Nüwa Coin is a blockchain-based cryptocurrency project launched by MiroTech IT Company ( Borhan Karim and Rebaz Abubakir ). The aim is to scientifically research known difficulties of previous blockchain projects and to offer solutions. The project, which started in 2020, wants to create a decentralized platform for complex, programmable transfers of values and smart contracts from the point of view of scalability and security. The basic principles are a scientific approach, transparency, implementation with a modular and functional language, openness to official institutions and regulators, and open source.

 

Nüwa Coin uses the internal cryptocurrency NUC as a means of payment for transactions. NUC is proof-of-stake based and can be traded on crypto exchanges.

A blockchain is a chained sequence of data blocks that is updated over time.

 

A blockchain is not stored centrally, but managed as a distributed register. Everyone involved saves their own copy and updates it.

 

It must be ensured that an identical chain is created for all participants. For this purpose, proposals for new blocks must first be developed. This is done by validators (which Nüwa Coin calls “master nodes”). Then the participants have to agree on which proposed block will actually be inserted into the chain. This is done using what is known as a consensus protocol, an algorithmic procedure for voting.

 

Cryptographic procedures ensure that the blockchain cannot be subsequently changed. The chain of blocks is therefore unchangeable, forgery and manipulation-proof.

 

The data stored on the blockchain can be viewed by all parties involved. They are therefore not necessarily legible for everyone, because content can be stored in encrypted form. Blockchains thus allow a flexible configuration of the degree of confidentiality.

 

Through the use of digital signatures, information can be stored in the blockchain that provides forgery-proof proof that participants have undeniably deposited certain data, such as initiating transactions.

 

 

New blocks are created via a consensus process and then attached to the blockchain. The most popular consensus method here is the proof-of-stake method; however, there are numerous other forms of consensus building (proof of work, proof of space, proof of burn, proof of activity). Due to the sequential storage of data in a blockchain, it cannot be subsequently changed without damaging the integrity of the overall system. This makes the manipulation of data considerably more difficult. The decentralized consensus mechanism replaces the need for a trusted third party to confirm the integrity of transactions.

 

 

The Proof of Stake represents proof of the share in the network. The share or “stake” of each participant is determined based on the duration of participation and/or assets and is included in a weighted random selection. From this number, a deterministic algorithm selects the node that adds a new block.