Nxt – The blockchain application platform =

Nxt, also known as the most profitable cryptocurrency of the moment. With an investment of 80 euros in the ICO of Nxt you could have been a millionaire. In addition, it is one of the first cryptocurrency 2.0 coins – coins whose function goes beyond just a means of payment. But what is so special about Nxt? What makes this cryptocurrency so much appreciated in value since the ICO?

 

What is Nxt?

Nxt was founded in November 2013 by an anonymous software developer named BCNext. In 2017, Ardor was added as a side-chain.
It is seen as the new generation of cryptocurrency that comes with more options than Bitcoin. The goal is to eventually create an entire economic ecosystem with Nxt.

Everyone can easily develop applications themselves on the Nxt platform. Whether you are an enthusiast, professional or developer, the platform is easy to use for everyone. They have therefore paid extra attention to the ‘ease-of-use’. To increase the chance that a platform will actually be used, it is important that as many people as possible can use it. With Nxt this has been made so easy that it is a matter of pressing a few buttons.

The Nxt platform already offers quite a few features and they are working hard to create even more.
The following eleven are currently already in use:

  • Account properties: allows customers to be identified
     
  • Asset creation: The assets are the tokens that can be created on the blockchain. These tokens can represent anything: shares, bonds, retail properties, et cetera. These tokens can then be easily traded. This creates a bridge between the real world and the digital world.
     
  • Asset exchange: The tokens are traded here in a decentralized manner. Crowdfunding can also be done on the exchange.
     
  • Aliases: All personal data of Jan can be given the alias JAN. When sending a message, you do not have to enter the telephone number, but only enter JAN.
     
  • Currency creation: tokens can be created that can only be returned to the creator. For example, save points at H&M that can only be redeemed at H&M.
     
  • Data cloud: The decentralized storage of data.
     
  • Marketplace: Products and services can be bought and sold through the marketplace.
     
  • Messaging: Encrypted messages can be sent and only the recipient with the correct keys can read them.
     
  • Phased transactions: Conditions can be given to a transaction. For example: do not send this transaction until we reach block height 1,000.
     
  • Shuffling: Provides additional anonymity on the platform
     
  • Voting: Polls can be held on the platform. Useful for companies when they have to decide on something.

Features can also be used together. For example, people can build a game on the platform. The Nxt Data Transfer is then used to transfer data, the Asset Exchange is used to keep track of the assets present in the game world and all information is written on the blockchain so that it is accessible to everyone.

The Nxt Tokens

The Nxt token has its own function for each feature. For example, most of the transaction costs are also paid and it can be used for voting to cast a vote.
If you want to earn Nxt tokens, you do this by staking and not by mining. Nxt uses the Proof-of-Stake consensus algorithm that generates blocks by the amount of active coins on the network. All wallets that are open on the network get the chance to generate blocks on it. When they generate a block, they receive a reward in the form of transaction fees within that block. This makes Nxt a lighter system than Bitcoin. You can run it on a computer, smartphone and Raspberry Pi, unlike Bitcoin which requires whole mining rigs.

Scalability

The source code of Nxt is written in Java. With Bitcoin, the block time is currently an average of 10 minutes per block and with Nxt this is currently 1.5 minutes per block. When the network scales, they go to 1 minute per block.
Currently, Nxt can do 100 transactions per second (tps), where Bitcoin does 7 per second. With the side-chain Ardor, they want to increase scalability even further. This is extremely important to eventually be able to be used worldwide.

 

How do I buy NXT?

Buying NXT on Litebit is a piece of cake. With this explanation you can be the proud owner of NXT within a few steps.

  1. Register here for free at Litebit
  2. Click on “create new account” at the top right and create an account.
  3. Confirm your account and log in.
  4. Go to the “My Account” tab at the top right and then click on “Verification & Limits”
  5. Verify your phone number here (due to the extreme crowds these extra steps are now necessary)
  6. Then click NXT
  7. Fill in the purchase form and choose “LiteBit Wallet” as the receiving address
  8. Click next and proceed through the payment process
  9. Congratulations! You are the proud owner of NXT!

 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net