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Nxt

Summary

NXT is an open source[citation needed] cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext.[1] It uses proof-of-stake to reach consensus for transactions—as such, there is a static money supply. Unlike Bitcoin, there is no mining.[2][3] NXT was specifically conceived as a flexible platform around build applications and financial services, and serves as basis for ARDR (Ardor), a blockchain-as-a-service multichain platform developed by Jelurida, and IoTeX (cryptocurrency)[4] the current steward of NXT as of 2021.[5] NXT has been covered extensively in the "Call for Evidence" report by ESMA.[6]

Nxt
Nxt Logo
Denominations
SymbolNXT
NicknameNxtcoin (also incorrectly referred to as Nextcoin)
Subunits
 1NXT
 10−8nxtQuant
Demographics
Official user(s)Global
Administration
Issuing authorityAdministration Decentralized
peer-to-peer consensus.
Date of introduction24 November 2013
Inflation_rateDisinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013).
Website
Authority websitewww.jelurida.com/nxt

History edit

NXT was created with a total of one billion coins.[7] On 28 September 2013, BCNext created a forum thread announcing the proposed launch of NXT as a second generation cryptocurrency and asked for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013, fundraising for NXT was closed.

The initial coin offering collected 21 bitcoins that were worth US$17,000.[8]

In July 2016, NXT launched Smart Transaction templates, which were meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.[9]

Features edit

The core infrastructure of NXT is complex, which, compared to the leaner and simpler Bitcoin, creates more potential for flaws or mistakes.[10] However, this allows third parties to contribute to the blockchain with ease.

NXT's Asset Exchange is a peer-to-peer exchange allowing trading of shares and crypto assets. Since the blockchain is an unalterable public ledger of transactions, it can provide 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 cryptocurrency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodities, or even concepts.

NXT has Arbitrary Messages which can be used to send encrypted or plain text as well as data (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.

NXT allows the holders of the currency or NXT-Assets to vote in a cryptographically proven and externally verifiable way. This can be used for deciding on future development decisions or for shareholder voting, and it can also be applied to public elections and community-based decision-making.

NXT Plugins allow external developers to add features or usability enhancements. The plug-ins are not contained in a sandbox.

NXT cryptocurrency edit

The basic unit of account of the crypto platform is a cryptocurrency, which has the designation NXT.[11][12] A total of 1 billion NXT was issued one-step at a time, in the very first transaction, and no further issuance is envisioned. According to the author of the cryptocurrency, only this approach can be used when applying the Proof-of-stake principle. Funds to reward users who support the sustainability of the platform are taken from fees paid on transactions, sending messages, registering aliases, buying assets through the exchange system or items in the store.[13] The minimum fee for any transaction within the Nxt eco-system is 1 NXT.[14]

As of September 2014, NXT is traded on more than 10 exchanges[15] including a decentralized exchange platform.[16] Since entering the market in late 2013, NXT has traded in a range of $001 to $0.06 per 1 NXT.

On July 29, 2014, Danish cryptocurrency exchange service CCEDK began offering NXT to fiat money for exchange.[17][18]

Critique edit

On September 15, 2014, a tweet by one of Bitcoin's developers, Jeff Garzik has been vocal about the vulnerability of Nxt technology and the closed nature of the development process.[19][20] The ensuing discussion has generated a great deal of publicity, including in media publications]. Following the discussion, an extended response was given by the developers of Nxt.

Of the other discussions of Nxt on highly specialized resources, the following constructive criticisms are the ones on which most polemics occur:

  • Unfairness or impropriety of the initial allocation of funds
  • Overcapitalization for a new cryptocurrency
  • Users with large accounts have control over processing

See also edit

References edit

  1. ^ DeMartino, Ian (2016). The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency. New York: Skyhorse Publishing. ISBN 978-1-63450-524-6. Retrieved 2018-11-21.
  2. ^ Prypto (2016). Bitcoin for Dummies. Hoboken, New Jersey: John Wiley & Sons. p. 170. ISBN 978-1-119-07613-1. Retrieved 2018-11-21.
  3. ^ Ciaiana, Pavel; Rajcaniova, Miroslava; Kancs, d'Artis (January 2018). "Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets". Journal of International Financial Markets, Institutions and Money. 52. Elsevier: 173–195. arXiv:1706.07216. doi:10.1016/j.intfin.2017.11.001. ISSN 1042-4431. S2CID 113405558.
  4. ^ "Ardor - Getting started". Jelurida.
  5. ^ "About Jelurida | Jelurida". www.jelurida.com. Retrieved 2021-03-10.
  6. ^ "Call for evidence, Investment using virtual currency or distributed ledger technology" (PDF). ESMA.
  7. ^ Franco, Pedro (2015). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex: John Wiley & Sons. pp. 203–204. ISBN 978-1-119-01916-9. Retrieved 2018-11-21.
  8. ^ Lee, David Kuo Chen; Low, Linda (2018). Inclusive FinTech: Blockchain, Cryptocurrency and ICO. New York: World Scientific. p. 90. ISBN 978-981-3272-76-7. Retrieved 2018-11-21.
  9. ^ "Nxt Core Team launches full suite of Smart Transactions". EconoTimes. 2016-07-26. Retrieved 2021-03-11.
  10. ^ Renato P. dos Santos, Melanie Swan (2018-05-13). "PoW PoS Hybrid protocols: A Matter of Complexity". arXiv:1805.08674 [cs.CR].
  11. ^ "Beginner's Guide: What Is NXT? The Second Generation Blockchain Platform". 101blockchains.com. Retrieved 2024-04-20.
  12. ^ "NXT Guide". coinjournal.net. Retrieved 2024-04-20.
  13. ^ "Cryptocurrency Nxt: Overview, Price And Prospects". cryptopie.co. Retrieved 2024-04-20.
  14. ^ "DIY Blockchain? NXT Announces Customizable Ardor Platform". www.forbes.com. Retrieved 2024-04-20.
  15. ^ "Nxt Markets". coinmarketcap.com. Retrieved 2024-04-20.
  16. ^ "Cryptocurrency Prices by Market Cap". www.coingecko.com. Retrieved 2024-04-20.
  17. ^ "Bitcoin Is Challenged as Danish Bourse Offers NXT Trading". www.bloomberg.com. Retrieved 2024-04-20.
  18. ^ "Bitcoin competitor NXT in modest start to trade vs the dollar". www.reuters.com. Retrieved 2024-04-20.
  19. ^ "Bitcoin Pioneer Skeptical of the Latest Satoshi Nakamoto". www.bloomberg.com. Retrieved 2024-04-20.
  20. ^ "Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto". www.pcworld.com. Retrieved 2024-04-20.

External links edit

 
Wikimedia Commons has media related to Nxt.
  • Official website


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