Introduction
Nexa, a Layer-1 blockchain, is a promising contender in the digital economy landscape. It aspires to handle an unprecedented volume of 10 billion daily transactions. This ambition marks Nexa as a potential game-changer regarding scalability and functionality in the blockchain space.
Nexa Innovation
The cornerstone of Nexa‘s innovation lies in its native token services and “wise contracts.” Unlike conventional blockchains requiring elaborate smart contracts for token creation, Nexa simplifies this process, significantly enhancing efficiency and user experience. Its approach to NFTs, enabling their creation akin to fungible tokens, paves the way for diverse applications in digital artwork, asset ownership, and more.
Architecture
Nexa’s architectural prowess is evident in its Proof-of-Work algorithm, “Nexapow.” This algorithm distinguishes itself by addressing key scalability challenges such as signature signing and UTXO lookups. It employs SHA-256 hashing with Schnorr signatures, with plans to evolve further, demonstrating a forward-thinking approach to blockchain scalability.
Code Quality
The code quality of Nexa, developed and maintained by the Bitcoin Unlimited Foundation, is commendable, though there is room for improvement. The foundation’s history with Bitcoin and Bitcoin Cash lends credibility and a solid foundation to the project. The developers, possessing intermediate experience, contribute to a growing, dynamic codebase.
Product Roadmap
Nexa’s roadmap is ambitious yet pragmatic, encompassing core NEX and token services, gigablocks scaling, exchange listings, and heightened awareness. This roadmap indicates a well-structured plan for gradual but significant growth in the blockchain ecosystem.
Usability
The usability of Nexa is one of its standout features. Integrating native token and NFT functionality significantly lowers the entry barrier for users. The “wise contract” system offers EVM-like capabilities with minimal resource consumption, ensuring capacity and cost-effectiveness for users, especially in DeFi services.
Team
The Nexa team, stemming from Bitcoin Unlimited, carries a legacy of over seven years in the crypto space with a cumulative experience of 70 years. Their extensive experience and proven track record in supporting significant cryptocurrencies instill confidence in their ability to navigate and innovate in the blockchain domain.
Conclusion
Nexa is a potent Layer-1 blockchain solution that redefines scalability and utility in the digital economy. Its innovative architecture, user-centric features, and the experienced team set a solid foundation for its growth. While there are areas for improvement, particularly in code quality, Nexa’s vision and roadmap suggest a promising future in the blockchain landscape.
| Initial Screening | |||
| Keep researching | |||
| Does this project need to use blockchain technology? | Yes | ||
| Can this project be realized? | Yes | ||
| Is there a viable use case for this project? | Yes | ||
| Is the project protected from commonly known attacks? | Yes | ||
| Are there no careless errors in the whitepaper? | Yes | ||
| Project Technology Score | |||
| Description | Scorecard | ||
| Innovation (Out Of 11) | 10 | ||
| How have similar projects performed? | Good | 2 | |
| Are there too many innovations? | Medium | 1 | |
| Percentage of crypto users that will use the project? | Over 11% | 5 | |
| Is the project unique? | Yes | 2 | |
| Architecture (Out of 12) | 8 | ||
| Overall feeling after reading whitepaper? | Medium | 1 | |
| Resistance to possible attacks? | Good | 2 | |
| Complexity of the architecture? | Easy | 2 | |
| Time taken to understand the architecture? | 20 – 50 min | 1 | |
| Overall feeling about the architecture after deeper research? | Medium | 2 | |
| Has the project been hacked ? | No | 0 | |
| Code Quality (out of 15) | 13 | ||
| Is the project open source? | Yes | 2 | |
| Does the project use good code like C,C++, Rust, Erlang, Ruby, etc? | Yes | 2 | |
| Could the project use better programming languages? | No | 0 | |
| Github number of lines? | More than 10K | 1 | |
| Github commits per month? | More than 10 | 2 | |
| What is the quality of the code? | Good | 2 | |
| How well is the code commented? | Good | 1 | |
| Overall quality of the test coverage? | Outstanding | 2 | |
| Overall quality of the maintainability index? | Good | 1 | |
| When Mainnet (out of 5) | 5 | ||
| When does the mainnet come out? | Mainnet Ready | 5 | |
| Usability for Infrastructure Projects (out of 5) | 5 | ||
| Is it easy to use for the end customer? | Medium | 5 | |
| Team (out of 7) | 4 | ||
| Number of active developers? | 3+ | 1 | |
| Developers average Git Background? | Intermediate | 1 | |
| Developers coding style? | Solid | 2 | |
| Total Score (out of 55) | 45 | ||
| Percentage Score | |||
| Innovation | 18.18% | ||
| Architecture | 14.55% | ||
| Code Quality | 23.64% | ||
| Mainnet | 9.09% | ||
| Usability | 9.09% | ||
| Team | 7.27% | ||
| Total | 81.82% |
