the three-dimensional chain, which scales to meet transaction volume through three different consensus channels, and through a communication satellite and ground-based mesh network.
Table of Contents
The Idea and the Team Behind Nexus
Originally, Nexus was born as a way to improve upon the Bitcoin protocol and fight against the many different scam coins that were being marketed in the cryptosphere. The lead developer, known by only the pseudonym Videlicet (later revealed as Colin Cantrell), developed Coinshield (CSD), a digital currency with one channel of mining. The goal was to bring people from these scam coin economies into the CSD community and help clean up to cryptospohere.
Coinshield later rebranded as Nexus and released as Nexus Proof of State (nPOS), which was the introduction of the Trust Network. A formal team was formed for the development, community building and marketing of Nexus. The mission of Coinshield to clean the cryptosphere of scam coins was put to a halt in light of the fact that there were now so many altcoins in the marketplace.
Nexus now had a new mission: to become the most widely trusted digital currency and peer-to-peer network in the world.
The original founder of Nexus, Colin Cantrell, is a hardware and software expert committed to bring positive change to the world through Nexus’ protocol and peer-to-peer network. He has also had an interest in space for a long time. Ajay Ahuja, the CEO, has over 20 years of experience leading global strategies of both startups and enterprise level companies. Previously, Ajay was the Global Head of Medical Affairs at Allergan and was responsible for the activities of every drug in every country. He has also held key roles in developing medical and commercial strategies at Pfizer and Takeda Pharmaceuticals. He has medical training in Cardiology at Harvard as well as an MBA.
Kierre Reeg is Nexus’ Chief Economist while also operating as the CEO of Visum Capital, a private investment firm that focuses on early stage companies, equities, and cryptocurrencies. Previously, Kierre was a senior equity trader at Unicom Capital Hedge Fund for almost a decade. He has extensive experience in markets, economies, and money systems and envisions a world in which blockchain technology assists in providing more abundance for everyone.
Nexus is working with Vector Space Systems, a nanosatellite company, to launch communication satellites that provide a fast, affordable and secure network across multiple satellites for improved performance. The idea is to build ground and space-based mesh networks to host distributed applications and services to deliver affordable access to a global information network to the world.
Nexus has also entered into a partnership with Singularity, an artificial intelligence (AI) network that lets anyone create, share and monetize AI services at scale. Singularity allows AI to operate in a variety of marketing, companies, infrastructures or industries.
In addition, it has integrated its technology into the LISP (Locator Identity Separation Protocol) network, allowing Nexus to run over a secure open overlay. LISP helps projects scale in a secure manner based on a location rather than identifiers.
Nexus Price History
Nexus had its original start as another cryptocurrency, CoinShield. It launched as Nexus in 2016, taking a different vision and direction. The price peaked to $13.00 in January of this year.
The Nexus Technology
Nexus aims to provide a network that defends against attack with three separate channels: a prime number channel, a hashing channel and a Proof-of-Holdings channel. A 51% attack (explain what this is briefly) could only take place if an attacker were in control of all 3 channels.
- Prime Channel – This channel allows miners to mine Nexus with just a CPU and an NXS address. The mining on this channel has another use, however. It produces data that can be used for research in quantum physics.
- Hashing Channel – The hashing channel uses Hashcash instead of dense prime clusters, similar to Bitcoin’s mining algorithm but instead of searching for SHA-256 they search for SHA-3 hashes. This channel allows mining Nexus with a GPU, which can be more efficient than mining with a CPI. It does this through 3rd party miners with this capability.
- Proof-of-Holdings – This is the same as Proof-of-Stake consensus in other coins. Participants earn Nexus coins by holding the ones they already have.
The amount of coins you gain is determined by four different factors:
- The Interest Rate – This starts at a yearly rate of 0.5% and increases to 3.0% after a year.
- The Trust Weight – This is determined by your nodes’ trust. It starts at 5% but increases to 100% after one month.
- Block Weight – This starts at 0% at every transaction and maxes out at 100% after 24-hours.
- Stake Weight – The is the average of your trust and block weight. Higher numbers receive more transactions.
The Nexus Hardware
The Nexus hardware has three different types of networks:
Mesh networks have nodes that relay data for the network. This enables ground-based networks to grow and handle the data exchange. Ground-based mesh networks are instrumental in solving the current telecommunications issues which exist today.
Cube satellites include deploying a satellite constellation to host the Nexus network. Nexus has partnered with Vector Space Systems to assist them.
Ground stations will provide ground-based caching and downlink/uplink operations. They will also run Daemon, the software component of the Nexus system.
The Nexus Coin
The Nexus coin is the currency of the Nexus network. There is a maximum supply of 78 million coins which will inflate by 3% after the 10-year distribution period. Each NXS transaction requires six confirmations, and most transactions cost 0.01 NXS.
While Nexus did not have an ICO, it has a Developer Fund which takes a small commission from mining rewards. It started at 1.5% but will increase to 2.5% over 10 years. Another 20% of the block rewards are budgeted towards marketing.
How to Purchase NXS
The main exchange for purchasing NXS is on Bittrex, which currently has the largest exchange of the currency. It can be traded for BTC. It has recently been listed on Binance as well, where you can trade it with BTC.
NXS is also available on the following exchanges:
- Upbit (Trade NXS with BTC on Upbit)
- Cryptopia (Trade NXS with BTC on Cryptopia)
- Trade By Trade (Trade NXS with BTC on Trade By Trade)
- Trade By Trade (Trade NXS with USDT on Trade By Trade)
How to Mine NXS
Nexus can be mined by either using the prime channel or hashing channel. Each type of mining uses a different component of your computer to find blocks (a CPU or GPU). You can also mint NXS with the Staking Channel.
How to Store NXS
There is an official wallet for Nexus on Windows, Mac and Linux.
While you can store your NXS on an exchange, we recommend that for maximum security you move them to a wallet as soon as possible. There is an official wallet for Nexus on Windows, Mac and Linux. which you can access on the Nexus website.
Roadmap and Future Plans
Nexus has no official roadmap. It believes that publicly releasing a roadmap contribute to FOMO (Fear of Missing Out) and FID (Fear, Uncertainty and Doubt).
However, it is committed to a number of features in the future, including:
- A Three-Dimensional Chain (3DC) – This will transform the blockchain into a 3D process, while also being scalable, efficient and secure.
- Advanced Contracts (an augmented smart contracting language and virtual machine)
- Mobile Wallets (iOS and Android)
- Modular User Interface
- Terrestrial Mesh
- Orbital Mesh
In addition to these smaller projects, Nexus will release larger projects called the TAO, which stands for Tritium, Amine, and Obsidian. Each of these are required components of the 3DC.
- Tritium – a trust wallet with transaction level locks that uses a signature chain
- Amine — an improved proof-of-stake trust system and activation of the second tier locking groups
- Obsidian – a mining vault where miners contribute directly to Nexus as a distributed pool