A crypto foundation for the new economy
Nexa is operating at the bleeding edge of blockchain technology and finance to enable new frontiers of freedom and sovereignty.
Thanks to Nexa’s unique PoW algorithm, Nexa will scale to over 10 billion transactions per day. That’s enough capacity for the whole planet. No high fees and no waiting around for your transaction to be secured. This is thanks to new technology to remove the bottlenecks of bandwidth, storage and computation speed of nodes.
Tokens are a market-validated use case for cryptocurrency which will bring significant amounts of value and network usage to Nexa. This is why Nexa offers token functionality natively without any need for special smart-contracts or token standards like ERC-20. But if you need the full power of smart-contracts for your token, Nexa has that too.
NFTs can be created much like fungible tokens on Nexa. These can be used for endless exciting functions including: digital artwork, asset ownership, tickets, in-game items, certificates or all sorts of yet to be discovered use cases. All the same incredible functionality open to tokens is also available to NFTs, meaning the sky’s the limit.
Nexa uses an ultra-scalable smart-contract system which enables practically everything possible on an EVM chain without the major scaling bottlenecks suffered by turing-complete networks. We call these ‘wise-contracts’ because not only are they smart, but also wise in how network resources are used.
Nexa’s Proof-of-Work algorithm uses the enormous scaling power of mining incentives to bring new hardware into existence. It incentivises the creation of hardware that nodes will make use of to accelerate transaction validation to a speed not seen on any other blockchain.
Transactions are instantly sent across the network, thanks to the miner rules of the network this is enough security for certain transactions. Soon a new technology will be brought to Nexa that enables instant, trustless transactions of any amount. Anyone will be able to choose to have their payments credited instantly.
We must provide enough capacity for every person on the planet to provide true, revolutionary value. This is why scaling plays a pivotal role in Nexa’s strategy.
The Key Bottlenecks
How much data is sent between nodes.
How quickly can nodes validate transactions.
How much data is needed to store the blockchain.
Initial Blockchain Sync
Initial download of the full chain.
Nexa miners will include a hash in each block which proves the full UTXO set at that point in time.
This is called a ‘UTXO Commitment’ & will allow new nodes to join the network without having to download the full blockchain.
Continuous Blockchain Sync
Continual download & upload of new transactions and blocks.
Propagation of new blocks only requires sending a tiny amount of data no matter the size of blocks thanks to a technology called ‘Graphene’.
Nodes only need to know the transactions they are missing to validate a block.
Creating hashes of data.
SHA256 hashing is found throughout the Nexa protocol, in transactions and of course the PoW algorithm. By hardware accelerating this function, it will be possible for nodes to process billions of hashes per second.
Signature Creation & Verification
Creating new signatures & checking they are valid.
Schnorr signatures are also found in every transaction in Nexa. They are also a compute-heavy operation. By hardware accelerating this function, nodes will be able to process millions of signatures per second.
Looking up data from within the UTXO set.
To validate transactions and blocks, Nexa nodes must constantly check the UTXO set for data. By hardware accelerating this process, nodes will be able to handle hundreds of thousands of transactions per second, possibly even more.
By using UTXO commitments, nodes will only need to store the UTXO set of the blockchain.
The UTXO set should grow linearly with the number of users and usage, and requires only a tiny fraction of the storage that a full blockchain needs.
Transactions on Nexa are propagated across the network in sub-seconds using 0-conf technology. This means there’s no waiting around for your transaction to be delivered. This may be enough security for certain situations, if not block times are just 2 minutes to accumulate the extra security required.
There are plans for an opt-in, non-protocol layer, instant transaction technology to be brought to Nexa later in 2023. This will use the powerful and efficient features of Nexa’s wise-contracts to provide a trustless service to those who want to use it.
Tokens on Nexa get the 1st class treatment. Creating and managing tokens is done just like sending NEX without any need for special smart-contracts. Your new project can create a token on Nexa with 1 click.
Tokens also get full access to the smart-contract capabilities of Nexa.
Creating NFTs of all types is just as easy as creating other token types on Nexa. Sending and receiving tokens is just as simple as with NEX coins. These can be used
All of this can be done for much less than a cent.
Nexa uses an extremely unique PoW algorithm that incentivises the market to produce commodity hardware that accelerates node processing power, just like it has produced commodity mining hardware like FPGAs and ASICs.
This will take Nexa’s capacity to 100,000TPS and over, providing enough capacity for every person on the planet to have direct access to financial sovereignty.
Smart-contracts are great, but we can do better. EVM’s are very capable because they are turing complete, but what they gain in flexibility they lose in scalability.
Contracts on Nexa aren’t just smart, they are wise. A great definition for ‘wisdom’ is:
knowing which knowledge is important and which isn't.
Nexa contracts provide an EVM-like level of functionality while using minimal resources. This allows enormous capacity and low costs, even for complex DeFi services.