Cryptocurrency is an important facet to Nexus, which is why we have our own native currency called ‘NXS’. This currency is the backbone of our ecosystem as it rewards miners to build blocks, and provides a reward rate to ‘stakers’ of between 0.5% to 3.0 per annum for securing the network.
The creation of NXS is very different to the issuance of tokens via Initial Coin Offerings (ICOs), which are produced at zero cost. Instead, the process of creating NXS requires mining (similar to that of Bitcoin) or staking, which gives a base value to the currency being backed by the physical resources required to create each individual coin.Economics
There are three ways to obtain NXS:
Staking is an energy efficient form of mining that provides security to the Nexus Blockchain through holding NXS inside the Nexus Wallet. In return, stakers are rewarded between 0.5% and 3.0% per year on their holdings.
Mining is a process in which a computer program is run by high-performance hardware to process transactions and provide security to the Nexus Blockchain. In return, miners earn newly created NXS.