Nxt is an open source cryptocurrency and payment network launched in November 2013 by anonymous software developer BCNext. According to reports the cryptocurrency was staked with just 21 BTC. And the genesis block was published on November 24, 2013. Nxt is coded in Java.
Nxt describes itself as a blockchain 2.0 technology. It was first introduced in November 2013, and the platform is catered towards average individuals and businesses. Users of all different needs can use Nxt to create a digital currency, trade currencies, or engage in DAO-style functions like voting and data storage.
Nxt is an advanced blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies such as Bitcoin, and it advances the financial technology, crowdfunding and governance industries by providing not only the NXT crypto-currency, but also a powerful, modular toolset to build with, in any way Nxt users can imagine, because it gives users complete freedom to create their own applications.
Another unique feature of Nxt is that the code was written completely from scratch. It’s not built off bitcoin’s blockchain or any other blockchain technology. That’s why Nxt exhibits several unique features from other technologies. Nxt is coded in Java.
At launch, Nxt was the first currency that relied purely on proof of stake for consensus for transactions, the first cryptocurrency to do this. The static money supply is 1 billion coins. One of the benefits of proof-of-stake is that you don’t need hashing power like you do with bitcoin, so it’s energy efficient. Instead, consensus is reached through forging. Anyone with an open wallet and the Nxt server client can forge Nxt. All open wallets on the network have a proportional opportunity to generate a block and when they do they get rewarded with the transaction fees.
When Nxt came on the scene it quickly rose to over $0.07 by the end of 2013. In 2014 it traded over $0.09 on a couple of occasions, but has since moved to under a penny to near $0.03. However, on June 19, Nxt announced its Ardor project, which was the brainchild of the creative development team that had delved deeper into the possibilities of the blockchain, and came up with elegant solutions to emerging challenges facing blockchain technology having made the decision to create an evolution of the NXT blockchain allowing NXT to continue with its proven and distinct applications. The two blockchains would coexist under the leadership and development of Jelurida. Lior Yaffe, a core developer of Ardor and Nxt and a Managing Director of Jelurida had this to say about the future of NXT:
• Blockchain Creation Kit
• Classic ICO Platform
• Crowd Funding Platform
More on the Blockchain Creation Kit for NXT
Proven Blockchain since 2013. NXT Blockchain creation kit is available with the provisions that the adapted code will be open-source and 10% of all created tokens will be distributed to NXT accounts holders. In late 2013 NXT was introduced as one of the first alternative cryptocurrencies to Bitcoin and was the first to introduce a Proof-of-Stake blockchain.
The blockchain initially had a block creation rate of roughly one minute. Meanwhile, the standard Nxt client originally worked as a brain-wallet. It didn’t keep your keys in a wallet file. Instead, the account was accessible via a secret passphrase, which means it can be accessed from any instance of the Nxt software.
Some of the tested and proven features of the NXT Blockchain include: Asset Exchange, Monetary System, Data Cloud, Voting System, Account Control, Authentication, Third Party Plug-ins, Aliases, Marketplace, Account Ledger and Account Properties. It has operated securely since.
Classic ICO Platform
Jelurida gave the perfect example of a successful ICO conducted on the NXT blockchain using a "controllable currency" called JLRDA as an IGNIS token. Over a period of 3 months more than $15,000,000 was raised. The NXT platform is ready to conduct ICOs in a similar manner for other projects.
The NXT Asset Exchange has been used successfully as a crowdfunding platform to kickstart projects and businesses. Crowdfunding examples in the world of cryptocurrency include NEM, SIA, ADEL, and JANUS.
Nxt is a wide-ranging platform with a multitude of benefits. Here are some of the top features planned for the platform: an asset exchange, a monetary system, data storage on the cloud, a voting system, and account control.
Users can create their own project on Nxt through the Nxt Asset Exchange, which offers secure, direct, peer-to-peer trading. The Nxt asset exchange allows for the trading of shares and crypto assets. All transactions are recorded in the immutable Nxt public ledger. One of the unique things about the Nxt asset exchange is that it provides a trading record for items other than NXT tokens.
Users can launch their own digital currency, then share, trade, and exchange other currencies supported by Nxt.
The Nxt blockchain has a data cloud system that allows for data storage, publication, and verification on the blockchain. Like other data storage systems, it promises to be secure, simple, and effective.
Users can create customized polls, verified via the Nxt blockchain.
Create multi-signature accounts to manage your NXT cryptocurrency. Nxt promises to make decentralized autonomous organizations easier to run. Nxt’s account ledger feature allows clients to see exactly how their Nxt account is doing. All balances and transactions are displayed in an easy to read format – just like you would see on your bank statement or online bank account screen.
How to Get Nxt and start your journey
You’ll want to start by getting yourself some bitcoin, like Coinbase which is popular.
Then you’ll need a Nxt wallet. You can get one at MyNXT.info. One way to purchase Nxt is through a cryptocurrency exchange such as Poloniex. You transfer bitcoin to Poloniex and then buy Nxt on the exchange. For safety keep the Nxt in your Nxt wallet. The other option is to use ShapeShift. It’s a way to exchange cryptocurrencies without signing up for an exchange.