A guide to the world of Nexus
Nexus is arguably one of the most ambitious blockchain projects ever conceived. What began life back in 2014 as Coinshield has now grown into a project that’s tackling core social and economic issues with blockchain technology.
Featuring three-dimensional chains (3DC), quantum computing resistance and enhanced usability, Nexus stands out as a next generation blockchain that will shape the future of the global economy and create the first decentralized web, better known as web3.
What is Nexus and how does it work?
Nexus is an advanced blockchain network that aims to improve the quality of life for everyone on the planet, rewarding users for their prolonged use of the network. Its cryptocurrency, NXS, is used to access and take part in the network and will be used to pay for economic services that launch on the network.
These are the key features of the NXS coin:
· Free to make transactions
· 50 seconds per confirmation
· Quantum resistant blockchain
· Fully decentralized
Transactions on the Nexus blockchain are free to make, but if you make more than 1 transaction in a 10 seconds period on a signature chain, you’ll have a 0.01NXS throttling fee applied per transaction included inside each 10 second period, known as a contract. You can have a maximum of 100 transactions in each contract, putting the max fee you’ll pay at 1NXS and the minimum at 0NXS. This disincentivizes spam transactions, keeping the blockchain streamlined.
A new block is mined every 50 seconds, with each of the 3 consensus channels running in parallel to validate transactions and maintain the integrity of the blockchain. However, once 3DC goes live, all 3 channels will work together to create one block. Most transactions are completed and spendable with 1 confirmation, but Nexus recommends waiting between 3 and 6 confirmations just to be safe. Even if you wait 6 confirmations to play it safe, that’s still only 5 minutes.
How does Nexus come to consensus?
Nexus uses three channels to secure its network. There are 2 proof-of-work (PoW) channels and one proof-of-stake (PoS) channel. Consensus is achieved through collective chain weight, which creates a higher resistance to 51% attacks than other forms of consensus mechanisms.
The Nexus blockchain can adjust to an increase in the total network hashrate in the space of 1 block, which is around 50 seconds. Each channel can scale independently of the other two, making the consensus channels incredibly efficient. Every 20 minutes, a snapshot is created. This prevents blocks from being altered or introduced in the chain’s history, as well as protecting from attempts to introduce an alternate chain.
The 3 mining channels are as follows:
Prime Channel – The prime channel uses 308-digit dense prime clusters to keep this chain as ASIC resistant as possible.
Hashing Channel – The second channel is another PoW consensus mechanism that utilizes the Handcash algorithm. It uses SHA-3 hashes for enhanced security, which are 4 times the size of the hashes used for bitcoin blocks.
Proof of Stake Channel – The 3rd channel is a PoS channel that uses reputation-based staking. Users will be able to mint new NXS coins by simply holding and staking their coins. The longer a user has held and staked their coins for, the higher rates of returns. This develops trust, which is lost 3 times faster than it’s earned. It’s also used in the Network Layer which allows nodes to determine the reputation of the other nodes that they’re talking to in order to protect against Sybil Attacks.
As the protocol is further developed, the above three forms of consensus will become the three layers of the 3DC. The architecture will reduce miner centralization, and will lead to more efficiency with on-chain scaling.
The 3DC will transform the ledger into a multi-layered processing system, in order to scale securely and maintain a high degree of decentralization. It is a promising candidate for solving the ‘Blockchain Trilemma’, an opinion that only two of the three qualities, Security, Decentralization and Scalability, are achievable concurrently.
It chains together cryptographic primitives into a multi-dimensional immutable object, and has three core dimensions: pBFT + reputation channels (X), immutability or authenticity (Y), and time (Z). The upgrades of Amine and Obsidian will add another layer of transaction processing ‘L2’ and ‘L3’, to the base layer ‘L1’.
How does Nexus’ quantum resistance work?
Quantum computing poses a major threat to the cryptocurrency world, with many fearing that wallets could become cracked in a matter of seconds. As such, many projects are now scrambling to shore up their defences against quantum computers.
Realizing this would be an issue back at its inception, Nexus has been working towards creating a quantum resistant network from day one. By using what’s known as Signature Chains, Nexus manages to enhance the security of the already existing Digital Signature Algorithm by changing the public key every time it’s used.
Nexus has also integrated a handful of cryptographic functions that help to ensure that it’s blockchain is as secure against quantum computer attacks as possible. These functions include:
Why are reversible transactions useful?
Nexus has studied the pain points of other blockchain networks and tried to remove as many as possible. One of the most frustrating and complicated aspects of using most blockchain networks is sending transactions to the incorrect address. As such, Nexus has implemented reversible transactions that allow you to recall funds should you send them to the wrong address.
This works in several ways. The first being that the sender and recipient need to approve the transaction, meaning that the NXS coins won’t move until the destination wallet accepts the transaction. This gives the recipient the ability to choose whether they wish to accept a transaction as well as verify that you’re sending the coins to the right address.
For example, if a politician accepts donations using Nexus, but receives a donation from an organization that would harm their reputation, such as a terrorist organization, they can opt to decline the donation.
The other way is that when you make a transaction with Nexus, you can opt to add a time frame in which you can recall the transaction. This is incredibly useful if you send coins to the wrong address or an address that’s not accessible, preventing coins from being burnt. This will make transactions take longer to clear with merchants, but time is a small price to pay for peace of mind.
You can always turn the recall time off, if you’re confident that you are sending coins to the correct address, or simply don’t wish for this extra layer of safety.
What is the Lower-Level Library?
A feature that the average user might not ever use or know exists is one of the more exciting features of Nexus. The Lower-Level Library (LLL) is a high-performance library designed to power web technology. It comprises three components, cryptography, database and protocol.
The database is a modular storage engine that is capable of making more than 400,000 reads and writes per second, which outstrips Google’s LevelDB. This is a major feature that will attract developers from all walks of life, giving Nexus real-world potential right off the bat. The database also has a restful API database interface that allows the deploying of scalable web applications and creates a framework for the internet system that Nexus is in the process of developing.
What does Nexus’ reinvented internet look like?
As it stands, the internet is pretty centralized, with governments and internet service providers (ISPs) controlling everything you see, do and interact with online. These connections run around the globe using undersea cables that are vulnerable to damage and abuse. For example, in early 2020, a damaged undersea internet cable left large parts of South Africa without access to the internet for several days.
Nexus plans to launch cube satellites (cube sats) into orbit. These cube sat will connect to a Phased Array Antennas combined with a mesh ground system to beam its internet all around the globe. The more users that connect to the network and help to run it, the wider the coverage gets and the faster it becomes. Each satellite constellation will be tokenized so that regular people can fund them and earn revenue from the services that they provide.
Using existing hardware, math suggests that it’s possible to achieve a download speed of 1.5GB/s from each satellite, which is insanely fast. By blasting cube sats into low Earth orbit, Nexus will be able to provide a reliable and truly decentralized internet to the entire globe. This would open up billions of people to the world of the internet and allow them to access the world of cryptocurrency and other services that improve quality of life by using nothing more than a smartphone.
Where can I get NXS coins?
Obviously taking part in this incredible blockchain network is something we all want to do, so getting your hands on NXS coins is important. There are 3 ways that you can get NXS tokens, but the easiest way is to buy them through changeangel.
If you want to get hands-on, you can opt to put your computer to work and start mining NXS coins. Designed to be ASIC resistant, it should always be possible to mine NXS using your computer. Obviously, the more powerful your computer is, the more joy you’ll have. A portion of each block reward will go into the Nexus Treasury accounts that fund the development of the Nexus network.
Once you have some NXS coins, either from buying them at changeangel or through mining, you can then opt to stake your coins. By doing this you become active in the 3rd consensus channel. The longer you stake your coins, the more you’ll earn, so there’s definite incentive there to stake.
If you’ve got any questions about Nexus, drop them in a comment below and we’ll do our best to answer them!
Swap to Nexus at changeangel.io , the communities swap exchange