Nexa

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Discover Nexa's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Nexa?

Nexa (NEXA) is a proof-of-work, UTXO Layer-1 blockchain with native tokens and smart contracts. It aims to create a decentralized financial system, ensuring global capacity without high fees or transaction delays. The NEXA token serves multiple purposes, including transaction fees, staking, and access to decentralized applications. With a total supply of 21 trillion tokens, the initial circulating supply is 2.2 trillion, and the remainder is released through mining and staking rewards over time.

How is Nexa used?

Nexa (NEXA) is a versatile cryptocurrency with multiple utilities within its ecosystem. Here are some key ways it is used:

  1. Store of Value: Nexa serves as a store of value, similar to Bitcoin, and can be held as an investment or for long-term storage of wealth.

  2. Transaction Medium: Nexa is used as a medium of exchange for peer-to-peer transactions within the Nexa blockchain, facilitating smooth and secure transactions.

  3. Transaction Fees: Nexa is used to pay transaction fees, ensuring the network's security and incentivizing miners to validate transactions.

  1. Staking and Rewards: Users can participate in staking to secure the network and earn rewards, contributing to the ecosystem's decentralization and vitality.

  2. Decentralized Applications (dApps): Nexa provides access to a range of decentralized applications built on the Nexa blockchain, offering users a variety of services and functionalities.

  3. Instant Transactions: Nexa enables instant transactions, thanks to its miner rules, which provide sufficient security for certain types of transactions. Additionally, it plans to integrate trustless transaction technology for instant transactions of any amount.

  1. Native Tokens and NFTs: Nexa supports native tokens and Non-Fungible Tokens (NFTs), which can be used for various purposes such as digital artwork, asset ownership, tickets, in-game items, and more.

  2. Smart Contracts: Nexa's ultra-scalable smart contract system, known as 'wise-contracts', allows for a wide range of functionalities similar to those on Ethereum Virtual Machine (EVM) chains, but without the major scaling bottlenecks.

These diverse use cases position Nexa as a robust and versatile cryptocurrency, poised to make a significant impact in the decentralized finance (DeFi) space.

How do I store Nexa?

To store Nexa (NEXA) tokens, you have several options:

  1. Desktop Wallets:

    • Full-Node Desktop Wallet: This wallet is designed for desktop users and supports multiple operating systems, including Windows, MacOS, and Linux. It offers a full-node experience, downloading the entire Nexa blockchain for maximum security and privacy.
    • Otoplo Desktop Wallet: This wallet is compatible with Windows, MacOS, and Linux, providing a robust platform for managing Nexa coins.
  2. Mobile Wallets:

    • Otoplo Mobile Wallets: Available for both iOS and Android users, these wallets offer a seamless crypto management experience on the go.
    • Wally Mobile Wallet: Currently available for Android users, this wallet provides a user-friendly interface for managing your Nexa coins.
    • Chainge Finance Mobile Wallet: Available for both iOS and Android users, this wallet is integrated with Chainge Finance, offering a range of financial services.
  3. Hardware Wallet:

  • Co-branded Hardware Wallet with OneKey: This wallet stores your Nexa coins offline, providing an extra layer of security against online threats.
  1. Online Wallets:

    • Otoplo Web Wallet: This wallet is accessible on all devices and offers a secure and user-friendly platform for managing Nexa coins.
  2. Exchanges:

    • Txbit Exchange: You can store your Nexa tokens on this exchange, but be cautious as some users have reported issues with deposits not being honored.

Remember to always follow best practices for securing your wallet, such as using strong passwords, storing seed phrases safely, and regularly backing up your wallet to avoid losing access to your tokens.

How to buy Nexa?

To buy Nexa (NEXA) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports Nexa, such as CoinEx, MEXC, or BitMart. Research the exchange's fees, security features, and supported currencies to ensure it meets your needs.

  2. Create an Account: Register a free account on the chosen exchange by providing necessary personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Fund Your Account: Deposit funds into your exchange account using methods such as bank transfers, credit or debit cards, or peer-to-peer trading. Some exchanges may not support all methods, so check the available options.

  1. Place a Buy Order: Navigate to the exchange's trading platform, select Nexa (NEXA) as the cryptocurrency you want to buy, and choose your preferred order type (e.g., market order). Enter the amount you want to purchase and confirm the transaction.

  2. Store Your Nexa: Once you've purchased Nexa, you can store it in your exchange account or transfer it to a personal cryptocurrency wallet for added security and control.

  3. Monitor Your Investment: Keep track of your Nexa investment's performance and adjust your strategy as needed.

Remember to always do your research, compare exchanges, and be cautious when investing in cryptocurrencies due to their volatile nature.

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History of Nexa

Nexa (NEXA) is a decentralized blockchain project launched by Bitcoin Unlimited, a team of experienced developers and entrepreneurs. The project aims to create a scalable and decentralized financial system accessible to everyone.

Launch and Development

Nexa was launched on June 21, 2022, as a fair launch project. The team behind Nexa, Bitcoin Unlimited, has extensive experience in the cryptocurrency industry, having played key roles in the development of Bitcoin and Bitcoin Cash software and solutions. The project's lead developer is Andrew Stone.

Key Features and Innovations

Nexa is built on a UTXO Layer-1 blockchain and employs a unique proof-of-work algorithm that allows it to scale up to 10 billion transactions per day. This high throughput capacity is designed to accommodate global peer-to-peer usage, eliminating high transaction fees and extended confirmation times. The platform also features native tokens and smart contracts, known as "wise-contracts," which are designed to be resource-efficient and scalable.

Tokenomics and Supply

The native cryptocurrency, NEXA, has a total supply of 21 trillion tokens. The initial circulating supply is 2.2 trillion, with the remainder to be released through mining and staking rewards over time. The token serves multiple purposes, including payment of transaction fees, participation in staking, and access to decentralized applications built on the Nexa blockchain.

Future Plans and Goals

Nexa plans to integrate with the Lightning Network and implement new technologies such as trustless transactions, which will enable instant transactions of any amount. The project's focus on scalability and decentralization positions it as a promising contender in the cryptocurrency industry, aiming to foster financial inclusion worldwide.

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How Nexa works

Nexa (NEXA) is a cryptocurrency that operates on a unique proof-of-work (PoW) Layer-1 blockchain. This blockchain is designed to provide a decentralized financial system accessible to everyone, ensuring financial inclusivity. Here's how it works:

Key Components
  • Native Token: The NEXA token is the native cryptocurrency of the Nexa blockchain. It serves multiple purposes, including facilitating transactions, staking, and accessing decentralized applications (dApps) built on the blockchain. The total supply of NEXA tokens is 21 trillion, with 2.2 trillion initially in circulation and the remainder released through mining and staking rewards over time.

  • Proof-of-Work Algorithm: Nexa's PoW algorithm is designed to handle high transaction volumes. It leverages mining incentives to create specialized hardware, accelerating transaction validation to unprecedented speeds. This allows the blockchain to scale up to 10 billion transactions per day, making it highly scalable.

  • UTXO-Based Blockchain: Unlike account-based blockchains like Ethereum, Nexa uses a UTXO (Unspent Transaction Output) model. This design choice enhances scalability at the layer-1 level and simplifies the process of validating transaction security. UTXO-based blockchains transfer value by moving nuggets of value between addresses and contracts.

  • Smart Contracts: Nexa introduces 'wise-contracts,' which are ultra-scalable smart contracts that enable practically everything possible on an EVM (Ethereum Virtual Machine) chain without the major scaling bottlenecks suffered by turing-complete networks. These contracts are designed to be resource-efficient and intelligent in their utilization of network resources.

  • Instant Transactions: Nexa offers instant transactions thanks to its miner rules, which provide sufficient security for specific types of transactions. This feature allows for quick and secure transactions, making it suitable for various real-world scenarios.

  • Scalability: Nexa's unique PoW algorithm and UTXO-based blockchain enable it to handle high transaction volumes without compromising decentralization. The blockchain is designed to accommodate the entire planet's transactional needs, eliminating the issues of high transaction fees and extended confirmation times.

Tokenomics
  • Supply and Distribution: The total supply of NEXA tokens is 21 trillion. The initial circulating supply is 2.2 trillion, with the remaining tokens released through mining and staking rewards over time. Miners are incentivized with a block reward of 10 million NEXA per block, ensuring the ecosystem's decentralization and vitality.

  • Use Cases: NEXA tokens can be used for various purposes, including transaction fees, staking, and accessing dApps built on the blockchain. They can also be traded on cryptocurrency exchanges and held as a potential store of value.

Community and Development
  • Community Involvement: Nexa has an active community that plays a significant role in shaping the future of the platform. Community members contribute to development, participate in crowdfunding efforts, and help spread the word about Nexa.

  • Development Team: The development team behind Nexa is composed of experienced crypto developers from Bitcoin Unlimited, who have played crucial roles in developing Bitcoin and Bitcoin Cash software and solutions.

Future Development
  • Trustless Transactions: Nexa plans to implement a trustless transaction technology that allows for instant transactions of any amount, providing users with the option for instant payment credits.

  • Hardware Optimization: The mining algorithm will be upgraded to resolve the UTXO lookup bottleneck, incentivizing the creation of hardware optimized for storing and quickly accessing the complete UTXO set.

In summary, Nexa is a highly scalable cryptocurrency that leverages a unique proof-of-work algorithm, UTXO-based blockchain, and ultra-scalable smart contracts to provide a decentralized financial system accessible to everyone. Its native token, NEXA, serves multiple purposes and has a total supply of 21 trillion. The project is supported by an active community and a team of experienced developers.

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Nexa's strengths

The token Nexa (NEXA) has several strengths that set it apart from other cryptocurrencies. One of its key features is its native tokenization, which allows for the creation of tokens without the need for smart contracts. This approach makes token creation more efficient and secure, as the fundamental properties of token semantics and rules are enforced directly by the blockchain. This is in contrast to Ethereum, where tokens are enforced by unique smart contracts, which can be more complex and costly to implement.

Another significant advantage of Nexa is its cost-effectiveness. The cost of transactions involving native tokens on Nexa is relatively low, with an increase of only about 15% compared to typical transactions. This is much lower than the 500% increase seen with Ethereum token transactions.

Nexa also offers a high degree of authority and control over tokens. Users can create "fences" that enforce specific rules for token usage, such as requiring the burning of a certain token to access the fenced tokens. This feature provides a high level of flexibility and customization for token management.

Additionally, Nexa's native tokens are designed to be more secure than those on other platforms. Since the token semantics and rules are enforced by the blockchain, users do not need to review individual smart contracts to ensure the token's behavior, reducing the risk of security breaches.

Overall, Nexa's native tokenization, cost-effectiveness, authority, and security features make it an attractive option for developers and businesses looking to create and manage tokens efficiently and securely.

Nexa's risks

Nexa (NEXA) faces several financial risks that investors should be aware of. One significant risk is its high debt levels. As of September 2023, Nexa had $1.66 billion in debt, which is roughly the same as the previous year. Although it also had $422.3 million in cash, its net debt remains substantial at $1.24 billion. This high debt burden could lead to difficulties in paying off lenders, potentially putting the company at their mercy and even forcing it to raise capital at unfavorable terms.

Another risk is the company's cash flow and liquidity. Nexa's liabilities total $2.62 billion more than the combination of its cash and short-term receivables, indicating a significant deficiency. This could lead to a major re-capitalization if creditors were to demand repayment.

Additionally, Nexa's financial performance has been concerning. In the last year, the company reported a loss before interest and tax and saw a 7.1% decline in revenue to $2.7 billion. This decline in revenue and profitability raises concerns about its ability to maintain a healthy balance sheet in the future.

Overall, Nexa's financial risks are primarily centered around its high debt levels, cash flow issues, and declining financial performance. These factors should be carefully considered by investors before making any investment decisions.

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Did Nexa raise funds?

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Nexa’s team

Here is the team behind the crypto Nexa (NEXA):

  • Andrew Clifford: President of Bitcoin Unlimited, the team behind Nexa.
  • Andrew Stone: Lead Developer of Nexa.
  • Peter Rizun: Secretary of Bitcoin Unlimited and part of the Nexa team.
  • Andrea Suisani: Core Developer of Nexa.
  • Peter Tschipper: Core Developer of Nexa.
  • Griffith: Core Developer of Nexa.
  • Dagur Valberg: Infrastructure Developer of Nexa.
  • Jørgen Notland: Application Developer of Nexa.
  • Endo: Community Manager of Nexa.
  • Dolaned: Infrastructure Developer of Nexa.
  • Don Alucard: Visuals Manager of Nexa.

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