NUGENESIS: REVOLUTIONISING THE BLOCKCHAIN, PART 2
In my last article I gave a brief introduction into what the goal of NUCOIN was and how they planned to achieve it, the fact that they have already achieved it and their vision of a blockchain is already up and running.
So a brief recap on what the NUCOIN dream blockchain is about, the NUCOIN blockchain dream was to develop a blockchain that was more secure, that the transaction Speed and volume was scalable and that the carbon footprint of the blockchain was neutral.
The way that they were able to achieve this was to replace the human validators and miners with artificial intelligence miners and validators.
The reason they wanted this increased security, speed, number of transactions and carbon neutrality is because their aim is to draw countries and Central Banks in. For the central banks to use the NUCOIN blockchain as the blockchain to launch their Central Bank Digital Currencies (CBDC’s), they need a blockchain that is removed from the inefficient, excessive and often wasteful use of resources and high carbon emissions that is part of the package that comes with the use of human validators and miners.
BENEFITS OF THE NUCOIN APPROACH
Apart from the advantages of;
being more secure by giving the blockchain freedom from reliance on Proof of Work, Proof of Sales and any human validators and instead underpinning support by system validators and Dual Artificial Intelligence for security and system-wide integrity using: Nugenesis’ own AI and an external independent AI;
Upscaling of speed and number of transactions up to a million plus which is readily available far surpassing the rates of that of visa and MasterCard that are used for fiat transfers mostly, and the more the transactions on the blockchain the more parallel processing chains and parallel networks are added carrying out transactions at even faster rates, and;
The carbon emission neutrality since there are no resources, including electricity and carbon implications involved with NuGenesis, it is near zero-emission, clean and green due again to the removal of human validators and miners, the NUCOIN blockchain has some advantages that is not only relevant to Central Banks but to others that might want to take advantage of the blockchains features.
• INTEROPERABILITY & EASY ONBOARDING: unlike most current blockchains with the exception of cosmos hub, can not interact and speak to one another, but on Nugenesis there are currently four chains that speak together referred to as a quad-chain, all the separate chains are referred to as parachains, and they are;
o The Nugenesis chain
o Ledger X, a decentralise exchange different from others because the prices of its listed assets are determined by the open market, this requiring it’s very own chain.
o The Ethereum blockchain, and;
o The Bitcoin blockchain
The reason why interoperability is a big advantage is that despite all these blockchains run varying consensus mechanisms, Dapps on the other blockchai7can be put on the Nugenesis blockchain and work perfectly with little to no adjustments made
• UNLIMITED SCALABILITY: because of the substrate network used to build the Nugenesis blockchain, the amount of para-chains that can be interoperable with NuGenesis is unlimited, and they are planning to add 28 more blockchains. This also means that other interoperable blockchains and there para-chains can work on the Nugenesis blockchain.
• NO FEES: interactions and transactions on the chain occurs with non existent fees, this increases the advantages to the chain.
• REWARDS TO ALL ACTIVE MINERS: unlike other consensus mechanisms that reward only the miner that validates the block despite there being a lot of miners, all miners that participate in securing the network per block are rewarded. This is also an advantage because the computational requirements for consensus is very low, so people can even use their smartphones to mine on the network, validating transactions in seconds.
- RECOVER LOST MNEMONICS: Despite all the advantages of Nugenesis, the one that the average user will benefit from will be the retrievability of mnemonics of wallets if they are lost. This is possible because of the serialisation on Nugenesis which gives each asset on the blockchain a unique identifier.
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