FREQUENTLY ASKED QUESTIONS
1. What is Nexus?
nex·us /ˈneksəs/ a connection or series of connections linking two or more things.
Developing open-source blockchain to support decentralization, innovative applications and responsible values
A world in which there is greater trust and connection between one another
Nexus is an open source blockchain, peer-to-peer digital currency and contracting technology, designed to nurture independence from existing systems.
Our community-driven development produces distributed applications and provides network security, an intuitive API enables access to Nexus contracts, and our hybrid blockchain solutions supply enterprises with enhanced levels of trust, security and efficiency.
Nexus envisions a world in which there is greater trust and connection between one another, a goal that shall be fundamentally supported by our future internet protocol and infrastructure.
2. Was Nexus an ICO?
No, Nexus is one of the few blockchains which was created from scratch, and mined into existence (like Bitcoin).
3. How is Nexus funded?
The Nexus Embassies are funded by a portion of each NXS block that is mined. The NXS automatically transfers into ‘Keys’ which are allocated between the Embassies.
4. Is there a cap on the NXS supply?
After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS in circulation.
5. What is the economic model of Nexus?
The issuance of NXS is independent of a central bank or government, the supply is regulated by mathematics. The creation of NXS has zero debt or interest associated with its distribution.
The first NXS block was mined on September 23rd of 2014 at 16:20:00 GMT – 7. The process of creating NXS requires mining (similar to that of Bitcoin) or staking, which gives a base value to the currency backed by the physical resources required to create each individual coin. Both miners and stakers contribute real resources or equity to the Nexus ecosystem, such as energy, hardware, and time. In return, they receive newly created NXS. Defining the rewards to miners and stakers is very important. Too low and rewards are not significant enough to encourage nodes to mine and stake. Too high and the growth in supply could erode the value of the currency over time. The process of creating NXS is very dissimilar from the creation of tokens via Initial Coin Offerings (ICOs), which are produced at zero cost, and are then sold on a secondary market.
The total supply as of 26th January 2019, is 78% of the September 2024 target of 78 million NXS, and the growth rate in the supply of NXS is currently 1.20184% per annum. After September 2024, the growth in supply of NXS will continue to be capped at a maximum of 3% per annum. This model is designed to produce an annual growth rate in the supply of a NXS, similar to the annual growth rate of the total world supply of gold. Gold is an asset which has often been favored in times of economic crisis as a hedge against the inflation of fiat currencies, due to the scarcity of its supply and difficulty to increase it.
Both Proof-of-Work channels combined will increase the supply by a maximum of 1 NXS per minute post 2024, resulting in the creation of 525,000 NXS per year. The Proof-of-Stake channel will increase the supply of NXS at a maximum of 3.0% per annum. A rate of 3.0% could only be realized if the entire NXS supply were staked at the maximum Stake rate, which currently takes one year of consistent staking to build up enough Trust to earn a 3.0% rate of return. The creation of NXS has zero debt or interest associated with its issuance and distribution. This is in direct contrast to the creation of new loans of fiat currency by ‘Fractional Reserve Banking’, which people are required to pay back to a bank.
Unlike Bitcoin or conventional cryptocurrencies, the transaction fees for NXS are ‘burned’ (destroyed) and removed from the available supply of NXS. The result of this, being 0.01NXS per transaction on average, is that with enough transaction volume, the growth of the supply of NXS due to mining and staking rewards, can be eliminated. New growth in the supply helps to build an ecosystem around NXS, while the burned transaction fees maintain the scarcity of supply. If post 2024 transaction volume exceeds 9 transactions per second, the supply of NXS would not increase, because the total amount of fees burned would equal the total NXS produced for that year.
1. What is NXS?
NXS is the native digital currency of the Nexus Blockchain.
NXS features include:
- Cost: 0.01NXS per transaction.
- Speed: 50 seconds per confirmation. Payments received are spendable within 1 confirmation, though it is recommended to wait for at least 3 to 6 confirmations for extra security.
- Borderless: Transactions can be sent globally from wallet to wallet.
- Security: Together, quantum resistance is provided by signature chains, hashing algorithms such as Argon2 and SK, and Lattice-Based Cryptography such as Falcon.
- Decentralized: The issuance of NXS is independent of a central bank or government, and the supply is regulated by mathematics. The creation of NXS has zero debt or interest associated with its distribution and is backed by the physical resources that are required to mine it.
2. How can I get NXS?
- NXS can be purchased
The following digital currency exchanges list NXS, which is tradeable between both digital currencies (e.g. BTC, ETH) and fiat currencies (e.g. USD, EUR, GBP).
- BC Bitcoin (UK Broker)
- NXS can be earned through Staking
Staking is a process through which returns in NXS can be earned. NXS can only be staked inside the official Nexus wallet with internet connection. In return, stakers are rewarded for providing security to the network. The rate of return ranges between 0.5% and 3.0% per year.
- NXS can be earned through Mining
Mining is a process in which a computer program is run by high-performance hardware to process transactions and provide security to the Nexus Blockchain. In return, miners earn newly created NXS.
1. Where can I download the Nexus Wallet?
The wallet can be downloaded from the follwing page Nexus Wallet
2. How do I install the Nexus QT Wallet?
Step 1 – Download your wallet
Step 2 – Move the program to a location of your choosing. You may install the wallet program wherever you prefer. Before running the wallet program, please consider space limitations and load times. Your disk storage must have available space to store all data including the blockchain, which is currently ~3GB.
On the Windows OS, the wallet saves data to the
On macOS, data is saved to the
~/Library/Application Support/Nexus folder.
If you wish to store this information in another location, you can create a symbolic link.
(optional) Using Windows, follow these steps:
- Open a command prompt as administrator
mklink /D %appdata%\Nexus drive:\new\location\path
(optional) On macOS, follow these steps:
- Open the Terminal application
ln -s '~/Library/Application Support/Nexus' '/new/location/path'
Step 3 (optional) – Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save many hours from the wallet synchronization process. Please go to www.nexusearth.com, hover over the Currency tab and click Nexus Wallet, then select Download QT Database.
Step 4 (optional) – Extract the database file. This is commonly found in the .zip or .rar format, so you may need a program like 7zip to extract the contents. Please extract it to the Nexus folder, as outlined in step 2.
Step 5 – You can now start your wallet. After it loads, it should be able to complete synchronization in a short time. This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet.
Step 6 – Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions. Do not forget or lose this password, or you will lose access your wallet balance.
Step 7 – Backup your
wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it.
You should back up your
wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address.
3. I need help with my Nexus Wallet, who should I contact?
If you have any specific wallet or general enquiries, please join one of our community channels (Slack or Telegram), and post a message asking for help.
1. What are Nexus’ most notable innovations?
Seven Layer Software Stack
To the best of our knowledge, Nexus is the only blockchain that uses a seven layered stack in order to separate contract processing into specialized tasks that are capable of processing independently of one another. The layered design is fundamental to scaling, and has the potential to replace the existing internet stack, the OSI Please visit the Nexus Software Stack page for more details.
To advance the functionality of the Network Layer we are the only blockchain to use the LISP Overlay, an important architectural component in regards to blockchain scalability, security, and decentralization. LISP creates better connectivity between peers, as the overlay functions as a layer of “‘elevated trust”’ to the internet when combined with the ledger (blockchain), which increases the safety, reliability, and security of online experience.
The LISP overlay provides IPv6 crypto addresses, even when the core network underlay is not IPv6 deployed, enabling a fully encrypted peer-to-peer communication system.
Lower Level Library
The Lower Level Library (LLL) is the foundation of Nexus from which everything else is built upon. Written in C++ code, it is modular which means that developers can plug new types of processing into the engine and retain high levels of performance. It includes the following protocols:.
- LLC (Lower Level Cryptography)
- LLP (Lower Level Protocol)
- LLD (Lower Level Database)
Three Mining Channels
Two Proof of Work (PoW) channels (Prime and Hashing) and one Proof of Stake (PoS) channel are used to secure the network. Consensus is balanced between all three channels, making the network more resistant to 51% attacks.
Nexus implements a reputation mechanism called “‘trust”’ that records the consistent time that a staking node contributes to the validation process. This individual reputation translates into a variable stake reward of between 0.5% to 3% p.a. The ease of building trust compared to the ease of losing trust is set at a ratio of 1:3.
A signature chain is comparable to having a personal blockchain, which can be accessed by a username, password, and pin. 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 very high security standard and support for various key types such as FALCON for higher levels of quantum resistance. In the future, signature chains will be able to be augmented with various hardware password managers and biometric usernames.
Interaction between users on the internet usually require an intermediary in order to provide safety. Nexus Contracts facilitate the function of intermediaries and are governed solely by the mathematics and objective code that runs on our 64-bit Register Virtual Machine.
The Nexus wallet provides a HTTP powered API, enabling developers access to the Nexus Software Stack to build with Contracts in their coding language of choice, while providing interoperability with existing applications or systems. The technical logic of the blockchain is abstracted away, making it easier for developers to integrate with. We hope this will reduce the learning curve associated with developing contracts, therefore stimulating the growth of a developer community. An SDK in Python is currently available.
Modules and Applications
The nexus interface has a modular architecture, that provides a platform for developers to contribute their modules and applications, as an extension of the standard logical and interface layers provided through the wallet.
Hybrid blockchain combines the benefits of a public blockchain, private blockchain, and private database. Benefits of a hybrid blockchain include: scalability, privacy, automation and high levels of security.
The 3DC is Nexus’ proposed architecture to transform transaction processing into a multi-layered system, in order to scale the protocol securely while retaining a high degree of decentralization. It chains together cryptographic primitives into a multi-dimensional immutable object, and has three core dimensions: pBFT + reputation channels (X), immutability or authenticity (Y), and time (Z). The upgrades of Amine and Obsidian will add another layer of transaction processing ‘L2’ and ‘L3’, to the base layer ‘L1’.
2. Is there a roadmap for Nexus?
Yes, please click here to view our roadmap – the Nexus TAO Framework.
3. What is Tritium, Amine, Obsidian and the TAO?
Each letter represents one of the three upgrades of the TAO Framework which includes the deployment of the Three-Dimensional Chain (3DC). Each consensus upgrade corresponds to the addition of a transaction level lock which will transform transaction processing into a multi-dimensional process.
- Tritium (T) – L1
- Amine (A) – L2
- Obsidian (O) – L3
4. How does Nexus reach consensus?
Nexus is unique among blockchain technology in that Nexus uses three channels to secure the network against attack. Whereas Bitcoin only uses Proof-of-Work to secure the network, Nexus uses two Proof of Work (PoW) channels (a Prime channel and a Hashing channel) and one Proof of Stake (PoS) channel. Consensus is balanced between all three channels, making the network more resistant to 51% attacks.
Bitcoin has a difficulty adjustment interval measured in weeks, whereas Nexus can respond to an increased hashrate in the space of one block, while each of the channels scales independently of the other. This stabilizes block time at ~50 seconds and ensures no single channel can monopolize block production. Every 20 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate chain.
5. What is Trust?
Nexus implements a reputation mechanism called ‘trust’ that records the consistent time that a staking node contributes to the validation process. This individual reputation translates into a variable stake reward of between 0.5% to 3% p.a. The ease of building trust compared to the ease of losing trust is set at a ratio of 1:3. Please read more about Trust and reputation systems in the following articles.
6. Does Nexus have smart contracts? What is a smart contract?
Does Nexus have smart contracts?
Yes, with the release of Tritium, the Nexus architecture will include a 64-bit register-based Virtual Machine for contract processing. Please read this article below for a detailed account of Nexus Contracts and the Nexus Software Stack for more details.
What is a smart contract?
Smart Contracts are self-executing. Their design is to enforce the terms and conditions of a contract through programmable logic, reducing the need for third party intermediaries such as brokers and banks. Smart Contracts are an additional layer of processing above the ledger layer, i.e what is known as ‘the blockchain’, and are comparable to small computer programs that hold a state of information. The calculations of the contract are carried out by the processing nodes of a blockchain, which change the state of the information. Given that the calculations or processing is carried out by distributed consensus, the state of a Smart Contract is immutable.
Bitcoin was introduced with built-in Smart Contract functionality, which it calls ‘scripts’. Ethereum augmented these capabilities into its ‘Turing Complete Smart Contracts’, through a custom programming language called Solidity, which is then compiled into assembly language that is run on the Ethereum Virtual Machine (EVM).
Though very capable, Ethereum has experienced some issues in regards to security, performance, and ease-of-use, largely because of its Turing complete and 256-bit native design. Some notable cases include the $75m DAO hack on Ethereum, and the $286m Parity bug. Vulnerabilities existed due to the large complexity of a Turing complete system, and the resulting difficulty of resolving bugs in a protocol written in immutable code.
The complexity of operations that support universal computation or Turing complete designs also limit scalability. A universal system has a higher degree of complexity, and can not therefore compete with technology that is designed for more specialized tasks. An example of this observation would be the comparison between a CPU (Central Processing Unit) with an ASIC (Application Specific Integrated Circuit) in the mining of cryptocurrency. A CPU can’t compete against a SHA256 miner, as its complexity and design is geared to support universal general computation, not specialized computation. A similar conclusion could be drawn when a comparison is made between the system design of Ethereum (universal), and Nexus (specialized).
7. Why are quantum computers a threat to blockchain technology, and is NXS quantum resistant?
Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0. Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula (2^n) + 1, where n is the number of transistors. Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change state.
Quantum computers on the other hand, use what are termed quantum bits or ‘qubits’ which are represented by the quantum spin of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously. Qubits can also become entangled. Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems extremely quickly.
One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast). This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations.
Most cryptocurrency addresses are created by hashing the public key, so that it is not possible to decrypt the public key from the account address. However, once a user transfers funds from that address, the public key is published on the blockchain. With the rising power of classical and quantum computers, these exposed public keys are becoming increasingly vulnerable to attack. This means that the funds in them could eventually be stolen, though it is difficult to predict when this will begin to happen.
Nexus has integrated a number of cryptographic innovations to provide high quantum resistance.
1) Larger Keys
Our standard hash is 256-bits for registers, 512-bit for transactions, and 1024-bit for blocks. This is in part due to the recommendation from NIST (National Institute for Standards in Technology), being that Grover’s algorithm will increase the bit requirement by a factor of two for symmetric encryption schemes and hash functions in a Post-Quantum age.
2) Signature Chains
We utilize an architecture we have developed called Signature Chains that enhance the security of existing DSA (Digital Signature Algorithms), by hashing a public key until it is used, and changing keys every transaction. A signature chain is comparable to having a personal blockchain, which can be accessed by a username, password, and pin. When one creates a transaction on the network, the individual claims ownership of a signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key. Your wallet then creates a new private/public keypair and generates a new NextHash, which includes the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is coded into the contract. Therefore, the key pair to your signature chain is changed with every transaction and the public key is hidden until it is used. The use of biometric username generation will also be another step in strengthening your credentials and signature chain access by further increasing the physical requirements to gain access.
We have integrated an open source password hashing function ‘Argon2’, for key and username generation. Argon2 is a memory-hard password hashing algorithm with variable complexity arguments, meaning that it can control how many seconds it takes to generate another key or username. The time it takes an external ‘hacker’ to offline brute-force a sigchain can be computationally bound by memory-latency, resulting in the leveling of the playing field between all devices. Therefore, an FPGA, ASIC or even a GPU farm has less of a competitive advantage over a CPU. Our default Argon2 settings requires at least 0.3 seconds to generate a new key, meaning one is only able to ‘try’ three passwords per second. Combining this with a minimum requirement of at least 8 alphanumeric [a-Z, 0-9] characters per password, even if the username and PIN were compromised, the time required to crack the password would be in the order of 5 million years.
Complimented with this is the use of FALCON (Fast-Fourier Lattice-Based Compact-Signatures Over NTRU) as an option of extra security, that uses Lattice Based cryptography to ensure the security of accounts in the post-quantum age. Our digital signature algorithm default is Brainpool. However, Nexus has the option to choose from another digital signature algorithm Falcon, which is a very compact lattice-based cryptographic algorithm and a second round candidate of NIST’s Post-Quantum competition. The computational requirements are at least 1/40th of ECDSA, which means you can verify signatures very very quickly. The downside however is that it is about 1.5kb for both the public key and signature. Though Falcon is based on aged and proven mathematics (NTRU lattices), it has not undergone as much crypto-analysis as ECC or RSA. More information can be found here:
8. What are the scaling issues facing Blockchain?
The fundamental issue of scaling comes down to what is termed the ‘Blockchain Trilemma’, an opinion that only two of the three qualities, Security, Decentralization and Scalability, are achievable concurrently.
Please read the The Three Dimensional Chain for details on how Nexus is implementing an architecture that is a promising candidate to solving the ‘Blockchain Trilemma’, and The Ethereum Blockchain is over 1TB for further reading.
9. How does Nexus intend to solve the scaling challenges facing blockchain? What is the 3-Dimensional Blockchain (3DC)?
Please read the The Three Dimensional Chain for details on how Nexus is implementing an architecture that is a promising candidate to solving the ‘Blockchain Trilemma’.
10. What is LISP?
To advance the functionality of the Network Layer, Nexus uses the LISP (Locator Identifier Separation Protocol) Overlay, an important architectural component in regards to blockchain scalability, security and decentralization. Nexus is the only blockchain which uses LISP.
The original Internet architecture wasn’t designed to handle the immense growth in the number of devices connected to it. These devices currently depend on IPv4 addresses (the Internet equivalent of phone numbers) which are limited to around 4 billion entries. As the Internet was designed as an open system with few security parameters, events such as hacking, IP and certificate spoofing, MITM (Man-In-The-Middle) attacks, and DoS attacks are frequently experienced. When combining the Nexus Software Stack with LISP, we have found powerful qualities that combat these security pitfalls of internet security. LISP provides the following functionalities, some of which are implemented, and some of which are due to be deployed through the TAO Framework.
Compatibility — To accommodate the growth of Internet-connected devices, IPv6 support is required. Though the technology is decades old, most of the Internet is still only capable of routing for IPv4. LISP solves this problem by introducing IPv6 addressing to end devices. IPv6 addressing allows for cryptographic addresses while LISP allows such devices to communicate to an unconverted IPv4 underlay. This is an incredibly valuable feat as we move into the age of IoT devices.
Mobility — The separation of the identifier and location allows devices or nodes to roam while having a static IP address (an ‘EID’ in LISP terminology). This means that one is always available by the same address no matter their location, traversing NATs with greater success than conventional methods such as UPnP. This gives nodes higher levels of mobility.
Multicast — Even though Multicast is a well established protocol, not all routers provide it natively. This means that multicast traffic doesn’t always reach the recipient if relying solely on routers. LISP bridges this dilemma in places where the routing layer is unsupportive. Consequently, packets route to their destination in a more consistent time, providing better scaling characteristics than a conventional peer-to-peer flood network.
Encryption — LISP supports encryption over the entire network, meaning that one benefits from encryption at both the LISP and the Nexus application level.
Identity — EIDs can be combined with Signature Chains, enabling the reputation on the ledger to compliment the EID or network identifier. This protects against IP spoofing, online identity theft, and MITM.
Privacy — Similar to choosing when to answer your cell-phone, or to respond to a message, LISP provides options of how to interact with other users. This resonates with the Internet’s model of ‘openness’, while simultaneously protecting rights of privacy.
11. What is the Nexus 'Hybrid Blockchain’?
Hybrid by definition means a combination of two different elements, to result in something new. Our Hybrid technology combines properties of public and private systems, to provide enterprise ready blockchain networks. This is achieved by using the public blockchain network to provide higher levels of immutability, access control schemes, and custom validation algorithms.
The Nexus Hybrid Blockchain has the following properties and features:
- The existing system or application gains the security properties of the hybrid blockchain
- The private blockchain gains the security parameters of the public blockchain
- The potential to comply with GDPR, similar to that of a private database or Cloud service
- Permissioned access schemes supported by LISP (Location-ID Separation Protocol) forming a VPN (Virtual Private Network)
- Semi-permissioned access scheme to create tiers of data access between users, service providers, and partners to form an ecosystem
12. What are the limitations of the current infrastructure of the Internet?
Today the Internet relies on both large cables that run across the ocean floor, and geosynchronous satellites. The main drawbacks resulting from the state of the current Internet infrastructure are as follows:
- 4 billion people are without Internet connection.
- Unreliability in some areas due to natural disasters.
- Intercontinental cables and geosynchronous satellites cost millions of dollars to build, deploy and maintain, and are therefore owned and managed by governments and large corporations.
- ‘Command and Control’ operation and telemetry systems rely on centralized organizations for satellite management.
- ISPs usually have a monopoly over a particular service area, leading to higher service fees and lack of incentive for quality.
- Increased censorship and the ‘throttling’ of information due to lack of ‘Net Neutrality’.
In order for Nexus to be truly decentralized, the infrastructure of the Internet must address all of these issues. Our first step towards the solution is working with Vector Space Systems, a rocket launch company, and Galactic Sky, a nanosatellite company that offers software-defined satellites.
13. Who are Vector Space Systems? What is GalacticSky?
Nexus is working with Vector Space Systems which was co-founded by Jim Cantrell. Jim is a veteran in the aerospace industry, having worked with NASA and having co-founded SpaceX with Elon Musk. Vector Space offers affordable launch capability, as it seeks to reshape the multi-billion dollar launch market. Vector uses small disposable rockets to cut down costs, which are capable of launching a 66 kg payload into low earth orbit (LEO). A standard 1U CubeSat weighs less than 1.33 kg, so each launch can put approximately 25 satellites into orbit.
GalacticSky is a business unit of Vector, uses software-defined satellites to provide a satellite virtualization platform. Using this virtual environment, developers can test ideas and algorithms to demonstrate satellite viability without having to launch and test in orbit. This helps accelerate the conception and testing process, going from years to weeks.
The connection between Vector Space and Nexus goes beyond that of supplier and client. Jim Cantrell, CEO and co-founder of Vector Space Systems, is a firm supporter of Nexus.
14. How will Nexus improve the current internet?
Many organizations plan to deploy smaller cube satellites into LEO (Lower Earth Orbit), however their models are dependent on centralized ownership and management. One of our longer term visions, is to tokenize satellite ownership, whereby token holders will be entitled to the revenue earned and voting rights, in order to produce decentralized ownership and management. Combined with affordable antennas, the creation of local mesh networks, and tokenized satellite ownership, we envision the building of a new Internet.
We welcome all parties whom would like to become a part of this collaborative economy, to connect with us.
1. Can I stake NXS?
Proof of stake is an energy efficient form of mining based on ownership of a digital currency. This ownership represents a ‘stake’ in the sense of an interest in something. By staking, NXS holders can earn a ‘stake rate’ between 0.5% and 3.0% per year on their holdings. NXS can only be staked inside the official Nexus Wallet when in ‘staking mode’ and with a continuous internet connection (24 hours a day, 7 days a week). In return stakers are rewarded for operating the wallet (a Nexus node) and mining Proof of Stake blocks, which provides security to the network.
2. Is there a minimum amount of NXS required to stake?
It is possible to stake with any amount of NXS and earn stake rewards at a rate of 0.5%. However, to grow your stake rate and reach the maximum of 3.0%, your node must find a Proof of Stake block at least every 72 hours. As of the 6th of June 2019 it takes around ten 10,000 NXS to do this.
Similar to other forms of mining, ‘Proof of Stake’ mining has a level of ‘difficulty’. As more people successfully stake on the network, the difficulty of mining Proof of Stake blocks increases. This increases the amount of NXS required to find at least one block every 72 hours and increase the stake rate. While difficulty reduces the frequency of mining stake blocks, a larger balance of NXS in your wallet will increase the frequency. Thus, if you are not finding blocks within the 72 hour requirement, and wish to increase your stake rate, the easiest way to do so is to increase your balance.
3. How do I begin Staking?
Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by:
- At the bottom of the wallet display, click on the Settings icon.
- Activate the selection that says “Login for Staking and Minting Only” , then enter your password and click the Login button.
When you hover your mouse over the Nexus icon at the upper right of the wallet, a pop up display will appear showing staking metrics. When any of these are non-zero, you are staking.
After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and moves your wallet balance to that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as you operate the same wallet.
IMPORTANT – After you receive a Genesis transaction, backup your wallet.dat file immediately. You can select the Backup Wallet option from the File menu, or manually copy the file directly (exit wallet first). If you do not do this, then there is a small possibility that your Nexus balance will be moved to a Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.
When staking is active, the wallet displays updated staking metrics including your current stake rate. If you hover your mouse pointer over the Nexus icon at the upper right of the wallet, a tooltip-style display will open up, showing their current values.
4. What is a Genesis transaction ?
Genesis is the process by which a wallet creates a trust key to use for staking. This is the first step for staking a new wallet. When it creates a new trust key, the Genesis transaction will transfer your wallet balance to that key for staking. This has no impact on your wallet balance. After the trust key is created, the wallet will no longer stake Genesis, and will instead stake Trust transactions.
- Balance must have a minimum coin age of 3 days (72 hours) before the wallet will begin attempting to create a Genesis transaction.
- The Genesis transaction takes longer to generate than subsequent Trust transactions. For lower balances, it may stake for multiple weeks before you see this.
- The Genesis reward pays the base 0.5% annual stake rate based on the average age of the balance in your wallet. Therefore, how long it takes to generate does not penalize you. If it takes twice as long, the reward will be twice as much.
5. I have not received a Trust transaction in a few days, is that normal?
There is no set time period in which it finds a new block. It is not at all unusual to go a period of time without a Trust transaction.
- Trust transactions are more frequent if you have a higher balance.
- Trust transaction frequency increases somewhat as trust weight and block weight increase.
- Stake reward is based on your stake rate and the time it takes to mine a block. If it takes 2 days to generate a Trust transaction, then your stake reward is twice the size it would be if it only took 1 day. Thus, the frequency of stake rewards does not impact your overall earnings from staking, with the exception of the 72 hour requirement.
- As long as you find at least one Proof of Stake block which generates a Trust transaction within the 72 hour requirement, your trust and stake rate will increase. If it takes longer than 72 hours, trust and stake rate decay at a rate of 3:1. In other words, you lose 3 days of increase for every 1 day it exceeds 72 hours between blocks.
- If you turn off your wallet, or otherwise go a long time between stake transactions, it is possible for your trust and stake rate to decay back to the beginning. The staking metrics will display 0.5% stake rate, 1.11% trust weight, and 100% block weight. This means your trust and stake rate have fully decayed to the minimum. These values will not change until you mine a new Proof of Stake block.
6. What are stake rate, trust weight, block weight, and stake weight?
These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction.
Stake Rate – This value represents your current annual NXS rate of return (%). The rate starts at 0.5%, and can increase to 3.0% after 12 months of consistent staking. The rate increase is non linear, slowing in terms of its increase over time. It takes several weeks of consistent staking to reach 1.0%, and around four months to reach 2.0%. With this rate, you can calculate the average amount of NXS you can expect to receive over time for staking.
Trust Weight – An indication of how much the network trusts your node. It starts at 1.11% and increases in a non-linear manner like stake rate does. Your level of trust increases your stake weight (below), thus increasing your chances of mining stake blocks and receiving staking rewards. It becomes easier to maintain trust as this value increases.
- For new wallets staking Genesis, trust weight is based on coin age with a maximum of 11%.
- After Genesis, trust weight is a measure of the overall trust score you have accrued. It is displayed as a percentage of the maximum possible trust score.
- The time investment needed to build trust increases network security.
- Trust score takes 84 days of successful staking to reach 50% trust weight, and 345 days to reach 100%.
Block Weight – Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% in 3 days time. Every time you receive a staking transaction, the block weight resets.
- Your wallet must mine a stake block and generate a transaction before it reaches 100% for trust weight and stake rate to keep increasing.
- If your block weight reaches 100%, it will stay at 100% and both your trust weight and stake rate will begin to decay.
What happens when my Block Weight reaches 100%?
- Trust weight and stake rate will begin to decay.
- Without a transaction they will eventually decay back to the start.
- Generating a new Trust transaction resets block weight, and trust weight/ stake rate continue increasing from their current values.
- Trust decays at a 3:1 rate to which it was gained. For a new key, it takes 1 day for 3 days of trust to decay. An established key holds onto trust much longer. A 3-month key takes a full month to decay completely, for example.
- Establishing a new trust key is not immediate, by design. The network does not give away trust for free. You may see staking values decay back to the start multiple times before it manages to generate transactions frequently enough to keep going.
- If it decays back to the start, the wallet will display minimal trust weight of 1.11% with stake rate 0.5% and block weight 100% until it generates a transaction. This is normal. It is not stuck.
Stake Weight – The higher your stake weight, the greater your chance of receiving a transaction. The exact value is derived from your trust weight and block weight
- Stake weight is a derivative value calculated from trust weight and block weight. It indicates their combined impact on chances to generate a staking transaction.
- The value will change as trust weight and block weight change.
- It is for display only as a metric, and is not directly used. Trust weight and block weight values are used.
What affects block production in staking?
- For new wallets staking Genesis, total balance and trust weight calculated from coin age.
- For wallets after Genesis, total balance, block weight, and trust weight calculated from trust score.
1. Can I mine NXS?
Yes, two Proof of Work (PoW) channels (Prime and Hashing) and one Proof of Stake (PoS) channel are used to secure the network. Consensus is balanced between all three channels, making the network more resistant to 51% attacks. The prime algorithm is optimized for use by your computer’s central processing unit (CPU), while the hashing algorithm runs optimally on the graphics processing unit (GPU).
Prime Mining Channel
This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU.
This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty. This is most often performed using a GPU.
Please learn more on the following webpage:
2. How do I mine NXS?
As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU. Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available.
Please follow the instructions below for the relevant type of miner.
Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make. To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet?
Please download the relevant miner from the Mining & Minting Nexus page on the Nexus Earth website. Note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only.
Step 1 – Extract the archive file to a folder.
Step 2 – Open the
miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet.
Sieve_threads is the number of CPU threads you want to use to find primes.
Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing.
It is also recommended to add the following line to the options found in the .conf file:
"experimental" : "true"
This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate.
Step 3 – Run the nexus_cpuminer.exe file. For more information on pools and settings, see the Mining & Minting Nexus page.
The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models. Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability.
The latest software for the Nvidia miner can be found here. The latest software for the AMD miner can be found here. The AMD miner is a third party miner. This guide will walk you through the Nvidia miner.
Step 1 – Close your wallet. Navigate to
~/Library/Application Support/Nexus on macOS) and open the
nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as
You will need to add the following lines before restarting your wallet:
Step 2 – Extract the files into a new folder.
Step 3 – Run the
nexus.bat file. This will run the miner and deposit any rewards for mining a block into the account on your wallet.
1. What are the ‘responsible values’ that Nexus supports?
Nexus is a community of diverse individuals, all working together for a common goal. We as a community advocate the following principles:
Responsibility & Independence
Decentralized Systems allow us to become more independent from existing governments, which are often centralized and reliant on outdated processes.
Distribution & Meritocracy
Distribution of power and resources is fundamental to building the foundations of a meritocracy, where people are rewarded proportional to their merit.
Information & Exchange
The technology of Nexus is developed for people to have free access to information and exchange, removing boundaries to increase novelty.
Honesty & Transparency
Honesty nurtures trust between people, allowing us to be more effective as a group, whilst transparency cultivates greater levels of integrity.
Community & Collaboration
Respecting ourselves and others encourages greater cooperation, collaboration and growth, to build stronger relationships and therefore a stronger community.
To learn more about Nexus, please join one of our community channels.
2. How can I join the community? (Community Channels)
3. What are Nexus Working Groups?
Nexus has adopted the Internet Engineering Task Force’s (IETF) time-tested open process through “Working Groups”. A Working Group is a small decentralized collection of people who work together to set standards or develop new components of our technology.
Coders-wg: Develop code and set higher level standards of the Nexus Architecture
Use cases-: Discuss functionality for different sectors
Communications-wg: Writing content for the website, WIKI, and social media
Website-wg: Develop the standards and design of the official Nexus Website
Graphics-wg: Developing graphics to support the Nexus Brand
Social-wg: Designing a Decentralized Voting Structure
Translations-wg: Translating the website content
Please join one of our community channels to get involved in Nexus working groups.