What is Nexus?
Nexus is a special blockchain network that started operations in September of 2014.
It aims to better the current networks on security, accessibility, speed, and scalability through several ingenious ways.
Nexus has been described by critics and fanatics alike as the most ambitious blockchain project yet, and I agree.
Its founder, Colin Cantrell, has been quoted saying that the technology intends to “decentralize the decentralization”.
How do they intend to do this?
Decentralizing decentralization means handing the power to the people. The power is currently in the hands of the government and mining pool monopolies.
Nexus does this brilliantly using a Quantum-resistant 3 dimensional blockchain, which got its name from the 3 consensus mechanisms that it employs.
These 3 mechanisms work in tandem to ensure that mining monopolies are reduced compared to other networks and that on-chain scaling is more efficient.
The 3 consensus mechanisms are:
This is a Proof-of-work channel where dense prime clusters are mined through trial and error. To be precise these are 308-digit prime clusters, amazing right?
As many enthusiasts would know this kind of mining is much more ASIC-resistant compared to its predecessor, hash mining.
This, therefore, means that anyone with a CPU can mine on this channel, making it accessible to everyone with a computer. Sweet!
This channel is similar to the prime channel in that it is still Proof-of-Work. The difference is what the miners search for.
In the Hashing channel, miners search for “Hashcash” instead of dense prime clusters, which resemble those in Bitcoin’s mining algorithm.
The main advantage is that the Nexus block hashes are more than thrice the size of Bitcoin block hashes. This means that more power is used to mine them, I would advise using a GPU in this case.
Proof of Holdings
This third channel is important as it aids in the security of the network. It works, in the same way, the Proof of stake consensus method used in a lot of altcoins work.
People that hold their Nexus coins (NXS) have a higher chance of earning newly minted ones. All this is determined by a couple of attributes, however.
Block weight – this attributes grows from 0-100% and resets to ensure that members are continually working to keep the network alive.
Interest weight – This is a rate that increases annually.
Trust weight – Indicates how trustworthy your node is.
Stake weight – This attributes whether or not you will receive a transaction. It is a combination of the block and trust weight.
Now that you have an in-depth understanding of how the network works, let me take you through the coin itself.
This is the official currency of the network. In actuality, the native coin provides two main utilities in the form of:
Network fees – This can further be divided into Smart contract fees and Hybrid Networks fees, Peer-peer Value transfer.
As exciting as the Nexus coin is, it would be very unwise of me to offer you all this information and not give you sites where you can monitor it.
I have said this before, and I will say it again. Having your eyes on different crypto exchanges and applications is the key to maximizing your Investment potential.
Where to find up-to-date Nexus Cryptocurrency prices?
Therefore here are the places that I trust the most to give you up to date Nexus Cryptocurrency price listings:
CoinMarketCap According to Bitcoin.com CoinMarketCap is the go-to price checker that anyone remembers. Formed in 2013, this site is User-friendly and offers a ton of information about the Nexus coin.
This site is useful as it offers a filtering system that can help you narrow down your search to focus on the Nexus coin.
Its side-by-side comparison feature makes it a favorite of mine as I can compare up to 4 coins at once. Ensuring that I make the most informed decision possible.