What is Nexus (NXS)?
Future of NXS Cryptocurrency and know how to buy NXS

#1 - What is NXS?

NXS: The basics

  1. Nexus is a peer-to-peer network that enhances blockchain scalability, speed, accessibility as well as the security of present protocols used by the industry.
  2. Nexus accomplishes this with the usage of a quantum-resistant 3D blockchain, by combining it with communication satellites in space.
  3. With this entire process, Colin’s aim is to “decentralize the decentralization” by taking it entirely out of the reach of Government mining or controlled pool monopolies.

NXS Development

  1. Videlicet, majorly known as Colin Cantrell, is the lead developer and founder of Nexus.
  2. At the beginning of the project in September 2014, Colin named the project as Coinshield.
  3. Only a prime channel was contained in the original code. The team later in October 2014, added the hash channel.
  4. Nexus was rebranded by the team in April 2015 and added Proof-of-Holdings in July 2015.
  5. Apart from the partnership with Vector on the satellite network, the blockchain also has joined its forces with SingularityNET in order to give their 3DC architecture to the project’s decentralized network of Artificial Intelligence.
  6. Further, Nexus planned to release a few of its major updates following their Tritium, Amine, Obsidian (TAO) roadmap strategy. This release included mobile wallets, 3DC, the satellite network, and quantum resistance amidst various other things.

 

#2 - What are the benefits of NXS

NXS Technology

Three Dimensional Chain (3DC)

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.

Prime Channel

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.

Hashing 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.

Proof-of-Holdings

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:

  1. Interest Rate: This refers to the rate at which you will receive new coins on an annual percentage of your balance. This usually starts annually at 0.5% and increases annually to a 3.0% maximum after 12 months.
  2. Trust Weight: This indicates your node's trust. It begins at 5% and reaches quickly to its 100% maximum after a month.
  3. Block Weight: This resets to 0% every time you get a staking transaction. It then gradually reaches 100% in over 24 hours. If the block rate reaches 100%, your trust key will expire and all your attributes will get reset. The reset trigger makes sure that you are working continuously to maintain the network.
  4. Stake Weight: The value of stake weight is roughly determined through the average of your block weight and trust weight. If this is high, you have more chances to receive a transaction.

Nexus Network

Nexus has a three-pronged distributed telecommunications system for decentralizing the network further:

#1 Mesh Networks

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.

#2 Cube Satellites

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.

#3 Ground Stations

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.

 

#3 - How to buy and store NXS

How to buy NXS

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.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the NXS cryptocurrency, CoinSwitch comes in to help you make the right decision by providing the prices for NXS on multiple crypto exchanges. The largest cryptocurrency conversion platform, it supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your NXS cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

NXS Storage

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.

 

#4 - What is the future of NXS token?

NXS Global Acceptance

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

Price History

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

 

Future Prospects

  1. The system is building a completely new type blockchain through three separate mechanisms in order to secure the entire network.
  2. The team is sending node satellites to space for creating a decentralized network and internet which will not be in control of any one entity.
  3. The complete mission is to build an improved version of Bitcoin that will have low fees, fast transactions, and less miner centralization.

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.

 

#5 - How is NXS different from other cryptocurrencies?

  1. Nexus is one of the most innovative cryptocurrencies. The NXS coin works and runs on its own algorithm which has a great infrastructure that it beyond 1st generation cryptocurrencies as well as Bitcoin.
  2. It also includes a checks and balances system for sending coins. In this, the transactions can also be retrieved if are delivered to a wrong address.
  3. The 3D blockchain concept itself is a unique one and relatively untested in the cryptocurrency arena.

 

#6 - Should you invest in NXS?

The Good:

  1. Nexus is oriented to free internet, worldwide.
  2. It provides the much improved technical side of a digital currency.
  3. Nexus is surely a planned network with cube satellites in space.
  4. The Nexus design is made with quantum computing to be kept in mind.

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.

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