Full formatted version: Nexus 101: • What is Nexus? • What benefits does Nexus bring to the blockchain space? • How does Nexus secure the network and reach consensus? • What is quantum resistance and how does Nexus implement this? • What is Nexus’ Unified Time protocol?

Nexus Mining. 1 Block Reward = 12.5 NXS. Click button below to start mining. 1 Block Reward = 12.5 NXS. Click button below to start mining. Sep 1, 2017 - Nexus has precautions in place to resist against quantum computer attacks by using large, one-time-use keys and 1024-bit hashes. These two features together should mean a more secure network. Another feature they have is working together with the Nodes. Nexus allows them to build up “Trust”.

How to start solo mining Nexus coins using your local wallet and Nvidia graphics card. Nexus Bitcointalk thread by imineblocks. Sep 23, 2016 - SK-576: Hash of Public Keys, which is then hashed with SK256 to generate your Address. SK-1024: Hash for Block Generation. Used by both the CPU and GPU miners [and Stake Minting] to create new Blocks. In comparison to SK-1024 security standard used by Nexus to create its blocks, Bitcoin is using.

• Why does Nexus need its own satellite network? The Nexus Currency: • How can I get Nexus? • How much does a transaction cost? • How fast does Nexus transfer?

• Did Nexus hold an ICO? How is Nexus funded?

• Is there a cap on the number of Nexus in existence? • What is the difference between the Oracle wallet and the LLD wallet? • How do I change from Oracle to the LLD wallet? • How do I install the Nexus Wallet? Types of Mining or Minting: • Can I mine Nexus?

• How do I mine Nexus? • How do I stake Nexus?

• I am staking with my Nexus balance. What are trust weight, block weight and stake weight? Nexus 101: 1. What is Nexus (NXS)? Nexus is a digital currency, distributed framework, and peer-to-peer network. Nexus further improves upon the blockchain protocol by focusing on the following core technological principles: • Speed • Scalability • Security • Accessibility Nexus will combine our in-development quantum-resistant 3D blockchain software with cutting edge communication satellites to deliver a free, distributed, financial and data solution.

Through our planned satellite and ground-based mesh networks, Nexus will provide uncensored internet access whilst bringing the benefits of distributed database systems to the world. For a short video introduction to Nexus Earth, please visit this 2. What benefits does Nexus bring to the blockchain space? As Nexus has been developed, an incredible amount of time has been put into identifying and solving several key limitations: • Scalability • Quantum computing vulnerability • Centralized network access • Slow difficulty adjustment • Slow block times • Miner centralization • Block reward halving • Clock drift Nexus is also developing a framework called the Lower Level Library. This LLL will incorporate the following improvements: • LLC (Lower Level Cryptography): This is a suite of cutting edge cryptographic methods including hashing, asymmetric encryption, digital signatures, and symmetric encryption algorithms • LLP (Lower Level Protocol): This is a template protocol to allow any protocol to be created with ease without the need for repeated network programming. • LLD (Lower Level Database): This is a set of templates for creating high efficiency database systems.

This high efficiency can be used to power large websites, which are currently built with database software that is not designed to scale. For information about more additions to the Lower Level Library, please visit 3. How does Nexus secure the network and reach consensus? Nexus is unique amongst blockchain technology in that Nexus uses 3 channels to secure the network against attack. Whereas Bitcoin uses only Proof-of-Work to secure the network, Nexus combines a prime number channel, a hashing channel and a Proof-of-Stake channel. Where Bitcoin has a difficulty adjustment interval measured in weeks, Nexus can respond to increased hashrate in the space of 1 block and each channel scales independently of the other two channels. This stabilizes the block times at ~50 seconds and ensures no single channel can monopolize block production.

This means that a 51% attack is much more difficult to launch because an attacker would need to control all 3 channels. Every 60 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified dated prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate blockchain. What is quantum resistance and how does Nexus implement it?

To understand what quantum resistance is and why it is important, you need to understand how quantum computing works and why it’s a threat to blockchain technology. Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0. Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula 2n, where n is the number of transistors.

Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change states. Quantum computers utilize quantum bits, “qubits,” which are represented by the quantum state of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously. Superposition permits a quantum computer to process a higher number of data possibilities than a classical computer. Qubits can also become entangled.

Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems, extremely quickly. One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast).

This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations. One way to increase quantum resistance is to require more qubits (and more time) by using larger private keys: Bitcoin Private Key (256 bit) 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF Nexus Private Key (571 bit) 6Wuiv513R18o5cRpwNSCfT7xs9tniHHN5Lb3AMs58vkVxsQdL4atHTF Vt5TNT9himnCMmnbjbCPxgxhSTDE5iAzCZ3LhJFm7L9rCFroYoqz Bitcoin addresses are created by hashing the public key, so it is not possible to decrypt the public key from the address; however, once you send funds from that address, the public key is published on the blockchain rendering that address vulnerable to attack. This means that your money has higher chances of being stolen. Nexus eliminates these vulnerabilities through an innovation called signature chains. Signature chains will enable access to an account using a username, password and PIN. When you create a transaction on the network, you claim ownership of your signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key.

Your wallet then creates a new private/public keypair, generates a new NextHash, including the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is written in the contract code. This keeps the public key obscured until the next transaction, and by divorcing the address from the public key, it is unnecessary to change addresses in order to change public keys. Changing your password or PIN code becomes a case of proving ownership of your signature chain and broadcasting a new transaction with a new NextHash for your new password and/or PIN. This provides the ability to login to your account via the signature chain, which becomes your personal chain within the 3D chain, enabling the network to prove and disprove trust, and improving ease of use without sacrificing security. The next challenge with quantum computers is that Grover’s algorithm reduces the security of one-way hash function by a factor of two.

Because of this, Nexus incorporates two new hash functions, Skein and Keccak, which were designed in 2008 as part of a contest to create a new SHA3 standard. Keccak narrowly defeated Skein to win the contest, so to maximize their potential Nexus combines these algorithms. Skein and Keccak utilize permutation to rotate and mix the information in the hash. To maintain a respective 256/512 bit quantum resistance, Nexus uses up to 1024 bits in its proof-of-work, and 512 bits for transactions. What is the Unified Time protocol? All blockchains use time-stamping mechanisms, so it is important that all nodes operate using the same clock. Bitcoin allows for up to 2 hours’ discrepancy between nodes, which provides a window of opportunity for the blockchain to be manipulated by time-related attack vectors.

Nexus eliminates this vulnerability by implementing a time synchronization protocol termed Unified Time. Unified Time also enhances transaction processing and will form an integral part of the 3D chain scaling solution.

The Unified Time protocol facilitates a peer-to-peer timing system that keeps all clocks on the network synchronized to within a second. This is seeded by selected nodes with timestamps derived from the UNIX standard; that is, the number of seconds since January 1st, 1970 00:00 UTC. Every minute, the seed nodes report their current time, and a moving average is used to calculate the base time. Any node which sends back a timestamp outside a given tolerance is rejected. It is important to note that the Nexus network is fully synchronized even if an individual wallet displays something different from the local time.

Why does Nexus need its own satellite network? One of the key limitations of a purely electronic monetary system is that it requires a connection to the rest of the network to verify transactions. Existing network infrastructure only services a fraction of the world’s population. Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Primarily, the cubesat mesh network will exist to give Nexus worldwide coverage, but Nexus will also utilize its orbital and ground mesh networks to provide free and uncensored internet access to the world. The Nexus Currency (NXS): 1.

How can I get Nexus? There are two ways you can obtain Nexus. You can either buy Nexus from an exchange, or you can run a miner and be rewarded for finding a block. If you wish to mine Nexus, please follow our guide found below.

Currently, Nexus is available on the following exchanges: • Bittrex (99% of trade volume) • Coinspot (Australia) • Cryptopia • Upbit (South Korea) • Stocks.exchange Nexus is actively reaching out to other exchanges to continue to be listed on cutting edge new financial technologies. How much does a transaction cost? Under Nexus, the fee structure for making a transaction depends on the size of your transaction. A default fee of 0.01 NXS will cover most transactions, and users have the option to pay higher fees to ensure their transactions are processed quickly.

When the 3D chain is complete and the initial 10-year distribution period finishes, Nexus will absorb these fees through inflation, enabling free transactions. How fast does Nexus transfer? Nexus reaches consensus approximately every ~ 50 seconds. This is an average time, and will in some circumstances be faster or slower. NXS currency which you receive is available for use after just 6 confirmations. A confirmation is proof from a node that the transaction has been included in a block. The number of confirmations in this transaction is the number that states how many blocks it has been since the transaction is included.

The more confirmations a transaction has, the more secure its placement in the blockchain is. Did Nexus hold an ICO? How is Nexus funded? The Nexus Embassy, a 501(C)(3) not-for-profit corporation, develops and maintains the Nexus blockchain software. When Nexus began under the name Coinshield, the early blocks were mined using the Developer and Exchange (Ambassador) addresses, which provides funding for the Nexus Embassy.

The Developer Fund fuels ongoing development and is sourced by a 1.5% commission per block mined, which will slowly increase to 2.5% after 10 years. This brings all the benefits of development funding without the associated risks.

The Ambassador (renamed from Exchange) keys are funded by a 20% commission per block reward. These keys are mainly used to pay for marketing, and producing and launching the Nexus satellites.

When Nexus introduces developer and ambassador contracts, they will be approved, denied, or removed by six voting groups namely: currency, developer, ambassador, prime, hash, and trust. Please Note: The Nexus Embassy reserves the sole right to trade, sell and or use these funds as required; however, Nexus will endeavor to minimize the impact that the use of these funds has upon the NXS market value. Is there a cap on the number of NXS in existence?

After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS. Over this period, the reward gradient for mining Nexus follows a decaying logarithmic curve instead of the reward halving inherent in Bitcoin. This avoids creating a situation where older mining equipment is suddenly unprofitable, encouraging miners to continue upgrading their equipment over time and at the same time reducing major market shocks on block halving events. When the distribution period ends, the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. This inflation is completely unlike traditional inflation, which degrades the value of existing coins. Instead, the cost of providing security to the blockchain is paid by inflation, eliminating transaction fees.

What is the difference between the LLD wallet and the Oracle wallet? Due to the scales of efficiency needed by blockchain, Nexus has developed a custom-built database called the Lower Level Database. Since the development of the LLD wallet 0.2.3.1, which is a precursor to the Tritium updates, you should begin using the LLD wallet to take advantage of the faster load times and improved efficiency. The Oracle wallet is a legacy wallet which is no longer maintained or updated. It utilized the Berkeley DB, which is not designed to meet the needs of a blockchain.

Eventually, users will need to migrate to the LLD wallet. Fortunately, the wallet.dat is interchangeable between wallets, so there is no risk of losing access to your NXS. How do I change from Oracle to the LLD wallet? Step 1 - Backup your wallet.dat file. You can do this from within the Oracle wallet Menu, Backup Wallet. Step 2 - Uninstall the Oracle wallet. Close the wallet and navigate to the wallet data directory.

On Windows, this is the Nexus folder located at%APPDATA% Nexus. On macOS, this is the Nexus folder located at ~/Library/Application Support/Nexus. Move all of the contents to a temporary folder as a backup. Step 3 - Copy your backup of wallet.dat into the Nexus folder located as per Step 2. Step 4 - Install the Nexus LLD wallet.

Please follow the steps as outlined in the next section. Once your wallet is fully synced, your new wallet will have access to all your addresses. How do I install the Nexus Wallet? You can install your Nexus wallet by following these steps: Step 1 - Download your wallet from. Click the Downloads menu at the top and select the appropriate wallet for your operating system.

Step 2 - Unzip the wallet program to a folder. Before running the wallet program, please consider space limitations and load times. On the Windows OS, the wallet saves all data to the%APPDATA% Nexus folder, including the blockchain, which is currently ~3GB. On macOS, data is saved to the ~/Library/Application Support/Nexus folder. You can create a symbolic link, which will allow you to install this information in another location. Using Windows, follow these steps: • Open a command prompt as administrator • Enter: mklink /D%appdata% Nexus On macOS, follow these steps: • Open the Terminal application • Enter: ln -s ‘~/Library/Application Support/Nexus’ Step 3 (optional) - Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save hours from the wallet synchronization process.

Please go to and click the Downloads menu. Step 4 (optional) - Extract the database file. This is commonly found in the.zip or.rar format, so you may need a program like 7zip to extract the contents. Please extract it to the relevant directory, as outlined in step 2. Step 5 - You can now start your wallet. After it loads, it should be able to complete synchronization in a short time.

This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet. Step 6 - Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions.

Step 7 - Backup your wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it. You should back up your wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address. Types of Mining or Minting: 1.Can I mine Nexus?

Yes, there are 2 channels that you can use to mine Nexus, and 1 channel of minting: Prime Mining Channel This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU. Hashing Channel This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty.

This is most often performed using a GPU. Proof of Stake (nPoS) Staking is a form of mining NXS. With this process, you can receive NXS rewards from the network for continuously operating your node (wallet).

It is recommended that you only stake with a minimum balance of 1000 NXS. It’s not impossible to stake with less, but it becomes harder to maintain trust. Losing trust resets the interest rate back to 0.5% per annum. How do I mine Nexus?

As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU.

Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available. Please follow the instructions below for the relevant type of miner. Prime Mining: Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make.

To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet?

Please download the relevant miner from. Please note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only. Step 1 - Extract the archive file to a folder.

Step 2 - Open the miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet.

Sieve_threads is the number of CPU threads you want to use to find primes. Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing. It is also recommended to add the following line to the options found in the.conf file: 'experimental': 'true' This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate.

Step 3 - Run the nexus_cpuminer.exe file. For a description of the information shown in this application, please read this guide. Hashing: The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models.

Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability. The latest software for the Nvidia miner can be found. The latest software for the AMD miner can be found. The AMD miner is a third party miner. Information and advice about using the AMD miner can be found on our.

This guide will walk you through the Nvidia miner. Step 1 - Close your wallet.

Navigate to%appdata% Nexus (~/Library/Application Support/Nexus on macOS) and open the nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as nexus.conf You will need to add the following lines before restarting your wallet: • llpallowip=127.0.0.1:9325 • mining=1 Step 2 - Extract the files into a new folder. Step 3 - Run the nexus.bat file.

This will run the miner and deposit any rewards for mining a block into the account on your wallet. For more information on either Prime Mining or Hashing, please join our Slack and visit the #mining channel. Additional information can be found here. How do I stake Nexus? Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by: • Choosing Unlock Wallet from the Settings menu • Check the box that says 'Unlock for Mint Only', then enter your password. • When the question mark at the lower right of the wallet window changes to a clock icon, you are now staking.

After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and stakes your wallet balance on that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as your Trust key remains active. IMPORTANT - After you receive a Genesis transaction, backup your wallet.dat file immediately.

You can select the Backup Wallet option from the File menu, or manually copy the file directly. If you do not do this, then your Nexus balance will be staked on the Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.

I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight? These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction. When staking is active, the wallet displays a clock icon in the bottom right corner.

If you hover your mouse pointer over the icon, a tooltip-style display will open up, showing their current values. Please remember to backup your wallet.dat file (see question 3 above) after you receive a Genesis transaction.

Interest Rate - The minting rate at which you will receive staking rewards, displayed as an annual percentage of your NXS balance. It starts at 0.5%, increasing to 3% after 12 months. The rate increase is not linear but slows over time. It takes several weeks to reach 1% and around 3 months to reach 2%. With this rate, you can calculate the average amount of NXS you can expect to receive each day for staking.

Trust Weight - An indication of how much the network trusts your node. It starts at 5% and increases much more quickly than the minting (interest) rate, reaching 100% after one month. Your level of trust increases your stake weight (below), thus increasing your chances of receiving staking transactions. It becomes easier to maintain trust as this value increases. Block Weight - Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% after 24 hours. Every time you receive a staking transaction, the block weight resets. If your block weight reaches 100%, then your Trust key expires and everything resets (0.5% interest rate, 5% trust weight, waiting for a new Genesis transaction).

This 24-hour requirement will be replaced by a gradual decay in the Tritium release. As long as you receive a transaction before it decays completely, you will hold onto your key.

This change addresses the potential of losing your trust key after months of staking simply because of one unlucky day receiving trust transactions. Stake Weight - The higher your stake weight, the greater your chance of receiving a transaction. The exact value is a derived by a formula using your trust weight and block weight, which roughly equals the average of the two. Thus, each time you receive a transaction, your stake weight will reset to approximately half of your current level of trust. It is explained more fully in the staking section under the Important label. But, to answer your question, you should create a new backup whenever you create a new Receive address.

Also, when you stake your balance and receive a Genesis transaction, it creates a new trust key (address) in your wallet and stakes your balance on that key. You'll want to create a new backup then, too, to ensure that this new key is backed up. You can see this in the block explorer. If you have received a Genesis or Trust transaction, click on the Transactions tab in the wallet. Then right-click on the most recent Genesis/Trust and copy the address. Paste it in here: You'll see your balance is moved to that address for staking.

If you don't back up the new key, you risk losing that balance if something were to happen to your computer. • • • • • • •. If you stake your coins (to earn more NXS), the first transaction you receive is Genesis. This creates your trust key. After that, you receive Trust transactions as long as that key is active. You only need to back up the Genesis transaction at the beginning. Read through these sections in the FAQ for more info: • Can I mine Nexus?

• How do I stake Nexus? • I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight? You don't have to stake your coins, and it might not be worth it if you don't have enough balance to maintain trust.

If that is the case, trust resets whenever a key expires, and it would start over with another Genesis. If you don't wish to stake, just leave your wallet locked and it won't do it. The 'unlock for mint only' option when you enter your password is what activates it. • • • • • • •. There seems to be an error in communication. The genesis transaction address comes from your pool of addresses.

As does every new address you create. There are 100 addresses in this pool.

If you empty this pool, you will regenerate the pool with 100 new keys. It is at this point you will risk losing access to your funds if you do not keep your backup updated.

So it is not necessary to update after every genesis. But it is good practice.

If you wish to backup less often, every couple of weeks should be fine. When Tritium comes, it won't be necessary. • • • • • • •. Nice write-up. But there seems to be a mismatch of information in this reddit post and the document: Reddit post: Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Document: When will the first cubesats be launched?

Nexus is planning to start launching its first satellites for the Phase 1 constellation in mid to late 2018. Could you please correct one source and update us if it's 2018 or 2019 please? I was informed numerous times it would be 2018. I was looking forward to next year:) • • • • • •. Date is in two places. One in this post, one in FAQ part 2 post. Originally, estimate for first sats was mid/late 2018.

But that really relies on when Vector has their launch vehicles ready. Based on their current status, and to be conservative, changed the estimate to 2019. Must have missed that one location. Not much difference between late 2018 and 2019, though. And, regardless of when the first sats are launched, the bulk should start going up in 2019. That was always the case.

Reddit part 2 post is updated now. Will be reflected in Google doc ASAP. • • • • • • •.

The founder of Nexus, Colin Cantrell, is the son of one of the founding members of aerospace company SpaceX, Jim Cantrell. Jim is now the co-founder of Vector Space Systems, a company preparing to launch affordable satellites, approximately twice the size of a Rubik’s Cube, called CubeSats, into space. When I first heard Colin speak about Nexus, it all sounded like English, but there were lots of words and acronyms I could not find in my dictionary. I guess I can forgive him after learning his father is truly a rocket scientist. Imagine the conversation around the dinner table in that household. Here, after many hours of research, I am going to attempt to decipher Nexus for you, and explain it in terms we can all understand. A few months ago I was researching ways to circumvent the current banking system where every dollar, euro, and ruble is regulated, tracked, taxed and reported.

Nexus first caught my attention when I read the following quote from Colin: “You can’t ask people to boycott a system without offering something for them to use instead.” Providing an alternative to today’s limited financial choices is what the Nexus project promises. Nexus plans to give worldwide access to a monetary store of value which cannot be controlled or compromised by those who feel they should have authority over your money. In addition, Nexus will offer financial security to the billions of people around the world with access to cell phones, but no way to store or spend their money. That sounds complicated.

How will Nexus accomplish this? In simple terms, their plan requires just two necessary components. First, there must be a completely secure unit of value, both today and in the foreseeable future, which can handle an almost unlimited number of transactions. Second, the source of this unit of value must exist where there is no regulation. Where Bitcoin, and every other crypto currency, fail to meet either of these requirements, Nexus addresses both. This project is revolutionary in scope, yet takes advantage of technology already available today to create the necessary pieces.

The first question I asked myself was where this radical idea came from. There have to be other people working on something similar, right?

The answer is no. When Satoshi created Bitcoin, he put parameters in place defining how security worked, how transactions are handled, and how many Bitcoins miners would earn. All other crypto currencies work within the general confines Satoshi originally defined with minor differences. Colin Cantrell, instead of confining Nexus to these boundaries and jumping right into project development in 2014, spent months learning to think the way Satoshi thought. Best Electra ECA Mining Contractors. He asked himself, “If Satoshi were improving the original Bitcoin parameters to create an even more decentralized and secure currency, what would he change?” Discovering the answers to this question helped shape the detailed plan Colin created. The steps in his plan to improve the Bitcoin protocol, along with the progress already made, are summarized in the outline below.

I am going to make the assumption you already know what the Blockchain is. This is not the article to define it for you. You will often see the Blockchain defined as a ‘peer to peer decentralized distributing network’. Since this is a guide for the average Joe, and I recently learned this myself, I just wanted to point out these two are the same. I will use the term Blockchain below, since saying peer to peer decentralized distributing network is like calling a car a ‘mobile self-propelled transporting relocation device.’ The Nexus Blockchain works the same way others work. Miners are using processors to create and place each new block at the end of the current chain.

Blocks on the Nexus chain are placed in under 150 seconds, making transactions considerably faster than Bitcoin. Another way Nexus increases the speed of transactions is by having a multi-threaded balanced messaging protocol, where Bitcoin is single-threaded. You said this was for the average Joe. Sorry, let me explain in terms even I can understand. Imagine your company is in charge of loading boxes onto a train with one hundred empty cars, and you have one forklift. You have to pick up a box, move it to the first car, load it, then go get the box for the second car, load it, etc. This is an illustration of how data flowing through the single-threaded Bitcoin system works.

Now imagine you have one hundred forklifts, and at the same time they all retrieved their box and each loads one of the cars, so all one hundred were loaded in the same time it took to load one car in the first example. This is how data flowing through the multi-threaded Nexus system works. Many transactions are processed at the same time. Nexus is going to address one of the most frustrating aspects of crypto currency transfers.

If you have attempted to send Bitcoin to an invalid address, or have accidentally sent it to the wrong address, you know there is no way to get it back. Nexus is going have the ability to require a sender and receiver signature. This means if you send your Nexus to an invalid address, it will not receive a signature, and will be sent back to you. It also means if you realize you sent Nexus to an incorrect address, you will have a definable period of time to cancel the transfer. What Cryptonex CNX Mining Looks Like.

Lastly, if you are on the receiving side and want to refuse a transfer, you will be able to return it. These are all easy ways Nexus is going to improve on the current Bitcoin parameters. Now I am to the point where I have to attempt to define something difficult Security. If you read the information on the or the, you are sure to see the following definition for Nexus security Hashing: SK-1024, SK-576, SK-512, and SK-256 used in all hashing. Pure SHA3 using Skein and Keccak. Let me first explain why all of those indecipherable letters and numbers are necessary.

The founder of Ethereum, Vitalik Buterin, wrote an article in 2013 detailing the effect quantum computers are going to have on Bitcoin. In the article, Buterin explains how quantum computers are going to make it possible to break Bitcoin security. The technology in quantum computers is so fast and powerful, the incredible hash security designed in 2002 currently utilized by Bitcoin will soon no longer protect transactions from being intercepted, and potentially altered, before the latest block in the Bitcoin chain is agreed upon. Knowing more security is required for the future, let me break down the Nexus security definition. Hashing simply means the security used when encrypting data.

Bitcoin is using SHA2 hashing (security). SHA is an acronym meaning Secure Hash Algorithm. While it is not believed anyone has broken SHA2 hashing yet, the emergence of quantum computers mean it is only a matter of time before it happens. In 2008, NIST, the National Institute of Standards and Technology, started a competition to create another secure alternative hashing standard they would label. In this competition 51 candidates submitted admissions. Four years later, the submission called Keccak was selected as the winner of the competition.

It beat out another highly secure hashing submission called Skein. If you look up again at the Nexus Hashing definition, you will see SHA3 using Skein and Keccak and now you know where those names came from. Nexus incorporates both of these protocols together into its security, and is the first coin to incorporate the new SHA3 standard. Where you see SK-1024 in the definition, this is referring to the combined Skein/Keccak (SK) hash security to produce a 1024 bit output when creating the block. How can I make that easier to understand? It is really (really) super secure.

Nexus uses the SK security standard to produce hashing for each component of its transactions. You may not understand what each of these components are, but here is a list of the different hashing used in the Nexus network. SK-256: Hash to generate an Address from your Public Key Hash.

SK-512: Hash for Transaction. SK-576: Hash of Public Keys, which is then hashed with SK256 to generate your Address.

SK-1024: Hash for Block Generation. Used by both the CPU and GPU miners [and Stake Minting] to create new Blocks. In comparison to SK-1024 security standard used by Nexus to create its blocks, Bitcoin is using SHA2, 256 bit output.

This makes Nexus four times as secure. Nexus also uses 571 bit private keys, compared to 256 bit keys used in almost all other currencies. This 571 bit private key is the government recommended standard proposed by NIST and used by the NSA. You may have heard something about a 51% attack, which is the possibility one entity or group has enough power to make the latest block on the chain be from whatever chain they decide is correct.

While this has never happened to Bitcoin yet, in 2014 a mining pool called Ghash.io did get up to 50%. This dominance is possible because everyone on the Bitcoin network is casting their vote in the same channel, so if 51% of the votes on the single channel say yes to a particular block, that block is considered ‘agreed upon’ and added to the chain. With Nexus, there are three channels in the network, GPU mining, CPU mining, and Nexus Proof of Stake (nPoS). In order to succeed with a 51% attack on the Nexus network, the attacker would have to control 51% of the votes across all three of the channels.

This, along with the SHA3 Skein/Keccak security defined above, ensure it is not currently possible now, or in the foreseeable future, to compromise the security of the Nexus network. No other coin, even the ones claiming they are the most secure, approaches the level of security built into Nexus. There are other differences as well you can read about on the or on the. These other points are easier to understand, such as the increasing interest up to 3% you earn on your Nexus wallet balance, based on how much trust you build staking on the network. This brings us to the end of the first important feature needed to implement the Nexus project; a completely secure unit of value, both today and in the foreseeable future, which can handle an almost unlimited number of transactions.

To refresh your memory, the second necessary feature is this unit of value must exist where there is no regulation. This is the part that gets me really excited about the project.

Look back up and reread the first paragraph of this article again. Do you see any clues there to where an unregulated home for Nexus might be found by Colin Cantrell? If Nexus resides on Earth, it will be subject to the regulations of the governments where it derives from. Have you ever seen a casino boat? They take their passengers out into the ocean or river channel before anyone is allowed to start gambling, because the laws prohibiting gambling don’t apply away from shore. The Nexus network will be one hundred miles away, straight over our heads. Regulate that!

As defined on the Bitcointalk page 'Nexus is actively building relationships within the aerospace industry to allow for the hardware infrastructure to be compatible with its transaction system. Nexus is building the foundation to broadcast the Blockchain and Nexus Network from space. Under existing hardware infrastructure, cryptocurrency is technically under the mercy of telecommunication and government technology industries. Coupled with both the development of software and hardware, Nexus seeks to free men from centralized financial institutions.'

Now you know. Nexus is the most secure crypto currency, led by a brilliant renegade visionary, employing a passionate team of highly skilled people, with the ability to put their ideas into space, all using existing technology. I can currently buy NXS currency for less than.05 cents. How long do you think that is going to last? - Get access to the developers, and check out the active trading channel for daily discussion on great picks..

The Article Below Was Posted on September 23, 2016. Feel free to link to this article from other sources, but please do not republish without consent from the author. You can contact me through Steem, or by contacting the moderator of the Crypto Currency News Reddit linked below. Please visit the Reddit page where I keep track of Altcoin news daily. If you are in need of articles or other PR for your Crypto Currency or Website please contact me.

I have references to other articles I have published if needed. Will work for Crypto:-).