Nexa is a Layer 1 cryptocurrency, launched on June 21st, 2022, and stands as a financial blockchain that employs a proof-of-work mechanism alongside native tokens and EVM-compatible smart contracts.
Nexa boasts of the ability to scale up to an astounding 10 billion transactions per day. Leveraging cutting-edge technology, Nexa successfully eliminates the bottlenecks typically associated with node bandwidth, storage, and computation speed, ensuring a seamless and efficient transaction processing experience.
By running EVM-compatible smart contracts, which Nexa refers to as "wise-contracts," the platform is able to offer users low transaction fees and faster transaction processing times, all facilitated by the PoW mechanism.
In addition, Nexa enables the creation of both fungible and non-fungible tokens (NFTs). This comprehensive functionality provides users with an environment where they can seamlessly generate and utilize a wide array of assets natively on the Nexa platform, without the necessity of specific smart contracts or token standards.
Nexa's main goal is to bring back the benefits of UTXO-based blockchains, which developers have often ignored in favor of account-based blockchains. Nexa strongly believes that UTXO-based blockchains provide better scalability on the base layer, streamlined transaction validation, and advanced functionality. Additionally, Nexa focuses on rewarding miners and fostering an environment that supports the integration of tokens on the network.
Notably, Nexa did not undergo an Initial Coin Offering (ICO), and no coins were reserved or allocated to its founding company Bitcoin Unlimited or any other entity, neither initially nor as part of the mining reward.
Nexa's coin distribution mechanism via miner rewards closely resembles Bitcoin's, which regulatory bodies have recognized as a commodity rather than a security.
The current Nexa is $0,000012 USD with a 24-hour trading volume of $264 591 USD. It’s current market cap is $26 247 161 USD, circulating supply of 2 251 290 000 000 NEXA coins and a maximum supply of 21 000 000 000 000 NEXA coins.
Nexa is traded on such exchanges as MEXC, CoinEx, Txbit, TradeOgre, and SafeTrade.Nexa has native desktop wallet support in three versions (Windows, MacOS, and Linux).
How Does Nexa Work?
To achieve massive scalability, Nexa utilizes the UTXO (Unspent Transaction Output) architecture pioneered by Bitcoin. UTXOs are the building blocks of transactions in many blockchain systems. Every transaction takes one or more UTXOs as inputs and creates new UTXOs as outputs. These UTXOs form a chain of ownership and enable the tracking of how much cryptocurrency each participant holds. The blockchain keeps a record of all UTXOs, ensuring transparency and preventing double spending (i.e., using the same money more than once).
So, in simple terms, UTXO refers to the unspent money or transaction outputs in a blockchain system, which are used as inputs for new transactions and create new unspent outputs when the transaction is completed.
Nexa implements a mining algorithm that combines the traditional SHA-256 hashing algorithm with elliptic curve multiplication, as seen in cryptographic signatures. The algorithm's primary goal is to incentivize the development of hardware capable of processing cryptographic signatures rapidly and efficiently, addressing one of the key bottlenecks to blockchain scalability.
Nexa also applies a technology named Graphene, which allows the propagation of new blocks with only a tiny amount of data, regardless of the size of blocks. This technology ensures that new transactions are sent instantly across the network, and anyone can choose to have their payments credited instantly.
Furthemore Nexa integrates token functionality directly into its base layer. This design choice ensures that tokens possess the same mining power that secures Nexa's native coin. also, the token functionality surpasses basic features, granting tokens complete access to advanced smart-contract capabilities within each transaction, thus enabling the creation of groundbreaking tokens and NFT projects.
What is Nexa Used For?
Nexa is a mineable coin. Nexa follows a similar monetary policy and block reward structure as Bitcoin. Just like Bitcoin, Nexa implements a halving schedule for mining rewards, which means that the rewards are reduced by half approximately every four years. At present, each block in Nexa grants miners 10 million Nexa tokens, and a new block is generated approximately every two minutes, resulting in around 720 blocks per day. As a result, approximately 7.2 billion Nexa tokens are issued daily.
To mine Nexa, miners can use third-party mining software along with GPUs from either AMD or NVIDIA. If you're interested in learning how to mine Nexa, we provide a comprehensive guide that you can find here.
Nexa is a decentralized project founded by Bitcoin Unlimited. The team claims to have a strong track record in developing and maintaining network infrastructure for prominent cryptocurrencies including Bitcoin.
Bitcoin Unlimited aims to deliver a scalable and decentralized cryptocurrency ecosystem. Notably, Bitcoin Unlimited is the developer behind the Bitcoin Cash (BCH) protocol.
The primary focus of Bitcoin Unlimited is to enhance transaction throughput and reduce fees by increasing the block size limit of the blockchain. By implementing configurable block size caps, emergent consensus, and Xthin blocks, Bitcoin Unlimited introduces a range of features to optimize the performance and scalability of the network.
Leading the Bitcoin Unlimited team are prominent individuals in the blockchain space. Andrew Clifford serves as the President, providing strategic guidance and leadership. Andrew Stone, as the Lead Developer, brings valuable expertise to the project's technical aspects. Dr. Peter Rizun holds the position of Secretary and Chief Scientist, contributing his deep knowledge and insights to drive innovation within the team.