Nexus (NXS) aims at creating of the first distributed system that runs on a distributed or decentralized internet. The Nexus protocol wants to bring a change to the way we run the internet and the blockchain at large. So, how will this play out in the long run? Is there anything to be excited about in Nexus coin? Understanding what is NXS will give us an insight into what the protocol is all about. This guide will look to shine the light on the NXS and make people see the light about it.
The Nexus protocol is a P2P system that prioritizes speed, security, accessibility, and scalability and hopes to improve upon them compared to what we have in the blockchain industry at the moment. To achieve this goal, the protocol is making use of a 3D blockchain that is quantum-resistant and a series of network satellites launched into the earth’s orbit.
NXS combines the 1024-bit Skein, 571-bit private keys, and Keccak quantum-resistant hashing algorithms to obtain a high level of security for its protocol. It also uses the signature chains (sig chains) for proof of ownership and cryptographic identity.
The founder of the protocol wants to take decentralization to a whole new level by ensuring mining is out of reach of the government and controlled mining pool monopolies. The Nexus protocol was formerly named Coinshield and it was launched in 2014. So, the project has been around for a while now.
The native currency of the Nexus protocol is the NXS coin. As of July 9, 2021, the Nexus coin is trading at the price of $0.4532 and it has a verified circulating supply of 70,998,773.64 NXS with a daily trading volume of $371,998. The Nexus token distribution is planned over 10 years in which 78 million tokens will be shared through to September 23, 2024. The next plan after is to inflate supply each year by no more than 1% via prime channels and hashing, and another 3% via holding channels.
A block on the Nexus network is created every 50 seconds (on average), and the transaction is confirmed after nearly 6 network confirmations. Back in July 2018, the average cost of transactions on the network was 0.01 NXS. However, after the completion of the Three Dimensional Chain (3DC) and the 10 years distribution, the transaction fees will come down to zero after it is absorbed through the inflation model. Also, the protocol didn’t offer any ICO.
There are developer funds that come from a small percentage of the mining rewards, which begin at 1.5% and gradually increase to 2.5% over the next 10 years. Furthermore, about 20% of the mining rewards go to production, marketing, and launching the Nexus satellite network.
The Nexus blockchain uses a framework called TAO (Tritium, Amine, & Obsidian), which is a 7-layer software stack powering a register-based process virtual machine. This serves as a DApps and smart contract platform to create value and use cases for several industries. The TAO framework allows developers to use a collection of industry-specific JSON-based API, which include digital identifiers, cryptography, encrypted communications, tokenization, asset management, and supply chain.
To bring the Nexus blockchain to life, Nexus is using the 3DC architecture and the 3 in the name refers to the three consensus channels that make up the Blockchain infrastructure. These three channels are discussed below
This channel is based on the proof-of-work (POW) mechanism to function and it uses the 308-digit dense clusters called prime ones. This channel is built in a way to shun ASIC level mining by making it resistant to it. Instead, it favores standard hash mining, which means those that want to mine here can easily use their CPU. Additionally, the data gathered here through mining is sent for research of prime numbers under quantum physics research.
This channel is similar to Prime Channel as it is also based on PoW. What differentiates this channel from the first one is the absence of the dense clusters that we have on the Prime Channel. Instead, the Hashing Channel uses the Hashcash function. Although the hashing channel seemingly looks like the PoW mining algorithm used on the Bitcoin network, its miner finds the SHA-3 using Skein. This is why mining here is best done using GPU. Additionally, the block hashes on the Bitcoin network are four times smaller than those on the Nexus protocol.
This is the final leg of securing the Nexus protocol and it uses the Proof-of-Holdings to achieve that. PoH is fairly similar to the PoS consensus mechanism that is employed by several tokens. You get rewarded with new NXS coins for holding on to the ones you have already.
There are three aims for employing three-consensus channel, and they are:
For the Nexus smart contract engine, smart contract language like Solidity is not a requirement. There is a simple API for its common interface functionality, which means developers are not burdened with the need to learn smart contract language before making apps on the Nexus blockchain.
The creation is easy and simplified using the Nexus desktop wallet graphical interface, which means that non-technical individuals can even create a token.
The Nexus token is built for scalability right from the onset; the Database (DB) for Nexus protocol uses a specifically built Lower Level Database (LLD) that outpaces most of the databases of other blockchains
Nexus swap is done on exchange sites that offer Nexus exchange. NXS coins can be exchanged using Swapzone, which is an aggregator for the best exchange sites with the best Nexus swap rate.
By now, you will have an idea of what is Nexus and how Nexus swap works on Swapzone. The Nexus coin wants to bring a change to the way we view cryptocurrency and the internet as a whole. NXS is on to something here and we are to see how it will play out.
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.