Nexa is a UTXO Blockchain, developed by Nexa Foundation, a distributed ledger technology that is transforming the way we conduct digital transactions. With its innovative features and robust architecture, Nexa Blockchain offers enhanced scalability, instant transactions, native tokens, and much more. Let’s explore how Nexa Blockchain is revolutionizing the digital landscape.
Wise-Contracts
Better than Smart Contracts, Nexa’s wise-contracts are a new type of smart contract that are designed to be more efficient and scalable than traditional smart contracts. Wise-contracts are based on a new programming language called Wise, which is specifically designed for blockchain applications. Wise contracts are compiled into native machine code, which makes them much faster and more efficient than traditional smart contracts, which are written in high-level languages like Solidity or Vyper.
Wise-contracts are also more scalable than traditional smart contracts. This is because they are able to run in parallel with each other, which means that the blockchain can process more transactions per second. This makes Nexa blockchain ideal for applications that require high throughput, such as DeFi and gaming.
In addition to being more efficient and scalable, wise-contracts are also more secure than traditional smart contracts. This is because they are able to take advantage of the security features of the Nexa blockchain, such as its proof-of-work consensus mechanism and its UTXO model.
PoW Scaling
Nexa blockchain uses a proof-of-work (PoW) consensus mechanism to achieve consensus. This means that miners compete to solve complex mathematical problems in order to add blocks to the blockchain. The more miners there are, the more secure the blockchain becomes. Nexa also uses a number of scaling techniques to increase its transaction capacity. These techniques include Graphene and Xthinner.
Graphene is a protocol that allows Nexa to process transactions more efficiently. Graphene does this by using a technique called Merkleized Abstract Syntax Trees (MAST). MAST allows transactions to be grouped together and processed as a single unit. This reduces the amount of data that needs to be processed, which in turn increases the transaction capacity of the network.
Xthinner is a protocol that allows Nexa to compress blocks. Xthinner does this by removing unnecessary data from blocks. This reduces the size of blocks, which in turn reduces the amount of bandwidth that is required to transmit them. This makes Nexa more scalable and efficient.
Nexa’s PoW scaling techniques improve on other blockchains in a number of ways. First, they allow Nexa to process more transactions per second. This makes Nexa more suitable for applications that require high throughput, such as payments and gaming. Second, Nexa’s PoW scaling techniques are more efficient. This means that Nexa uses less energy and resources, which makes it more environmentally friendly. Third, Nexa’s PoW scaling techniques are more secure. This is because they make it more difficult for attackers to disrupt the network.
Instant Transactions
Nexa blockchain introduces Instant Transactions, a groundbreaking feature that ensures rapid confirmation of transactions in a matter of seconds. Setting itself apart from conventional blockchains, Nexa blockchain Instant Transactions offer substantial improvements in multiple aspects. Firstly, they enable significantly faster transaction confirmations compared to other blockchains, making Nexa blockchain the optimal choice for applications necessitating swift and dependable transactions, such as payments and gaming. Secondly, Nexa blockchain Instant Transactions boast enhanced security measures, incorporating a range of techniques to safeguard against double spends and other malicious attacks. Lastly, Nexa blockchain Instant Transactions exhibit superior scalability, effortlessly accommodating a significantly higher transaction volume while maintaining both security and speed at peak levels.
- Simple Payment Verification (SPV): SPV is a method that allows nodes to verify transactions without downloading the entire blockchain. This greatly reduces the amount of data that needs to be transmitted and processed, which speeds up the confirmation process.
- Bloom Filters: Bloom filters are a data structure that can be used to quickly determine whether a transaction is present in a blockchain. This allows nodes to quickly check for double spends, which further speeds up the confirmation process.
- Doublespend Proofs: Doublespend proofs are a mechanism that allows nodes to prove that a transaction has been double spent. This helps to prevent double spends and further speeds up the confirmation process.
Block Times and Confirmations
- Instant transactions: ~3 seconds
- Block time: 2 minutes
- Confirmation time: ~6 minutes
- Average transaction speed: 200 transactions per second
- Theoretical capacity: 10 billion transactions per day or 100,000 TPS
Native Tokens
Nexa blockchain Native Tokens are a type of token that is native to the Nexa blockchain. This means that they are not created using smart contracts, but are instead part of the core protocol. Nexa Native Tokens can be used to pay for transactions, stake on the network, and participate in DeFi protocols.
Nexa Native Tokens have a number of advantages over other types of tokens. First, they are more secure because they are not created using smart contracts. Smart contracts are a powerful tool, but they can also be exploited by hackers. Nexa Native Tokens are not vulnerable to these attacks because they are part of the core protocol.
Second, Nexa Native Tokens are more efficient because they do not require gas fees. Gas fees are paid to miners when transactions are processed on a blockchain. Nexa Native Tokens do not require extra gas fees because they are part of the core protocol.
Native NFTs
Nexa provides a seamless process for creating NFTs, similar to fungible tokens. These non-fungible tokens offer a multitude of exciting possibilities, such as digital artwork, ownership of assets, event tickets, in-game items, certificates, and countless other yet-to-be-explored applications. NFTs enjoy the same remarkable functionality as tokens, opening up endless opportunities limited only by one’s imagination. The potential for innovation knows no bounds in the realm of NFTs.
Tokenomics
Total Supply: 21 trillion
NEX Supply per day: 7.2 billion
NEX Schedule: Supply halves every 4 years. Full 21T supply reach in 140 years.
Rewards: Miners earn 10 million NEX per block, i.e. ~every 2 minutes.
Team
Nexa was created by Bitcoin Unlimited, a 7-year-old organization with a team of experienced crypto developers. The team has over 70 years of combined experience in building blockchain technology. Bitcoin Unlimited’s software has been used to support billions of dollars in mining and economic infrastructure for Bitcoin (BTC) and Bitcoin Cash (BCH).
“Bitcoin OG’s creating a better financial system for everyone.“
Here are some additional details about the Bitcoin Unlimited team:
- The team is led by Amaury Séchet, a well-respected figure in the cryptocurrency community.
- The team has a strong track record of success. Bitcoin Unlimited’s software has been used to support some of the largest blockchain networks in the world.
- The team is committed to open-source development. Bitcoin Unlimited’s software is open source, and anyone can contribute to its development.
Conclusion
Nexa Blockchain, with its advanced features and robust architecture, is reshaping the digital transaction landscape. By offering Wise-contracts, PoW Scaling, Instant Transactions, Native Tokens, Native NFTs, and other innovative functionalities, Nexa Blockchain provides a scalable, secure, and efficient platform for conducting digital transactions. With its focus on user adoption and well-designed tokenomics, Nexa Blockchain is poised to revolutionize various industries and pave the way for a decentralized future.
