nex·us /ˈneksəs/ a connection or series of connections linking two or more things.
A key advantage of the Nexus Blockchain is its ‘immutable’ or unchangeable nature, as the history of stored data cannot be overwritten or removed. The verification of data is described as ‘trustless’ because changes to the data require authorization by a decentralized global consensus. There is no central data repository or authority requiring ‘trust’. The Nexus Blockchain improves database security, as there are no central points for cyber attacks to target. The data of the Blockchain is distributed between many people’s computers, which also protects against various outages.
Today, Fiat currencies depend on governments, central banks, and third party payment service providers. Banks charge fees for cross-border transactions, and can take many days to clear. Additionally, payment services such as Visa charge fees to the end-user as well as the merchant. The Nexus Blockchain is used to verify transactions. However, unlike traditional methods, the data is verified by a decentralized global consensus, rather than a central authority. Thus, NXS can be exchanged between peers, and its issuance is independent of a central authority, which replaces the requirement of central banks, commercial banks, payment services and similar intermediaries. NXS can be sent anywhere in the world in 50-300 seconds for free. Please read more about NXS on the NXS page.
Nexus supports automated contracts, which are self-executing contracts made between two or more people, with instructions or 'conditions' written in code. Every transaction within the contract is recorded on the blockchain, holding all parties accountable. They self-execute when the conditions are met, without the requirement of a third party or a middle man.
Nexus contracts can be used for the exchange of all tokens and assets. I.e Alice will send Bob 100NXS, if Bob sends Alice a particular asset. They can also be used for more complex contracts that require multiple conditions to be fulfilled. Nexus contracts can be used to replace the need for escrow services, custodians, and to provide peer-to-peer payments for royalties and dividends. Please read more about Nexus Contract functionality and the solutions they provide on our Tech Site and FAQ.
An application that uses a blockchain to manage and store data, is considered a Decentralized Application (DApp). With the rising concerns of privacy relating to social media, communication, and how our personal data is used, the development of DApps have become a popular way to combat these concerns. Unlike regular apps and centralized services, DApps provide you ownership of your assets and data. As the ownership, modification and exchange of all assets on Nexus is validated by a decentralized consensus, DApps built on Nexus can provide services that traditionally require centralized databases or third parties. The Nexus Application Interface (API) is used to build DApps on the Nexus Blockchain. They can also be built as local modules that plug directly into the Nexus Wallet. Please read more about DApp development using Nexus on our Tech Site.
Some blockchains support the issuance of tokens or ‘Initial Coin Offerings’ (ICOs). ICOs are considered securities, as the value of these tokens are based on the performance of the company that they represent. However, unlike traditional public shares that provide dividends, ICOs do not offer a direct link to the revenues of a company. Conversely, Nexus Securitized Tokens can represent partial ownership of a company, and the automated payment of dividends to token holders. Please read more about Securitized Token Offerings (STOs) on our Tech Site.
Documents such as IDs, Education and Professional Certificates, Certificates of Insurance and no-claims records, can be registered on Nexus by reputable bodies and then transferred to people. The advantage of these digital documents is that they can’t be forged, and people can have easy access to them. Other services can also verify that these documents are authentic, without verification from the issuing body or a registrar.
The immutable nature of a blockchain provides the ability to record many different forms of data. Traceability can also be used to provide transparency into the ‘supply chains’ or history of different products. This technology can be used in the issuance of certificates for products or event tickets in order to reduce fraud. It can also be used to streamline many production processes and courier services. Please read more about traceability and Nexus Supply Chain Technology on our Tech Site.
On Nexus, transactions are recorded transparently. Therefore, anyone can trace where funds have originated from and where they have been transferred to. This feature can be used to create transparency in the non-profit sector, where it is reported that many funds are used inappropriately . Transparent transactions can also make the auditing of all public companies much easier.
The blockchain can also be used for the recording of transparent votes. This is important, as it is becoming more evident that there are flaws with current shareholder and government voting mechanisms. On Nexus, Tokens will be capable of being used for the purpose of voting, similarly to shares with voting power of a public company.
The Nexus community is the foundation for the strength, diversity and resilience of Nexus. Together, we provide ideas and resources that are crucial to the health of the network. Whether you trade, mine or stake NXS, develop applications to sell or share, or exchange ideas in one of our community channels, you are a part of the community. We are a diverse network of individuals who advocate the following five principles:
Decentralized Systems have the ability to provide choices to become more independent from existing systems, which are often centralized and reliant on outdated processes.
Decentralization of power and resources is fundamental to building the foundations of a meritocracy, where people are rewarded proportional to their merit. In this sense, everyone has an equal opportunity to rise to their level of capability, and reward is based on acceptance of responsibility across different roles.
The technology of Nexus is developed for people to have free access to information and exchange, creating the possibility for more novelty.
Honesty nurtures trust between people, allowing us to be more effective as a group, whilst transparency cultivates integrity.
Respecting ourselves and others encourages greater cooperation, collaboration and growth, to build stronger relationships and therefore a stronger community. The more people that contribute to a decentralized system, the more secure, resilient and robust it becomes. Each Nexus Wallet is a node, providing security and redundancy to the network, operated by individuals who are a part of the greater Nexus ecosystem.
To learn more about Nexus and to meet our community, please join one of our community channels, which can be found in the footer.