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Nexus Token, a Bridging Multi-Network Token Initially Issued by Polygon

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Mar 10, 2022

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Consider a scalable, quantum-resistant blockchain that protects an uncensorable and open internet via a hack-resistant operating system. Nexus Project is bringing this prospect to life with a decentralized end-to-end platform that allows anyone with access to technology to regain their digital identity. With Nexus token, you can own digital assets from dispersed networks rather than a centralized entity.

Nexus Token is a multi-network bridging token that supports a wide range of networks, and will be initially issued through Polygon, a second layer of the Ethereum network that uses “Proof of Stake,” a next-generation consensus algorithm, to allow for fast processing power and decentralization.

About Polygon

Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun established Polygon, which was later joined by Mihailo Bjelic. The project was originally known as Matic, but was renamed Polygon in 2021. It was built in order to address the scalability issues that Ethereum has.

It’s also capable of managing massive volumes of crypto asset transactions. Multiple layers make up the polygon (hierarchies). The first layer, called the ‘ethereum layer,’ is responsible for communication with the polygon chain, transactions verification, and staking operations.

The ‘network layer,’ which is responsible for block generation, local consensus, and transaction queries, is the second layer. The final layer, dubbed “the security layer,” is in charge of security and prohibits unwanted access.

Stand-alone networks and secured networks are the two main types of ethereum-compatible blockchain networks supported by Polygon. The first chain, known as the stand-alone network, is self-contained and has its own security system, allowing projects to achieve a high level of independence through operational flexibility. On the other side, a secured network establishes a pool of expert validators, such as Polkadot, who verify and validate networks and transactions.

Secured chains typically provide a higher level of security in exchange for a loss of independence and flexibility. Polygon’s layers and chains guarantee a higher level of security as well as tackle Ethereum’s high fee and transaction difficulties by allowing transactions to be completed at a lower cost and faster speed than other chains.

Polygon’s second layer (side chain) also serves as a fast blockchain that coexists with Ethereum’s main blockchain. Polygon, a potential future – “Ethereum alternative”, is also extremely compatible with ERC and can be utilized for a range of Ethereum-based applications. The entire supply of Nexus Tokens will be set, and if other networks are added, a quantity of Nexus Tokens on the polygon network equal to the newly issued supply will be locked.

The Nexus Token Distribution Scheme of NEXFI

Board members, private sale participants, and pre-sale participants will receive Nexus tokens first. The remaining stock will be reserved for stakeholder members at a reduced price. Users can save money on extra coins by locking a portion of their current coins to participate in the discount sales. NEX points can also be swapped for Nexus Tokens, and NEX points can be recharged with Nexus Tokens from a variety of networks. These market token distributions are part of the Nexus staking rewards through NEXFI.

Nexus Token Allocation 

  • Public Share 20% 
  • Company 15% 
  • Incentives 10% 
  • Partner Programs 20% 
  • Staking of Service 25% 
  • Farming 7% 
  • Staking 3% 

The Nexus Foundation has put in place a system to buy tokens in predetermined amounts in order to keep their value above a particular threshold and ensure a continuous and continual rise. As the token economy grows, the public share will grow proportionately, with the goal of becoming the UAE’s largest payment currency.

Final Words

Ethereum’s high fee and transaction concerns can be alleviated by issuing nexus tokens using polygon. Transactions can also be completed at reduced costs and at a faster rate than with other chains. Polygon may be used to run numerous apps on the Ethereum blockchain due to its excellent interoperability with ERC. The market token payouts are part of the Nexus staking rewards via NEXFI, which promotes the token economy’s growth. More so, the public share of the token economy will increase in lockstep with the token economy, with the goal of becoming the UAE’s largest payment currency.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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