Hackernoon logoIntroduction to Nexus: Building a New Internet Driven by Blockchain by@nexus.io

Introduction to Nexus: Building a New Internet Driven by Blockchain

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@nexus.ioNexus.io Blockchain

Nexus is a community driven non-profit blockchain and contract platform.

We are building a new internet driven by a blockchain-based operating system (LX-OS) and communications protocol (Nexus Protocol), that will be connected by distributed satellite constellations and mesh networks. 

Underpinning the foundation is the Nexus Tritium, Amine and Obsidian (TAO) Framework, a seven layer software stack that enables the simplified implementation of smart contracts, Decentralized Applications (DApps), tokens, and Non-Fungible Tokens (NFT’s, i.e. Assets) through a set of extensible Application Programming Interfaces (APIs). This platform has been completely developed from the ground up, designed with sustainability in mind, featuring on-chain scalability to accelerate global expansion and long-term adoption.

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In order to scale securely and with a high degree of decentralization, we have designed a ledger-level technology called the Three-Dimensional Chain (3DC) which intends to solve the 'Blockchain Trilemma', an opinion indicating only two of the three qualities, security, decentralization and scalability, are achievable concurrently.

NXS is our native coin that drives this entire ecosystem and has been mined into existence since 2014.

Current Mainnet Capabilities

Smart Contracts: Nexus supplies a 64 bit register-based virtual machine as the heart of its smart contract engine. This unique approach mimics how processor registers function, resulting in extremely efficient contract execution, enhancing overall scalability. A smart contract language (i.e. Solidity) is not an obligation, and instead common interface functionality is exposed through simple API’s. This relieves DApp developers from the burden of learning a smart contract language, making the development of smart applications more accessible, cost-effective, and highly extensible.

Tokens: Basic token creation is simple for even non-technical individuals with the Nexus desktop wallet graphical interface. Customized tokens involving more complex configurations can be easily generated and automated with API methods. 

Assets (NFTs): Arbitrary data can be stored on the Nexus blockchain in the form of assets, whilst additional comprehensive variables can be applied using the API or CLI commands. Once established, assets can be transferred to other accounts optionally with specified contract conditions (i.e. exchanging NXS / tokens). 

End-Use Adoption: Nexus’ Signature Chains (SigChains) solution addresses a primary blockchain limitation – private key management. Users can login to their Nexus wallet with a username, password, & PIN combination, providing access to all accounts, tokens, and assets.  The private key for each transaction is derived from the combined username/password/pin combination, meaning that no private keys need to be stored locally or backed up. This also means your account is entirely portable, allowing access from anywhere whilst Nexus dynamically manages key custodial functions.

Scalability: Nexus is formulated to scale from the very foundation, the DataBase (DB). Unlike most other blockchains that rely on Google’s LevelDB or Oracle’s BerkeleyDB for storage operations, Nexus has developed a purpose-built Lower Level Database (LLD) that outperforms most opposition by orders of magnitude. This has been further refined with the recent achievement of level performance implemented on the LLD. Simply put, this means that the database does not slow down regardless of the amount of data it’s processing.

Development Adoption: A suite of APIs gives developers access to numerous ready-made contract functionalities. This opens up DApp development opportunities to anyone with web-development skills and can greatly reduce the costs and time associated with development. Available on bubble.io, a powerful no-code platform, Nexus is the first and only blockchain plugin, which is being leveraged by aspiring projects to showcase various Minimum Viable Products (MVPs).

Security: Several features forge defense-in-depth protection for the Nexus ledger against threats even of quantum variety. The primary factors include replacement of static private keys with One-Time Signatures (OTS) uniquely generated for every transaction (attack window reduction), and the auxiliary use of Quantum Resistant (QR) cryptography (FALCON lattice-based signatures, SABER, etc.).

Decentralization: Blocks are produced by two separate PoW (Proof-of-Work) channels and a third PoS (Proof-of-Stake) consensus layer to provide a higher level of decentralization and reduce core attack surface variables drastically.

Future Roadmap

Short-Term:

Mobile Wallet (Lite Node): The Nexus mobile wallet will uniquely offer full network connectivity, operating as a trustless lite node, providing mobile and Internet of Things (IoT) level devices the security and privacy of a full node, with minimal storage, memory and processor footprint.

Pooled Staking: A fully decentralized staking protocol will offer the option to pool stake balances together in order to mine stake-blocks, share rewards, and to build trust (a reputation based on time contributed to the network).

DEX: A market module DApp for the Nexus wallet will provide an interface for exchanging and trading Nexus-based tokens and assets (NFT’s) in a completely decentralized manner (non-custodial).

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Medium-Term:

DAO: A Decentralized Autonomous Organization based on social constructs embracing meritocracy reinforced with mathematical regulation will give the opportunity to individuals to vote in/out embassy contracts, in order to decentralize the governance of fund allocation.  

3DC: Amine and Obsidian (the remaining activations of the TAO framework), will further advance the scalability, accessibility and decentralization of the ledger through solutions such as parallel transaction processing and data sharding.

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Long-Term: 

We are establishing the foundation for a Decentralized Web (DWeb) by completely replacing  the internet’s OSI Model and traditional conventions with The Nexus Protocol. It is driven by a blockchain-based operating system (LX-OS) currently under development, and will be connected by ground stations, distributed satellite constellations and terrestrial mesh networks.

LX-OS: A hardened Operating System designed to resist attacks from malware, backdoors, and similar vulnerabilities through the augmentation of blockchain technology. The first phase will focus on embedded systems (IoT and satellites), with later iterations encompassing consumer hardware UI.

Satellite & Mesh Networks: A distributed network infrastructure consisting of tokenized micro-satellites, ground stations, and phased array antennas, providing an alternative to centralized Internet Service Providers (ISPs).

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Nexus (NXS) Utility:

The native NXS coin has two main utilities in terms of value proposition – network fees and peer-to-peer value transfer (currency):

Smart Contracts Fees – Similar to other smart contract platforms, NXS is required when executing operations within a smart contract. It is important to note that the cost of a smart contract is known before its execution, as costs are based on the complexity of the operations involved. Therefore, there is no risk of failed executions or unpredictable costs due to network traffic, as frequently experienced on Ethereum.

Hybrid Networks Fees – Enterprises can operate autonomously on their own private network where transactions are free, though they have the option to pay for enhanced security services provided by the public network.

Cryptocurrency – NXS is the native currency of the Nexus ecosystem. NXS transactions are free and instantaneous. NXS can also be staked, with rewards starting at 0.5% per annum building up to a maximum of 3% over one year. One of the unique aspects of Nexus staking is a reputation called ‘Trust’ that records the time one has contributed to the network,  which adds another layer to the security of Nexus.

NXS Tokenomics:

Current Supply: 69 mil

Target Supply @ 2024: 78 mil

Inflation Post 2024 Target: once the 78 mil target is reached, both PoW channels will contribute 0.67% inflation per year, while the growth from the PoS channel will be capped at 3% (in reality this will be much lower as this requires all available NXS to be staked and 3% rate accumulated). The inflation model has been designed to mimic the growth rate of gold to ensure sustainable growth of the Nexus ecosystem.

Use Cases - Projects Building on Nexus:

Since the release of the Tritium upgrade, development activity has seen steady organic growth with continued interest from developers. Currently, there are two production live DApp projects (see below) and a number of other use cases that are actively developing. Announcements of these use cases will be made by the respective project teams when they are ready to do so.

Biodiversity & Ecosystem Futures (BEF): An asset registry that enables the tracking & trading of environmental assets (e.g. carbon credits) to incentivise environmental regeneration. Additional partner integrations are underway!

Free & Equal: A not-for-profit with a mission to open the electoral process, promote transparency and empower voters with information about all their candidate choices. They have built a MVP, which records votes for candidates on the Nexus blockchain. 

Coolade: A fully decentralized solution for crowdfunding campaigns, fuelling a gig economy targeted towards non-profit causes. Most of the MVP backend is complete and efforts are accelerating to bring this project to fruition.

Numerous Cannabis/Hemp use cases with a variety of integrations and partners are evolving rapidly.

A Decentralized Documentation Verification DApp initiating in the construction industry is in the final design stage

Three full-service Exchange & Asset providers are being explored for a wide range of traditional and blockchain services.

Previously published at https://www.publish0x.com/nexusio-blockchain-introductory-articles/nexus-connecting-a-decentralized-world-xjmymqo

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