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Understanding Nexus
Things to understand before building on Nexus.
Nexus is a community run project and compared to other crypto projects, our vision reflects the Nexus architecture and development. Nexus is at best a toolbox, and as it stands today will not provide a finished product to users, except the fully functional desktop and mobile wallets. We are confident the community will build applications for end users which will start a symbiotic cycle of organic growth.
Good to know:
- Nexus is a protocol chain, independent of any other blockchain and can accommodate every use-case that can be built on other platforms and more. (Full functionality is not available as of today, but is outlined in the roadmap)
- Developing on Nexus is easy with REST API which is the higher level API and later this year we will launch augmented contracts which will be lower level API calls with contracts using any domain specific language of choice.
- Nexus has designed signature chain, it creates a unique user blockchain which can be accessed with a username, password and PIN and the user does not need to manage keys or need hardware wallets. A recovery phrase should be set which can be used in case of lost password and PIN as an additional safeguard.
- Nexus has free simple transactions, sending NXS and tokens is free. Contracts will have a set fee based on complexity and the exact fee will be calculated before the transaction is executed.
- Nexus is a software stack underpinned by a ledger and interoperates with the OSI (Open Systems Interconnect) stack.
- Nexus is quantum resistant and is designed to easily upgrade to a better Post quantum cryptography when available, with just a wallet update. In the future users will have a bunch of algorithms to choose from in settings.
- Nexus has three channel consensus, two mining channels Prime and Hash and one staking (nPoS) channel.
- Every action on the Nexus network is a contract. When a user sends NXS it is a debit contract to the senders account and a credit contract to the receivers account.
- Contracts are bundled into a transaction which can contain a max of 100 contracts and each block can do a max of 655 TPS.
- The block size is 2MB and can contain 32768 tx's (32768*64=2 MB) where 64 KB is the length of the nexthash. This is theoretical max and if any other arbitrary data in included, then the no of tx's in a block will be reduced.
- Wallet has to be online and the user logged in to the account, to accept and credit a incoming transaction.
- Nexus has a reversible transaction feature, where if the debited NXS are not credited to a users account due to wallet not being online or the address is not available then the NXS will be credited back to the senders account in 7 days. The user can specify the time is seconds when doing the debit transaction with the expiry flag in seconds.
- Nexus uses a 64 Bit register based Virtual Machine (VM), this makes it quite fast compared to EVM.
- The hash size used:
- 256 bit hash for standard registers.
- 512 bit hash for transaction hash.
- 1024 bit hash for block hash.
- Nexus addresses start with:
- Legacy : 2
- Tritium: 8
Things to Know:
Nexus is a pure layer one chain and has designed it's own solution for scalability like the hybrid network and 3 Dimensional chain (3DC - Future)
Nexus is not interoperable at this time with any other chains
To safely connect the wallet and interact with DApps, Nexus has designed Nexus 2FA which will be released with the Tritium++ v6.0 update.
Nexus simple transactions are free, but most operations and contract execution will have fees, this is done to protect spamming the network and to avoid some actors from taking undue advantage.
To know and better understand the fee structure click on the link below.
Nexus makes it very simple to generate tokens with the UI wallet and as of today we can create fungible and non-fungible tokens. The nexus
Tokens API can be use to create fungible tokens and the Assets API can be use to create Non-fungible tokensA fungible token is something that is identical in nature and interchangeable. These tokens can be divided and exchanged for another. Generally, most cryptocurrencies are considered to be fungible. For example, a Bitcoin is fungible. You can trade one Bitcoin for another, and you will end up with the exact same thing. Other examples of fungible asset classes are bonds, commodities, cryptocurrencies, and precious metals.
Non-fungible is something that is distinct or unique and cannot be replaced with something else. A one-of-a-kind trading card is non-fungible. The primary attribute of non-fungibility is uniqueness.
Below image shows the various use-cases which can powered by non fungible tokens
NFT Use-cases
Protected assets will also be available at a later time.
Nexus provides native Names and Namespaces which are one of the important things a developer has to take advantage to provide the best user experience.
Names and Namespaces are special kinds of object registers that are used as locators to other object registers in the blockchain. When an object register is first created (an asset for example) the caller can provide a name for the register. If a name is provided then a Name object register is also created with its register address based on a hash of the name. The Name object also has a address field, which is populated with the register address of the register (asset, token, account etc) that the Name "points" to. In this way, objects can be retrieved by name by first hashing the name to get the Name object's address, retrieving the Name object, and then using the address stored within it to retrieve the object register. A Name then, is best thought of as a named index to object registers
Names on Nexus are of three different types:
Local Names are local to a user account (sig chain). To use a local name you must prefix the name with the owners
username separated by a single colon, e.g. bob:savings. This is equivalent to saying "look at all the Names registered in the sig chain bob and find one called savings and then see what object register it points to". There can only be one Name called savings in the sig chain bob, but another user alice can also create a local name called savings. Creating Names will cost 1 NXSNamespace are globally unique keyword and Namespaces allow users to provide user-friendly names for their object registers without needing to disclose their username. This is useful for privacy, but also to allow names to be related to a business or some other meaningful context. To avoid name-squatting registering a namespace name attracts a high fee (
1000 NXS).Good to Know:
**** Namespace names can only contain lowercase letters, numbers, and periods (.)
These are created within the context of a namespace, which itself is a globally unique keyword. To use a namespaced name you must prefix the name with the namespace separated by a double colon, e.g.
bobscoffeeshop::payments. In this example bob would have first registered the namespace bobscoffeeshop and created an account to receive payments to (which could be called anything). He then creates a Name with a name=payments, namespace=bobscoffeeshop and address=(register address of the account). From then on, anyone can use the name bobscoffeeshop::payments and it will resolve to the register address of the account. Creating Names within that namespace costs only 1 NXSGlobal names require no username or namespace prefix, and are therefore globally unique. These will be likely reserved for use cases where a succinct, unique, name is necessary, for example a token ticker symbol. To avoid needless name-squatting, global names attract a high fee (
2000 NXS).Global Name registered and linked to a token will be referred by the ticker
NEX instead of it's register address 8B5pKxGWgBM9nXzucrqmhdy9PuDHxDi41fqosXZsLTUXGfQ4CXn . This will also be convenient to launch the token on the P2P marketplace or DeFi when available.Good to Know:
To have a global token ticker for your Nexus token, register a Global Name and link it to the token register address.
Last modified 4mo ago