What Is Nexus?

What Is Nexus?

Nexus is a decentralized computer network that has its respective cryptocurrency, known as the Nexus. The idea behind the system corresponds with the

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Nexus is a decentralized computer network that has its respective cryptocurrency, known as the Nexus. The idea behind the system corresponds with the meaning of the word “nexus”, namely a connection or a series of connections linking two or more things, as explained by bitcointalk.org,

“Society is transitioning now towards decentralized forms of governance beginning with the first successful implementation, Bitcoin.”,  wrote Nexus` founder and Lead Core Developer Colin Cantrell.

New projects like Nexus were created to support the tendency towards financial decentralization.

“By providing a new and free, decentralized internet, people across the world will be connected in ways that will encourage transparency, freedom, and prosperity.”, according to Nexus` official website nexusearth.com.

How it works?

The Nexus network is being distributed through three channels of security to allow decentralized transactions. These three security channels are CPU Mining, GPU Mining and Nexus Proof of Stake (nPOS).

“Consensus in Nexus is not limited to the vote only being given to one channel, but rather all of these groups the CPU block producers, GPU block producers, and staking block producers (interest based nodes) play a role in determining consensus.”, as stated on nexusearth.com.

Also, Nexus is now building partnerships with the aerospace industry. Their future goal is to broadcast the blockchain and Nexus network from space, as nexusearth.com and bitcointalk.com wrote.

Specifications

The list below provides an overview of part of the Nexus` specifications, as published on bitcointalk.org:

  • Algorithm: SHA3 [Skein and Keccak]
  • Minting Channels: CPU, GPU, and Nexus Proof of Stake (nPOS)
  • Initial Supply: 78 Million over a 10 year distribution period for the CPU and GPU Channels
  • Current Supply: http://nexusoft.io/platform/statistics/supply.php
  • Maximum Annual Inflation: nPOS: Up to 3% annually; 2% after initial distribution is complete CPU and GPU Minting Channels: 1% annually after initial distribution is complete
  • Block Time: 300 seconds for GPU minting channel and 300 seconds for CPU minting Channel for an average of 150 seconds and 60 seconds for nPOS

Market capitalization and supply

As of 9 February 2017, Nexus has a market capitalization of $ 5,273,046, a 24-hour volume of $ 21,324 and available supply of 46,725,326 NXS, as coinmarketcap.com reported.

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