In recent years, the number of technical advancements has been staggering and the rate at which these innovations are occurring has become so rapid that there is now a strong social demand for digitalization in many economic segments globally.
Traditional versus digital
The traditional payment system has always been considered unreliable because it tends to take too long – sometimes days or weeks – to complete a transaction, which makes the system unsuitable for payment services. Moreover, it is no longer news that the landscape of cross-border payments using traditional railways is fraught with additional pitfalls, obstacles and delays. Part of the problem is that traditional systems are not interoperable, leading to long delays and high fees at every link in the chain.
On the other hand, digital payments have evolved enormously in recent years. According to research, the digital currency market continues to grow as it is valued at around $2 trillion and involves over 15,000 varieties. The current trend towards the digital revolution is leading to a radical break with the traditional model of monetary exchange. As more and more consumers become tech-savvy, the opportunities are endless, especially with the rapid spread of these digital devices with 3.2 billion smartphone users in 2020 against a global population of around 7.7. billion, or 41.5% according to Statista. Additionally, payments made through mobile devices are expected to surpass $2 trillion globally by 2023.
Well, blockchain and distributed ledger technologies hold promise in terms of solving the problems posed by conventional financial infrastructures. This technology eliminates transaction fraud, reduces the cost of payment processing and enables seamless cross-border payments. It connects financial infrastructures to allow people to interact with each other from anywhere in the world.
Generally, as the trend of blockchain-based payments continues to grow with confirmed cases of success on a smaller scale, it is expected that this new trend of blockchain technology will lead to the creation of payment-based economic zones. digital. Thus, it is essential to be able to make payments easily in different regions using a common wallet. By being compatible and with the possibility of exchanging currencies, users will be able to obtain goods and services easily and cheaply anywhere in the world. And this is what the revolutionary project – Nexus Project promises.
the Nexus project aims to build a digital payment infrastructure that will contribute to economic development by improving accessibility and stimulating consumption, based on current digital advances and the needs of the economy and society.
Nexus Project – A gateway to the democratic and decentralized world of cryptocurrency
The Nexus project intends to lead the trend towards greater interconnectivity and advancements in digital technology, as well as accelerate the growth of digital payments in the UAE. Blockchain technology connects payments around the world, and as this movement spreads, the convenience of crypto assets will improve, opening up more options for individuals to engage with this technology. Holding a large crypto asset or local currency will enable the use of a connected payment system from anywhere in the world.
The Nexus project aims to provide digital incentives for people’s everyday consumption behavior, the value of which is secured by a decentralized ecosystem. With unique features of smart contracts, asset collateral, and the incorporation of personal authentication mechanisms, blockchain technology can be harnessed to its maximum capacity to expedite large purchases like real estate. The Nexus merchant network will be involved in the centralization of digital incentives and digital points. In this way, it will evolve the digital incentive/digital point service into a Web 3.0 solution that is not dependent on the issuing company by backing the value of digital points via a proprietary token.
Nexus Project Utility Token
The native token, NXD, is a multi-network token that supports a variety of networks. The Nexus Token will initially be deployed on Polygon, which is based on the Proof Of Stake consensus algorithm.
Polygon – the largest and most efficient layer 2 solution in the Ethereum network will enable rapid processing power and decentralization. It intends to solve transaction problems such as high transaction cost of Ethereum and can transact at lower cost and faster speed than other chains.
The project has established a link with many businesses in the UAE and facilitates payment services in retail stores, supermarkets, hotels, restaurants, etc., mainly in Dubai and Abu Dhabi. With the Nexus Project, customers can see more attractive affiliate stores and improve their spend rates simply by updating their payment app.
Additionally, the benefits of Nexus staking through NEXFI include this market token distribution. $NXD will be distributed to board members, private sale attendees, and pre-sale attendees. The remaining supply will be set aside for stake members at discounted prices. Users can purchase additional coins at a discounted price by locking a portion of their current coins to participate in discount sales. More so, the project has implemented a system to buy tokens in a set amount in order to keep the value of the tokens above a certain level and ensure a steady and gradual increase. In this way, the public share will increase in proportion to the growth of the token economy, with the aim of becoming the largest payment currency in the UAE.
Going forward, merchants and users will be able to make payments using the new Spray app, preserving inbound commerce. The Spray app can be used as a payment method as well as a loyalty solution. It is an off-chain loyalty rewards solution that allows users to earn NEX points based on the amount they spend on purchases, and the points can in turn be used to make purchases.
Additionally, NEX Points can be redeemed for Nexus Tokens, and NEX Points can be topped up with Nexus Tokens from multiple networks. The new Spray app will be available in many malls in Dubai and is expected to be adopted by around 110 businesses. By the end of fiscal year 2022, this payment service will be operational.
The growth of digital currencies could make cross-border payments more efficient and also help close the $1.7 trillion global trade finance gap.
Blockchain technology not only tackles cross-border payments, but also impactful financial use cases for citizens, consumers, and businesses around the world. Now, with a blockchain-based payment system like the Nexus project, merchants are entering the space to increase the efficiency of payment transactions and reduce costs. By using the project’s digital rewards/points services, merchants will be able to retain their customers.
Links to Nexus Project resources:
·Official site: https://nexuscoin-dubai.com/
・Telegram (English): https://t.me/nexusdubai
・Link Tree: https://linktr.ee/Nexus_Dubai
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