What is Nexus? What Does NXS Do?

Nexus is a peer-to-peer network that improves Blockchain scalability, speed, accessibility, and security of existing protocols used by the industry. The platform achieves this through the use of a quantum-resistant 3D Blockchain, combining it with communication satellites in space. In this article, as Kriptokoin.com, “What is Nexus?” We will answer the question. In addition to these, we will touch on all the questions about the project.

What is Nexus? What does NXS do?

Nexus is among the innovative cryptocurrencies. NXS Coin runs on its own algorithm, which has a pretty great infrastructure beyond BTC as well as 1st generation cryptocurrencies. It also includes a check and balance system for sending cryptocurrencies. This means that transactions can be reversed if they are delivered to the wrong address. The founder and developer of the platform is Videlicet, also known as Colin Cantrell. At the initial start of the project in September 2014, Colin named the project “Coinshield”.

The original code contained only one main channel. The team later added the hash channel to the platform. It was rebranded by the team in April 2015 and added Proof of Holdings in July 2015. In addition to partnering with Vector on the satellite network, Blockchain has joined forces with SingularityNET to deliver the 3DC architecture to the project’s decentralized AI network. At the same time, Nexus, Tritium, Amine, Obsidian planned to release a few of its major updates following its roadmap strategy. This version includes mobile wallets, 3DC, satellite network and quantum resilience among other things.

How does it work?

• 3D chain (3DC): NXS uses not just one, but three consensus mechanisms to create a 3D Blockchain. In particular, the team believes that having a 3DC will reduce the amount of miner centralization and allow efficient scaling on the chain.
• Prime Channel: Prime Channel is a POW channel. In a trial-and-error process, miners look for dense master clusters of 308 digits on the Blockchain. Intensive main cluster mining is known to be more resistant to ASIC than traditional hash mining. This means that even if you only have one CPU, you can easily mine this channel.
• Hashing channel: This channel is based on the POW consensus. But it does not use dense mastersets. On the contrary, it uses the hashcash concept, which is similar to the algorithm used for BTC mining. Miners look for SHA-3 hashes, while BTC miners look for SHA-256. Nexus’ block hashes are exactly 4x the size of BTC’s block hashes.
• Proof of Holdings: As the last channel, it uses Proof of Holdings to ensure the security of the network. This is somewhat similar to the POS consensus method used by different cryptocurrencies. Here you can only keep what you have and earn newly minted Nexus Coins.

What is Nexus? How to buy NXS?

Exchanges traded with NXS; Binance is Bittrex, Cryptopia and CoinDCX. To purchase coins, these steps are followed:

First of all, access the web/mobile application of the exchange that lists the NXS Coin you selected as the first step. Then complete the account opening steps of the exchange. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. NXS Coin pairs with several major cryptocurrencies such as BTC, ETH, BNB, KRW, and USDT. As the last step, choose NXS Coin with the balance you want and create a purchase order. Store it in your trusted accounts.

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