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Nxt Coin Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Nxt Coin.
What Is Nxt Blockchain?
Nxt is a blockchain platform that promises to build and develop on contemporary blockchain technology. Its main objective is to transfigure financial technology, crowd-funding, and governance by introducing a new cryptocurrency with the trading symbol NXT.
The company behind NXT has also introduced a modular toolset. You can use the modular toolset to build essentially whatever the relevant Nxt-user can imagine. The developer’s official website, NxtPlatform.org, claims that:
“Nxt offers users inclusive freedom to create their own applications.”
The platform focuses on average individuals and businesses (not necessarily the super tech-savvy ones). Users with many different requirements can use Nxt to create a digital currency, or engage in DAO-style functions.
Nxt describes itself as a blockchain technology 2.0.
It launched in November 2013. In the future, Nxt will presumably have a link to Ardor and Ignis.
How Does Nxt Work?
Nxt uses proof-of-stake (POS) to reach agreement for transactions. It means that there’s a static money supply. Furthermore, unlike how it is for Bitcoin, you can’t mine Nxt.
The design of the platform also particularly focuses on facilitating the building of applications and the offering of financial services. With that objective in mind, Nxt has an incorporated asset exchange (Nxt Asset Exchange), messaging system, marketplace, and more. The team behind Nxt has introduced several features to the platform since launch in 2013.
One more exclusive characteristic of Nxt is that the code was written entirely from scratch. This means that it’s not built off Bitcoin’s blockchain or any other blockchain technology. Therefore, Nxt exhibits numerous features different from other technologies. The coding language of Nxt is Java. At launch, Nxt was the first currency that relied merely on proof of stake (POS) for consensus. The blockchain originally had a block creation rate of approximately one minute.
In the meantime, the standard Nxt client initially worked as a brain wallet. It did not keep your keys in a wallet file. As an alternative, the account was accessible via a secret passphrase. It means it can be accessed from any illustration of the Nxt software.
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