Nexus (NXS) Price

That being said, let us understand what exactly is Nexus' grand plan and how it aims to achieve it.

Do you remember the bit where we mentioned that Nexus plans to address the two issues surrounding cryptocurrencies - absolute decentralisation and no regulation? Well, Nexus' plan can be broken down into these two halves.

Decentralisation in Nexus

To achieve absolute decentralisation for its digital currency, Nexus has taken the traditional Bitcoin blockchain and transformed it into a three-dimensional chain. This three-dimensional chain, also known as 3DC, employs three different mining methods. As a result, decentralisation is increased since more contributors are working on the mining process. Furthermore, considering that the amount of data to be processed is reduced for each contributor, this also reduces the need for expensive mining machines that consume a lot of energy.

In many ways, this is a big leap forward for cryptocurrencies. Satoshi Nakamoto intended for Bitcoin to be completely decentralised, but owing to the large computational power needed to mine it, only a few have the resources to mine Bitcoin. Therefore, this makes it centralised and defeats the entire purpose. Nexus addresses this issue through its revolutionary 3D Blockchain.

We will try to explain how it works without getting really technical. In the Bitcoin blockchain, miners are competing against each other to process the incoming transactions and structure the same into a block so that it can be added to the blockchain. The first party to do so is rewarded with Bitcoin and the process repeats again.

In the case of Nexus' 3D Chain, incoming transactions are worked on a first-come-first-serve basis. Once these transactions are received, they are assigned 'Weight' and 'Trust' based on the number of acknowledgements received for them and the level of trust of those confirming these transactions. Once these transactions are verified, they are locked in to be validated. Essentially, these locked in transactions are waiting for the rest of the block data to arrive and be added to the chain. This locking in frees the resources on the Nexus network, thus enabling them to work on the next wave of transactions.

In a way, the three dimensions of the blockchain serve three different purposes - verifying and creating signatures of the transactions, consolidating transactions into a single trust lock hash and lastly, completing the block. This is definitely an improvement over Bitcoin, wherein the entire process has to be completed before proceeding with the next set of transactions. This is the reason why transaction time in Nexus is significantly lesser than that of Bitcoin - many transactions are processed at the same time and they don't have to wait for the addition of new block to the chain.

As a result, several systems on the network are working together on these transactions, instead of competing against each other. You can perceive the Nexus 3DC as a huge mining pool. This improves the speed with which transactions are processed and enhances decentralisation greatly. Nexus 3DC utilises the three different channels (or locks) to verify and add transactions to the chain, and each channel uses a different consensus model. This, in turn, reduces the risk of miner centralisation which is the case with Bitcoin. Miners, in the case of Nexus, are rewarded based on their contribution to the block creation. This is the underlying principle of how Nexus 3D Blockchain works.

The Security of Nexus

The other issue that plagues these digital coins out there is security. This is one of the lesser known issues and contrary to popular belief, Bitcoin and its peers are susceptible to hacking. This has been explained in great detail by the founder of Ethereum, Vitalik Buterin, who wrote an article explaining the effect of quantum computers on the security of Bitcoin.

Basically, the article states that the technology utilised in quantum computers is incredibly fast and powerful, to the extent that it can intercept transactions and potentially alter them, even before the latest block is added to the Bitcoin blockchain. Even though we are yet to witness Bitcoin's security be broken, the emergence of quantum computers makes it only a matter of time before it happens.

Nexus not only realised this potential flaw, but it also managed to overcome it during the development of its digital currency. Without getting too technical, all you have to know is that it uses the latest cryptographic technology (more advanced than that of Bitcoin) which is truly 'designed to negate the threat posed by the quantum technology of the future.' For instance, Bitcoin's output is 256 bit, whereas the same for Nexus is 1024 bit, making it four times as secure. Similarly, Bitcoin private keys are 256 bit while Nexus private keys are 571 bit - the same technology that is utilised by the NSA. To put it in layman's terms, it is super, super secure.

No Regulation in Nexus

So far, we have taken a look at how Nexus has addressed the decentralisation issue faced by Bitcoin and other cryptocurrencies out there. Now, do you remember the bit where we mentioned that Nexus also plans on becoming a monetary unit with no regulation whatsoever? Well, the second part deals with this and quite frankly, this is the most exciting bit.

Let us go back to the example of Bitcoin. Even though it claims that it is decentralised, and to a certain extent, it is true. However, it still exists on the internet. Countries and government technology industries can easily block access to its cryptocurrency exchanges and completely ban trading through their firewalls. In fact, many countries are already contemplating this.

But what if the cryptocurrency exists on a network other than the internet? The idea seems a bit too far-fetched but that is what Nexus is planning to do - to make its own internet. You can understand this better through the example of casino boats. Since laws prohibiting gambling don't apply away from the shores, casino operators take their patrons out into the ocean or river channel before anyone is allowed to start gambling. Nexus' idea is quite similar to this, except it plans to build its network in the space.

Nexus, in partnership with Vector Space Systems, aims to establish a Low Earth Orbit (LEO) satellite network that will provide worldwide access to its digital currency. Nexus is slowly setting up the foundation to broadcast its blockchain and Nexus Network from space, with the help of LEO satellites. These satellites will relay data to the supporting ground network which will be set up by Nexus. This coherence between Nexus satellites and ground stations will create a complete mesh network which will run parallel to the internet. The best part is, it will be resistance to external control.

So, to sum it up, Nexus' technology is far more advanced and secured than that of Bitcoin and its peers, and it serves the purpose of being absolutely decentralised. To achieve the goal of no regulation, it plans on creating its own network with worldwide access, with the help of ground stations and Low Orbit Satellites. On paper, this sounds like a wonderful idea but only time will tell how far it can go. However, by the looks of it, it is the only cryptocurrency out there that has the potential to be truly decentralised with no regulation whatsoever.

Where to buy Nexus (NXS) cryptocurrency?

In order to buy NXS tokens, you will first need to purchase Bitcoin or Ethereum, and exchange the same for Nexus at any of these cryptocurrency exchanges - Cryptopia, Bittrex, Changelly, Binance, et cetera.

Nexus Wallets

The company behind Nexus has developed its own desktop NXS wallet for Windows, Mac, and Linux operating platforms. More information about these can be found on the official website of Nexus.

Alternately, you can also look at hardware wallets like Nano Ledger S, given that they are far more secure and not vulnerable to hacking attacks.

Nexus Mining

As stated earlier, it is possible for anyone with a computer to mine NXS tokens. Unlike Bitcoin, mining Nexus does not require a great deal of computational power.

Any system with a CPU can mine Nexus tokens using the Prime Channel. The reward in this case depends on the contribution you make towards the creation of the block. If you have a graphics card, then you can venture into advanced mining methods on the Hashing Channel.

You can find more information on Nexus mining on the official website.

Nexus Price Trends

The price of Nexus cryptocurrency did not vary significantly up until the end of May 2017, post which the price started increasing. It is worth noticing that this happened around the same time other cryptocurrencies like Bitcoin and Ripple XRP started becoming popular. In a way, the massive boom in Bitcoin's price emboldened investors to start looking at other digital currencies out there in the market.

The table below mentions the variation in the price of Nexus cryptocurrency. The value of Nexus peaked in early January 2018, at around $14. After this, just like every other cryptocurrency, it's value plummeted and at the time of writing this article, 1 Nexus token is worth $1.40.

Risks associated with investing in Nexus

Of all the cryptocurrencies out there, Nexus is the only one that truly fits the definition of being completely decentralised. It is not only the most secure cryptocurrency out there, but it is also working towards being the only cryptocurrency with no sort of regulation, whatsoever. It is only a matter of time before people realise its true potential.

However, despite its impressive technology and the ambitious plan, it is still a cryptocurrency. This means that Nexus tokens are subject to high volatility and legal hurdles. Any crackdown on cryptocurrencies will dramatically impact its value.

In such a scenario, mutual funds serve as a safer, viable investment and we urge you to consider this. They are absolutely legal and a lot more safer than cryptocurrencies.

Disclaimer:

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