Binance Lists Nexus (NXS), Here’s Why It’s a Unique Digital Asset
Binance keeps adding smaller, lesser known coins and tokens, with warnings of potential volatility.
Binance has listed Nexus (NXS), one of the older, minable coins, which launched back in 2018. Over the years, NXS rose from sub-penny positions, to a peak above $12, but later crashed to the current levels.
The news of the Binance listing boosted NXS to $2.6, adding more than 18% overnight. NXS volumes remain extremely low, and the activity on Binance might give the coin a boost.
The Nexus blockchain uses a mix of mining and trusted verification to optimize transactions and achieve speed. Until recently, Nexus was minable by CPU or GPU, but also open to staking, for additional network security. Recently, Nexus renewed its white paper, to better explain its concept of running a blockchain secured both by mining and staking, as well as a network system of verifications similar to IOTA and NANO.
Facts About Nexus
The genesis block for NXS was mined in September 2014. The project continued as a grass-roots community, mostly with peer communication and few marketing efforts. In this regard, NXS is somewhat similar to Verge (XVG), which also started as a community project before actively seeking adoption.
Older predictions for the NXS market price seem outlandish now, seeing the coin potentially climb to between $50 and even $500 at the end of 2018. But the strong spike in NANO prices from a few cents to as high as $36 points to a possibility for NXS.
The circulating supply of coins is around 57.6 million. The Nexus network offers free transactions, and the most ambitious part of the project is the plan to build a ground and satellite network that supports the NXS coins without the potential for censorship. Other features include agile difficulty adjustment, as well as an hourly checkpoint that prevents falsely timestamped blocks from being accepted. Additionally, the Nexus network uses prime number security for producing blocks. Thus, despite being a small coin, NXS is more secure against malicious mining attacks.
The Nexus network also has a level of privacy by obscuring public keys from the transaction record, and also has 571-bit addresses. The network uses Keccac and Skein hash functions, which for now have not seen an ASIC built to produce solutions faster.