The world of cryptocurrencies is ever-evolving, and one of the latest entrants that’s making waves is the Nexa Coin. But what exactly is Nexa Coin, and why should you care? In this article, we’ll delve deep into the purpose and vision of Nexa Coin, and why it’s poised to redefine the crypto landscape.
Table of Contents
What Makes Nexa Unique
Nexa’s Scalability and Capacity
Nexa Coin isn’t just another cryptocurrency; it’s a revolution in scalability and capacity. Nexa is designed to handle over 10 billion transactions per day, making it the most scalable Layer-1 blockchain ever built. But how does it achieve this feat?
Nexa’s Unique Proof-of-Work (PoW) Algorithm
The secret lies in Nexa’s unique Proof-of-Work (PoW) algorithm. This algorithm leverages the power of mining incentives to create new hardware, accelerating transaction validation to unprecedented speeds.
Nexa’s Instant Transaction Feature
Moreover, Nexa offers instant transactions. Thanks to the network’s miner rules, transactions are instantly sent across the network, providing enough security for certain transactions.
Nexa’s Token and NFT Functionality
Nexa’s Native Tokens
Nexa Coin isn’t just about transactions; it’s also about creating value. Nexa offers native token functionality, bringing significant value and network effects to the platform.
Nexa’s Native NFTs
In addition, Nexa supports native Non-Fungible Tokens (NFTs). These can be used for a variety of exciting functions, including digital artwork, asset ownership, tickets, in-game items, and more.
Wise-Contracts on Nexa
Nexa’s ‘Wise-Contracts’
Nexa introduces a new concept in smart contracts: ‘wise-contracts’. These are ultra-scalable smart contracts that enable practically everything possible on an EVM chain, without the major scaling bottlenecks suffered by turing-complete networks.
Nexa’s Metrics
| Metric | Value |
|---|---|
| Supply | 3.0729T NEX |
| Capacity | >100,000TPS |
| Launch Type | Fair launch |
| Launch Date | 21.06.2022 |
| Network | UTXO + PoW |
Who is Building Nexa
Nexa is being built by a seasoned team of developers from Bitcoin Unlimited. Bitcoin Unlimited is an organization that has been in the crypto space for over seven years, making it one of the most experienced teams in the industry. The team members, often referred to as crypto OGs (Original Gangsters), have a combined experience of over 70 years in building crypto infrastructure.
Bitcoin Unlimited’s software has been the backbone of Bitcoin (BTC) and then Bitcoin Cash (BCH), enabling billions of dollars in mining and economic infrastructure to operate successfully for years. This extensive knowledge and experience have been channeled into Nexa, enabling many industry-leading innovations.
However, it’s important to note that Nexa is a decentralized project, which means it’s not just the Bitcoin Unlimited team that’s building it. The beauty of decentralized projects is that they allow anyone, anywhere in the world, to contribute to their development. This means that if you’re a developer, a designer, a writer, or just someone with a great idea, you can get involved in building Nexa. You can contribute to the code, design new interfaces, write about Nexa, or build the products, tools, and services that you feel are important for the Nexa ecosystem.
This open, collaborative approach to development is one of the things that makes Nexa, and the crypto space in general, so exciting. It’s a global, community-driven effort to build a new kind of financial system. And with Nexa’s innovative features and strong community, it’s a project that’s well worth watching.
Nexa Wallets
Nexa offers a variety of wallet options for different platforms, including Windows, MacOS, Linux, and Android, with an iOS wallet.
| Wallet Type | Platform | Download Link |
|---|---|---|
| Full Node Wallet | Windows | Download |
| Full Node Wallet | MacOS | Download |
| Full Node Wallet | Linux | Download |
| Mobile Wallet | Android | Download |
| Mobile Wallet | iOS | Download |
| Lite Desktop Wallets | Various | Check Ecosystem |
Full Node & Wallets
Nexa offers Full Node Wallets for Windows, MacOS, and Linux. These wallets are for experienced users and do not use a traditional 12-word seed phrase. Instead, users must take control and backup their wallet.dat file.
Here are the links to download the Full Node Wallets for different platforms:
Mobile Wallets
For mobile users, Nexa is supported by Otoplo wallet (also made by Bitcoin Unlimited team).
Lite Desktop Wallets
Nexa also provides Lite Desktop Wallets for users who prefer a lighter version of the wallet. You can find other desktop and web wallets on Nexa’s ecosystem here.
All Desktop Node/Wallet Versions
Nexa has released several versions of its Desktop Node/Wallet, with the latest version being 1.3.0.2, released on June 17, 2023. Each new version brings improvements and new features to the wallet.
Full Node Wallet Tutorial
For users who need help with the Full Node Wallet, Nexa provides a tutorial that offers tips and tricks on utilizing the wallet. The tutorial, authored by Nexa’s Community Manager, Cyber, can be found on Medium.
Nexa Mining: Earning Rewards
Nexa operates on the most battle-tested system of blockchain security, Proof-of-Work (PoW). Anyone can join the network and be paid in NEXA to provide security to the network. Check our how to mine guide to know more.
Block Maturation Time
One of the concerns for miners is the block maturation time. By default, block maturation in Nexa takes 5000 confirmations, which is around one week. This can be a long wait for miners who are eager to see the fruits of their labor. However, some pools like Woolypooly have found a solution to this issue. Woolypooly pays out in just one hour, significantly reducing the wait time for miners.
Mining Algorithm
Nexa utilizes a unique algorithm, “Nexapow”, that allows the chain to scale to global capacity. Instead of just using computing power to provide consensus like traditional blockchains with PoW, the Nexa algorithm contributes computing power to remove two key bottlenecks in scalability: Signature signing and UTXO lookups. Currently, Nexapow consists of SHA-256 hashing with Schnorr signatures, and will later be upgraded to include UTXO lookups.
Miners
Mining Nexa in Linux and Windows is possible with the following 3rd-party mining software options:
Nexa Pool
When it comes to Nexa coin mining pools, Woolypooly stands out as one of the best options for mining Nexa crypto. It offers quick payouts, reducing the block maturation time to just one hour. This is a significant advantage for miners who want to see their earnings sooner rather than later.
Nexa Dual Mining
HiveOS
For NEXA+ZIL dual mining add this row in extra config arguments:
NEXA,pool.woolypooly.com:3124,nexa:nqtsq5g5kw275he5jvd2uxlzg5u2xwwqlkd4vkp7v5kv93z7,{—coff 250 —mclk 5001 —pl 330}
ZIL,eu1-zil.shardpool.io:3333,zil1u30z04rklp5mk2uwzy9ejfsa22ef2twra4dlsh,{—cclk 1200 —moff 1600 —pl 333}
—enablezilcacheWhere to Buy and Trade Nexa
| Exchange | KYC Required | Withdrawal Limit without KYC | Trading Type |
|---|---|---|---|
| Coinex | No | 10,000 USDT/day | Spot Trading |
| MXC | No | 10 BTC/day | Spot + Futures |
| TradeOgre | No | No limit | Spot Trading |
Recent Developments and News
Nexa has been making headlines with its recent developments and partnerships. From its partnership with Nicehash on NEXAPOW to the release of Nexa Otoplo Mobile Wallets for iOS and Android, Nexa is constantly innovating.
Community Involvement
Nexa has a vibrant and active community that plays a significant role in shaping the future of the platform. The community is involved in various aspects of Nexa, from contributing to its development to participating in crowdfunding efforts for marketing resources.
Being a decentralized project, Nexa encourages community involvement and believes in the power of collective effort. The community members not only contribute their skills and expertise but also help in spreading the word about Nexa, making it more accessible to a broader audience.
Here are the links to Nexa’s community platforms:
| Platform | Link |
|---|---|
| Discord | Join Discord |
| Telegram | Join Telegram |
| Join Reddit | |
| Follow on Twitter |
By joining these platforms, you can stay updated with the latest developments, participate in discussions, share your ideas, and contribute to the growth of Nexa. Whether you’re a developer, a crypto enthusiast, or someone interested in the future of digital economies, there’s a place for you in the Nexa community.
Conclusion
In conclusion, Nexa Coin is more than just a new cryptocurrency. It’s a revolutionary platform that combines scalability, capacity, and unique features like ‘wise-contracts’, native tokens, and NFTs. With a strong team behind it and a vibrant community supporting it, Nexa is poised to make a significant impact in the crypto world.
FAQs
What is Nexa Coin?
Nexa Coin is a new cryptocurrency that is designed to be highly scalable, capable of handling over 10 billion transactions per day.
What are ‘wise-contracts’ in Nexa?
‘Wise-contracts’ are Nexa’s version of smart contracts. They are ultra-scalable and enable practically everything possible on an EVM chain, without the major scaling bottlenecks suffered by turing-complete networks.
Who is behind the development of Nexa?
Nexa is being developed by Bitcoin Unlimited, a team of experienced crypto developers. However, as a decentralized project, anyone can get involved and contribute to its development.
