Launched in November 2013 by an anonymous software developer (and Bitcointalk.org member) known as BCNext, Nxt’s has been one of the longer-running blockchain assets in the cryptocurrency space.
Nxt is an advanced platform (on its own blockchain) which builds upon the basic functionality of the Bitcoin protocol. It serves as an open source cryptocurrency and payment network that utilizes a proof-of-stake protocol to reach transaction consensus. But unlike Bitcoin, it does not possess a static monetary supply or mining process.
Nxt fuels new applications and financial service solutions. It allows for asset exchange and messaging along with a system for creating new currencies. It also has multi-signature capabilities and a client plug-in system.
In a manner similar to how ether is used as “fuel” for operating the distributed application platform Ethereum, Nxt provides a unit of value within its own blockchain to facilitate operations on the system. Utilizing this asset to execute computational processes helps prevent malicious actors from overloading the system with micro-transactions.
Nxt utilizes a proof-of-stake protocol. Compared with proof-of-work, which many other cryptocurrencies such as Bitcoin and Litecoin have popularized, proof of stake does not require the energy-intensive mining process.
The validation process in Nxt’s proof-of-stake system is called “forging.”
One feature of forging is that anyone who holds an amount of Nxt can forge blocks without massive amounts of investment in specialized computer hardware, and can earn Nxt as a reward for doing so.
One of the most user-friendly features of Nxt has been the exceptional GUI which has been built into the downloadable platform. Running the Nxt node gives them access to a wide array of business and finance capabilities from an easy to use interface. The open API of Nxt also allows more technical users and developers build their own apps using the platform.
Bas Wisselink of the Nxt foundation provided some thoughts about Nxt as an asset:
“The shining points for me have always been stability, the modularity of the functions (chaining several functions together to make more complex tools) and the ease of use. I think the fact that the devs opted to go for well-defined modules that can be used safely are a good selling point to anyone who wants to actually use the tools in production. “
In recent times, Nxt has focused on scaling to appeal to a larger base of business applications, which has led to the Ardor Platform. Ardor will be a spin-off of Nxt allowing child-chains to be created off of the main blockchain of the system. This among other things helps prevent a bloated blockchain from heavy usage. Ardor tokens are being issued after a snapshotting phase is finishing in October which will determine which Nxt users get what amount of Ardor based on how much Nxt they have held over a period of time.
Nxt Available on Shapeshift: Yes
Launch Date: November 2013
Available Supply: 998,999,983
Nxt on CoinCap: http://coincap.io/NXT
Nxt Website: https://nxt.org/
Nxt on Twitter: https://twitter.com/hashtag/nxt