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Nexus Development Recap – April 14, 2023 by Colin Cantrell.
Hello everyone, today we're having our development weekly recap.
I'm excited to update you on our progress with the mobile wallet betas, desktop wallet betas, and the 5.2 deployment. We're also pursuing exchange listings and have been making progress with a market maker who has connections to large centralized exchanges.
We're focusing on exchange listings that can bring new liquidity into the market without exorbitant listing fees. Bybit is one exchange we're considering because they're community-focused and do listings based on community input. We're working on a pitch deck with the Communications chair Tomas to showcase our community strengths and network statistics, such as our active node count.
Our active node count has been consistently high, with almost 1,770 nodes active on the network in the past two weeks alone. This is a great sign of our network health and shows that our incentives are working well with the proof-of-stake system. In the past, even Bitcoin had around 10,000 nodes in 2015-2016.
One thing that caught my attention was the number of active nodes and addresses that can accept incoming connections. It turns out that there are about 100,000 addresses in the address manager, but not all of them are active nodes. However, the good news is that there are 1,770 active nodes over a 14-day span, 1,158 over a 7-day span, and 770 over a 3-day span. On a daily basis, there are about 472 active nodes that are online 24/7. This is an important metric because it shows that the network is being utilized and people are using it for something.
Furthermore, I discovered that there is an average daily contract volume of around 2,500 contracts per day, which is quite good. The network is being used consistently with 2,351 daily active contracts, 17,220 weekly contracts, and 73,868 monthly contracts. Additionally, there are daily active accounts that generate transactions, with 263 unique accounts making transactions each day, 645 each week, and 1,473 each month.
Another interesting metric is the legacy deposits and withdrawals, which is a measurement of exchange on and off ramps. Prior to trade over, the exchanges ran legacy addresses, so this metric is useful in measuring activity related to legacy addresses. Currently, there are about 6,700 daily, 127,000 weekly, and 634,000 monthly transfers from tritium to legacy, and 84,000 transfers today from legacy to tritium.
In the past week alone, 572,000 Nexus have been withdrawn, and in the past month, a staggering 1.4 million. This is a positive trend, as it shows that people are taking control of their coins and transferring them to their own wallets rather than leaving them on exchanges.
In fact, only about 8% of all Nexus are currently on exchanges, which is great news for the community. The vast majority of people are holding their coins in their own wallets, which is a sign of trust and belief in the project.
Speaking of exchanges, TradeOgre is a great option for US customers looking to trade Nexus. They don't require KYC and are an anonymous exchange, making them a popular choice for many in the community. Let's help fill out their order books and build some liquidity there.
- Now, let's take a look at the network mint. The daily staking emission is 2,300 Nexus, with 15,000 per week and 67,000 per month. Mining, on the other hand, has a daily emission of 4,500, with 33,000 per week and 133,000 per month. As you can see, mining is still twice as profitable as staking.
In terms of stake volume, 87,000 Nexus have been deposited into stake trust accounts and locked off the market on a daily basis. Weekly, that number jumps to 455,000, with about 200,000 deposited this month alone. This shows that the community is still actively staking their coins, despite the higher profitability of mining.
On the technical side, Tomas and the Communications team are working on an exchange listing portfolio to showcase the power of the Nexus community. Bybit, in particular, is looking for community involvement and technical development in potential projects, so it's important to show that Nexus has both.
Our recent focus has been on debugging and fixing bugs, which has resulted in lower commits than usual. However, as we continue to make progress on 5.2, we should start seeing more commits soon. There's a lot of actual code that I've been working on that's not on the merging branch yet.
In terms of exchange listings, community support is crucial. If you have a Twitter account or any other platform, start reaching out to exchanges and let them know that the Nexus community wants to get listed. Showing them a lot of community engagement and involvement is important, so that when we get the pitch deck and send it to them, they'll already have seen community engagement beforehand. After sending it, we'll also want to continue to show community engagement. Bybit is the number one exchange we're pursuing right now, which many of the community members have requested.
Gate.io and KUCOIN are also important exchanges that we're focusing on right now. If we do end up getting a listing fee on any of these exchanges, then we might have to do a crowdfunding. Kucoin usually likes listing fees, but Gate.io doesn't always charge them.
In addition to these exchanges, we're also working on getting Nexus set up on the atomic DEX, which is another important decentralized exchange. We're working on getting decentralized exchanges up and running, and I'm also considering creating an algorithm that will allow users to store their Bitcoins in their Nexus wallet.
Essentially, you'll be able to store the entropy for your Bitcoin keys in your sigchain, so logging into your Nexus sigchain can also give you access to your Bitcoin. This would be a seamless integration of Bitcoin and Nexus, and would set it up to create a type of atomic swap, a decentralized exchange for Bitcoin to Nexus.
We'd also like to get this working on the mobile wallet as well, so that you wouldn't have to worry about storing your Bitcoin private keys or having a wallet.dat anymore. The way I would design it is so that you can use your sigchain to generate Bitcoin and determine the keys as well. This will be done by creating entropy that we store on your sigchain and then encrypting it with your current credentials. If you change your credentials, you'll just be changing the encryption key and re-encrypting the data, but still keeping the same actual data. This becomes the seed that we use to generate our SECP256K1 Bitcoin private keys, allowing you to use your Nexus wallet as a Bitcoin wallet as well. Overall, we're dedicated to helping improve the industry and not necessarily trying to replace anything. We've developed a lot of technology that can potentially help with some of the issues that Bitcoin is facing. We like to support Bitcoin and using the new constant time database as well. Having our own Bitcoin client would be another great thing to release.
One of the most exciting things, in my opinion, is the potential for a decentralized exchange infrastructure integrated directly into the wallet. This would provide a lot of value to us as a community and make things a lot easier.
If this is something that you guys want me to put as a priority, just let me know. We could do a poll on Twitter or something, or you could just reach out to me directly. Speaking of which, somebody reached out to me a couple of days ago, saying that they missed me in Telegram and didn't want me to feel alienated. I just want to let everyone know that I'll be back in Telegram at some point, but right now I'm just focusing on the code. It takes a lot of time to read messages and respond, so I've had to take a step back. Ultimately, my goal is to raise Nexus to not need me. If you do have any questions or you want to reach out to me directly, you can always tag me on Twitter.
Right now, I'm working on upgrading the project to version 5.2. Once we're done with that, I plan on doing a poll to see which features we should work on next. One of my top priorities is creating a file system that will allow for decentralized hosting. I think this is important because it will make it easier for developers to access powerful features without having to manage servers. Server management can be cumbersome and inhibiting for a lot of people.
To create this file system, I need to design a distributed sharding system for MySQL and a PHP interpreter that can be called server-side. The goal is to eventually host WordPress over the decentralized file system and database engine.
One of our design requirements is to make the technology so easy to use that even grandma can do it. In fact, my son was able to install the mobile wallet with no issues. We've also had a lawyer who did work for Nexus install it with ease. We want to make technology that is so powerful that you won't even know you're using blockchain.
Advancement matters, but so does usability.
We want to lower the barrier of entry for using our technology. For example, backing up your Bitcoin from a mobile wallet can be daunting, but we've simplified the process to make it easy and accessible. We're also focused on powering the web and creating something that is more valuable and usable for people. Rather than reinventing the wheel, we're augmenting and improving existing systems.
As you may know, the internet has many security issues, including the board GATE protocol, IP address management, and address resolution packets. We're working on improving these systems to create a more secure and usable internet for everyone.
The protocol is starting as an ad hoc network, where you can form your own local mesh networks. Once the satellites are ready, you will be able to pull your own satellites using the Nexus protocol.
To achieve a truly decentralized network infrastructure, we need our own independent propulsion systems. Therefore, the team is working on an electrical propulsion system, which is crucial to launch and maintain satellites in orbit.
China is showing great interest in the Nexus protocol as it promises to alleviate a lot of issues they face in their country. The protocol can help them develop their own new systems that allow them to bypass the Great Firewall and separate themselves from the Chinese Communist Party. The VPN feature will also be introduced to the protocol to help users protect their privacy and avoid tracking.
So as an example, let's say we're launching rockets with Phantom and the potential issues that may arise. Imagine we get a few satellites up, and then suddenly someone decides they don't like what we're doing or Elon feels threatened. In this scenario, we would have to deal with the International Telecommunications Union and possibly have our frequency license shut off or even our launch capacity. It's a tough situation, but one that we have anticipated and prepared for. That's why we've been focusing on developing solutions to these potential problems.
To demonstrate one of these solutions, I'm working on creating a video showing an interesting effect with high voltage electricity. This effect has been around for about 100 years, and it's something that I'm currently studying. It's really cool, and I'm excited to show you guys.
Some of the things we focus on may seem like a pie in the sky, but there is a lot of practical reasoning behind them. We understand how the system will tolerate or not tolerate certain actions, which is why we're developing things the way we are. I've even seen people launch satellites without a frequency license, and they were stopped by the launch company.
As for the technical details, I recently did a system get metrics. The system has 218,000 registers, 42 global names, 62,000 local names, and 30 namespace names with 15 namespaces. There are 93,356 accounts with 128 assets on the chain and 31,041 crypto object registers. Additionally, there are 52 tokenized assets with 139 tokens, 850 read-only state registers, and 30,995 SIG chains.
There are currently 519 active staking accounts, with 36 million Nexus locked up (a little under half of the supply), and a total collective trust of 9.7 billion seconds. Your trust score is essentially your voting weight compared to the total collective trust. The system is looking healthy and we're seeing continued growth under the hood.
The development team has fixed an issue with the Android mobile wallet that was causing the battery to drain faster than expected. They found that an old rule in the protocol had been removed, but they added it back in and it fixed the problem of high CPU usage. There have also been some minor and major tweaks, including a feature that shows the time remaining when synchronizing.
The team has been working on solving some cosmetic bugs in the desktop wallet, and a new release is coming up soon. They are currently on RC17, and the last release was RC13. The mobile wallet on iOS still has an issue where it strips some parts out of the framework when coming out of lock screen, but the team is working on it and preparing for new rounds of beta wallets.
The desktop wallet now works in client mode, so if you don't want to sync the full chain, you can just sync and run a client. The team has been making a lot of individual cosmetic changes, with an average of 5 to 10 commits a day. They have been working on the 5.2 feature set, including the authenticated message system, sign message and verify, and relay filters.
Managing the actual relay nodes has been a design challenge, but the team has made progress and is happy with how things are looking. The are on track for the desktop wallet release on April 26th, and are currently doing some test net builds. I believe Kendall said that there was a type of pre-release system with iOS and Android.
There's a lot of exciting news regarding the development and release of the Nexus wallet. The team is currently working on bug fixes and beta testing, which will lead up to the final round and final beta. It's a long haul, but they're taking the time to do it right.
One of the exciting things is the upcoming release of the mobile wallet for iOS and Android, which will be listed on the app stores as soon as it's ready to go. The team is also introducing the tritium protocol with finance, debit, and TradeOgre, which should be a great support for new tokens added in the future.
The rollout plan for the desktop wallet includes the 5.1 core, tritium++ wallet, which replaces the current wallet. It's not a mandatory upgrade, but the following upgrade, 5.2, will be mandatory and will include all additional 5.2 features with the crypto API.
The release of the 5.1 also includes a peer-to-peer market, though not initially with a module. But the team is using the tritium protocol with finance, debit, and TradeOgre, and it's working great for them thus far. They're also working on the pitch deck for exchanges and will be reaching out to MEXC, Gate, KuCoin, Bybit, and OKEx.
The team is looking for community involvement to help improve the listing and get more listings. They're also working on a conference in Las Vegas in early May and a brief two or three-page document to show who they are, what they do, and where they're at.
This week has been all about market making services and getting listed on more exchanges. We're working with eGains to help with liquidity and spread, but once we have more income and a higher price, we'll have them working with us full time. BINANCE had their own internal market making services, which is one reason why there was more available liquidity.
We're also focusing on getting listed on more exchanges and we'll continue to engage with market makers to help with liquidity and arbitrage between different exchanges. We're looking at Bybit, OKEx, Any, XC, MEXC, and GATE as potential exchanges to list on. If you have any suggestions, let us know and we'll reach out.
We've also been debugging and tidying up the desktop and mobile wallet, getting everything ready for the release of version 5.1 on April 26th. After that, we'll set the release date for 5.2, which may be named 6.0 due to the hard fork. The mobile wallet will most likely come out after the hard fork activates, so you'll have time to upgrade your wallet and get on the new chain.
On another note, we're building relationships with other coins and offering technical collaboration to help them integrate some of our tech stack. Komodo wanted to collaborate on the lower level database, and we'll continue to build that relationship.
One of the main priorities is to develop a basic decentralized file hosting and management system, which would help create a decentralized backup for files. This system would be entirely new, unlike existing ones such as Odyssey, which is driven by a centralized server cluster. Although Odyssey does back up files with IPFS, if their servers are taken down, the whole system goes down.
To achieve a decentralized file hosting system, the team is working on developing a structured query language on the chain that would enable decentralized search algorithms. With this, they can load everything up into a decentralized database without relying on centralized search algorithms. They have already demonstrated how this can be done by authenticating different IPFS files at a conference in 2022.
Aside from the file hosting system, the team is also working on a Bitcoin wallet idea, VPN features, and pooled staking, which seems to be a hot feature among users. However, the team is open to conducting a poll on Twitter to prioritize which feature to work on next.
The team is also working on developing an organizational structure that would insulate them from being regulated. They are working on a private focus and are keeping an eye out for a new system that would help manage themselves more efficiently.
Lastly, the team is working on a Constitution that would define the rules of the DAO, which would then be ratified on-chain. This Constitution is currently five to six pages long, and once it's done, they'll be going back to Telegram to ensure everyone agrees with the rules.
That's about it for this week's update. The team and I appreciate everyone bearing with us, given that developing these features can be time-consuming.
To listen to the recap visit https://twitter.com/i/spaces/1djGXlnedXdGZ
