The following reasons are the most prominent factors why our seven layer software stack improves the developer experience over platforms such as Ethereum, EOS, and Waves: Scaling Model, Predictable and Low Fees, RESTful API, Object Modeling, Automated Key Management, Security, and Private / Hybrid Networks. Below we have included a comparison table between other similar platforms, to elucidate the unique qualities of our development environment.
Scaling is a requirement, not a feature. Our architecture has been built as a register-based process virtual machine (an interpreter) rather than stack-based like Script, EVM, or JVM. This provides much higher processing efficiencies capable of handling a larger volume of contracts, while also maintaining the same, if not higher levels of security. We have completed one third of our scaling solution the ‘Three Dimensional Chain (3DC). When fully implemented, the 3DC will provide full scalability, security, and decentralization through a globally sharded decentralized consensus network, necessary for the long term sustainability of Nexus.
The fee charged for the execution of a Nexus contract is 'predictable'. Simple transactions, such as sending NXS and Tokens are free. However, if more than one transaction is made per 10 seconds from a single account, a 0.01 NXS fee is applied. The fee for the execution of a Nexus contract is dependent on the primitive, and the complexity of the conditions (how many instructions are involved in the execution), and therefore is predictable. The fee charged for creating a register (a piece of data) is 0.001 NXS per byte, with a minimum fee of 1 NXS. This means that the cost of registering an Asset is between 1 and 2 NXS depending on how much data it contains.
Conversely, contract users on Ethereum's are required to set a gas price and limit. This results in higher fees in times of high network demand, which can cause contract executions to fail, while the contract user still has to pay the costs of the failed contract. With Nexus, a user doesn't have to set a gas price or limit, they simply pay the known cost of the contract execution, without any worry that the contract will fail due to lack of funds. We protect against spam attacks by requiring Proof-of-Work to create new signature chains (accounts), and by adding a throttling fee that makes fast repeated transactions very expensive.
Contrary to the designs of projects such as Ethereum, EOS, or Cardano, our Decentralized Application (DApp) developer environment is API (Application Programming Interface) driven, meaning that as a developer you can integrate Blockchain functionality into your apps with basic web development skills. Other projects such as Bitcoin or Ethereum use what is called an RPC (Remote Procedure Call) Server, which is a type of API with narrower capabilities compared to the Nexus API.
The Nexus API ensures that developers are not overburdened with producing secure routines, but rather have a selection of routines at their disposal that are audited and well developed, driven through a RESTful API. This means that developers can be confident that the actions they are executing are secure, optimized, and powerful. To add flexibility, a developer can make non-standard API calls with custom conditions to provide additional functionality to the DApp that is unavailable through the standard API. This can be further augmented with Domain-Specific Languages on the lower API layer.
Our architecture is ‘object oriented’ meaning data is processed and structured in what is termed an 'object'. Object modeling gives developers a toolkit for managing objects in an app that need to maintain a history of changes (dynamic state) or native immutability. Specific fields in objects can be configured as mutable in order to record dynamic states, such as the progression of ownership, location, and quantity etc. Alternatively, fields can be configured as immutable to guarantee that certain data remains unchanged, such as a serial number, even if grouped in an object with many dynamic states.
In order to manage keys, most cryptocurrencies use a database storage file called a ‘wallet.dat’ that keeps a record of all the keys that have been / will be used to access funds. Contrarily, key management on Nexus is automated via a ‘decentralized authentication system’ we call ‘Signature Chains’, this removes the burden of key management when using DApps, which often requires third-party plugins such as MetaMask.
Signature Chains are comparable to a personal Blockchain, that provide the foundation for DApps to manage all types of digital property such as tokens, STOs, product certificates, licenses, legal and personal documentation, tickets etc. Signature Chains further our mission of making blockchain technology more accessible, as they give the end user a more streamlined experience in managing their property. The technology integrates into existing application frameworks that already rely on authorization systems through username and password combinations, and thereby provide DApp developers the ability to integrate blockchain functionality as an elevated layer into existing applications with minimal architectural modification.
Nexus will also be able to support private and hybrid networks for DApps. The combination of a private network and the public network is what we term ‘Hybrid’, whereby the public network generates security and decentralization, and the private network provides autonomy, privacy, and isolation. All transactions on a private network are naturally free, however there will be a fee charged for the use of hybrid networks. A Hybrid Network is an ideal choice for a company or organization that wishes to manage their own DApp or private network, without the added complexity of worrying about system or network security and protection of critical user data.
Our security model combines many different technologies that make Nexus resilient to the evolving threats coming from quantum computing, Blockchain, and security in general. We follow best practices with professional security audits, open source code review, and utilizing modern standards in cryptography such as SHA3. We also provide the option to the end user or developer to use purely quantum resistant cryptography (FALCON) rather than classical cryptography standards (ECDSA).