What is Nexa (NEXA)? Nexa Cryptocurrency Overview

What is Nexa? Nexa is a scalable Proof of Work blockchain for global P2P use. So what is special about Nexa? Let’s find out with HAK Research in this article.

Nexa Overview

What is Nexa?

What is Nexa? Nexa is a scalable Proof of Work blockchain for global P2P use. By using hardware to scale, Nexa eliminates two of the most important scalability bottlenecks: Signatures and UTXO lookups.

Nexa uses technologies such as: Graphene, which helps reduce traffic costs by reducing Block costs, making the delivery of each Block more efficient. Xthinner, a new Blockchain propagation protocol, takes advantage of Lexicographic Transaction Ordering (LTOR) to compress Blocks by up to 99.6%. Besides, Nexa uses 0-conf Technology, a permissionless technology, is ready to perform instant transactions without confirmation.

The project’s vision is to build the most scalable Layer 1 Blockchain that can handle more than 10 billion transactions per day. Along with that comes EVM-like smart contracts and native token services, while all of them are clearly decentralized.

Outstanding features of Nexa

What is Nexa? Nexa’s difference lies in features such as:

• Global capacity: Thanks to its own unique PoWNexa algorithm. Nexa can scale to more than 10 billion transactions per day. It enough capacity for the whole planet to conduct transactions on the network. There are no high gas fees and no waiting for user transactions to be secure. This is thanks to new technology that eliminates bottlenecks in bandwidth, storage and computing speed of Nodes.
• Native Tokens: It will bring a significant amount of value and usage within the Nexa network. The project provides Token functionality natively without the need for any Smart Contracts or special Token standards like ERC 20. However, if users need the full power of Smart Contracts for their tokens, Nexa also have that.
• Native NFTs: NFTs can be created just like fungible tokens on Nexa. They can be used for interesting and endless functions including: digital artwork, asset ownership, tickets, in-game items, certificates or all manner of use cases undiscovered.
• Wise-contracts: Nexa uses an extremely scalable smart contract system, allowing anything possible on the EVM chain without major scaling bottlenecks. While other complete networks suffer. Surname Call them wise contracts because they are not only smart but also wise in how they use network resources.
• PoW-Scaling: PoWNexa algorithm Leverage the massive scalability of Mining Incentives into hardware. It makes the hardware used by Nodes able to speed up transaction validation to speeds never seen before on any platform. Blockchain any other.
• Instant transactions: Transactions are sent instantly through the network. Thanks to the network’s mining rules, all transactions will be extremely secure. A new technology will soon be coming to Nexa, allowing for instant, trustless transactions of any amount. Anyone can opt in to their payments instantly.

Hashrate parameters

Using the traditional Proof of Work mechanism, the numbers of primary concern are the hashrate rate and rewards for miners. A simple explanation of hashrate, it reflects the mining performance of mining hardware and is measured in seconds.

Each solution performed on the network is called a hash. That mining efficiency is measured in h/s. The parameters are converted similarly to the following:

• 1 Kh/s = 1 000 h/s
• 1 Mh/s = 1 000 Kh/s = 1 000 000 h/s
• 1 Gh/s = 1 000 Mh/s = 1 000 000 Kh/s = 1 000 000 000 h/s
• 1 Th/s = 1 000 Gh/s = 1 000 000 Mh/s = 1 000 000 000 Kh/s = 1 000 000 000 000 h/s

Solution roughly translated as calculation solutions or algorithmic solutions. Each GPU or mining device has different calculation parameters. From there, Miners or Users can consider and build suitable, high-performance equipment to participate in the mining network to earn profits. For small individuals, we can preview mining profits with the number of available devices through the calculation website 2CryptoCalc or Whattomine.

As of 2023, NEXA has a few on-chain parameters as follows:

• Network hashrate: 15.12 TH/s
• Network difficulty: 451.86 K
• Block reward: 10000000 NEXA
• Block time: 120 Sec
• Daily emission: 7200000000 NEXA
• Return 1 Mh/s: 445.2 NEXA

Everyone can refer to hashrate.no to update hash rate in the fastest and most accurate way.

Nexa Ecosystem

Because this is a PoW coin, the ecosystem only includes a few Dapps and focuses on developing security features and personal wallet management such as Otoplo Wallets.

Nexa has Community Developers with full toolkits such as NexaJS Library + SDK to support users as well as organizations participating in the network. Along with that are other Tools such as: Faucet, AwesomeNexa, Causes.cash, Nexaswap.

Regarding DeFi, this is not the project’s strong point, however it is also present on Chainge.Finance with a few Liquidity Pools and Trading Pairs.

Development Roadmap

From mid-2023 to late 2024

Business-oriented token infrastructure: Nexa web/app SDK to enable developers to deploy. Token service with full features:

• Ticketing
• Create and manage tokens

• Cashdrive (UTXO commitment)
• Ultimate Mining Algorithm (HF2023)
• UTXO Lookup (HF2023)
• Pool holding defense (HF2023)
• ASIC acceleration signature

• Receive and send tokens
• Token history

• Conferences
• Hackathons
• Written content

Long-term from 2025 onwards

• Tailstorm.
• Upgrade incentives to increase or shrink UTXO through fee policy.
• Read UTXO review.
• Script Library.
• Sig PQC diagram for quantum resistor.
• Research on UTXO-based DAO smart contracts.

Core Team

Behind Nexa is Bitcoin Unlimited, veteran blockchain and software architects who are integral to the development of Bitcoin and Bitcoin Cash software and solutions. Core members include:

Founder and Lead Developer: Andrew Stone

• From 1995 to 1998, he was a software engineer at Fujitsu Nexion. In the context of the Internet’s first launch, there were only a few email or online radio functions.
• For the next three years he worked as a technical staff member at Ignitus, and in 2003 he was a software administrator at Camiant Inc.
• Then in 2009, after Bitcoin was first born, he worked as a Software Architect of OpenClovis for 7 years. Become a key Open Source Technical Lead personnel.
• Finally, he and some members founded Bitcoin Unlimited, becoming Lead Developer to lead the talented human resources.

BU President: Andrew Clifford

• Previously in 1987, he was a financial systems analyst for SV Associates focusing on financial computing, transaction system design and processing. There is also application software for the Stratus/VOS platform. SVAssociates.com
• Then, since 1994, he spent 16 years as a consultant at UBS investment bank in London, UK.
• Finally, in early 2016 he became president of Bitcoin Unlimited. The mission of the organization is: Promote competitive implementation of the Bitcoin protocol to provide more options for miners and increase network robustness.

Chief Scientist: Peter Rizun

• He is a Physicist and businessman living in Vancouver, Canada. He has BASc degree – degree in Engineering Physics from the University of British Columbia and a Ph.D in Medical Physics from the University of Calgary.
• He is a recipient of the Natural Sciences and Engineering Research Council (NSERC) CGS Doctoral Award.
• In addition, he was also recognized as a “Leader of Tomorrow” by the Alberta Science and Technology Foundation (ASTech).

Investor

Nexa has no investors.

Tokenomics

Basic information about NEXA token

• Token name: Nexa
• Ticker: NEXA
• Blockchain: Nexa
• Standard: Native token
• Total Supply: 21,000,000,000,000 NEXA

Token Allocation

Nexa has never had any pre-mining or pre-sale campaigns and all coins can only be obtained through mining.

Token Release

According to the announcement from the project, NEXA’s total supply is limited to 21 trillion. After 140 years it will be fully released. Having will be similar to BTC which is every 4 years. NEXA’s first Having event will be in June 2026. Below is the specific having schedule:

Token Use Cases

• Pay transaction gas fee.
• Participate in Nexa’s dApps and ecosystem.
• Miners are rewarded for participating in transaction validation and network security.

Exchanges

Currently NEXA is present at the following exchanges: MEXC, CoinEX, SafeTrade.

Nexa Information Channel

• Website: https://nexa.org/
• Twitter: https://twitter.com/NexaMoney
• Discord:

Summary

Nexa is a Proof of Work project born with the aim of reaching 8 billion users in the world. Behind is a team with many years of experience building Bitcoin and Bitcoin Cash, hoping to make this project a more complete improvement of its predecessors. Hopefully through this article everyone can understand an overview of what Nexa is. Having only launched in early 2023, it has already seen growth in both price and hashrate.

The proof is that it is ranked top 8 in terms of CO2 emission rate into the environment. Plus, this is a new project, the number of Block Rewards for miners is very large, so they are paying close attention and focusing their resources on mining. With the upcoming Bitcoin Halving event in April 2024. This will still be a major growth driver for Nexa.