Place/Date: - March 10th, 2022 at 12:13 pm UTC · 4 min read
Contact: Nexus Project, Source: Nexus Project
Over the last decade, blockchain technology has garnered a lot of attention, moving beyond the admiration of hardcore Bitcoin fans and into the mainstream debate of financial specialists and investors. Blockchain technology enables untrusted parties to reach an agreement on the status of a database without the use of an intermediary. A blockchain might deliver certain financial services – such as payments or securitization – without the need for a bank by providing a ledger that no one manages.
As this nascent technology garners a lot of interest, Nexus Project, a loyalty/reward point payment service, is bringing blockchain-based payment services to merchants and stores globally.
Nexus Project is a payment gateway that deploys blockchain to build a digital payment infrastructure that will enhance economic growth by boosting accessibility and driving consumption. Nexus Project provides one-of-a-kind digital rewards/points services to retailers, merchants and allows them to build a reward system for loyal consumers and increase client retention.
The Nexus Project, in conjunction with a number of UAE companies, has made payment services widely available and usable in a variety of retail shops, restaurants, and other locations, especially in Dubai and Abu Dhabi. As a borderless payment infrastructure, the services can be used anywhere to settle both large and scale transactions.
In an era of web3.0 innovations and explosive adoption, Nexus Project has proposed to extend the digital incentive/digital point services as a Web 3.0 solution independent of the issuing company. The implication is that its payment service and the value of the digital points will be backed by a proprietary token called Nexus Token to assure long-term sustainability and growth.
As such, Nexus Project will be issuing a multi-network utility token that will be used widely within the network. Nexus Token will support several blockchain networks and will be initially deployed on Polygon, the Ethereum network’s largest and most efficient Layer 2 solution. This will allow for faster processing power and decentralization based on “Proof of Stake”, a next-generation consensus method on which Polygon is based.
Among other Layer 2 networks, Polygon has remained a great Ethereum alternative and is incredibly compatible with ERC and can be used for a variety of Ethereum-based applications. The total quantity of Nexus Tokens will be fixed, and when new networks are added, an amount of Nexus Tokens on the old network equal to the newly issued supply will be locked in order to maintain the original supply.
The availability of several blockchains will enable users of the services to adopt any blockchain of their choice giving them unrestricted access to seamless digital points payment services. Users of the point services will be rightfully exposed to the Nexus token, enjoying its token benefits.
Nexus Project adopted a fair distribution plan for its native token. Nexus Tokens were first distributed to board members, private sale participants, and pre-sale participants. The remainder of the tokens will be reserved as staking incentives to reward those staking Nexus tokens. Staking services enable users and token holders to acquire more coins at a lower cost by locking a portion of their active tokens and gaining the opportunity to participate in discount deals.
There is also a mechanism in which the Nexus Foundation would acquire tokens for a certain quantity for market circulation, keeping the value of the tokens above a particular level and ensuring steady and progressive growth. This is a proven way to ensure the price stability and the sustained value of the token.
At present, Nexus Token (NXD) is available for purchase on popular centralized exchanges (CEX) such as the MEXC exchange and the BitMart exchange. For decentralized exchanges (DEX), the NXD token is available for trading on SushiSwap on the Polygon network.
There is a widespread belief that as the number of individuals who use a specific service grows, so does the value of the token that underpins that service. In reality, the investment value of a utility token is proportional to the actual demand for the service offered by such a token. Because token supply is limited, token value is predicted to rise in tandem with increased demand. If a token is linked to a DApp, network scaling up may improve the value of a token.
This could also be said of Nexus Project as they look forward to not only being a point payment gateway for the Middle East but a global blockchain infrastructure for facilitating seamless cross-border settlement. As a result, every ecosystem growth will have a positive impact on Nexus token value.