In recent years, the number of technical advancements has been astounding, and the rate at which these innovations are occurring has become so rapid that there is now a strong social demand for digitization in many economic segments globally.
Traditional versus digital
The traditional payment system has always been considered unreliable as it has the tendency of taking an excessive amount of time – sometimes days or weeks, to complete a transaction, making the system unsuitable for payment services. Moreover, it’s no longer news that the cross-border payments landscape using traditional rails is fraught with additional fees, hurdles and delays. Part of the problem is that the traditional systems are not interoperable, thereby resulting in long delays and high fees at each link of the chain.
On the other hand, digital payments have evolved tremendously in the past few years. According to research, the digital currencies market continues to grow as it is valued at approximately $2 trillion, and involves more than 15,000 varieties. The current trend of digital revolution is leading to a radical departure from the traditional model of monetary exchange. As 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 approximately 7.7 billion, or 41.5 percent according to Statista. Moreover, payments made through mobile devices are expected to exceed $2 trillion globally by 2023.
Well, blockchain and distributed ledger technologies are promising in terms of providing solutions to the issues posed by conventional financial infrastructure. This technology is eliminating transaction fraud, reducing the cost of payment processing and enabling seamless cross-border payments. It’s connecting financial infrastructures to enable people to interoperate with each other from anywhere in the world.
Typically, as the trend of blockchain-based payments continues to grow with confirmed cases of success on a smaller scale, it is anticipated that this new trend in blockchain technology will lead to the creation of economic zones based on digital payments. Thus, it’s vital to be able to make payments conveniently in various regions using a common wallet. By being compatible and with the ability to exchange currencies, users will be able to obtain goods and services conveniently and at a lesser price anywhere in the world. And this is what the groundbreaking project – Nexus Project, is promising.
The Nexus Project aims to build a digital payment infrastructure that will contribute to economic development by enhancing accessibility and stimulating consumption, based on current breakthroughs in digital technology and the needs of the economy and society.
Nexus Project – A gateway to the democratic and decentralized world of cryptocurrency
Nexus Project intends to lead the trend of greater interconnectivity and digital technology advancements, as well as expedite the growth of digital payments in the UAE. Blockchain technology is connecting the world’s payments, 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 significant crypto asset or a local currency will allow the use of a connected payment system from anywhere in the world.
The Nexus project intends to deliver digital incentives for people’s daily consumption behavior which are secured in value by a decentralized ecosystem. With unique features of smart contracts, asset collateral, and personal authentication mechanisms incorporation, blockchain technology can be leveraged to its maximum capacity to expedite large purchases like real estate. The Nexus merchant network will be involved in centralizing digital incentives and digital points. This way, it will evolve the digital incentive/digital point service as a Web 3.0 solution that’s not dependent on the issuing company by backing the value of digital points through a proprietary token.
Nexus Project utility token
The native token, NXD, is a multi-network token that supports a variety of network. The Nexus Token will be deployed initially on Polygon, which is based on the Proof Of Stake consensus algorithm.
Polygon – the largest and most efficient layer 2 solution on the Ethereum network will enable fast processing power and decentralization. It intends to address transaction issues such as Ethereum’s expensive transaction cost and can perform transactions at a lower cost and faster speed than other chains.
The project has established a tie-up with numerous companies in the UAE, and is facilitating payment services in retail stores, supermarkets, hotels, restaurants, and more, primarily in Dubai and Abu Dhabi. With the Nexus Project, customers can be shown more attractive affiliated stores, as well as improve their spending rates just by updating their payment application.
Furthermore, the Nexus staking benefits through NEXFI include these market distribution of tokens. $NXD will be distributed to board members, private sale participants, and pre-sale participants. The remaining supply will be set aside for stake members at discounted prices. Users can buy extra coins at a discounted price by locking a portion of their current coins in order to participate in the discount sales. More so, the project has a system in place to purchase tokens in a defined amount in order to keep the tokens’ value above a certain level and ensure a steady and progressive rise. That way, the public share will grow proportionately as the token economy grows, with the goal of becoming the UAE’s largest payment currency.
In the future, both merchants and users will be able to complete payments using the new Spray app, thereby preserving inbound commerce. The Spray app can be used as a payment method as well as a loyalty rewards solution. It’s an off-chain loyalty rewards solution that allows users to earn NEX points based on how much they spend on purchases, and the points can in turn be used to make purchases.
In addition, NEX points can be exchanged for Nexus Tokens, and NEX points can be recharged with Nexus Tokens from multiple networks. The new Spray app will be available in numerous Dubai shopping malls and is expected to be adopted by roughly 110 businesses. By the end of the fiscal year 2022, this payment service will be operational.
Closing Thoughts
The growth in digital currencies could make cross-border payments more efficient and also assist in addressing the $1.7 trillion global trade financing gap.
The blockchain technology is tackling not only cross-border payments but impactful financial use cases for citizens, consumers, and businesses around the world. Now, with a blockchain-powered payment system like the Nexus Project, merchants are entering the space to increase payment transaction efficiency and reduce cost. By utilizing the project digital rewards/points services, merchants will be able to retain customer’s loyalty.
Nexus Project Resource Links:
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