It is a general truth that we live in a world ruled by tech and digitalization. The world today, just as with every other thing in it, has gone through various stages of evolution, and currently, it is safe to say that the advancement in tech and digitalization is its biggest stage so far. Starting from the birth of the internet, tech has done so much for every habitant of planet earth and has made living a whole lot easier as everything can literally be done with just a click on the smartphone.
Another innovation that has taken the world by storm since the inception of the internet is Blockchain and Cryptocurrency. The introduction of blockchain and cryptocurrency (Bitcoin) in 2009 has been a major game-changer, as the innovation has disrupted a whole lot of industries since its inception. Going from the financial sector to the health sector to the agricultural sector and even in education.
So many industries have been looking for ways to exploit this relatively new technology to their advantage, since its introduction, and there have been a lot of success stories about how the use of blockchain technology has helped build projects that can be called world changers in their various industries. This trend is not dying out anytime soon as it is believed the maximum potential of this amazing technology has not been harnessed yet.
One such company that plans to capitalize on the unrealistic potential of the blockchain is Nexus. Nexus is a FinTech company located in the UAE - Dubai and they intend on using blockchain technology to disrupt how digital payments and incentive programs are being handled, by introducing a model that is truly beneficial to every user of their platform, while not compromising on security, reliability, its high level of performance among other features that make it great.
In today’s world, companies are adopting the digital reward/point service system as a means of attracting and retaining customers as opposed to being just a program aimed at giving customers discounts and while this has been a success so far because of the rapid increase in this service, there is an obvious downside, such as the value of the digital point is dependent on the trust of the company and the economic situation surrounding the issuing company.
Nexus aims to solve this problem by incorporating blockchain with its use of Smart Contracts, Asset Collaterals, and personal authentication mechanisms to dismiss concerns about the company’s trust or its economic situation. Also, with the use of blockchain technology, Nexus will allow for the signing and settlement of large purchases such as real estate. This is a feature that has never been adopted by conventional payment systems due to problems with identity verification and payment screening.
Nexus aims to evolve the digital incentive/digital point services, as a Web 3.0 solution that does not depend on the issuing company by backing the value of digital points through a proprietary token (Nexus Token) and it will also centralize digital incentives and digital points in the Nexus merchant network and use it as a gateway to the democratic and decentralized world of cryptocurrency.
The native token of the Nexus project is the Nexus Token, it is a bridging muli network token with support for a variety of networks. It will be initially issued through the Polygon Network often touted as the second layer of the Ethereum Network that allows for fast processing power and decentralization based on the Proof of Stake (PoS) consensus algorithm.
The reason for this is because the polygon network is expected to solve Ethereum's high fee and transaction problems, and can perform transactions at a lower cost and faster speed than other chains. The total supply of Nexus Token will be fixed, and an amount of Nexus Tokens on the polygon network that is equivalent to the newly issued supply will become locked if there is added support for more networks.
The Nexus Project already has partnerships with various companies in the UAE and can be used in many retail stores, restaurants, etc., mainly in Dubai and Abu Dhabi. Consumption of the Nexus project will be accelerated as incentives will be given for consumption behavior within the UAE and users will be able to complete payments through an app.
SPRAY: The Merchant and User App
The spray app is an application provided by Nexus to facilitate a payment and loyalty rewards solution. It is an off-chain loyalty rewards app that allows the user to earn NEX points based on the amount they spend on purchases, and the accumulated points may also be used as payment. These accumulated NEX points can also be exchanged for Nexus Tokens, and through the use of Nexus Tokens from various networks, the NEX points can also be recharged.