Nexus, a small blockchain-based firm headquartered in Arizona made headlines on Monday when it released a product it referred to as the “seventh activation”. According to the company, this is open-source software that can be used by a BTC-based blockchain to help it enhance its functionality.
The protocol upgrade in question here is designed to incorporate smart contract functionality to the existing Nexus blockchain. It’s a blockchain that was launched in 2014 as a fork of the initial BTC protocol. This activation is expected to become fully functional on November 11th. If the activation works as heralded, then it will only be a matter of time before the other blockchains start to borrow and implement the code.
Nexus – What Is It?
The blockchain was introduced to members of the public in 2014. All its operations since inception have so far been self-funded. It has managed to do this by ensuring that a small portion of the coins being minted on its blockchain is directed towards the development of its network.
Nexus had no initial coin offering, no venture capital, and no pre-mine. It's market capitalization currently stands at $19.4 million. By the time this article was being written, its token price was retailing at $0.30, a price it has retained for almost one whole year. According to Cantrell, Nexus began as a BTC fork.
But since then, it has undergone several activations and is now using 2 different sets of proof-of-work chains as well as a proof-of-stake system.
Who Will Use It?
The Nexus team has so far placed all its concentration and efforts on technology. As a result, it has not taken part in many business development efforts. However, Steve Wozniak, the Apple co-founder recently announced an education initiative partnership with the firm at an Arizona tech event. The initiative is to be built on this blockchain.