What is Nxt (NXT)?
Future of NXT Cryptocurrency and know how to buy NXT

#1: What is a NXT?

NXT: The Basics

While most cryptocurrencies use the blockchain technology only for transactional or trading purposes, similar to fiat currency, Nxt is one of the few projects that, along with a completely custom code built from scratch (not forked from other major currencies such as Bitcoin), also aims to improve and expand the applications of blockchain to spheres such as application development, secure cloud storage, and more.

NXT Development

  1. Nxt was developed by the anonymous developer BCNext, and was released on 24th November 2013.
  2. Jelurida BV is the corporation which owns the Intellectual Property rights of Nxt and is currently in charge of developing it.
  3. The ICO for Nxt generated around 21 BTC from 73 stakeholders. At that time, this was worth around USD 6000.

 

#2: What are the benefits of Nxt?

NXT Technology

  1. Nxt was one of the first cryptocurrencies to use the Proof of Stake mechanism to achieve distributed consensus among nodes in the network. This means that the network is not dominated by massive mining farms, such as in the case of Bitcoin.
  2. In NXT terminology, a client earns transaction fees when a block is forged by them, and a client’s forging power is equal to their stake in NXT coins.
  3. Due to the custom nature of Nxt, it can provide support for many advanced features, such as aliases, natively. Thus, unlike other crypto projects, Nxt is not limited by having to improve upon pre-existing code that may have bugs and limitations of its own.

Key Features

  1. Aliases - Using this system, a user can assign an alias to something, such as a wallet address, so that transactions, asset exchanges, message passing, become much easier for humans to initiate. So, instead of a long and almost impossible to remember string of numbers and letters, users can interact on the Nxt ecosystem using human-readable aliases.
  2. Secure Messaging System - The AM or Arbitrary Messages system allows users to send public or private, encrypted messages to each other on top of the Nxt blockchain. Messages can be any kind of data. Encrypted messages can have a shared key, which allows messages between two clients to be fully encrypted.
  3. Decentralised data storage system - The Nxt blockchain can also be used to store user-defined data in addition to records of transactions. This means that the Nxt system can be used as a completely decentralised, peer-to-peer, robust, and secure data storage service, which can serve as a permanent and tamper-proof way of storing, retrieving, and publishing data among users.
  4. Marketplace - Nxt also provides users with the ability to set up a decentralised, peer-to-peer marketplace, with direct client-client trading capabilities. Sellers can set up listings which can be then browsed through and searched for by interested clients, who then might decide to authorize a purchase. The transaction happens in a secure way with permanent proof in the form of records in the NXT blockchain.
  5. Voting system - This unique feature allows any Nxt user to create a poll which can have up to 100 answers. The user can specify accounts eligible to vote in the poll by criteria such as a minimum required balance of NXT coins or possession of an asset or a currency. An answer is given a particular weight, or importance, according to a number of variables, more information on which can be found on the official wiki.
  6. Asset Exchange system - The Asset Exchange system is a decentralized asset trading engine developed on the Nxt blockchain. This allows Nxt coins to be designated as, or coloured, to represent the value of other cryptocurrencies, or even real-world items like bonds or stocks, or abstract items like ideas or patents. These assets, once designated as ready to sell, can then be purchased by other clients on the network, with the ownership of the asset transferring from the seller to the buyer upon successful completion of the transaction, all with the help of the Nxt blockchain.
  7. Coin Shuffling - This innovative feature protects the privacy of users by allowing a client to erase traces of past transactions for coins, providing true anonymity.
  8. Comprehensive GUI Client - The Nxt client is not only a wallet to hold NXT coins, but also the central place from where a user has easy access to all of the unique features of Nxt ecosystem, and stores information such as your account properties, your digital market purchases, assets owned, messages received and sent, and much more.
  9. Easy creation of custom chains and currencies - Nxt provides users with the ability to fork custom implementations of the Nxt blockchain, which can be useful for people or businesses looking to use the blockchain technology for a specific application or purpose, not necessarily just for cryptocurrencies. These custom blockchains can be either public and private, according to the user’s needs. The Nxt Monetary System (MS) also allows users to launch their own custom altcoins for various purposes, based of off the Nxt blockchain, without facing the difficulty of having to design a completely new blockchain-based system and code a cryptocurrency.

 

#3: How to Buy & store Nxt?

How to buy Nxt

  1. Nxt is available for trading and buying at various exchanges, such as Poloniex, Aex, CCEX, HitBTC, Bittrex, Changelly, and OKEx, with Poloniex and Bittrex being the largest exchanges by volume of transactions.
  2. Due to the way NXT coin was developed, it cannot be mined in the traditional sense. All 1 million coins have been generated already, and the movement of Nxt in the market takes place in the form of transactions and trading.

NXT Wallet

The Nxt client/wallet can be downloaded from the NXT official website.

CoinSwitch

Of course, an easier way to buy NXT is to use CoinSwitch, the largest cryptocurrency conversion platform. CoinSwitch aggregates rates across cryptocurrency exchanges all in one place, allowing users to pick and choose the most favorable rates for them.

What’s more - with CoinSwitch, you do not rely on a separate NXT wallet from the exchange to store your NXT cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Nxt?

Also Read: Complete Analysis of Nxt | Live Nxt (NXT) Price Charts And Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.13364

0.135442

0.130859

0.133937

2873320

133506000

Apr 01, 2018

0.11183

0.113543

0.1029

0.108366

939829

111719000

Dec 01, 2017

0.179009

0.229708

0.167489

0.228993

23423500

178830000

May 01, 2017

0.031878

0.032012

0.026772

0.028809

2376200

31845600

Dec 01, 2016

0.006322

0.006326

0.005877

0.005959

45991

6315410

Apr 01, 2016

0.008196

0.008234

0.007722

0.007921

42334

8195680

Oct 01, 2015

0.008194

0.008377

0.008118

0.008262

14449

8193620

Jan 01, 2015

0.018063

0.018063

0.017194

0.017704

22125

18062900

Jun 01, 2014

0.052296

0.062195

0.051886

0.057205

371767

52295800

Jan 01, 2014

0.051862

0.073374

0.047847

0.070191

556022

51861800

Nxt has enjoyed a consistently stable growth rate, subject to normal market fluctuations, and with the increase of use of DApps, custom blockchain applications, and need for currencies with a practical purpose and innovative solutions to problems, Nxt will likely see a continued growth pattern.

 

#5: How is Nxt different from other cryptos?

  1. Built from scratch - The primary difference between Nxt and many other cryptocurrencies is that it has not been forked from the source code of another, larger cryptocurrency, such as BTC, or ETH. Instead, it has been coded from scratch in Java, making it much more efficient and reliable than other altcoins which simply make improvements upon of pre-existing code. With forking, the new fork invariably copies the flaws in the parent code as well, but Nxt has been developed from the ground-up, resolving some major flaws BTC and other altcoins have.
  2. Proof of Stake Approach - The 100% Proof of Stake approach makes the Nxt blockchain extremely light on resources, with a node being able to run on a Raspberry Pi. Since the number of coins is static and there is no mining being done, it significantly reduces the negative effect on the environment, as compared to Proof of Work systems like Bitcoin.
  3. Core-level support for innovative features - While most altcoins simply add functionalities to forks of pre-existing projects such as Bitcoin, resulting in the possibility of multiple bugs and bloated code, the way Nxt was developed ensures completely native, core-level support for features such as peer-to-peer digital marketplaces, decentralized asset exchange, and voting systems, which are simply not present in other altcoins.
  4. Option to create custom Nxt blockchain derivative or cryptocurrency - Nxt provides users with the platform to fork their own private or public chain of the Nxt blockchain, or even develop their own cryptocurrency using the Nxt base technology, making it easy for users and businesses looking to get involved in the world of cryptocurrencies.

 

#6: Should you invest in Nxt?

While investing in any cryptocurrency is subject to their highly volatile nature, the innovative approach of Nxt, combined with its robust technological improvements over blockchain technology, active user base, a vast array of features, and dedicated development team make Nxt a worthwhile consideration for investing.

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