Welcome to the next Nexus Quarterly Report. First off, apologies as the 2021 Q1 report was missed due to team changes earlier in the year, hence, this report will cover all the exciting developer, ambassador and community updates for both Q1 and Q2.
It has been another frantic year in crypto with a variety of hype-cycles emerging to centre stage: DeFi, NFTs, Meme Coins, Interoperability, Energy Usage etc. Though we keep an eye on what’s happening in the broader crypto landscape to identify opportunities (and risks) of interest to Nexus, we also maintain largely focused on the continual development of the Nexus codebase(s) (LLL-TAO, LX-OS, Interface, Mobile) along with the growth of the ecosystem and community.
Let's dive in! This report will cover the following topics:
- Development Updates
- Developer Expenditure
- Network Metrics
- Ambassador Updates
- Ambassador Expenditure
- Nexus Virtual Conference
- Nexus in the Media
1: Development Updates
The Developer team has had a few changes through 2021, starting with Paul Screen announcing in April that he has decided to pursue new opportunities. This ultimately resulted in the closure of the Australian Embassy, and the SigChain keys handed over to the US Embassy (Nexus Development US, LLC and Nexus Ambassadors US, LLC).
During the latest Developer update in June, Colin announced that Victor Moreno, a distinguished engineer at Cisco, is joining the Nexus architectural team providing his networking expertise for the design of the Nexus Protocol. Victor brings with him decades of experience in network engineering and architecture. The hiring of Victor is part of our efforts to build an industry leading team for the design and development of critical network components. We are also in late stage conversations with another experienced developer to help with the LLL-TAO.
@Ajion, a front end developer has also joined the team, and will be supporting Kendal and Krysto with wallet modules, the module store, and future mobile applications. In his own time, he has been working with bubble.io on his digitalityrocks project, and an enterprise use case. Please reach out to him or @mandacam if you have any questions regarding no-code development on bubble. Ajion has also been working on his own project called nexuswars, which he is currently writing a whitepaper for. He plans to use Nexus for points and assets (NFTs), designing it to run on google cloud.
The development team consists of five core working groups, namely:
- LLL-TAO, Colin
- Desktop Wallet, Kendal
- Mobile Wallet, Krysto
- LX-OS, Victor
- Mining, Andrew
Each working group operates autonomously from one another, as cells of people, and forms a strategic board for making internal decisions such as budget allocation between the operational groups. This is our new decentralized social architecture (The Social Stack) in action, providing the capability to scale up to 520 individuals (using 3 layers) without central leadership, or an executive class. It essentially creates multi-layered sub DAO’s to regulate the allocated global contract, through self-organized ‘emergent’ working groups, that check and balance on every layer up the stack, from the bottom to the top. A new open Telegram channel has been created for Developer specific discussions - if you are a developer building on Nexus or would like to find answers for specific technical questions, please join this telegram group.
Core Development Updates
The LLL-TAO developments this year have focused on completing the first Tritium++ update, which provides vastly increased functionality and scalability with at least half of the code. The transition to Tritium++ will involve improvements at both the application layer and consensus layer, with the update being rolled out over two phases, a 5.1.0 API layer upgrade, and a 6.0.0 time-lock activation (block version 9). 5.1.0 is now in testing with a public endpoint available (using branch merging-harden).
Desktop & Mobile Wallet Updates
The Mobile Wallet public beta was released in March and has been positively received by the community. We wanted to produce an intuitive user experience, seamless design, high performance and abstract away any of the complexities usually associated with blockchain and cryptocurrencies - by all accounts and feedback we’ve received, we’re very proud to say that so far we’ve hit the mark on all of these requirements.
The Beta wallet has been downloaded by 822 users (475 Android devices, 347 iOS Devices), providing the team with valuable test logs and feedback, ensuring that we can address any bugs and add commonly requested features before the full release. The full mobile wallet release on both the Apple Store and Play Store is expected shortly after the 5.1.0 update.
The desktop will get update 3.1.0 as part of the Core 5.1.0 update. This update will accumulate more than a year's worth of changes and improvements, including Lite mode and Multi user mode, adding QR codes, new token display system, and a whole host of improvements and bug fixes. A beta version of the 3.1.0 desktop wallet will be available soon.
If you would like to help test the mobile or desktop wallet, please join the following telegram group.
The mining working group has been recently formed with three main contributors and is being funded by the US Sigchain. The group is currently working on releasing two FPGA miners and an open source hash pool that these miners will plug into, allowing you to start purchasing field programmable gate arrays to mine the hash channel.
This group will continue to focus on seeking new ways to improve the mining algorithms and overall mining decentralization. Dedicated funding and bounties towards this working group will help ensure that tactically proficient and competitive miners are being developed.
2: Developer Expenditure
Below is a roughly rounded table of developer expenditures per working group. We will be providing more detailed expenditure reports in the coming reports and embassy health page. The mining working group costs include the two FPGA miners, as one time fees added to the general hours of the contributors, so expect to see this number lower on the next report.
3: Network Metrics
The data contained in the tables below have been extracted from a full node using the “system/get/metrics” command.
The Nexus blockchain utilizes a register-based virtual machine. By inspecting the register metrics, we can gain an understanding of the development activity and ecosystem growth.
Key highlights: the sig_chains and crypto register metrics show a substantial increase in new accounts created on the Nexus blockchain, 8,256 accounts, an increase of 45% since the previous data snapshot in January. The mobile wallet beta is likely a catalyst for this increase as many existing and new community members have been testing out the wallet and setting up accounts. Expect to see continual growth in new accounts when the mobile wallet is fully released.
Another point of interest is the increase in the number of objects, which correlates to the amount of DApp development and community testing, particularly in creating and tokenizing assets (NFTs).
These metrics provide insights into the active trust (staking) accounts.
Key highlights: We continue to see the number of active staking accounts increase which is very promising as new participants take part to secure the network and earn rewards. The number of NXS staked has reduced since the last data snapshot in January, however, the percentage of NXS staked is still very healthy at 39.1% which is great to see considering the current market conditions. Once Pooled Staking is released, we expect to see growth in these metrics as all balances, regardless of the size of NXS holdings, will be viable to stake and earn rewards.
These metrics provide insights into the NXS supply rates over various time intervals as well as the total circulating supply and inflation rate.
Key highlights: The circulating NXS supply continues to converge towards the target, as the network makes the necessary adjustments in the supply rate.
These metrics provide insights into the amount of NXS currently in the various reserves.
Key highlights: The NXS held in the fee reserve continues to increase in correlation to the network activity and relative fees required to perform certain tasks e.g. token/asset creation.
4: Ambassador Updates
The ambassador team is now about 40 active members contributing across 24 working groups, each of which has a specific focus. The working groups (maximum of 13 people) are arranged into 5 operational groups. Below is the list of current working groups and their respective facilitators.
Community Twitter, Facebook, Instagram, Reddit - @Fluidflows
Social Media Networking - @Maid
Crypto Community Collaborations - @Fluidflows
Giving Campaign - @common_cents_crypto
Official twitter - @Jules_A
Translators - @Jules_A
Content - @Jules_A
Website - @mandacm
Graphics - @Aries
Animations - @Jules_A
Film studio - @themad
Promotions & Integrations
PR & Adverts - @Jules_A
Biz Dev & Partnerships - @medonexus
Proposals - @medonexus
Exchange Listing - @medonexus
Design & Standards
DAOs & Governance - @paulluminari
Legal - @Maid
Hardware - @deep_seek
Economics - @Jules_A
Nexus Standards: Creative & Entertainment - @BobbyD
Nexus Standards: Titles & Records - @medonexus
Nexus Standards: Assets, Commodities, Supply Chains - @Nino00slav
Developer Guides & Tutorials - @Aeonwise
Support - @Aeonwise
If you’d like to find out more about the working groups, we invite you to join the community contributor telegram group as the first point of contact, to introduce yourself and let us know where you’d be interested in helping out.
As most community members are aware, Nexus.io has just launched a new website. A significant amount of work has gone into creating a high quality design accompanied by great content and graphics. Massive shoutout to the team that has led this effort: AJKron, Amanda, Bryan Hallmark, Colin, Jules, MrWo, Aeonwise, and Tash.
The new site has been designed to be vastly more intuitive while still retaining the great technical content that has been created over the years. The general layout of the site minimizes the amount of text and uses simple and non-technical language to give a concise overview of all the major building blocks of Nexus. Additionally, an easy to navigate resource hub has been created as a home for technical content that may be more relevant to developers or community members looking for a deeper understanding.
Graphics, Videos & Animations
We have been incredibly lucky to continually see talented and creative people join our community! One area that has greatly benefited from this influx of talent is our graphics and video editing. You would have noticed some of the great and consistent work on the graphics side within our social media presence and articles. Our videos on YouTube have a much more consistent and professional feel to them now, as evident with the truncated videos from the two-day virtual conference. In production is a 3D animation promoting the Nexus Protocol (Decentralized Internet), which will be released shortly, and two storyboards for other explainer animations.
The Translators working group is currently focussing on new content that has been created for the revamped Nexus.io launch. The languages being worked on are Chinese, Spanish, Portuguese, Russian, German, Polish, Italian, French, Japanese, Thai, Dutch and Indonesian.
One of the key focus points this year has been to create content that clearly and concisely articulates the current key value propositions of Nexus as well as its future roadmap. Below is a list of articles that have been created to address this point, we highly recommend reading these if you haven’t already done so!
- Building a Decentralized and Uncensorable Internet, The Nexus Protocol - Simplified overview of the Nexus Protocol whitepaper covering all the major architectural components of the 'New Internet' (microsatellites, ground stations, LX-OS & game theory).
- Nexus, Connecting a Decentralized World - Introduction article to Nexus, current mainnet features, future roadmap, NXS utility, NXS tokenomics and projects building on Nexus.
- NFTs on Nexus - Overview of the history of NFTs, current blockchain solutions and benefits of Nexus when it comes to NFTs/Assets.
- The Complete Beginners Guide to Nexus - Comprehensive guide that will bring you up to speed with everything Nexus! Massive thanks to Paul Luminari for this great piece of content.
Content in the pipeline includes articles on contract engine comparisons, P2P Market, 3DC, NFT use cases, and more.
PR & Advertising
Members of this group have been meeting with various PR agencies, and SEO services providers, to find a good fit. We have also been carrying out fresh research into the current popularity of cryptocurrency news platforms to publish the content we have been writing, and to conduct independent reviews of Nexus.
Biz Dev & Integrations
This group is for the purpose of initiating market research for potential partnerships/platform integrations in an effort to increase developer and user adoption. Members of this group have been researching possible payment processing providers to integrate with, and have been accessing proposed integrations with services such as Zapier and Travalla.
Exchange listings is a hot topic that is constantly raised and discussed within the community as it drives NXS liquidity, awareness and access. We are grateful to be listed on some of the largest and most reputable exchanges such as Binance and Bittrex. The daily traded volume has also seen a major uptrend in comparison to 2020, with a 2021 YTD average of $1.2m - note that this excludes two outlier data points in February 2021 which saw volumes exceeding $60m, most likely driven by a coordinated trading group.
Data Source: Coin Market Cap
This uptrend in volume is possibly largely a symptom of the bull market conditions but it’s also important not to lose perspective of the great efforts that have gone into social engagement, content creation, marketing, DApp development, mobile wallet beta and continued technical development which have also likely contributed to this growth.
We continue to seek new listing opportunities and appreciate all the suggestions put forward by the community. Most major exchanges have been engaged and listing proposals submitted where possible. One of the most requested exchanges is Coinbase - they currently require an integration to be built for blockchain native coins (such as NXS). Due to the unique design of the Nexus blockchain, this is not a trivial task and would require resources to be diverted away from the main development activities. Also important to note that building the integration does not guarantee a listing, but rather only opens up the opportunity for consideration. Still, we realize the significance of a Coinbase listing and will continue to assess resource allocation for the possibility of building the required integration.
On the occasions where we have received feedback from exchanges we submitted for, we have generally run into a consistent and recurrent major roadblock - listing fees that typically vary anywhere between $10k - $100k+. These figures are attainable for projects that have launched ICOs and bootstrapped their projects with significant funds. Nexus is a community-driven project that was launched without an ICO or pre-mine and hence funds for such activities are limited. The other avenue in which projects are listed is through significant growth in volume and awareness, which drives exchanges to take the initiative in listing a particular coin. This is where we believe we can make an impact - “if you build it, they will come”.
We have seen over the last year promising growth in both the community and DApp development activities, helping grow our overall ecosystem and awareness within the wider crypto space. We expect this continued growth to drive daily traded volume and open up new listing opportunities as well as additional listing pairs where Nexus is currently listed.
Throughout 2021, multiple campaigns were run in an effort to expand the reach of the Nexus Community Twitter Account. The campaigns varied by promoting Nexus Spring Conference tweets, generic technical tweets, and promoting the Twitter account as a whole between February and April. The results are as follows:
Below is a summary of the performance for the community Twitter account over the first 6 months of 2021 - these statistics include the campaign results listed above. April was the best performing month, as promotion for the Nexus Virtual Conference was prominent.
Additionally, we recently ran a promotional campaign with Swapzone, a crypto swap service provider, by integrating a widget into the Nexus website. Swapzone is currently working on a mini PR about the integration which will be published through their social network channels.
The legal working group monitors and discusses regulatory movements in the crypto industry that can be seen as potential obstacles for any of the development work Nexus is undertaking. This usually revolves around SEC, FED and Senate Committee hearings as well as studying other crypto case studies that have come under regulatory scrutiny.
We have one of the best communities when it comes to technical support. A huge shoutout to Aeonwise, Neil, Nino, Manda, and Fludflows who are always monitoring the Nexus Support channel and helping troubleshoot any issues experienced by users. Most issues faced usually revolve around setting up wallets, syncing the database, and transitioning from legacy to Tritium. Make sure to join the support channel if you need any assistance, the team is more than happy to help.
5: Ambassador Expenditure
Below is a table for the expenditure of the Ambassador team for June & July 2021.
6: Nexus Virtual Conference
Nexus held its first virtual conference in April, a two-day programme filled with exceptional content covering a variety of topics. The theme for the first day focussed on technical subjects such as the ONE stack, quantum resistance and satellite tokenization, while day two showcased multiple DApps being built on Nexus, thought provoking talks and some of the extended functionality that can be achieved with the mobile wallet.
The feedback from the community has been incredibly positive! We will aim to hold this conference format on an annual basis as it gives insights into some of the great work happening on the protocol level and the wider growth in the Nexus ecosystem.
If you missed the conference we highly recommend you check out the presentations from all our great guest speakers and the Nexus team - below is a list of all the presentations:
7: Nexus in the Media
- Colin Cantrell at Blockchain Village Defcon29 - Colin presents ‘Scaling Blockchains’ - A Novel Approach. He explains the 3-Dimensional scaling designed for Nexus and why layer 2 is not the perfect solution to scaling blockchains.
- Colin Cantrell on RICE TVx - Colin provides an overview on how Nexus aims to build a decentralized and uncensorable internet through the implementation of LEO satellites, ground mesh networks and the development of a blockchain powered Operating System.
- Amanda Marquis on The Block Babes - Amanda shares her background in computer science, how she discovered Nexus, what excites her about working with the development team and being part of the community, and answers some questions on APIs, Sigchains, quantum resistance and many other topics.
- Rice on Bitboy Crypto - Rice shares his thoughts on why Nexus is a frontrunner as a platform that can be the ‘next Ethereum’ during a panel discussion.
- Bubble Blog Post - Bubble publishes a blog post that details the Nexus plugin and the streamlined DApp development functionalities made available to ‘no code’ developers.
- Amanda Marquis interview with beINcrypto - Amanda gives a comprehensive interview on how Nexus aims to solve the blockchain trilemma (also available in Polish).
- Amanda & Jules AMA Telegram AMA with Swapzone - Amanda & Jules answer some great questions in this AMA hosted by the Swapzone team.
- Nexus Ambassador team interview with Daily Informer - The Nexus Ambassador Team answers 17 great questions posed by the Daily Informer.
Nexus.io (NXS) is building a new internet driven by a blockchain-based operating system (LX-OS) and routing protocol (Nexus Protocol), creating distributed satellite constellations and ground based content delivery and edge computing. Underpinning the foundation is the Nexus TAO Framework, a seven layer software stack that enables the simplified implementation of smart contracts, Decentralized Applications (DApps), tokens, and Non-Fungible Tokens (NFT’s, i.e. Assets) through a set of extensible Application Programming Interfaces (APIs).
Contracts: Nexus supplies a 64 bit register-based virtual machine as the heart of its smart contract engine. A suite of APIs gives developers access to numerous ready-made contract functionalities. This relieves DApp developers from the burden of learning a smart contract language.
Tokens & Assets (NFT’s): Basic token creation is simple for even non-technical individuals with the Nexus desktop wallet. Arbitrary data can be stored on the Nexus blockchain in the form of assets. Once established, assets can be transferred to other accounts optionally with specified contract conditions (i.e. exchanging NXS / tokens).
Ease of Use: Nexus’ SigChains addresses a primary blockchain limitation — private key management. Users can login to their Nexus wallet with a username, password, & PIN, providing access to all accounts, tokens, and assets. This eliminates the need to backup wallet.dat files and manage private keys.
Database: Unlike most other blockchains that rely on Google’s LevelDB or Oracle’s BerkeleyDB for blockchain storage, Nexus has developed the Lower Level Database (LLD) that outperforms most storage engines by orders of magnitude and remains constant time, meaning it doesn’t slow down as you add more data to it.
Security: The Nexus security model uses many layers of redundancy to provide security to the system. The primary methods include using uniquely generated private keys for every transaction (attack window reduction), and the secondary use of Quantum Resistant (QR) cryptography such as FALCON and SABER.