After a successful seven-year journey in its research and development (R&D) department, NuGenesis finally released its native blockchain and token on July 1st, 2021. The blockchain is a fully completed platform built for government and transnational corporate applications. As governments move towards central bank digital currencies (CBDCs), NuGenesis aims to introduce a new kind of blockchain with enhanced security properties that are based on integrity “underscored by Artificial Intelligence (AI) and carbon neutral in its efficiency”.
The key to its goals is to break the barriers that stiffen mainstream adoption of the cryptocurrency ecosystem by re-imagining the blockchain networks as we know them today. Limitations to speed, latency, and scalability, and the over-reliance on human miners and validators have all been eliminated by NuGenesis allowing custom-designed consensus mechanisms to evolve according to the current real-world needs.
The NuGenesis blockchain – A long time coming!
Despite only launching this July, NuGenesis is in no way a new project. Started off in 2013, a few weeks after XRP launched, the developers have consistently worked on giving users a complete project rather than promises of a product, Head Data scientist and CTO Luay Mohesn stated in an interview.
Speaking on why the blockchain took so long to build, Luay stated,
“We decided to build, then promote, we witnessed the world of blockchain entering the arena of becoming financial assets, Therefor to stay within the laws, Both current and future, we built a legal proof system, We refused to take any early investment or launch a pre-ICO or Even and ICO. We wanted to give the world a ready-built solution, not a promise to build.”
Over the years, the developers, led by Hussein Faraj (CEO), CTO Luay Mohsen, and Muzammil Abbas (COO), have designed the blockchain to be user-friendly with an aim to facilitate global adoption of crypto. The platform is developed to become a complete crypto ecosphere “where value can be created and maximized for unlimited future uses” whether it is a social media DApp, a decentralized exchange, or a DAO.
The blockchain rests on four key advancements to reach its global adoption goals.
Advanced technical networks
NuGenesis is a multilingual cross-chain platform that allows decentralized applications (DApps) to be built across multiple blockchains. As per its whitepaper, the main blockchain, NuChain, is built on Substrate, the Ledger X (its in-built exchange) based on C++ as a parallel processing chain, and DApps on Ethereum and Bitcoin. The network features 29 other language systems that are interoperable, functional, and complete. This allows constant innovation and improvements on the network by the blockchain developers.
To top it off, NuGenesis employs a gasless network for both its commercial and social networks in a bid to boost overall crypto adoption.
“This has meant not only the most advanced next-generation layer 1 multi-chain blockchain configuration system that is cross-chain interoperable, but which it easy and cost-effective for developers to customize their version which can run as a parallel network and accessing explosive new potential capabilities for Smart Contracts, NFTs, virtual reality innovation,” NuGenesis whitepaper reads.
The layer-1 blockchain has the goal of boosting crypto adoption by removing the challenges that blockchains have faced in the past. The platform introduces liquidity solutions via incorporating a fully-fledged open market exchange with decentralized data stores to boost security. Notwithstanding, the blockchain has covered all the legal loopholes during the 7 years in R&D by partnering with several countries to “implement a blockchain code”.
This blockchain code, if implemented, will give legal certainty to a range of crypto assets, improve decentralized governance on blockchains and disclose standards that are futuristic to the crypto ecosystem.
Advanced governance, tokenomics, and community adherence
The platform’s governance protocol is built to provide a sustainable model that promotes “funded continuous upgrades and innovations”. NuGenesis is built using the zero-knowledge proof (ZKF) privacy models to maximize data privacy. Additionally, via its satellite-based technology users can still conduct their transactions even when offline, and implementation of a virtual reality realm allows NFT-like interactions through avatars.
As alluded to, the platform employs a gasless and feeless platform to ensure only the dedicated and development-minded community members gain from the platform. To add to this, there are no pre-created, pre-mined, or pre-minted coins held by early investors or the founders. The coin platform did not raise any public funds through an ICO, IEO, or IDO.
“The native currency, NuCoin, is minted in accordance with the governance protocol rewarding the contributions made to the ongoing improvement to the system.”
A strong community presence
NuGenesis’s main aim is to create a strong community that believes in the project. In line with the goals, the project incorporates a decentralized social media platform that allows the community to discuss various topics and interact freely without censorship.
Advanced Philosophy and Designs
Unique to other blockchain platforms, NuGenesis, as the name suggests, employs advanced designs and philosophies. The platform is self-governing and self-funded to keep the innovations running at any time on the blockchain without the human validators and miners.
Additionally, user experience is maintained across the platform such that they can recover a lost wallet or mnemonics, stolen crypto assets, share the private keys, or burn the assets at their will. All this is maintained without storing any users’ private keys.
The NuChain Smart Chain
NuChain Smart Chain, mainnet launched in 2021, aims to revolutionize the blowing non-fungible token (NFT) market using its NuChain smart chain. The blockchain controls all the protocols on the blockchain including the NFTs available. It offers close to gasless operations of NFTs and other on-chain blockchain transactions making it a suitable option for any developer and user.
Notwithstanding, NuChain Smart Chain is highly scalable with low latency hence providing fast transactions with a verification speed of fewer than 6 seconds.
After a long seven-and-a-half-year wait for NuGenesis, the crypto and blockchain ecosystem is set to change forever. New solutions, new philosophies, and designs will solve the pertinent issues in the field to boost the adoption of the ecosystem and build an online community like no other.