What Is Nexus (NXS)? | A Complete Guide to the 3D Blockchain
what is nexusWhat Is Nexus?
Nexus is a peer-to-peer network that improves on the speed, scalability, security, and accessibility of current blockchain protocols. The project mainly accomplishes this through the use of a quantum-resistant 3D blockchain in combination with communication satellites in space. With this, Nexus founder Colin Cantrell is aiming to decentralize the decentralization, by taking it out of reach of any government control or mining pool monopolies.
Hold on to your hats, folks. This is one of the more ambitious projects out there, so lets get right into it.
In this Nexus guide, were going to go over:
Nexus uses, not one, not two, but three consensus mechanisms to form a three-dimensional blockchain. The team argues that having three different mechanisms in place reduces miner centralization and enables more efficient on-chain scaling.
The Prime Channel is a Proof-of-Work channel. In this channel, miners search for 308-digit dense prime clusters through trial-and-error. Dense prime cluster mining is more ASIC-resistant than traditional hash mining. Therefore, even if you have just a CPU, you can mine on this channel.
Outside of cryptocurrency, the mining on the Prime Channel produces data that can be further used in prime number research for quantum physics.
The Hashing Channel is also Proof-of-Work but uses Hashcash instead of dense prime clusters. This is similar to Bitcoins mining algorithm except that miners search for SHA-3 (with Skein) hashes while Bitcoin miners find SHA-256 ones. The Nexus block hashes are 4x the size of Bitcoin block hashes.
You should use a GPU when mining on this channel.
The third and final channel uses Proof-of-Holdings to secure the network. This is essentially the same as the Proof-of-Stake consensus method used by coins like NEO. You earn newly minted Nexus coins (NXS) just by holding the ones you already have.
Four attributes determine what your return will be when you stake your coins:
- Interest Rate – An annual percentage of your balance, this is the rate at which you receive new coins. This starts at 0.5% annually and increases to a 3.0% annual maximum after 12 months.
- Trust Weight – This is an indicator of your nodes trust. It starts at 5% but quickly reaches its 100% maximum after just one month.
- Block Weight – This attribute resets to 0% each time you receive a staking transaction. It then slowly climbs to 100% over 24-hours. If your block weight ever reaches 100%, your Trust Key expires and all your attributes reset. The reset trigger ensures that youre continually working to maintain the network.
- Stake Weight – The value of this is roughly determined by the average of your trust weight and block weight. The higher this is, the more likely you are to receive a transaction.
Nexus has a three-pronged distributed telecommunications system to further decentralize the network.
Because the network provides three distinct mining opportunities, almost anyone ...Read full story on CoinCentral