Nxt — What Is It All About

 

Nxt Cryptocurrency Features & Benefits

One of the best ways to understand Nxt is to understand it's unique features and benefits.

Nxt is a 100% Proof of Stake Cryptocurrency

Nxt is a 100% Proof of Stake Cryptocurrency

Nxt is the first cryptocurrency where no mining takes place on the network, unlike Proof of Work currencies such as Bitcoin. Instead the network is secured by owners of already existing Nxt that obtain portions of transaction fees for forging a block.

The bigger the stake, the more potential to forge a block. This allows everyone on the Nxt network to have the same reward potential no matter the amount of Nxt you own.

Nxt is Written in Brand New Code

Nxt is not an "altcoin" that is based on BitCoin with some alterations.

Instead it is a new code built from scratch and designed to deliver many more features than just a coin.

Nxt is a second generation cryptocurrency that improves many feature of its predecessor Bitcoin. It removes one of the biggest disadvantages of Bitcoin, the bloated blockchain, and resolves the environmental issues of mining. Nxt also decreased the time between blocks to one minute, making it more convenient for users

NXT — It is not just a coin, it's the future of money.

Nxt Transparent Forging

Nxt Transparent Forging will be Implemented in Steps

With NxtT Transparent Forging, the network can detect which accounts do not participate in the proof-of-stake block verification process and temporarily penalize them.

Nxt Transparent Forging will allow Nxt to approach Visa/Mastercard rates of transactions. This is possible with Nxt because the transparency provided in the protocol will allow each user's client to determine which node will generate the next block. Other nodes can then send their transactions directly to that node. This also allows additional fees to be realized for immediate, priority transactions. An equally important feature of Nxt Transparent Forging is a security mechanism to prevent forked chains from being forged by high-stake nodes. This prevents against even a 90% majority owner of all Nxt branching out and forcing a fork.

Nxt Alias System

The Nxt Alias System translates alphaneumeric text into almost anything: Nxt account addresses, email addresses, URLs, phone numbers, SKU codes, and more.
The Nxt Alias System has the ability to function as a Decentralized DNS system, and adds additional possibilities for mapping short names to other entities.

Nxt Arbitrary Messaging

Nxt Arbitrary Messaging was introduced at Block 40,000

Nxt Arbitrary Messaging is a feature that Nxt users to send messages to each other through the decentralized network. Nxt Arbitrary Messaging can be used to send simple text, but it can also be used to build complex file-sharing services and other decentralized applications.

Nxt Asset Exchange

Nxt Asset Exchange is a Built-in Peer to Peer Excange

The Nxt Asset Exchange is a peer-peer exchange built into the software allowing decentralized trading and eliminate large trading fees. The Nxt Asset Exchange will allow trading for almost any currency and for almost any commodity.

This feature is based on the "colored coins" concept. The blockchain provides a trustworthy record of transactions and can be leveraged to provide a record of trade of items other than Nxt. An asset can represent property, stocks/bonds, commodities, or even concepts. As a result, the Nxt Asset Exchange could be used to trade almost anything.

Resource Efficient Cryptocurrency

Nxt is "forged" with a small program that can be installed on a regular computer. It is "forging" for transaction of currency that already exists and does not require the extensive mining systems of Proof of Work currencies like Bitcoin and altcoins. The power efficiency of using an average PC makes Nxt more friendly to the environment.

Nxt Account Leasing allows leasing of forging power

Nxt Account Leasing allows an account to lease its forging power to another account for a fixed period of time. There is no requirement to send coins anywhere allowing for the creation of secure forging pools.

Nxt Brain Wallet

Nxt Brain Wallet for Access to Account Information

A Nxt account can be accessed from any instance of the Nxt software using a Nxt Brain Wallet because all account information is stored on the network. Nxt accounts are secured with a 256-bit key as soon as one outgoing transaction is made from an account.

The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file.

The Brain Wallet is often referred to as a "client" and in the future clients may allow for offline storage of account keys in a file like the wallet.dat of Bitcoin.

nxtQuants Make NXT Very Tradeable

nxtQuants Make NXT Very Tradeable

A nxtQuant is equal to 0.00000001 NXT and allows NXT's to be highly divisible.

Like Bitcoin's satoshi, a nxtQaunt opens up trading options for NXT. Now you can send and recieve fractional amounts of Nxt.

nxtQuant is abbreviated to NQT.

 

Nxt Nerds? Yes.

Please join us as we build Nxt for wider adoption.

Become A Nxt Developer

Qualifications: marginally acceptable social skills and a touch of Java genius. Innovative.

 

Contribute to the Conversation

Qualifications: a meaningful message and the ability to communicate it simply. Respectful. Relevant.