What is Nexa?

Nexa (NEXA) is a Layer-1 Blockchain that operates on a proof-of-work mechanism. It is designed to scale for global peer-to-peer usage by leveraging hardware to eliminate scalability bottlenecks related to signatures and UTXO lookups. Nexa incorporates technologies such as Graphene and Xthinner to aim to enhance block distribution efficiency and reduce traffic overhead. It also utilizes 0-conf, a technology that strives to enable instant transactions without the need for confirmations. Nexa is developed by Bitcoin Unlimited, a team of experienced software and blockchain architects who have contributed significantly to the development of Bitcoin and Bitcoin Cash.

How does Nexa work?

Nexa operates on a proof-of-work algorithm that aims to scale to handle a large number of transactions per day. It uses technologies like Graphene and Xthinner to aim to make block distribution more efficient and reduce traffic overhead. Nexa also employs a technology called 0-conf, which strives to allow for instant transactions without the need for confirmations. Additionally, Nexa uses an ultra-scalable smart-contract system, referred to as 'wise-contracts', which aims to provide the functionality of an EVM chain without the major scaling bottlenecks. Nexa's proof-of-work algorithm also supports the use of hardware that nodes can utilize to facilitate transaction validation.

What are the potential use cases for Nexa?

Nexa has a wide range of potential use cases. It provides native token functionality without the need for special smart contracts or token standards like ERC-20. This means that tokens can be created and managed just like sending NEX, Nexa's native token. Nexa also supports the creation of Non-Fungible Tokens (NFTs), which can be used for various purposes such as digital artwork, asset ownership, tickets, in-game items, and certificates. Furthermore, Nexa's 'wise-contracts' system aims to enable practically everything possible on an EVM chain, opening up possibilities for complex DeFi services.

What is the history of Nexa?

Nexa was launched on June 21, 2022, with a fair launch approach, meaning all NEXA in existence have been mined after the project was announced and anyone was able to start mining from the genesis block. The project is built and maintained by Bitcoin Unlimited, an organization with over 70 years of combined experience in the crypto industry. Bitcoin Unlimited's software has been a key component of Bitcoin (BTC) and then Bitcoin Cash (BCH), facilitating mining and economic infrastructure operations for years. Bitcoin Unlimited has applied its extensive knowledge and experience to Nexa, aiming to introduce several innovations.