What is Nexus?
This blog post will cover:
- What is Nexus?
- Where did Nexus come from?
- What are the advantages of Nexus?
- What are the disadvantages of Nexus?
- How to buy Nexus on SimpleSwap?
What is Nexus?
Nexus (NXS) is the cryptocurrency that powers the Nexus ecosystem. This platform is built differently, moving away from the traditional UTxO format to a uniquely designed three-dimensional blockchain. This 3D chain, known as the TAO Framework, improves security and allows Nexus to provide on-chain scalability, eliminating the need to rely on second layer solutions.
The developers claim that they were inspired by and remain dedicated to the initial principles of Satoshi Nakamoto, maintaining a desire to “fulfill the vision that was promised with the creation of Bitcoin.”
Nexus was ranked among the top 10 coins based on technology by Weiss Ratings in 2020. The Nexus TAO Framework, along with their Signature Chain technology, which eliminates the need for private key management are two major factors for this recognition.
Where did Nexus come from?
NXS started as an attempt to develop an already existing Bitcoin protocol. The idea initially occurred to Colin Cantrell, also known as Videlicet.
From a very early age Colin was interested in technologies. He got his first computer at the age of 10, then the love for simulators happened. With the help of his father, he learned to program using Visual Basic language. He got into cryptography in 2013 and was amazed by the possibilities.
In the beginning, Nexus was called CoinShield. Colin started to work on the project under the pseudonym Videlicet. And he was one of the first in the Crypto World to reveal his identity because at that time the crypto community was changing to greater transparency. Using the real names seemed to be one of the important steps to prove that the project was not another scam.
Since Colin was able to develop good expertise in cryptocurrency, he became a well-recognized professional after he showed his identity. The name of the project was changed when the concept changed. The team wanted to create a safe space in comparison to the existing markets. The concept of Nexus is to bring the community closer together and focus on the common goal.
What are the advantages of Nexus?
Protects users from vulnerabilities of the Proof-of-Stake protocol. Nexus provides three mining opportunities, it enables more people to participate in securing the blockchain.
- Reward system
The platform has a reward system called “Trust” for those who are ready to stake for the long term.
- Three-dimensional chain
It is supposed to solve the "Blockchain Trilemma" and minimize centralization among miners.
- Prime Channel
Prime Channel allows mining easier even with CPU. It is also considered to have better ASIC resistance.
- Opportunity to retrieve transaction
Nexus algorithm allows retrieving transaction in case it was made to a wrong address.
What are the disadvantages of Nexus?
- Long term project
Some crypto investors prefer projects to be short to get profit as quickly as possible. For this reason, some may say that the fact that Nexus is prepared for the long run is a drawback.
How to buy Nexus on SimpleSwap?
If you are interested in joining the Nexus ecosystem, you need to get some NXS coins. Here is a way to do it on SimpleSwap:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select Nexus in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. NXS will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
We hope that this article explained the basics of Nexus. Thank you for reading. You are welcome to use the widget below the page to get some NXS coins!