The pricing data and asset description above are for general informational purposes only and are not investment advice. Buying, selling, and trading cryptocurrency involves risks. You should consult with your own appropriately qualified and licensed advisors before engaging in any transaction on Gemini.
Some data is provided by Messari , a third party that is not affiliated with Gemini. Create a free Gemini account in minutes. Wrapped Nexus Mutual. To start storing Wrapped Nexus Mutual with Gemini, create an account or login. Supply NXM tokens are minted by Nexus Mutual members who wish to purchase cover, stake on claims, assess risk of smart contracts, or vote on NXM governance decisions. The most trusted crypto-native finance platform Create a free Gemini account in minutes Get started. The company has raised an undisclosed amount from blockchain-based venture capital firms such as Kenetic, KR1, MilliWatt and 1kx.
Other notable team members include Board Member, Gareme Thurgood, who has 17 years of extensive experience launching mutuals in the UK and prominent Ethereum community member, Evan Van Ness. User security and fund recovery has always been a problem. Unfortunately, this issue was compounded with the introduction of Ethereum and smart contracts in Many smart contracts in existence today are valuing storing contracts meaning they store Ether which could be vulnerable to hacks and other loopholes.
The most widely recognized instance of a compromised smart contract was the DAO hack in where nearly 3. For crypto to progress towards the mainstream, we need to be able to mitigate the losses from these attacks. As it stands today, users who are self-custodying their funds have zero protection on their holdings and many DeFi smart contracts are unaudited and may hold security vulnerabilities.
The need to establish a decentralized insurance protocol is arising as we are seeing more and more DeFi applications accrue millions in total locked value. Nexus Mutual uses a risk-sharing pool to allow anyone to purchase an insurance cover or contribute capital to the pool for future rewards. The concept of insurance originally began when communities would pool together resources to mitigate themselves from common risk.
Obviously, as communities and society began to grow and evolve, this model did not scale as it required a large amount of trust among many individuals. As a result, modern-day insurance companies began to take on this risk and the profit — leaving societal safety nets to profit-motivated companies working for their own interest.
Nexus Mutual aims to disrupt the insurance industry by transitioning the power from large insurance companies back to the individual. As such, anyone is allowed to participate as the mutual is wholly owned by its members. In order for the mutual start processing claims, it waited to obtain 12, ETH — a milestone reached just two months after its launch in May. The NXM token represents membership rights in the mutual along with the ability to participate in the ecosystem through claims assessment, risk assessment, and governance.
The token model leverages a bonding curve or a continuous token model to determine the price of NXM driven by two main factors:. A bonding curve allows tokens to be purchased at any time at variable prices based on the amount of capital is locked in the mutual and how much of the capital is needed to payout the covers within the system.
In other words, the more capital in the mutual, the higher the price of NXM. This is important to note as Nexus Mutual did not conduct a traditional ICO nor are they planning to list on secondary exchanges. The NXM token is widely used within the ecosystem for a range of utility mechanisms and as the primary asset for accessing a membership in the mutual. Mutual members can stake to vote on claims assessment on whether or not a certain claim should be paid out.
Members who vote with consensus are rewarded with NXM whereas users who vote against consensus have their tokens locked for an extended period of time. Lastly, any users who attempt to vote maliciously or fraudulently are subject to having their stake burned and kicked out of the mutual.
When assessing the risk on certain covers, users can signal their confidence in the security of the underlying smart contract by staking NXM. The more NXM staked on an individual cover, the lower the price of the cover.
Only members can decide which claims are valid. All member decisions are recorded and enforced by smart contracts on the Ethereum public blockchain. Smart Contract Cover is not a contract of insurance. Fellow members will decide on claims. Claims payments are enforced by token driven economic incentives rather than placing trust in an insurance company. Membership rights are represented by tokens. Tokens can be used to purchase cover as well as participate in claims assessment, underwriting and governance.
All funds raised from token purchases belong to members. Insurance professional and actuary with 15 years of experience in a broad range of insurance and reinsurance roles including CFO of UK Life operations for a global reinsurer. Blockchain enthusiast since Financial technology professional with experience in both institutional finance and early-stage startups.
Founder of research company TokenData, and interested in all things related to data and market structure in crypto. Into crypto before it was cool. Has a passion for money legos. Problem solver. Software engineer with a keen eye for security and over 7 years of experience.
Built and led large-scale projects for government consultancy and financial sectors. Believes tech should empower people, not just companies. Here to make DeFi the next big thing. Kayleigh works on our communications, marketing and community engagement. She believes in using simple and effective communication to break down barriers between experts and laypeople. Product-minded engineer with over 5 years of experience in leading and building software products at scale. What changed? Learn more about how we fact check.
Step 1: Compare cryptocurrency exchanges You can use our table to compare the features of popular cryptocurrency exchanges available in the US to help you choose the one that's right for you. Step 2: Choose an exchange to buy NXS and create an account Deposit methods are often the biggest factors when choosing an exchange, so we've listed out exchanges we know support Nexus and how you can buy NXS with them. Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee.
One advantage though is that you can use a card to make instant purchases or set up a recurring purchase. Cryptocurrency: You can usually purchase NXS by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for NXS on the spot market to see what cryptocurrencies it can be traded for. Step 3: Verify your identity with the exchange An increasing amount of cryptocurrency exchanges will need to verify your identity before you can deposit funds and start trading Nexus.
You may also need to prove your address by uploading something like a pre-printed paystub from your employer, a bank statement or an insurance bill. Some exchanges will allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account.
Once you have verified your identity, it is a good idea to enable two-factor authentication 2FA before depositing any funds. This will increase the security of your account and help keep your funds safe. Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
You can learn more about wallets and compare them with our comprehensive guide. Where to buy Nexus Find an exchange to buy, sell and trade NXS by comparing deposit methods, supported fiat currencies and fees. Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.
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Nexo is an all-in-one platform where you can securely store your digital assets. Buy, exchange, and borrow against BTC, ETH and more. Get started now! Nexus is providing an end-to-end decentralized platform designed to empower every human being with technology to reclaim their digital identity. Today's Nexus price is $, which is down 2% over the last 24 hours. Get The Latest Crypto Prices & News Delivered Straight To Your Inbox.