Nxt
| Nxt | |
|---|---|
Nxt Logo
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| Denominations | |
| Subunit | |
| 1 | NXT |
| 10−8 | nxtQuant (smallest unit) |
| Plural | The language(s) of this currency does not have a morphological plural distinction. |
| Symbol | NXT |
| Nickname | Nxtcoin (also incorrectly referred to as Nextcoin) |
| Demographics | |
| Date of introduction | 24 November 2013 |
| User(s) | Global |
| Issuance | |
| Administration |
Decentralized peer-to-peer consensus. |
| Website | nxt.org |
| Valuation | |
| Inflation | Disinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013). |
Nxt is an open source and payment network launched in November 2013 by anonymous software developer BCNext. It uses proof-of-stake to reach consensus for transactions - as such there is a static money supply and, unlike bitcoin, no mining. Nxt was specifically conceived as a flexible platform around which to build applications and financial services. It has an integrated Asset Exchange (comparable to shares), messaging system and marketplace. Users can also create new currencies within the system. The last major release enabled Multisignature capabilities and a plugin-system for the client.
Nxt has been covered extensively in the "Call for Evidence" report by ESMA, to which the Nxt community responded in July 2015.
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.
Just as with bitcoin, the blockchain is at the core of this currency. But Nxt is written completely from scratch and has departed in several ways from existing cryptocurrencies. Most notably, in one of his founding statements, BCNext asked the community not to consider the NXT coin as the important part, but rather to create currencies on top of it - possibly devaluing the core currency.
The core structure and the client features are aimed at facilitating external development.
While bitcoin uses hashing power as proof for verifying transactions, Nxt works with the stake-size the user owns. Block authors are selected in a practically random manner, with greater amounts of stake increasing the likelihood of adding a block to the chain. While in the case of bitcoin the cost of investing in mining gear serves as an incentive not to attack the network, anyone seeking to attack Nxt would in the process necessarily reduce the value of their personal coin holdings. This effectively avoids the security issue of a miner gaining 51% of the hashing power and attacking the network.
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Wikipedia