I am going to continue introducing new and awesome cryptocurrencies. Cryptocurrencies have been around over 5 years now and there are so many different altcoins already out there. The list keeps growing and so do the possibilities that come with it. You can buy, sell and trade all of the cryptos featured in the series of posts about altcoins on our exchange. Today I have a look at what Nxt is for.
How Nxt was born
Nxt was launched at the end of 2013 by a software developer behind the name BCNext. Similarly to Satoshi Nakamoto, their true identity remains anonymous.
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, with 21 BTC raised. 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.The source code was partially released on 3 January. The full source code was released on 1 March 2014 under the MIT License.
What is Nxt?
Nxt, like many other cryptocurrencies, is an open source cryptocurrency and payment network. Unlike bitcoin, Nxt uses proof-of-stake for confirming transactions. Hence there is no mining involved in the process. Instead there is a static money supply with Nxt. The coin is mainly meant for fueling the Nxt ecosystem, but can also be used as a payment system or currency, just like bitcoin.
Nxt was explicitly made to be a flexible platform which you could build apps and fintech services around. Users can create their own currencies in this system as well. On top of this, it has an integrated asset exchange, marketplace and a messaging system.
What can I do with Nxt?
So, so much! You can build so many important things for your business around Nxt. It has features for 3 types of users – personal, business and developers. It all comes in a very sleek-looking platform. Watch their sexy promo video to get a quick overview of Nxt.
In my eyes, you can get the most out of Nxt as a business. The features are outstanding. It’s like the James Bond of blockchain. With Nxt you can:
- Store data on the cloud – All secured & verified on the NXT blockchain
- Create a voting system – Create your own customized polls
- Secure account control – Create secure multi-signature accounts
- Create and exchange your own cryptos – Their asset exchange allows secure p2p trading
- Smart contracts
Their authentication system enables you to provide secure verification from your Nxt accounts. This way you can publicly prove your ownership of a particular account. Another cool feature – Nxt also allows third-party developers to add functionality to the Nxt client with their plugins.
I have been playing around with its functionalities and features and I fully intend to use some or many systems provided by them in my new startup. Also because the system is so great I see a great rise in demand. From this we can assume that the price too is going to rise significantly. Might be worth collecting some coins.
We are truly living in exciting times. There are so many new technologies, features and opportunities ahead of us. I cannot wait to see how this technology evolves in the next decade. Join the revolution, get some Nxt!