The Nexus Project – the decentralized financial payment system that’s disrupting the traditional payment stack on the blockchain, has launched the unique digital payment infrastructure in the UAE.
According to a recent study, the blockchain market size is projected to grow from $4.9 billion in 2021 to $67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4%. The major driving factors contributing to the rapid growth rate of blockchain market include high adoption of blockchain solutions for payment, smart contracts, digital identities and more.
Blockchain technologies are connecting global financial systems so they are easily interoperable, affordable, efficient and accessible. It also enables cross-border payments that are cheaper and faster as compared to traditional systems. And as such, confidence in blockchain and distributed ledger technologies keeps increasing in the current days. Now, financial sectors across the world utilize blockchain technology for payment processing and issuing of their digital currencies.
The rapid global demand for digital payment systems is being fueled by increasing market growth in blockchain. And as blockchain-based payment systems continue to expand, the new trend is expected to move towards greater interconnectivity with other systems through the ability to swap and exchange currencies. Basically, this new trend in blockchain technology will bring about the creation of economic zones based on digital payments. Thus, it’s essential to make payments conveniently in various regions using a connected payment system around the world.
The Nexus Project is a decentralized, distributed blockchain system providing businesses and developers with a low cost merchants, user-friendly platform. It aims to provide a digital payment infrastructure that will contribute to economic development by improving accessibility and encouraging consumption.
The groundbreaking project utilizes fiat-pegged stablecoins, algorithmically stabilized by its reserve currency NXD, to enable programmable payments and open financial infrastructure development. Currently, $NXD is available for trading on MEXC Global, a leading crypto exchange platform.
The Nexus Project, in partnership with various companies in the UAE, will centralize digital incentives and digital points in the Nexus merchant network, thereby creating a gateway to the democratic and decentralized world of cryptocurrency. Payments can be made easily at different locations including shopping malls, restaurants, supermarkets, mainly in Dubai and Abu Dhabi, and incentives can be offered to attract and retain inbound commerce.
Notably, by incorporating smart contracts, asset collateral, and personal authentication mechanisms, the Nexus Project will become the first payment system to utilize the endless potential of the blockchain technology to facilitate large purchases such as real estates. By staking coins issued by the Nexus Project, one can purchase more coins at a lower cost.
Nexus Token – NXD, is a bridging multi-network token that supports various networks. It’s being initially issued by Polygon, which is built on the “Proof of Stake” consensus algorithm, allowing for fast processing and decentralization. Unlike other chains, Polygon facilitates cheaper and faster transactions thereby making it ideal for digital payments. Nexus Tokens will initially be allocated to board members, private sale participants, and pre-sale participants.