What’s the NEXA Cryptocurrency?

Meet NEXA – the ‘dark horse’ of the crypto market. A newcomer on the crypto scene, it's steadily climbing in value with minimal dips along the way. It uses the proven Bitcoin Cash innovations to power its growth.

Although this coin is still in its early stages, it has already attracted a dedicated community of like-minded miners. The Nexa network boasts a two-minute block time, with a generous 10-million-coin reward for each block.

Let’s find out what Nexa is and explore its key features.

NEXA Overview

The NEXA coin is a fast-growing cryptocurrency with open-source technology at its core. It’s highly versatile and ideal for mining, even on GPUs. You can trade NEXA on the Exbitron exchange for USDT, BCH, and EXTO, making it a promising choice for both miners and traders.

Bitcoin Unlimited Incorporated, a company registered on the Isle of Man, is engaged in the development of this project. The organization gained fame for creating Bitcoin Cash, the Bitcoin fork launched on August 1, 2017, featuring a larger block size for enhanced scalability.

NEXA may be a relatively new player, but its financial performance is already making waves, showing impressive growth potential.

According to CoinGecko, as of Fall 2024, the daily trading volume reaches an impressive $1 676 603.

Don’t confuse the NEXA coin with the NXG token, which belongs to the NEXA Global Foundation blockchain platform — a project widely considered a failure.

NEXA uses various innovations from the Bitcoin Cash code but operates on its own open-source blockchain. It employs the secp256k1 parameters (SHA256) and uses Schnorr signatures generated through PoW mining on the SHA256-Schnorr algorithm.

The biggest challenge in generating signatures and confirming blocks during mining is the elliptic curve multiplication function. This process is computationally intensive and requires significant resources to ensure the integrity and security of the blockchain.

The target block time in the NEXA network is set to 2 minutes, with a reward of up to 10 million NEXA coins for each block found.

NEXA Coin Features

Let’s dive deeper and find out what the Nexa crypto key features are.

Global Capacity

The unique PoW algorithm enables NEXA to scale up to over 10 billion transactions per day. This impressive capacity could potentially serve the entire globe. Moreover, transactions are completed without any fees or delays, ensuring seamless and efficient transfers.

This is made possible by using a new technology that eliminates bottlenecks in bandwidth, data storage, and node computing speed, allowing for enhanced scalability and efficiency.

Native Tokens

NEXA offers native token functionality, meaning you don’t need to rely on special smart contracts or token standards like ERC-20. However, if needed, NEXA can provide the smart contracts’ full power for your token, offering flexibility and customization.

Native NFTs

With NEXA, users can create NFTs and fungible tokens, which can be applied to a wide range of purposes. These include digital art creation, asset ownership, ticketing, in-game items, and certificates. The scope of use continues to expand, with all of these features also being fully available for NFTs.

WISE Contracts

NEXA uses an ultra-scalable smart contract system, enabling the implementation of most of the features found in EVM chains without the significant scalability bottlenecks typical of Turing-complete networks. This approach ensures greater efficiency and flexibility for smart contract execution.

Instant Transactions

One standout NEXA feature is that transactions are processed across the network in mere fractions of a second. For certain operations, this enhances security levels. Additionally, NEXA plans to implement a new technology that will enable instant transactions for any amount without the need for trust. This means users can expect immediate fund transfers, making transactions faster and more reliable.

NEXA Wallet

To start accumulating NEXA coins, you can use the official NEXA wallet, which is available for download from the project's official website.

The wallet can be installed on the following platforms: MacOSX, Windows, Linux, and ARM.

During the installation process, you will need to specify the folder address on a disk with large storage space. This is necessary for proper synchronization.

Once the program is launched, the blockchain synchronization process will occur.

It's worth creating a wallet backup for additional security.

Next, you need to create a receiving address. Click on the ‘New’ button and choose a name for your address.

After completing these steps, you'll have a wallet address ready to receive coins from your mining pool.

NEXA coin exchange rate forecast

PricePrediction.Net has released a comprehensive forecast for the future NEXA price. Powered by advanced artificial intelligence, the analysis dives deep into technical trends while using historical NEXA price charts. Experts also factored in key live metrics like NEXA’s market cap, trading volume, and other significant indicators to deliver a robust projection.

Note: This forecast is merely a projection, not an absolute truth. Unfortunately, no technology can guarantee precise predictions in the financial world. That’s why it’s important to approach these figures with caution.

NEXA price forecast:

NEXA Prospects

What does the future hold for NEXA? This question intrigues many, and we’ll try to analyze the trends shaping this space.

Nexa operates on a UTXO-based blockchain, much like Bitcoin. Simply, value is transferred by moving discrete units between addresses and contracts.

This approach contrasts the ‘account model’ used by Ethereum, where balances are updated as funds are transferred. However, the account-based model has several drawbacks. UTXO-based blockchains are significantly undervalued. Despite their immense potential, developers rarely embrace this architecture – a missed opportunity for innovation.

It’s worth noting that UTXO-based blockchains are inherently more scalable at Layer 1. Additionally, they are much easier to audit for transaction security. Another significant advantage is their ability to support more advanced functionality, opening the door to innovative use cases.

Today, NEXA crypto operates using GPU mining. However, the real innovation lies in the functionality of its Proof-of-Work – PoW – algorithm. Specialized hardware like FPGAs and ASICs is increasingly utilized in the mining industry. These devices can perform a wide range of tasks beyond high-speed cryptographic hashing.

For Nexa’s PoW algorithm, Schnorr cryptographic signatures are essential – a requirement that also extends to Nexa’s transactions. This adds an extra sophistication layer and security to the network.

As a result, the network's ability to generate and verify signatures will continue to improve. This advantage is particularly significant since one of the main bottlenecks in scalability lies in nodes' ability to verify signatures. As the network grows, this limitation will gradually disappear. This progress is made possible by producing large quantities of affordable hardware capable of handling these tasks efficiently.

Experts also predict that another scalability bottleneck – UTXO lookups – will be addressed. The NEXA coin mining algorithm is set to undergo updates, requiring miners to have rapid access to the UTXO set. Consequently, specialized hardware will be developed to store the entire UTXO set and enable fast access to it, further enhancing the network's efficiency and scalability.

Once these two scalability bottlenecks are resolved, NEXA nodes will effortlessly handle 100 000 transactions per second at Layer 1 – without the need for additional software. This capability will be sufficient to manage the transactional needs of 8 billion people, showcasing NEXA's potential as a truly global and scalable blockchain solution.

F.A.Q.

How does NEXA work?

The ProgPow algorithm is at the core of NEXA, specifically designed for GPU mining. This algorithm’s key advantages are its high security and transparency levels in transactions, making it a reliable and efficient option for miners and users alike.

How do I get a NEXA coin?

There are two main ways to get NEXA: mining with a graphics card or buying it on an exchange.

Where can I buy NEXA?

The most popular exchanges supporting NEXA are Txbit and MEXC, which offer convenient platforms for trading and obtaining coins.

What is the NEXA Blockchain?

The NEXA blockchain is a platform designed for fast and transparent transactions. At its core, it utilizes the ProgPow algorithm and the UTXO model, ensuring high transaction speeds and low fees, making it an efficient and cost-effective blockchain solution.