Cryptocurrency

Better contracts smart for Bitcoin thanks to Nexus

For people who carry a few years with the cryptocurrencies it is a fact that must have contracts smart. However, veterans know that this tool did not exist until the emergence and adaptation of the code of Ethereum. There were various attempts to apply them to the network of Bitcoin, as is the case in the news today, Nexus.

On Nexus

As mentioned, Bitcoin was born with no contracts smart integrated into your code. For this reason, the first transaction is made under the strict and pure trust between the agents. However, with the emergence of Ethereum contracts smart changed existing paradigms. For that reason, it begins a struggle for Bitcoin to be compatible. Among the participants in order to adapt the currency to appreciate, were the people of Nexus. It is a small company of Blockchain in Arizona, which in 2014 launched a fork to incorporate the contracts smart to Bitcoin. This is a protocol that works as an open source which allows any Blockchain-based Bitcoin to be able to use contracts smart. Basically used the hard fork to design a chain apart from Bitcoin, which is still linked to the original. In this way, companies can use the chain of Nexus to implement contracts smart that are compatible with the currency. “Part of the intention was to use the original code of Bitcoin was the 2014 upgrade to our framework,” said the founder of Nexus, Colin Cantrell, to CoinDesk. “Any blockchain that uses the UTXO legacy can update contracts smart about your blockchain live, without having to restart the chain or anything like that.” UTXO refers to “unspent transaction output”, which are platforms based on Bitcoin. With this appointment, Cantrell refers to that from 2014 have gone to innovate your supply chain to improve the services we offer.

Today

Now uses two different protocols: proof of work and a test system of participation. In addition, they announced that after the 11 of November there will be a new update, Tritium. This update has a focus that contracts smart to have transaction times that are competitive. “One of the most important things that we have seen is that the scalability is not a feature. It is a kind of requirement,” said Cantrell. Currently, the firm says it can manage between 2,000 and 25,000 transactions per second. Recalling that one of the strings of blocks of higher performance is XRP, which reached constantly to 1,500 transactions per second. However, this Nexus is not as bright as one would think. Given that you have not reached the demand of their services as expected. Although they received support, surprise, when, at a technology event in Arizona, the co-founder of Apple, Steve Wozniak, announced a partnership with Nexus in a new educational initiative that will be built into the chain of blocks Nexus. The following two tabs change content below. I am a student of economics, interested in innovation and technological development, always faithful to that tomorrow will be a better day.

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