Marketing propaganda by major chains has tended to minimise the significance of scalability limitations and gas fees. The marketing dollars by major projects poured into distracting us from these fatal flaws in the state of blockchain tech, cannot continue in the light of the NFT revolution.
NuGenesis has 4 patents pending on key aspects of its blockchain infrastructure. NuGenesis stand out innovations will shine a light on some fundamental technical hurdles to blockchain evolution. To meet the needs that the NFT Tech revolution represents and capatalise upon the mass adoption by the tsunami of new users to crypto space NFTs are bringing, mean existing project need to jump insurmountable hurdles.
The pressure to deal with rate of innovation will be cauldron where superior tech will outshine the marketing spin.
According to NuGenesis’ game plan, their Interactive NFTs will quickly evolve from the static versions we associate with today. As they interact with other NFTs, become part of a collection, and become a multi-dimensional medium that is an aesthetic, a utility instrument, and, official record all in one. Boundaries between NFTs and games, official and business records will be transcended. NuGenesis expects NFTs to evolve into a seamless interaction between physical, digital, and virtual reality metaverses. That will involve billions of extrinsics and transactional data darting between nodes and coming blocks with instant finality. It will involve a storage chain capacity where that data is valued and relied upon. Only the NuGenesis blockchain systems can facilitate this mass adoption requirement the NFT revolution will bring.
We take a look at the state of blockchain technology to meet the needs of the wave of NFT evolutionary needs as the mass adoption which it brings, crashes on the crypto space. As crypto newbs flock to market places to buy $1b in NFT in Open Sea in one month alone; where Cryperpunk NFT fetch $11.8m, and Sorare raised $522m for further developments, the stakes are high.
Any analysis has to start with Ethereum. We keep hearing the mantra-like repletion of the Ethereum gas fees being prohibitive. However, Ethereum devs’ mere acknowledgement of the problem, isn’t a satisfactory answer. $300 is heard often; but even up to $1,400 to mint an NFT is not uncommon. This won’t do, even if the NFT were to retard in its current static form. For NFTs to evolve, to interact and become dynamic, requires a large number of extrinsics and transactions. Events which gas fees make prohibitive. The experimentation necessary to spur innovation is repelled by these fees.
Scalability limitations are more inhibitive. Even Vitalik Buterin, the creator of Ethereum, doubts its current ability to scale, saying, “Scalability [currently] sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network.”
He’s correct. The Ethereum blockchain keeps getting bigger, and exhibits an increasingly large footprint for the hardware of miners and users alike. Additionally, its relatively outdated algorithmic programming makes inefficient use of the chain’s processing power, and returns a dismal number of transactions per second. Even those transactions speeds we hear about often disguise and distract from the even less impressive speeds that apply to smart contracts. The use of smart contacts with NFTs have coding restriction incompatibility problems that limit the applications and uses that can be invented.
Tezos’s liquid proof of stake model has improved the speed and brough the transactions costs down to 30cents to mint. Cardano, using a proof stake model, is major improvement; or so it is promised to be. Cardano NFTs are still expensive to create, and therefore an obstacle to any interactivity for NFTs to evolve. NFTs are minted on Cardano’s layer 1 are treated as ADA, making them more compatible and therefore easier to develop smart contract applications. However much of the metadata are not on-chain. You cannot store an NFT movie on the Cardano blockchain. This gives rise to security concerns and the need for file storage solutions such as Filecoin. Cardano’s 7 to 200 transactions per second is uninspiring. However Cardano spruiks the promise of “hydra” to be the layer 2 scaling solution theoretically achieving 1m transactions per second. Each staking pool can have a hydra head, and each hydra head, can process 1,000 transactions per second. Hence 1,000 pools is a 1m transactions. These transaction speeds however are not block finality. Indeed, the mere fact of so many validators needing to interact before a block is finalised, can never meet the demands NuGenesis says are necessary for NFT’s evolution.
Before we heard of NuGenesis, Solana was considered the dazzling blockchain for speed. 50-60,000 transactions per second, even theoretically, with smart contracts. This is nearly at VISA card speeds. The innovation was a break through. Adding proof of history to proof of stake consensus mechanism, the chatter amongst validator nodes in respect of agreeing on time, is eliminated. Gas fees are pennies in the dollar. However, again, these speeds do not equate with block finality. Block finality is longer because of its elaborate consensus mechanism. It takes 2 minutes to get your Solana confirmed if sent to your Binance wallet. The speeds again rely on storing data off-chain and Solana outsources its data to Arweave.
The NuGenesis Difference
Whilst NuGenesis blockchains run at 200milliseconds, that is also its block finality. 5G blocksizes are packed by system validators through blockchain load balancers with a variety of consensus mechanism depending on which chain in the multi-chain network system is available and relevant to process. The main chain uses Proof of Authority with useful work AI, Grandpa randomness from Substrate, delegated revenue proof of stake and consensus before packing. Randomness and integrity of nodes is secured by NAVIS, ( NuGenesis Artificial Verification Intelligence System).
Scalability is unlimited, as more parallel processing blockchains can be added. Indeed, the more users, the faster and more efficient the entire network.
Storage is not outsourced. Data is cherished. NuGenesis believes ‘data is the new gold’ and puts a lot of virtue on its data analytics capacity through its explorer. Movie NFTs are supposed to be on chain. NuGenesis has built a system to accommodate the virtual reality metaverse, Parallel Worlds, where it expects that NFTs will evolve into. It is gas less.
Interactive NFTs, according to NuGenesis, will become increasingly more dynamic. The boundaries between an NFT, a game, and augmented reality will be transcended on this road to the metaverse. NFTs will be part of a collection that are interactive and ‘layer up’ with each addition. NFTs can play against each other, and their improvements upgraded through their meta-data. NFTs will hold your personal, business and health records, being updated through your daily interactions.
Why is NuGenesis so different in approach
There was no ICO. NuCoin, the native coin on the NuGenesis blockchain network system, is not traded. The inability to buy NuCoin is feature of cartoon parody. NuGenesis is a fully functional blockchain and ecosystem involving: a fully-fledged cryto-fiat exchange; venture capital platform – V2R; and, crypto-centric social media platform – just Social- to maximise community participation. Listing is imminent by not hurried. NuGenesis’ origins are in the context of working with Governments, of especially developing economies, on platforms to raise infrastructure investment raising and CBDCs (Central Bank Digital Currencies). These countries are also looking to blockchain technologies for the promise of permissionless access to global capital markets. More than 2/3 of the world countries do not have banking giants that are part of the Bank of International Settlements. These countries also hope for the same benefits of the crypto space as we all do.
However, Governments cannot rely on human validators; require the serialisation of each crypto asset and coin; and, unlimited scalability as a minimum. With CBDCs, each coin is in effect an NFT, through which NuGenesis developed its USI system for serialising crypto assets.
Hence, NuGenesis Smart Contract DNC (Digital Notarised Contracts) are the next generation of smart contracts. This system makes collateralising your NFT in borrowing to fund a collection easier. The ability to charge/encumber the USI of the NFT means that you do not have to vault your NFT to borrow against. You can enjoy it whilst grows in value.
Solana dreams of ‘sea level’, parallel processing in its hope to be introduced smart contract platform. NuGenesis, however, already has parallel processing vertical side chains in its smart contract DNCs and is not limited to liner time ordering processing.
Solana has a bridge to Eth and Cardano claims ERC 20 interoperability. Solana does not use an EVM, and any smart contract dApps cannot simply be ‘cut and paste’ into Solana. They have to be re-written using RUST from the beginning.
NuGenesis also uses RUST for the power of the language, but also retains an EVM pallet. It approaches interoperability in several ways.
Firstly, it is a cross chain, multi chain system and one of the chains is an Ethereum chain precisely to enable seamless interoperability with the Ethereum ecosystem. Secondly, it selected the substrate framework to benefit from easy interoperability with chains such as Polkadot, Cosmos, Chainlink and layer 2 dApps. Thirdly, through its Ledger X chain, itself a parallel processing chain of tri blockchain configuration, it brings to its layer 1 the settlement speed and interoperability of a fully fledged exchange. With 28 hyper-bridges, any language format can be incorporated.
Currently, you cannot see, in one wallet, all your NFTs. NuGenesis changes that with its cross chain capability that promises to deliver your NFTs to be comparable side by side, wherever created. NuGenesis’ AI (NAVIS –has role that is quite handy. It reads market data, social sentiment and learns from the experiences of all users to predict prices of crypto assets. NAVIS will be useful in tracking authenticity cross chain as learns exponentially and is able to give theoretical valuations that help compare.
“The” Ethereum Killer?
NuGenesis CEO, Hussein Faraj dismisses the whole notion of competition with other blockchains:
“We have put so much effort into seamless interoperability. The challenge is to meet the tsumani from mass adoption. The best tech should be liberated from information silos and be available for the whole industry to develop upon. Composability, using proven robustness from the iteration of working applications should be our goal. NuGenesis’ focus is the crypto-newcomers. We have made the user experience paramount. They do not need crypto to start their NFT journey, fait and paypal will do. Off chain NFT displays for maximum useability. We removed fear from being hacked or losing mnemonic phrases. We want them to have the confidence that their crypto assets can be restored. The pie is only getting bigger and the industry is best served combining its talents and focus on increasing innovation.”