Nexus does not use just one, but three consensus mechanisms for the formation of a three-dimensional blockchain. The team believes that having a 3DC will reduce the amount of miner centralization and will allow efficient scaling, on-chain.
The prime channel is a Proof-of-Work channel. Miners lookout for 308-digit dense prime clusters on the blockchain via a process of trial-and-error. They look for numbers that for the beginning of a given prime cluster (the extent depending on the difficulty of the network). The dense prime cluster mining is known to be more ASIC-resistant in comparison with traditional hash mining. Which means, that even if your only have a CPU, you can easily mine on this channel.
The Hashing Channel based on the Proof-of-Work consensus, but it does not use dense prime clusters. Rather, it uses the hashcash concept, which is very similar to the algorithm used for Bitcoin mining. Just that the miners search for SHA-3 hashes, whereas Bitcoin miners look for SHA-256. The block hashes of Nexus are 4x the size of block hashes of Bitcoin.
The third and the final channel utilizes Proof-of-Holdings in order to secure a network. This is somewhat similar to Proof-of-Stake consensus method which is used by various coins. In this, you get to earn Nexus coins which are newly minted, just by holding on to the ones you already own.
When you'll stake your coins, there will be four major attributes which will determine the return you'll receive. The four attributes are:
Nexus has a three-pronged distributed telecommunications system for decentralizing the network further:
As the network gives three different mining opportunities, anyone around the world can participate in securing the network and run a node. All nodes present in the mesh network work together in order to solve a block. This distributes more network data in comparison to other systems.
Nexus partnered with Vector (Vector Space Systems) in order to create a Low Earth Orbit (LEO) Satellite Network of nodes. These satellites with the ground mesh network can host the Nexus network and any of the decentralized apps (dapps) built above it. The satellite network will be able to provide decentralized internet worldwide, providing services to the ones who were unable to access their own previously.
These stations connect mesh networks on the ground in the space to the satellite network. They run the operations of uplink or downlink which includes address endpoint route defining and ground-based caching. The team also runs their own instance of Daemon, which is the software component of the Nexus blockchain.
NXS Coin
The currency of the Nexus network is the Nexus coin, NXS. The coin holds distribution for a period of 10 years, in this 78 million NXS will be distributed over all till 23rd September 2024. After this, the supply will inflate every year by a maximum of 1%, through hashing and prime channels, and 3% through holding channel.
The nodes create blocks on an average of 50 seconds and the transaction for NXS needs confirmation for almost 6 times. As of July 2018, most of the transactions cost 0.01 NXS. But, once 3DC will be built and the distribution for 10 years is completed, the transaction fees will be completely removed. Rather, the system will then absorb the fees with inflation.
Rather than initial coin offerings, the project has a developer funds which takes a small amount of commission from the mining rewards. The commission usually starts at 1.5% and increases up to 2.5% in over 10 years. In addition, 20% of block rewards are slotted from the market, production, and launch of the satellite network of Nexus.
The NXS coin is listed for trading on various trading exchanges globally, and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows NXS users to access or obtain the NXS token by using their crypto holdings, bypassing the need for more KYC norms.
The entire list of trading exchanges for the NXS cryptocurrency include major global exchanges such as Binance, Bittrex, Cryptopia, and more.
After obtaining the NXS token, you will require a NXS wallet to store it safely. TheNexus coin can be stored safely and securely in the official wallet of Nexus. The wallet is supported by Mac, Windows as well as by Linux. It is better that your store your NXS coin in the Nexus wallet because you are allowed to stake only if your currency is stored in a Nexus wallet.
The Market Cap ranking of the NXS cryptocurrency is 118 as of July 2018, and it holds a market capitalization of $77.06 million USD as of the same time. A total number of 58,083,429 NXS coins are in circulation.
Also Read: Complete Analysis of Nexus | Live Nexus (NXS) Price Charts And Predictions
|
Date |
Open |
High |
Low |
Close |
Volume |
Market Cap |
|
1 July, 2018 |
1.24 |
1.24 |
1.18 |
1.21 |
1,264,780 |
71,974,400 |
|
1 May, 2018 |
2.49 |
2.49 |
2.23 |
2.38 |
1,304,500 |
142,074,000 |
|
1 March, 2018 |
1.73 |
3.10 |
1.62 |
2.48 |
37,272,300 |
96,847,600 |
|
1 January, 2018 |
3.18 |
3.27 |
2.98 |
3.10 |
768,096 |
174,154,000 |
|
1 November 2017 |
1.01 |
1.26 |
0.935285 |
1.06 |
910,975 |
54,080,500 |
The Nexus blockchain is a project that truly addresses quantum resistance and few other potential issues of the future. If, all these problems become as huge as the Nexus team believes, and the team successfully accomplishes the lofty mission, then, Nexus might just be an only project still in action 20 years down the road.
The Bad:
Even though NXS has excellent and unique features, it is still not ranked amongst the top 100 cryptocurrencies according to the Coin Market Cap ranking. The coin somehow is still being overlooked due to other major digital currencies. NXS still needs to rise and market itself better for being in the run of topmost cryptocurrencies.