Nexa is set to become the most scalable Layer-1 blockchain ever built, capable of handling over 10 billion transactions per day while offering Ethereum Virtual Machine (EVM)-like smart contracts and native token services. This groundbreaking technology aims to provide a decentralized digital economy with the capacity to serve the entire world. The information about Nexa's features and capabilities has been gathered from external sources.
Thanks to its unique Proof of Work (PoW) algorithm, Nexa is expected to scale up to over 10 billion transactions per day, providing enough capacity for the entire planet. Users will no longer experience high fees or long waiting times for their transactions to be secured. The innovative technology behind Nexa aims to remove the bottlenecks of bandwidth, storage, and computation speed of nodes.
Nexa recognizes the market-validated use case for cryptocurrency tokens, which are expected to bring significant value and network effects. Consequently, Nexa offers native token functionality without any need for special smart contracts or token standards like ERC-20. Furthermore, non-fungible tokens (NFTs) can also be created on Nexa and used for various purposes such as digital artwork, asset ownership, tickets, in-game items, certificates, or other undiscovered use cases.
Nexa miners will include a hash in each block called a "UTXO Commitment," which proves the full Unspent Transaction Output (UTXO) set at that point in time. This feature will enable new nodes to join the network without having to download the entire blockchain. Additionally, continuous blockchain sync will only require sending a tiny amount of data, thanks to a technology called "Graphene." Nodes will only need to know the transactions they are missing to validate a block.
Nexa's protocol incorporates SHA256 hashing and Schnorr signatures throughout its transactions and PoW algorithm. By hardware-accelerating these functions, nodes will be able to process billions of hashes and millions of signatures per second. Furthermore, UTXO lookups will also be hardware accelerated, enabling nodes to handle hundreds of thousands of transactions per second or more. The use of UTXO commitments means that nodes will only need to store the UTXO set, requiring just a fraction of the storage needed for a full blockchain.
Transactions on Nexa are propagated across the network in sub-seconds using 0-conf technology, eliminating waiting times for transaction delivery. For situations requiring extra security, block times are set at just 2 minutes. Nexa also plans to introduce an opt-in, non-protocol layer instant transaction technology in 2023 that leverages its wise-contracts to provide a trustless service. Additionally, Nexa's unique PoW algorithm incentivizes the market to produce commodity hardware that accelerates node processing power, taking its capacity to over 100,000 transactions per second (TPS) and providing financial sovereignty for every person on the planet.
Nexa's roadmap includes medium-term actions set to take place from mid-2023 to the end of the year. As a result, the development and implementation of Nexa's innovative features and capabilities are expected to continue gaining momentum, revolutionizing the blockchain landscape and offering a truly global, decentralized digital economy.