During the month of June Nexus released the Nexus Wallet, a product of years of work culminating into one of the fastest crypto wallets available, being 20x faster than the legacy version.
Our developer team has been busy testing and optimizing the code of Tritium, which began security audits with ISE on July 22nd. We expect this audit to take at least 4 to 5 weeks. After the completion of the audit, we will assess how much work is required for full deployment, and at this time we will announce the official Main Network release date. This release will be a mandatory upgrade for all nodes, which will contain an activation timestamp of 2 to 3 weeks, in order to give all nodes and exchanges ample time to upgrade.
Many of us got involved with Nexus due to our vision of placing satellites into LEO, and the pursuit of the decentralized management of hardware that powers the Internet. Back in 2016, in a famous tweet, Jim Cantrell stated: “The deed is done, Bitcoin in Space”. As this dream has experienced a few delays, we would like to inform you of the current outlook.
Galactic Sky is a software defined satellite platform by which you can upload any type of software to the constellation, in order to provide greater access to satellite technology without the cumbersome requirement to deploy, manage, and operate a constellation. Think of it like AWS (Amazon Web Services) in space. As this is a very unique technology, naturally Vector has obtained patents, and thus is the only company in the industry capable of deploying it. As many of you know, in mid 2017, Nexus signed an MOU with Vector to pursue a technical partnership with not only a focus on satellites, but also the application of blockchain technology for the management of the constellation. Some of the current areas of exploration include:
- Hosting Nexus on the constellation to provide greater access to Nexus, while adding additional redundancy to the network.
- Utilizing Nexus as a means to tokenize the ownership of Galactic Sky to manage split revenue payments from fees earned.
- Using Nexus to improve the process of authorizing access to the constellation.
Vector has just closed its Series B financing round, and is rapidly moving closer to their final C round before their first launch scheduled later this year. Galactic Sky is set to deploy its first 6U satellites in late 2020, which will begin the important move towards realizing the potential of software defined satellites. We are very excited to be working with Vector on such an important milestone in the satellite industry.
Two Zoom meetings took place, where the fee model of Nexus was discussed, and a demo of the DEX was shown. To view the recordings, please follow the links below:
Recently we have held fewer zoom meetings as the team has been very busy polishing the code for submission to the security auditors.
The Nexus Wallet passed its first security audits, and was released on June 26th, 2019 at 4:44 PM GMT – 7, with many stating that it is one of the best wallets they have encountered in crypto. We are grateful for such a positive reception!
The Nexus Wallet provides a platform to install and create modules using APIs that will be released with Tritium, giving access to features such as Contracts, Tokens, Assets, and Decentralized Exchange. Modules can also be built using other available APIs, such as those for trading dashboards or alternative cryptocurrency wallets.
To download the latest version (1.1.0), please follow this link:
Over the last couple of months, there has been discussion surrounding the Nexus fee model. The current view is that part of the fees earned from decentralized solutions provided by Tritium will go to validators, the other would be locked up in a reserve, the release of which will be voted on by the Nexus DAO. We welcome anyone who would like to contribute to this field to join the economics working group.
Nexus is developing many decentralized solutions such as supply chain tracking, secure data recording on a hybrid network, watermarking, and a new backend for web services. Other services, such as the recording and the exchange of assets, and the licensing of digital media, and music royalties, will depend on the exchange of NXS. It is necessary that the exchange of assets priced in terms of NXS is variable relative to BTC or Fiat, in order to make transacting viable. The seller of an asset or token will be able to peg the required NXS to a field in an object register that their wallet updates to reflect the NXS price in terms of BTC or Fiat. The buyer would then be the “check and balance” that decides if the price is fair.
Component Based Web
Currently, our website (nexusearth.com) is a combination of many facets, spanning Technology, Enterprise, and Community. As a movement towards a more decentralized management of content, we have begun to separate the main site into three core components namely: develop.nexus.io, enterprise.nexus.io, and community.nexus.io.
Each of these components will operate independently of one another being managed by their respective teams. We see this as an important step forward in tailoring content to groups that hold specific sets of values.
The current website will become the enterprise component. The next component to be released is community.nexus.io. If anyone would like to help with the community website, please join the website working group. The final component will be develop.nexus.io, which will be focused on how to develop on the Tritium Software Stack, including documentation, code examples, and tutorials to build with contracts. If anyone would like to help with the developer website, please join the developer working group.
All three subdomains will link from a bridge or landing page, nexus.io. The eventual goal is to use the L5 stack, standing for ‘Linux Lower Level Library & LISP’, to serve as the foundation for our component based design.
TNS Integration with nexus.io
TNS (Tritium Name System) is a global naming system that will provide the opportunity to purchase a global namespace, which could be compared to owning a specified domain extension, such as *.io or *.com on the Nexus network. Names can then be created in this namespace, that point to IP addresses, or accounts, in order to transact without having to use large hexadecimal addresses such as:
An example would be, send coins to nexus::checking
Namespaces can also be local to the username which can be created for free without a limit. This would be accessed by using a single colon, such as send coins to viz:checking.
TNS will serve the above mentioned component architecture, which will be used through the nexus.io domain name to register subdomains in the nexus.io namespace. The result of this will be a decentralized DNS management of subdomains or components of nexus.io, which will further decentralize the content management and ownership of the main nexus.io domain. This serves two main purposes:
- Integration of TNS into existing DNS systems through the use of bridge domains like nexus.io
- The decentralized management of components built on the L5/TAO framework, that uses Nexus as an authorization and permission system.
Though this is a longer term implementation, it holds great promise to improve the dynamics of content contribution for websites like Wikipedia, blogs, and social media sites.
Our main Tritium++ feature, the DAO (Decentralized Autonomous Organization), will govern project funding through a democratic vote. The feature will be released as a post-Tritium hard fork. This technology is necessary for a stronger community, consensus-oriented fund allocation, and improvements to the overall governance of the network. The DAO will prevent governance issues such as hard forks (Bitcoin vs Bitcoin Cash), and it will create a stronger ecosystem through community participation in decision-making, resulting overall in a more resilient and secure public network.
The DAO has been discussed in recent Zoom meetings to gather input and to explain how it could function. We welcome anyone who would like to contribute to join the social working group. The underlying architecture is in its final design phase, and currently we see it following the below principles.
- You will be able to abstain, vote, or withdraw your support for a contract (the frequency of voting is yet to be decided). Votes will be weighted by Trust and Stake. Therefore, your power to vote will be determined by your total NXS staked, combined with your Trust. This protects against gaming of the voting system by short term holders of NXS. Likewise, anyone with an adequate amount of Trust, will be able to submit a contract.
- Voting will be done in groups, where the values of people and the resources that they contribute to the network define the group. The first two voting groups will be: Trust and Ambassador. More groups will be defined and added over time.
- The Trust group will decide the percentage of funds allocated to each of the contracts. Voting is zero-sum, meaning that contracts can only gain voting weight, by another losing it. You will have a total voting weight, which can be allocated by percentage to the contracts you wish to support. An example would be 35% to the U.K., 35% to AUS, and 30% to the US Embassy.
- Contracts will become active when they exceed a voting threshold, creating resilience to individual gaming if one voter happens to have a large voting weight.
- When the round of trust voting has finished, the Ambassadors of the contracts can then vote to either endorse the support for their contract or to redistribute funds to other contracts. This will allow Ambassadors or Embassies to reallocate part of their funds to other contracts, if they choose to do so.
This is an important step towards the longer term sustainability of the Nexus Ecosystem, and the creation of direct accountability of those who are paid to complete work on behalf of the community. In order to fully maintain an active contract, Ambassadors or Embassies will be required to uphold the utmost transparency, accountability, and performance necessary for continued public support. This will prevent the mismanagement of funds, corruption, coercion, and complacency that can arise in a large organization making the management of the funds of Nexus open, and mathematically enforced.
Tritium Wallet Features
Tritium will introduce many new features to the wallet, most notably the move to account based transactions provided by Signature Chains. Below is a reminder of what is to come.
A signature chain is a personal blockchain accessible by a username, password, and pin. This means you can access your wallet anywhere, simply by downloading the app and logging in. Logging in to a Signature Chain will be like accessing a banking app, without the requirement of providing a centralized service with your personal data (birth name, birthdate and passport details) in order to set up an account.
Signature Chains allow a user to create a digital identity on the Nexus Blockchain, and to transfer and prove ownership of assets (tokens, titles, certificates, licenses, domain names etc) through Contracts.
A PIN is requested every time a transaction is made (unless the wallet is unlocked) to increase security, much like using a bank card.
The wallet will have a password recovery system, where you can set a ‘master seed’ or a ‘recovery phrase’, (either 10, 20 or 100 words). The master seed phrase provides extra assurance, enabling one to recover their account in the event of a forgotten password or compromised account. You will only be able to change the master seed phrase if you know it.
Speed and Scalability
Signature Chains replace the clunky UTxO (Unspent Transaction Output) architecture, and are a fundamental component of the Nexus 3D Chain. Along with this, our blocks decouple transactions resulting in them only holding a hash (32,263 transactions per 2MB block) for each transaction. Together these innovations produce lightweight, efficient and extremely fast transacting, without the requirement of off chain, centralized scaling solutions, or a large block size. Nexus also removes the need for a wallet.dat for key storage that is commonly required in legacy blockchain systems.
The key pair to your Signature Chain is changed with every transaction and the public key is hidden until used. The result of this is a high security standard with support for multiple signature schemes such as FALCON, and hardware password managers for increased Quantum Resistance. In the future the wallet will also be able to support biometric usernames.
Prevention of Sending to an Invalid Address
The Nexus Wallet already verifies addresses upon entry, though this doesn’t confirm that an address is in existence. However, with the implementation of Signature Chains, transactions are required to be claimed (signatures are required from both sender and receiver), resulting in a two-step validation process. This is to prevent people from losing funds that are sent to non-existent accounts, and the burning of NXS.
A sender is required to set a time window in which the transaction has to be accepted. This can be configured for each transaction, or alternatively a certain time window can be set as default. All that is required from you to acknowledge a transaction is to login to your Nexus Wallet during the time window, and accept the transactions you wish to receive in the notifications page of the wallet. Alternatively, you are able to set the wallet to automatically accept and claim new transactions, and specify which accounts to credit to.
In a case where the time window expires, the NXS is claimable by the sender, which prevents NXS from being lost if either sent to an invalid address, or if the recipient doesn’t accept the transaction within the set timeframe. Transactions will be reversible if the recipient has not claimed within the set timeframe. The sender then redeems the funds by claiming the transaction back to themselves.
There has been quite a lot of content written over the past few months, in an effort to educate people on the importance of the technology of Nexus. We are now focussed on writing content detailing the decentralized solutions provided by Tritium, and welcome anyone who would like to help in this area to join the use case working group. Below is a summary of the new content that has been published on the website.
The Three Dimensional Chain
Fundamental to the scaling of contract processing is the seven-layered Nexus Software Stack set to be released with the Tritium upgrade, which introduces the first iteration of the 3DC as the Ledger Layer. The 3DC is a promising candidate to solving the “Blockchain Trilemma”, an opinion that only two of the three qualities, Security, Decentralization and Scalability, are achievable concurrently. We call it the “Three Dimensional Chain (3DC)” which transforms the Ledger into a multi-layered processing system, in order to scale the protocol securely with a high degree of decentralization.
With the rise in the power of classical computers and the emergence of quantum computers, public keys are becoming increasingly vulnerable. Most cryptocurrency addresses are created by hashing or obscuring the public key, however, once a user transfers funds from this address, the public key is then revealed on the blockchain. In the realm of classical computing there is little risk with this method. However, a Quantum Computer running Shor’s algorithm could break most public key cryptography in little to no time at all, resulting in funds being stolen. Though most conjectures range from five to ten years before security could begin to break, Nexus has prepared by integrating a number of cryptographic innovations that support increased levels of quantum resistance.
LISP (Location Identifier Separation Protocol) is a protocol designed by a small group of Cisco engineers who were deeply involved in the creation of the internet. It provides important advancements to the network layer, and many necessary features for ease of use, decentralization, security, and scalability.
The last few months have been very productive as the launch of the Tritium Main Network nears. We invite all to get involved with our social media channels, keep an eye out for tweets, and to make suggestions if you believe Nexus can be improved in any way. Together we continue to design decentralized solutions, and work to build a shared vision of the future.
The Nexus Team