The world is fast sliding away from the conventional currencies to cryptocurrencies. However, the initial cryptocurrencies such as Bitcoins depicted key flaws that have prompted the need for more advanced Blockchains. Nexus was designed to help take decentralization to a whole new level while guaranteeing users extra security at all levels. Here is a complete review of Nexus.
- 1 What is Nexus? What is the mission?
- 2 How does Nexus work?
- 3 Nexus features
- 4 The benefits of using Nexus
- 5 Nexus Price
- 6 Where to Buy and Sell Nexus in Australia?
- 7 Conclusion
What is Nexus? What is the mission?
Nexus is a decentralized type of computer network with its own cryptocurrency. The Nexus network is distributed using three core channels that guarantee faster, secure and greatly enhanced decentralized transactions. The three channels include Prime Mining, Nexus PoS, and Hash Mining.
The network was founded in 2014 by Colin Cantrell in and operates on the basis of consensus achieved through integrating the three main channels. The core mission of Nexus is seeking to free people from the dangers that characterize the conventional financial services. Because many blockchain technologies have already been designed and implemented, Nexus targets further decentralizing the already decentralized systems.
The initial Nexus supply was $ 78 million that is spread over ten years. By February of 2017, its market capitalization had hit $ 5,273,046.
How does Nexus work?
The Nexus network core operation is done via the three channels; Prime Mining, Nexus PoS, and Hash Mining. Using consensus that links all the channels, the system makes it possible to decentralize the transaction in the different blockchain.
To start using Nexus, you must commence by downloading its platform in your system. Once your account has been created, you will operate at the CPU mining channel level. However, this does not limit the operation to the sole blockchain you are working with in the network. Rather, you will be integrated with other channels to contribute to consensus building.
For users to operate in varying channels, the system uses multiple checks and balances that guarantee extra security. It applies Computer Resistant Private Keys that employ 571-bit encryption that is more secure than most previous cryptocurrencies.
To achieve its objectives, Nexus has invested in relationships especially with aerospace to ensure that the hardware infrastructure is compatible with all the transaction system. It is also designing a new foundation that will help to broadcast all the transaction from space.
The mining channels
These are the individual units of nodes that reinforce each other in the block chain. The main focus of the mining channels is guaranteeing the security of each other and making it impossible for any targeted attacks to hit and take down the system. To execute an attack, the hacker would require hitting over 50% of the channels which is almost impossible. This has made the network to win the tag, the most secure in the cryptocurrency world.
This is a Dedicated Mining Protocol outside JSON-PRC server. It is used to facilitate the best performance for the Nexus mining protocol that can handle over 5000 connection to allow mining of any magnitude.
No Reward Halving
Nexus has a reward system calculated that is based on a specific decay curve that progressively reduces each block chain as opposed to shocking individual miners and the associated market. To make this possible, Nexus uses the Rudimentary model.
To use Nexus, all blocks are required to root using the latest checkpoint determined by fitting into a specific timespan. Consequently, the checkpoints can be created automatically and updated every hour without needing assistance from the master node.
The released reserve
The decayed amount in the Nexus system is deposited into a reserve for every channel. This prevents a miner from minting more than the amount he projected.
Nexus Proof of Stake
The PoS in Nexus is built on the PeerCoin protocol that is progressively recorded starting from the ground and moving up using energy efficiency threshold, algorithmic weight, and trusted keys for enhanced security.
The developer commission
The commission system in Nexus is embedded into the system protocol levels to yield only a small decay for developer addresses in each block within 10 years. The decay hits ~2.5% in the period of 10 years which helps to bring all pre-miners benefits to users without spreading the risk to investors. What this means is that developer accounts do not have control of the currency because at no time will it hold a high enough percentage.
The benefits of using Nexus
- It is the most secure cryptocurrency today
- Nexus uses very effective decay system of ~2.5% that works in the block chain without compromising an investor’s objectives.
- Unlike the previous blockchain system, Nexus is very easy to apply.
The main disadvantage of Nexus is that it is relatively young compared to other models such as Bitcoin. Though it targets to remedy some of the previous system’s shortcomings, many new investors are likely to shy away or only make a limited investment for fear of losing funds.
Where to Buy and Sell Nexus in Australia?
Crypto Currency for Fun recommends buying Nexus at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Nexus and they offer Instant Delivery or your coins right into your account.
Since its development, Nexus has been working on creating a more secure and robust system to remedy key shortcomings from previous Blockchains such as Bitcoin. However, its operations are complex, and users need to take the time to understand how all the channels operate in order to harness the full potential. It is no doubt one of the fastest upcoming cryptocurrencies to watch in this emerging space.