Building the Most Scalable Blockchain Ever: Nexa Co-founder Interview

Hello and welcome everybody to another Interview today we're going to be Talking to Paul who is the co-founder of Nexa you can find them at next and money On Twitter and you can find them at and we'll get all of those Links down in the description below Super excited to have Nexa on is there One of the newer proof of work Cryptocurrencies that has come about in This current bear Market cycle and they Have a unique take on mining in Particular and Mining algorithms so I'm Definitely gonna get into and they have Recently experienced some great success On price here in the past 30 days taking Off quite quickly I don't even know what The numbers are over the past 30 days Paul maybe you do have those I was Trying to get the actual percentage rise But it was pretty crazy last I saw Right yeah thanks for having me um Matthew like I'm always happy to talk About next of course I'm just Cryptocurrency in general yeah it's Great having you I'm obsessed about it Um yeah no I mean I'm not massively Interested in price Um for me that's not the most important Thing but obviously price does have an Impact on like bringing more people in And getting some kind of uh Excitement in the community and things Like that so from that side of things

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It's obviously great Um so yeah we've had quite a bit gain in The last uh few weeks really I think Maybe like a almost 10 times something Like that uh in the last month But again I don't find that massively Important for me it's more about you Know building out things that are Actually useful for people which you Know we've kind of got started on but There's a hell of a lot more work to do Obviously right I mean from the mining Perspective you know it's good to have a Price that's going to put you in a Position where your security layer is Being compensated fairly right to where They can afford to do that I think That's where price plays a plays a part For sure you don't want to be in a Position where minors are having to take Massive losses compared to their power Bill right Um what do you think is the driver Behind this recent price increase though Of proof of work coins this has been Something that I've asked everybody here Recently because it seems to be a trend Right we we kind of had that first Spark With Casper and then it bounced to I Think y'all and radiant right and then We started even seeing some of the older Proof of work coins this week pump right We saw Ergo pop up we saw even ethereum Classic get a little gain do you think

There's a driving force behind this It's a good question Um you're definitely right that it seems Like proof of work is kind of having a Comeback which is great obviously Um I mean we have a philosophy in Nexa Or a lot of us that are working on let's Have a kind of philosophy that Um with Bitcoin A lot of the technology was kind of like The baby was thrown out with the Bathroom or in a in a way that there was Just so much useful technology there and It all got a lot of it got thrown out For EDM like chains and uh and the proof Of stake chains whereas actually there's Still a lot of um usefulness in that and That that was yeah kind of thrown away Very quickly and so you see things I I Don't you know I don't want to like bad Mouth like other projects because Obviously everyone's doing great work in This industry but you can see let's say If I give one example Solana has had his Opposite of proof steak chain has had Many issues with Um you know keeping the train running or You know things being stopped whereas Proof of work changed other than in rare Uh occurrences of smaller chains have Always kept going right like there's an Enormous incentive to keep that chain With 100 uptime and that's achieved by Having this massive Financial incentive

Um to all these miners who have a Massive investment in actual physical Infrastructure they can't kind of Flip-flop about that they're really Heavily invested um so even Nexa there's Obviously quite a new project and Um you know I wouldn't call it like one Of the top coins by Um you know maturity or Price or Anything like that yeah Um because we're new um but even so we Are expending a huge amount of Um you know money from the chain into Securing it because it's so important But The network so Having that money going out to to the to The miners essentially gives that extra Layer of a level of security which You're not going to get with proof of Stake in my opinion and proof of stake Is still is very much like a uh an Unproven technology well and it's really Interesting work is proven you know yeah We saw the statement from Hillary Clinton here most recently when she came Out she didn't say blockchain as a whole She didn't say ethereum she said her Worry was the fact that miners could buy Equipment and generate an income in Cryptocurrency from basically nothing And there was nothing they could do to Stop it I mean that is literally like Essentially what she said right and it

Wasn't like she targeted ethereum and You see the way that uh in the US I know Everybody that pays attention to crypto Is across the entire you know Globe I'm Not saying that like us is the number One and we're talking about just their Regulations but the way they approach it Does give some some insight into how It's being looked at and I think she's Very correct in that right where as a Proof of stake cryptocurrency you have An inlet that has to be Fiat right Because you have to take money and you Have to transfer it into a proof of Stake which basically means you have to Have this Fiat Inlet for proof of stake To function whereas proof of work you Have you don't have to have any Fiat Inlet or anyone in particular in fact Like By all means for for the most part you Can purchase any computer equipment with Cryptocurrency that you want off of Newegg right or you can purchase an Asic Off of whatever platform with Cryptocurrency you don't have to have That Fiat Inlet which means of course The concern there from Hillary's point Of view was that it destabilizes the Dollar Not that there's other things also Destabiling it like bricks or whatever But I thought that was an interesting Take and I was like oh okay I get where

The fear is coming from there right And um but the also the great benefit in This transformation we're going through This digital transformation we're going Through as we move into cryptocurrency Or really just blockchain in general Right because I think at the end of the Day with cbdc's and everything this is The direction we're headed so I think It's pretty cool Yeah I mean thank you Hillary Clinton For putting such a great advert Cryptocurrency right you know like That's a perfect description it's like We can't do anything about this and You're like yeah you can't there's Nothing you can do about it right It's like a scene you may try to get rid Of it you another one pops up like you Equate it to peer-to-peer networks right Like you shut down a bit torrent you Know or whatever it is you just have Another one pop up but uTorrent or Whatever it is you shut down Pirate Bay Pirate bay just pops up somewhere else And because there's peer-to-peer Everywhere you're never going to get rid Of it and you can make a few examples Here and there of individuals right you Can be like this guy bad or whatever but At the end of the day it's I equate it To like trying you know I equate it to The war on drugs like it's a it's it's Pointless right you're never going to

Win that war Right because it's an anti-fragile System with massive incentives to keep It going and the more people that get Involved the more incentive it is for Every participant exactly you know Defend it which is why you know I've Said multiple times that you know Decentralization is obviously extremely Important in cryptocurrencies and mostly That gets focused on you know making Sure miners are decentralized which is Obviously is very important but in my Opinion one of the most powerful types Of decentralization is getting as many People involved in cryptocurrencies Possible because let's say when half the World has owned some cryptocurrency it Becomes much more difficult for Politicians to try and like kill it or Restrict it in some way because Everyone's invested in right making sure It's as useful as possible you know you Can't police seven billion people Effectively you just keep right you Can't do you can try but yeah you're not Going to be very successful Right so let's talk about Nexa a little Bit Um we got basically coming off the tail Of uh Bitcoin cash right or specifically Bitcoin unlimited that project right and Uh forking off of that and then Implementing from what I understand a

Modified version of Prague pal which is Called Nexa proof of work which I Definitely want to get into stop me at Any point if I'm getting this incorrect Um but what was the choice I would say I Would say that um so just so people I'm Confused Bitcoin unlimited is not like a Cryptocurrency it's an organization like Software Um blockchain software organization and Uh nexo is not a uh A chain Fork from Bitcoin cash it has Its own Genesis block Um the code uh that you know launch Nexa Is developed by Bitcoin unlimited and Yes a lot of the software was Bitcoin Unlimited software on bitcoin cash Um but even before that before Bitcoin Cash even existed it was their full node Software for Bitcoin Um so Bitcoin unlimited is a very old Organization in cryptocurrency terms Right now and the code actually comes All the way back from 2015 for a Bitcoin BTC 4 node so that's I mean this is a Great uh learning time too what was the Decision to go without route as opposed To either a building from ground up or Forking from a different chain or a Different code utilizing a different Code base what was the decision to go This route Sure so um so Bitcoin unlimited this Code base is a very long way now from

Bitcoin in when it was forced uh the Actual code was bought in in 2015. Um so there's been a lot of upgrades Since then And you know there's a lot of history There as well we're definitely not going To have time to get into that uh but so It's not that you know Bitcoin unlimited Just forked Bitcoin cash as code and This complete new project it was Bitcoin Unlimited code from running the Bitcoin Cash Network you know and Bitcoin cash Has multiple nodes so You know it makes sense for them to work On a code base that they're very Familiar with because it's their own Right uh So yeah this is I guess an important Point about why Nexa was was uh launched So Yeah Bitcoin sorry Bitcoin unlimited was Part of the the group of projects and And people that found his Bitcoin cash Due to uh Bitcoin BTC not scaling right This was like a big argument right I Remember I'm sure you know about yeah Um so there was this big scaling debate And argument and it got pretty nasty at Times and in the end the kind of Community BTC Community split with one Side thinking that you know the the Capacity needs to grow and the other Thinking well it's not possible right Now because that will cause minor

Centralization which um to some degree Is a legitimate argument but this is why Bitcoin unlimited developed a lot of Technology to Um allow to get past that roadblock Right Um so this went into Bitcoin cash and uh Yeah there was a lot of technology that Bu Bitcoin had developed for scaling and Other things they ended up not being put Into Bitcoin cash and the decision was Made okay let's launch a new Cryptocurrency where everything all These different um new functions and Capabilities can be put into one chain And we don't have to worry about trying To Um you know go through actually a very Difficult and messy uh consensus process Which is there for good reasons um but It slows things down right and we feel That Crypto is not a point where it's fully Succeeded right I mean kind of clearly Because everyone in the world is not Using cryptocurrency so they're you know The the final Um idea of how cryptocurrency can be Useful for the whole world has not been Found yet and therefore we need to be Able to iterate quickly we need to be Able to come up with new Solutions try Them out And so that was the reason the Nexa was

Was founded Um was so that uh bu and hopefully more And more people who get involved can Build out lots of new functions that Don't exist on that on other Cryptocurrencies Um so to kind of go into like maybe the Details of what makes next are a bit Different Um from other cryptos So it's a utxo based chain which again Has kind of gone out of fashion in a way Um use now most chains are kind of EDM Based uh for the uh you know it brings a Lot of utility the developer can make Basically any program which makes sense But it comes with significant Scalability issues which is why you know Handle what like 14 transactions per Second something like that Um is because uh the each transaction Has to be processed uh in sequence Sequentially and can't be processed in Parallel we can go into that a bit if You want but it's the truth Um and so but utxo based blockchains do Not have that issue each transaction is Kind of like a little packet where it Contains all the information needed to To validate it and so by keeping this System the utx OBS system it means that We can scale to you know many many Orders of magnitude higher transaction Throughput than possible on an evm train

Um and so secondary to that so that kind Of Without going into details that solves Scalability and we can talk about how Exactly it solves that a bit later but The other important point is like well It has to be useful as well right like This is why ethereum in my opinion has Got so much uh so many people building On it is that it's really useful to Build Um valuable products and services So what we want to do is be able to Offer something very similar in terms of Capabilities but using the utxo based Model So as far as I'm aware there is no other Chain that's you trying to achieve this Using utxos there are obviously other Things like bch that you can use you can Create smart contracts on utxos we want To go a lot further than that having uh Like the key the key in my opinion is Multi-utxo smart contract architecture So you actually make much more complex Programmability by like linking multiple Utxos together and that gets us to Something that's much closer to evm like Capability but without the scalability Trade-off that's being made Okay um yeah so that's kind of like a Summary of what what makes Nexus stand Out from other cryptocurrencies perfect Thanks for all that information oh this

Is a proof of work channel so Everybody's going to be interested in of Course the mining algorithm now next the Proof of work isn't really straight up a Prog pal from what I can tell it's been Modified a little bit could you talk a Little bit about some of those Modifications that were made especially From the power perspective it seems to Be lower it also seems to perform better On newer uh GPU Hardware than older GPU Hardware as well Sure so the goal so this is where again Like nexo kind of stands out Um here the goal with the proof of work Algorithm is to make it so that Okay maybe I uh rewind a little bit and Explain from a from an earlier point in That so The goal of Nexus to scale to let's say A minimum 100 000 transactions per Second and the reason why you can't do That normally on a blockchain is because Once you start getting to much much Higher capacity or much much higher Throughput there are bottlenecks in uh Compute like how quickly can the node Actually process and validate Transactions and then on storage you Know how do you actually store that much Data and then on bandwidth how do you Send that much data between the Different nodes and so if you just try To do that on bitcoin right now it

Wouldn't work Um because the um the the number of Orphans would increase with how the Throughput essentially and so just to Stabilize the network and cause massive Minor centralization So one of the ways that uh Bitcoin Unlimited to solve this is using a Technology equal graphene essentially it Compresses the amount of data and needs To be sent to publish a block around the Network Um to a tiny tiny fraction of what it Would normally be and that's because Each block contains uh it's basically The same information that the nodes Already have almost entirely it's just The list of transactions which they have Because it's in the mempool and then a Tiny like block header and the block Header is like 80 bytes or maybe Slightly more than that but it's a tiny Amount of data and so if you can Communicate what the difference is Between the mempool and the the Transactionalist that's in the Blog then And you can do that efficiently then That is actually the best way to do it And that's what graphene does Essentially it's like this above my head How it achieves that it's very like Um some very clever researchers worked Out how to do that I like recommend Going and looking into it it's very like

Interesting technology so that that Covers like the issue of Um orphans caused by the size of blocks Right so you can the the size of blocks Therefore becomes not an issue mostly uh And then the second issue is storage This is this has not been like solved Yet or let's say we know how to build The solution it just hasn't been Implemented on the network Um and so the next thing is uh utxo Based utxo commitments so instead of Having to store the whole blockchain and Like if you want to join a network you Have to download the entire blockchain Validate it all and then then you can Start from there uh so Nexa wants to get Rid of this uh Problem by making it so That miners only need to have the utxos There so the list of all current kind of Outstanding balances Um And not the whole blockchain which is a Much smaller quantity of data especially The longer the blockchain has existed And then uh and another part of that is The uh the hardware to actually process These utxos Um we're actually building a piece of Hardware called Cash Drive the name may Change on that Um which stores and then allows a CPU or Device to access that utxo set Incredibly quickly

Um so yeah that's kind of the key to a Lot of these Solutions is creating a Piece of Hardware that will become cheap Enough for any node like economic nodes Can afford it and then once it once These nodes have this Hardware then they Can process very very high numbers of Transactions That could be a huge problem though Right as far as like having proprietary Hardware for uh blockchain Yeah but it won't be proprietary so That's okay Bitcoin what uh Bitcoin Limit is working on is um an open Hardware system Um that anyone can buy or build and the Proof of works this is kind of getting Back to where the what the original Question was about proof of work which Is that the proof of work will actually Incentivize the creation and Um increasing ability of this Hardware Because the proof of work algorithm Requires that miners do these things Which is like look up the utxo set Um process signatures so validate Signatures Um so that over time Um we've increased Um how would you put it increased reward There's more and more money to be made By making the this uh algorithm more and More fashion same as Bitcoin like you Know you can look at Char 256 it's

Increase in efficiency like 10 billion Times I think when when BTC was launched Here today and so the same kind of Incentive system should Take this this Hardware from you know Initially expensive and hard to build to Very very cheap commodity that it will Just be a chip essentially that you can Plug into your computer via like a PCI Express Port or M2 port or something Like that maybe even USB port but I mean Even if you have it as open as possible You still run into those same issues Like let's say with what we see in the Fpga market right where you kind of have These entities that close off access to Consumers right either at the hardware Level or at the software level as well In fpga for example you got you got Blocks on both sides right and you end Up with these kind of almost proof of Work schemes that end up happening where They mine a bunch of the coin and then Dump the coin and the hardware on end Users and it can be problems so I like Even if it's open I still say like it Seems like that's going to be an Interesting problem to solve Definitely but what I'd say is the Amount of speed up required to do the Compute side of the scaling bottlenecks Is not actually that much than what will Be initially possible to do even like on On the hardware the Bitcoin unlimited to

Produce okay so you know you don't need A trillion transactions per second or Something for example you know you you Only need a certain number to cover Capacity would there not be like a Software solution for current like nvme Hardware by any chance or something Along those lines okay so yeah one thing We are actually looking at at the moment Is initially implementing it in the GPU Because obviously a GPU is far more Accessible up than like an fpga and then An Asic eventually Um so yeah like you know you can easily Get a virtualized uh you know GPU server Um and then run it on there so and and It allows more flexibility because the The proof of work algorithm is not is Not finished there's more things to be Added to it and so and and the same with The full node software we want to add More op codes like more scripting Capability over time it's kind of Difficult to do if the form node is in An Asic right the the virtual machine Becomes a machine then you it's much More difficult to update which we do Have to we do have to talk about because The end goal here is uh Nexa wasn't Developed to be like Asic or fpga Resistant right and there is this kind Of uh road map to move into blinded Proof of work if I understand as well Which is going to change some things

Around too so I it sounds like this all Wraps up into the same thing so Um my understanding is Nexa will Eventually or you're open to Asics right Now Asics would probably come after the Hard Fork to Blinded proof of work Though is my understanding Yeah so this there's quite a few things Still to add to the proof of work the Newer proof of work algorithm it may it May come in multiple updates that's not Um certain yet um so yeah there's the Utxo commitments requirement they'll go In US sorry utxa lookups so that uh the Miners actually have to check the utxo Set as part of the proof of work Algorithm Um and then another part of the Signature verification Um and yeah maybe a couple of other Things be able to Blind Um sorry I forgot what it's called we Have the blind uh The thing you stated earlier blinded Proof that's it blindly proof of work so As far as I'm aware the goal with that Is to stop Um Uh validation-less mining right which is There's been a problem for BTC in the Past uh and the goal of this is yeah That it makes every Miner actually Validate all the transactions uh in a Block um rather than blindly signing I

Forgot the term I was just talking about That with David too from raptorium Earlier I should have wrote it down I Didn't write it down I gotta get better At note taking but there was I think I I Forgot there was a term that he utilized For that right because you have Essentially Uh that can help speed up the access to Whatever that asset is to the receiving Wallet right I'm not sure what you're referring to But I gotta remember but I apologize if I had wanted to go there and I couldn't Get there is this the like instant Transaction technology that you're Talking about okay yes so there's a Couple of things right now where it Improves the security of instant Transactions essentially zero comp Transactions Um so there's double spread proofs uh Which uh if someone sends a double spend On the network mine are sorry nodes will Not Um forward the double spend on because It will know there's already a kind of Competing transaction on on the network But if it if they do that then that Actually stops it's a notified Network That this is happening so instead it Provides a signed proof that there is a Double spend and then four is that pours That on so that it kind of becomes an

Alert essentially it becomes an alert Across the network that doublesome is Happening it's not a perfect security so You're not going to want to use this for Like a large transaction or something Like an exchange wouldn't use this and It's because statistically you could Still win over time Um so this is more for like you know Maybe a point of sale device or Something like that to increase the Security there Um so you know it's The the the instant transaction thing is A difficult one to solve but you can Kind of solve part of it in in the real World by having things like double spend Proofs but you actually can solve it Perfectly within you know some Requirements uh with technology actually My company software companies developing And I can't talk about exactly how it Works right now because we want to make Sure we've got actually like a working System out there before we do that Um but it does work the Prototype is is Working already and it allows you to Send a transaction and the receiver know Instantaneously by crypto graphic proofs On on the network that a double spend Will not happen Okay um so there's Similar Technologies already out there But they don't they're from using Interface perspective they're kind of

Not ideal in my opinion Um whereas this one will require it will Just look like a a um like a toggle Button on on a wallet so they can just Turn it on they'll pay an extra small Fee and know that it will be credited Instantaneously even on like an exchange Um so yeah I would like to talk about That more but there will be more Information coming out about it thank You So as far as blinded proof of work goes Do you have a current timeline on that For the road map Uh this year I believe Um but yeah I don't think we have a more Specific timeline okay there's something Better Andrew stone is working on and Then a really really interesting part About this that I'm curious about is it Does mention working specifically with Or forcing the Asic designers to Implement uh Implement a bit I guess Part of this technology right the best Way to explain explain that for the I Guess the Snore signature verification Do you think that that poses uh Potential Optics issue with miners that Are currently in there if you have the Coin itself directly working with the Asic manufacturer or do you think this Is more like from the perspective of Like Nvidia forcing third parties to Meet certain requirements

Um that's an interesting question I mean they've got so if Bitcoin Unlimited produces its own Asic the goal Will be to produce it for four nodes to Be able to process these a very high Throughput of transactions right I don't Think the goal of it will be to produce An actual Mining Node although we'll see Like I think it's kind of open Discussion at the moment uh and again I Think it would be produced in an open Source way as opposed to closing it off To make you know some large sum money of Being the only ones that are in a kind Of privileged position to do so Um So yeah I think it's a reasonable Question like you wouldn't want someone There the group that are in a kind of Privileged position to yeah exploit that Essentially Um so I think it would have to be done In a way that it benefits the whole Network Um and it and yeah it doesn't harm the Network and so that'll come down through Bitcoin and limited into Nexus is that My understanding I mean maybe that's the thing Commissioner system so right who knows Maybe someone who's building it Asic Right now I mean it would probably be Not the best idea because the proof of Work I'll go is changing yeah once that

Is changed you know maybe someone Somebody walking in the background and Right yeah right so yeah we'll see it's Always interesting to take a look at This now so when taking into Consideration the I guess the end goal Which is moving over to Asics and stuff Was that taking into consideration for Emissions and what strategies are Utilized uh for emissions to compensate For that Yeah so they've got the goal with going To Asics is simply to produce Heart Like Commodity Hardware that can provide Nodes with a very high throughput Without causing minor centralization Um so that that's the primary goal of it It's not that there's a kind of economic Goal with moving to Asics in fact There's no like we're not trying to get To Asics right now we're letting the Network naturally move to that point Which I assume will come with you know Price Pro for value of the network and The the amount of rewards and things Like that so the goal is not Um with uh the mining Hardware that the Goal is not on the economic side of Things it's on the capacity for the Network side of things right so yeah I Guess we'll see one thing we we are Definitely planning to do Um but the Bitcoin limit is planning to Do is uh make sure that everyone is kind

Of very aware of the up the algorithm Updates ahead of time so that it's not Yeah we don't want the GPU minus to Suddenly like fall off Cliff one that Everyone should kind of know okay this Is happening at this date and to prepare For it right Okay that makes sense which is I do want To go back to that Bitcoin unlimited Doesn't you didn't utilize a Prague pal Initially so why did Nexa decide to go With a modification of progpow So I don't I don't know what proc power Is I'm not like a mining okay kind of Expert because I thought it was Prague Power unless I'm completely off I was Trying to look at that actually maybe I Need The algorithm is simply scar 256 in Combination with forcing the the minus To process uh signature validations or Validating signatures okay so it's just A small signature validation Um a number of them I think you have to Do five signatures something like that I Can't remember exactly off the top of my Head Um but yeah so it's actually a good uh Good uh information for us because we Can see even like a single high-end GPU Can already do 22 sorry 220 million Signature verifications Yeah I think I need to do a little bit More research and understand how this is

Working Maybe I did get that mixed up There's a lot going on uh yeah get some Projects there's a lot of different Cryptocurrencies and yeah yeah so okay So we're shifting from that I did want To talk about crowdfunding and the 2023 Plan now Um this was uh next it was a fair launch With no VC funding or team allocation There was no pre-mine no Dev text and so You guys have recently Um kind of proposed some crowdfunding to Take care of this and you have some uh Goals and achievements that you had Initially put out that I think there's Being some adjustment on as far as I Understand so what was the reasoning Behind that adjustment and what are the Plans to get that I guess funded Yeah so um you're right there like you Know we're all kind of old-school Bitcoin people and we feel that any kind Of real cryptocurrency one that wants to Be kind of decentralized system for the Whole world should Fair launch although I do get the economic incentives for for You know taking some percentage of the Coins and distributing them to To the team they're working on it or Whatever it needs to be used for um but We believe that it's actually more Important to do it in a Fair Way Um so no one gets a privileged position

And but yeah that comes with certain Issues right because you don't have the Same money necessarily to compete with Other much larger projects that did pay Themselves out of the network Um so the crowdfunding campaign uh the Goal is to provide extra funds for this Year and for the future Um for various marketing activities to Build the community Um you know support the community uh get Awareness out about nexo and so the the Main reason for the changes Um was basically to to we were working Behind the scenes to get guarantees from Certain uh larger investors that we can Guarantee an exchange listing if we Reach a certain goal level okay the goal Is 10 10 billion next and a set of us Have agreed to make sure that we fund Like a fairly large size exchange Um because we feel that's a good Stepping stone like we recently launched On uh Maxi about a month for a bit ago Um and we feel that it's actually good To have at least kind of two major Exchanges that are open to United States Like U.S customers as well so okay Cool awesome so wrapping things up where Can people find you where they can can They find more information about next I Know we covered at the beginning but Just a reminder for everybody Sure so the main website is you

Can get this if you're a developer you Can get the specification from what we really encourage Was people to come join the community uh You can get that on telegram with um TDOT me forward slash uh next coin and Then on Discord uh you can just go to forward slash uh Nexa that's Pretty simple check the description for All of those things is there anything we Missed about Nexa that is uh important That we should cover that you think you Can think of Yeah so I think People really need to not underestimate Kind of the utxo so the things we Covered it a little bit but I feel right And many of us feel that with Bitcoin The baby really was thrown out with the Bathroom there's so much incredible Technology there but isn't there a lot Under use there's a lot of projects Working on this kind of you like go in The route of utxo right there's Ergo I Think raptorium's implementing it Um so what is Nexa doing different that Sets it apart from that from the utxl Perspective Yeah sure so Um a lot of I mean I can't there's so Many different cryptocurrencies so Obviously I can't compare to every Single one Um and I think again this goes back to

The proof of work thing that people are Starting to realize that actually there Is a lot of uh value in the utxo based Systems and proof of work based systems And so uh you know this is becoming a More popular thing again uh with utxo It's obviously what we have what Bitcoin Limits has most experience in you know They've been developing in the space for A long time working on uh utxo systems Uh but I think the main unique thing That we're going to see over the next Year is these much more complex Multi-utxo based systems uh one thing That nexo already does different from Most other utxo trains is that the smart Contracting language is much more Generalized whereas uh like if you take Bitcoin for example there's only a Couple of few different types of Transactions because this the focus is To just be a transaction a payment from One person to another or to a few people Whereas next is really trying to be a a Virtual machine where you can actually Do much more interesting Financial Um yeah not necessarily just Transactions but Financial Um Uh create Financial systems and tools And products and services so Yeah having this more generalized Transaction format and then later on Building up a system of multi utxo based

Uh smart contracts I think is not really It's not really out there yet Um most of them still focus on creating A lot of complexity in a single Transaction which can only go so far on On utxos so Yeah I mean I think that's the unique Thing and plus obviously the scalability And we'll start to see uh the scaling Uh proven later this year when we Actually Implement very large uh Throughput on a test net Network where We show okay yeah if you put these Technologies into one system distribute It across a network of nodes that it Will really handle this level of Throughput cool awesome Paul thanks for Coming on thanks for explaining next to It next to us and a lot more educated Hopefully everybody else learns Something and We'll see you guys next Tuesday Foreign Thank you Matthew today's sponsor is Myself I recently launched a crypto Mining e-course at son of a and It includes nine steps to cover when you Decide to start your crypto mining Journey this is specifically pertaining To 2023 crypto mining profits and taking Advantage of the DOW market to achieve Skyrocketing growth as we move into the Next having a Bitcoin you learn buying Mining equipment in a bear Market using

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