Transcript:
Endo:
Hi, everyone, I’m Endo, the community manager at Nexa. Welcome to today’s Nexa Spaces on X.
This is the first of many AMA spaces we’re planning to hold in the coming weeks and months. Today, we’re joined by Andrew Stone, the founder of Bitcoin Unlimited and the lead developer of Nexa. We’ll be talking about his experience at the Australian Crypto Convention 2024, and we’ll also dive into some exciting developments at Nexa.
Andrew recently presented Nexa at the convention and covered topics like the Atomic Secret Exchange and private entities. Thanks for joining us today, Andrew!
Andrew:
Hi, thanks for having me.
Endo:
Let’s start with your time in Australia. I think the community would love to hear how it went. Did you get a chance to explore Sydney outside of the event?
Andrew:
Yeah, I spent a few extra days there. It was my first time in Australia, and it’s definitely a beautiful place. The weather was warm—summer was just beginning—so that was nice compared to where I live.
I got to swim in the ocean, visit the zoo to see marsupials, and even try kangaroo steak. It’s a little odd eating the local animals, but it’s part of the experience, right? Unless you’re vegan, of course! Overall, it was great. The city has some amazing buildings and scenery.
Endo:
That sounds awesome. I was there too and got to explore a bit. Sydney is such a great city. Let’s move on to the main topic—the Australian Crypto Convention itself. How was the event for you?
Andrew:
It was really interesting. I’ve been to cryptocurrency developer conferences before, but this was my first pure crypto convention. It had a different vibe.
The turnout was huge—about 9,000 people. I think the recent price appreciation of Bitcoin played a role in driving interest.
Our booth had a great spot, visible right from the front entrance, so we got a lot of foot traffic. People kept stopping by, asking what Nexa was. Many of them hadn’t heard of it before, so we have a lot of educating to do. That’s a good thing, though—it means there’s plenty of room to grow awareness.
Endo:
Definitely. I thought our booth placement was fantastic, and your presentation was top-notch. For those listening who might be hearing about Nexa for the first time, can you give a quick overview?
Andrew:
Sure. In my presentation at the convention, I focused on introducing Nexa. I only covered the first half of my speech there because the second half, about the Atomic Secret Exchange, is a whole topic in itself.
To start, Nexa is a UTXO blockchain, similar to Bitcoin in its architecture, but with features that make it more practical for everyday use. It’s a proof-of-work chain that’s decentralized, peer-to-peer, and permissionless.
We chose a two-minute block time to strike a balance between usability and practicality. Bitcoin’s ten-minute block time often results in hour-long waits for confirmation, which can feel slow for regular users. With two-minute blocks, the wait is reduced to around ten minutes in the worst-case scenario.
Nexa also had a fair launch. Neither I nor anyone at Bitcoin Unlimited pre-mined coins or gave ourselves an early advantage. We followed Bitcoin’s emission schedule, halving every four years. This approach ensures a slow, fair distribution of coins over time.
Endo:
That’s really exciting. It’s clear that Nexa has some key differences compared to Bitcoin and Ethereum. Can you talk more about those differences?
Andrew:
Of course. Nexa bridges the gap between Bitcoin’s focus on digital gold and Ethereum’s dominance in smart contracts and NFTs. While Bitcoin focuses on being a store of value, Ethereum often feels more like a platform for financial contracts. Nexa brings these ideas together with a focus on usability and scalability.
For instance, Nexa’s UTXO model allows for massively parallel transaction processing. It’s more efficient than Ethereum’s account-based model, which processes transactions one at a time.
We’ve also addressed common problems in Ethereum, like MEV (Maximal Extractable Value), where miners manipulate transactions for profit, and blind signing, where users unknowingly approve harmful contracts. Nexa avoids these issues by ensuring transactions are transparent and predictable.
Finally, Nexa has native token support built into the blockchain. Tokens aren’t scripts layered on top—they’re first-class citizens, just like Nexa itself. This makes them more efficient and secure, and users don’t have to worry about flawed smart contracts.
Endo:
That’s a lot of innovation packed into one blockchain! Can you share your personal goals for building Nexa?
Andrew:
My main goal is to create a cryptocurrency that’s easy to use every day. Bitcoin moved toward being a store of value, and Ethereum has leaned heavily into complex financial contracts. I want Nexa to be the cryptocurrency people actually use in their daily lives.
It’s a challenging goal because it requires massive scalability, user-friendly features, and strong security. But I believe Nexa is on the right path.
Endo:
Absolutely. Before we wrap up, can you give us a teaser about the Atomic Secret Exchange?
Andrew:
Sure. The Atomic Secret Exchange is something I’m really excited about. It’s a protocol we’ve developed that lets people exchange secrets and assets in a secure, trustless, and decentralized way.
The cool part is that the blockchain itself verifies the transfer of secrets without ever knowing what the secret is. This is a feature you can’t even replicate in real life.
We’ll dive deeper into this topic in the next AMA session, so stay tuned for that!
Endo:
Thanks, Andrew. That was a great conversation. To everyone listening, be sure to check out our pinned video of Andrew’s presentation at the Australian Crypto Convention. We’ll have another AMA soon where we’ll cover the Atomic Secret Exchange and more exciting developments. Thanks for joining us today!
Andrew:
Thanks, Endo. See you all next time!
