What is NXT?
NXT is an open source cryptocurrency and payment network launched in 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 features an advanced blockchain platform that builds on and improves the basic functionality of pioneering cryptocurrencies such as Bitcoin. The goal of NXT is to revolutionize the financial technology, crowdfunding and governance industries.
The core feature of the NXT platform is its use of a decentralized asset exchange which allows users to issue, trade, and manage digital assets securely without third party involvement. This provides users with a wide range of options for trading goods or services without relying on centralized exchanges or brokers. Additionally, NXT has implemented several innovative features including a messaging system, marketplace, data storage service, voting system and more.
NXT also offers a unique approach to energy efficiency compared to other cryptocurrencies. Unlike Bitcoin which requires significant computing power for mining new coins, NXT’s proof-of-stake consensus algorithm requires minimal energy consumption since it does not require miners to solve complex mathematical problems in order to validate transactions.
Overall, NXT provides users with an advanced blockchain platform that offers numerous advantages over traditional cryptocurrencies such as Bitcoin. With its efficient consensus algorithm and wide range of features, it has become one of the most popular altcoins on the market today.
