From Decrypted - Decrypting the Cryptocurrency World
Jump to navigation Jump to search
Nxt Logo
 1 NXT[1]
 10−8 nxtQuant
(smallest unit)
Plural The language(s) of this currency does not have a morphological plural distinction.
Symbol NXT
Nickname Nxtcoin (also incorrectly referred to as Nextcoin)
Date of introduction 24 November 2013[2]
User(s) Global
Administration Decentralized
peer-to-peer consensus.[1]
 Website nxt.org
Inflation Disinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013).

Nxt is an open source cryptocurrency and payment network launched in November 2013 by anonymous software developer BCNext. It uses proof-of-stake to reach consensus for transactions—as such there is a static money supply and, unlike bitcoin, no mining. Nxt was specifically conceived as a flexible platform around which to build applications and financial services.[3] It has an integrated Asset Exchange (comparable to shares), messaging system and marketplace. Users can also create new currencies within the system. The last major release enabled Multisignature capabilities and a plugin-system for the client.[4]

Nxt has been covered extensively in the "Call for Evidence" report by ESMA.[5]

History[edit | edit source]

NXT was created without announcing any ICO (Initial coin offering) with total 1,000,000,000 coins amount. On 28 September 2013 Bitcointalk.org member BCNext created a forum thread announcing the proposed launch of Nxt as a second generation cryptocurrency and asking for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013 fundraising for Nxt was closed.[6] The genesis block was published on 24 November 2013. It revealed that 1,000,000,000 coins had been distributed to 73 stakeholders in proportion to their level of contribution.[2]

On November 9th 2015 Farla Webmedia launched a project on the NXT Asset Exchange.[7] In July 2016 NXT has launched the full suite of Smart Transaction templates. Meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.[8]

Features[edit | edit source]

The core infrastructure of Nxt is complex. This adds risks as compared to the more lean bitcoin, but makes it easier for external services to be built on top of the blockchain.[3]

Screenshot of the SecureAE Asset Exchange window

A peer-peer exchange allowing decentralized trading of shares, crypto assets. Since the blockchain is an unalterable public ledger of transactions, the Asset Exchange provides a trading record for items other than Nxt. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodities, or even concepts.[9]

Arbitrary Messages enable the sending of encrypted or plain text, which can also function to send and store up to 1000 bytes of data permanently, or 42 kilobytes of data for a limited amount of time. As a result, it can be used to build file-sharing services, decentralized applications, and higher-level Nxt services.[5]

Allowing holders of the currency or Nxt-Assets to vote in a cryptographically proven and externally verifiable way. This can be used for future development decisions, or for shareholder voting. It can also be applied to public elections and community based decision-making.[4]

A plugin running on NXT test-net, that will allow easier crowdfunding.

The standard Nxt client supports the installation of plug-ins. This makes it possible for external developers to add features or usability enhancements. The plug-ins are not contained in a sandbox.[10]

See also[edit | edit source]

References[edit | edit source]

  1. 1.0 1.1 "Nxt Whitepaper". Retrieved 2014-03-09. 
  2. 2.0 2.1 "Genesis-Account". mynxt.info Blockexplorer. Retrieved 21 December 2014. 
  3. 3.0 3.1 "Nxt Wants to Be a Digital Infrastructure of Everything". CoinTelegraph. Retrieved 22 December 2014. 
  4. 4.0 4.1 "NXT Phasing News". Cointelegraph. Retrieved 14 June 2015. 
  5. 5.0 5.1 "Call for evidence Investment using virtual currency or distributed ledger technology" (PDF). ESMA. 
  6. "NXT Fundraising Over". bitcointalk.org. Retrieved 22 December 2014. 
  7. "NXT Asset Exchange And Farla Webmedia Legal Concerns". Cointelegraph. 18 November 2015. 
  8. "NXT/Ardor Platform to Make Blockchain Cheaper and Safer". Cointelegraph. 27 July 2016. 
  9. "Crypto 2.0 Roundup: Bitcoin's Revolution Moves Beyond Currency". Coindesk. Retrieved 25 September 2015. 
  10. "Nxt Wants Developers to Unleash Apps Via New Plug-in Store". cointelegraph.com. Retrieved 25 September 2015. 

External links[edit | edit source]