Blockchain technology is undoubtedly revolutionizing digital industries. For the first time in history, value can be transmitted fast and securely without an intermediary bank or third party. Nexus, a quantum-resistant blockchain that incorporates advanced cryptography is designed to reduce the threat posed by the futuristic quantum technology.
Nexus Embassy: An Overview
Our Nexus technology has existed since 2014, when the blockchain was first mined into existence. Colin Cantrell, the co-founder and chief architect of the Nexus Embassy is the inventor of the technology as well. The vision is to develop a decentralized ledger technology that addresses the speed, scalability, and security challenges and limitations with the existing blockchain technologies.
Nexus Embassy is a non-profit founded in 2017, three years after Cantrell led the technology development on his own, when our team was built with the goal of making this a public blockchain— an open-source technology for everyone to leverage.
Challenges with Existing Blockchain and Opportunities with Nexus Technology
With more individuals and organizations becoming aware of the technology, blockchain is starting to be used for real use cases. One of the issues that could have been foreseen is with scaling, there is a slowdown in the throughput. This is the very reason our team at The Nexus Embassy is organizing our decentralized ledger technology to address the apparent scaling limitations of the more commonly used blockchains today, i.e., Bitcoin and Ethereum. Another issue alongside scaling is security; given the advent of quantum computing, there is the potential that the current technologies might in the very near future become vulnerable to security breaches. This is another aspect where the Nexus technology is trying to make the ability of the system more quantum-resistant and secure, than the existing technologies.
There are a number of organizations trying to mitigate and solve the speed, scalability, and security challenges. The difference between our technology and the others is that the Nexus technology was engineered to address these issues from the ground up. Our co-founder and chief architect, Cantrell, is taking the decentralized ledger code all the way down to low-level database and is focused on making it efficient, by eliminating a number of issues that we see in other technologies.
The Three Dimensional Chain (3DC) Framework
Currently, most blockchains are exactly what the term sounds like—a linear chain of blocks, which requests use of a transaction. The Nexus technology is enabling the blocks to be grouped not in a linear manner but in a multidimensional manner. There are additional layers of security from having proof-of-work as well as proof-of-state confirmations—all of which operate in a coordinated manner but independently, thereby increasing the security of the data stored in the distributed ledger technology.
With traditional blockchain protocols, the throughput, very often, slows down as more data is added to the network with existing systems.
The vision is to develop a decentralized ledger technology that addresses the speed, scalability, and security challenges and limitations with the existing blockchain technologies
The other advantage of the Nexus network architecture is that the speed will get faster as more nodes are added, given that the data can split and go through the system.
The 3DC is envisioned to be implemented through the three stages—Tritium, Amine, and Obsidian. The control and governance over this technology will be fully distributed to a large number of stakeholders around the world after the three updates, for it to continue and evolve in a democratic and decentralized matter.
Not Competing with the Players but Completing the Purpose
We don’t view our journey as a competition with the other players. It would be beneficial if there are a number of distributed ledger technologies out there; we see ourselves coexisting with them, but we do believe that we have a superior solution in terms of speed, scalability, and security since these were engineered from the very fundamentals of the architecture. We also believe that there would be a continued advantage of using the Nexus technology over some of the other existing technologies that are still attempting to mitigate the inherent limitations of their protocols.
Nexus has integrations with Locator Identity Separation Protocol (LISP) in order to improve and accelerate the peer-to-peer networking capability. In addition, there are a number of groups and organizations who envision a constellation of a low earth orbit (LEO) satellites as well. Nexus has partnered with Vector space systems and will be starting to launch satellites in the space in order to create a connection between a satellite-based and the ground-based MESH networks to have true global connectivity. We are starting to reach out to other organizations that have a similar goal in mind and are working to partner in a collaborative method to make communication and connection better for everyone.
We have also partnered with SingularityNET, the creators of the AI technology in Hanson Robotics’ Sophia robot, and SingutlarityNET has have chosen Nexus to be their blockchain partner for AI applications. We do see technology evolving from the current situation where data is stored on computers or in the cloud in a centralized manner, evolving to the blockchain where the computer programs are evolving to enable programs with AI capabilities and where the UI is moving from computer screens to a 3D VR or AR world. The next generation—instead of having their interactions on a computer screen with standard programs getting data from a centralized or cloud-based centralized database—will have a virtual experience of an AI-type of program, with the underlying data stored on a blockchain. The other advantage of merging distributed ledger technology in AI deals with some of the fundamental code for AI able to be stored immutably in the blockchain ensuring that the AI programs “behave” in a manner that the creators intended. It’s a wonderful molding of technology that Nexus is pursuing to remain at the forefront of this.
A Peek into Nexus’ Future
From the 19th to 22nd of September, we are organizing our second annual conference in Scottsdale, AZ on the fourth year of the Nexus technology’s birth. The conference, which will open opportunities for business leaders and technology enthusiasts, will be focused on blockchain in general and use cases on the Nexus blockchain.
We are targeting a number of industries that could benefit from our technology. Clearly, any and almost every industry going forward will use some type of distributed ledger technology. The areas we are pushing our initial use cases include record-keeping, real estate, healthcare, the music industry, and supply chain management among others.
Everyone who has joined us on board understands the non-profit mission of the embassy and the humanitarian benefit of the blockchain technology. It will provide transparency and clarity to all kinds of interpersonal interactions and transactions between individuals or organizations.
We have grown significantly since the first quarter of the year and have brought in a number of executives to manage the organization and help foster the growth of this technology. In addition to growing the leadership team, we are also focused on hiring coders in order to build out this technology. Alongside, we are partnering with organizations to collaborate on our coding and development capability to bring out the best technologies.