Is Nexus the alt-coin of the future? Cryptocurrency is a tricky subject. There are more ups and down than a roller coaster so it’s difficult to evaluate which new coins are worth the investment. Don’t worry though; we’re here to help!
Nexus is a decentralized network that’s distributed worldwide through three exclusive channels. The goal is to provide fast and decentralized transactions in a secure way.
Nexus consists of three security channels: Hash Mining, Prime Mining, and Nexus Proof of Stake. Votes are spread across these three channels in order to provide a more robust experience.
Having three channels provides more layers of security. Everything must be balanced against all three channels, preventing any one layer from becoming too powerful.
According to the website, the goal of Nexus is to “Free humankind from centralized systems.”
They take it a step further though. Nexus doesn’t believe that decentralization is enough. Here’s the official statement from the Nexus website:
“Being decentralized is not merely enough. We must decentralize the decentralization. Using software and hardware, Nexus seeks to build the foundation for the most decentralized system to ever be developed: Nexus Earth.”
So do they accomplish these goals? Let’s dive in a bit deeper to find out!
Nexus is Secure
As I mentioned earlier, there are three layers of checks and balances. In addition to those layers, there are also Trust Keys that are used to further secure the system. Nexus also utilizes Quantum Computer Resistant Private Keys, which have been proven to be more secure than Bitcoin. That makes Nexus one of the most secure cryptocurrencies in the world.
Decentralization from Standard Infrastructures
Nexus continues to develop relationships within the aerospace industry so that they can create a hardware infrastructure compatible with the transaction system.
The entire system is built on a solid foundation designed to broadcast the blockchain from space. Other cryptocurrencies are at the mercy of standard infrastructures so they are at the mercy of telecommunication and government technologies.
Nexus seeks to decentralize further by freeing itself completely from any link to centralized financial institutions. The concept here is quite innovative, but the real risk for investors is whether or not this type of infrastructure will work.
How Scalable is Nexus?
A new data structure is currently under development at the time of writing this review. This blockchain network might eventually replace current digital financial transaction systems. Nexus would be allowed to grow beyond its current transaction limitations, which is important to its scalability. So we won’t really have an answer to this question until this new data structure has been set into motion.
Nexus Uses the Innovative Reputation System
Each computer in a blockchain is a node and trust keys are specific addresses that receive interest payments for contributing to the system. These trust keys are quite valuable since it takes a lot of effort to build trust in the system. For instance, a user will start at 0.5% but can earn enough trust to reach 3% within a year. This reputation feature adds another layer of security to the system.
My Thoughts on Nexus
Judging from everything I have read and every video I have watched, Nexus’s main goal is to become the first cryptocurrency to completely separate itself from external agencies. They also seem to put a high premium on time, which is a breath of fresh air.
Space will give cryptocurrency more freedom and provide its users with more valuable currency.
The entire premise of cryptocurrency is that it’s decentralized. However, Nexus is one of the first companies to attempt decentralizing decentralization. It’s a confusing concept but let’s look at it in its simplest form. If you run any digital process on Earth, then you’re still at the mercy of government technology. However, if you run it from space, it greatly limits that dependence. That’s how Nexus attempts to achieve its goal.
Whether or not this approach works is still quite literally up in the air. Still, I personally think that Nexus is worth the investment.
*Circulating Supply: 52,539,041
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