What is Nexus (NXS)?
NXS is the native token of Nexus, which is a peer-to-peer network that uses blockchain technology and has increased scalability, speed, security, and accessibility. Nexus does this by combining satellite space with a quantum-resistant 3D blockchain.
3D blockchain means that Nexus uses a combination of 3 consensus mechanisms, which makes it a three-dimensional platform. This includes:
- Proof-of-Holdings. By managing their existing tokens, NXS holders can generate new ones.
- Hashing Channel. It operates on a Proof-of-Work (PoW) basis and substitutes Hashcash for dense prime clusters.
- The Prime Mining Channel. A special prime cluster with a specific length is sought by this mining channel to make the network ASIC-resistant.
Moreover, it should be noted that Nexus is designed to validate both the computation and the veracity of data. However, instead of a stack-based script (like EVM), it is driven by a seven-layered software stack that runs as a 64-bit register-based process VM.
Besides, another important feature of Nexus is Signature Chains. The credentials of the user's Nexus wallet are used to produce one-time-use private keys through a Signature Chain. In other words, a Signature Chain is an individual Nexus identity, which keeps track of all user transactions and digital asset ownership history.
Care to see the previous or the current NXS price? Take a look at the Nexus price chart above.
Use Cases of NXS Tokens
What makes NXS stand out from most other cryptocurrencies, is that it operates and runs on its own algorithm.
Nexus tokens are mainly used for two things – covering network fees and making peer-to-peer value transfers. Talking about network fees, there are smart contract fees and hybrid network fees. Concerning the value transfers, transactions using Nexus coins are instant and free. Besides, NXS tokens can be staked in order to receive more tokens and participate in the 3D system of Nexus.
Make sure to check the current NXS price, which is featured on the aforementioned price chart above.
Who Founded Nexus?
The Nexus crypto project was founded by Colin Cantrell in 2014. Though, initially, the project was known as CoinShield.
Colin Cantrell is a software and hardware expert, who has a passion for space travel, which led to Nexus' ambition to extend blockchain technology to the moon. While the name has changed, the original vision remained as the guiding principle behind the project, which was made to change the prevalent Bitcoin protocols and to experiment with something new.
