What Is Nxt Coin (NXT)?

Introduction

Nxt is an advanced block chain platform that builds on and enhances the basic functionality of pioneering cryptocurrencies such as bitcoin.

It has been specifically designed as a flexible platform to offer both applications and financial services.

They refer to themselves as the “second generation” of cryptocurrencies, as they attach more importance to the provision of a decentralized system for the online exchange.

The platform is easy to use and gives users in many respects freedom of development and design.

It includes many core level features that are described in more detail below. The Nxt Coin is not an altcoin like Litecoin, which means it is not based on the Bitcoin source code.

They use their own code, because the large range of functions could only be implemented in this way.

Who is behind the Nxt platform?

The founder of Nxt keeps his identity secret until today.

On September 28,2013 a user with the nickname BCNext posted a post in the forum bitcointalk.

He had logged on to the site the day before, but claimed that he was already active under a different name on the site.

He wanted to submit a new project to the community and was looking for investors.

The users could buy themselves into the project with a maximum of one Bitcoin.

BCNext wanted to prevent individual participants from hoarding shares and thus dominating the project.

The other users were reserved, probably because no one knew who BCNext really is.

The originally planned goal of at least 250 participants was far from being achieved.

Ultimately, only 90 forum members participated and received a share of the Genesis Block according to their donation.

Only 6 weeks after his first entry, BCNext withdrew completely from the online community.

Currently Sergey Ivancheglo is leading the project, while BCNext is working on the source code in the background. The two communicate exclusively privately via email.

This is also the only connection between BCNext and the community on the Nxt platform.

Nxt Coin in Numbers – Status December 2017

Nxt’s market capital is currently US$ 674 million with a daily trading volume of US$ 75 milliion being traded.

The Genesis block generated 1,000,000,000,000 Nxt Coins, of which 998,999,942 are in circulation.

What functions does Nxt offer?

With its Monetary System, Nxt allows you to create currencies on the Nxt Blockchain.

This new currency is then covered by a certain amount of Nxt Coins and can be redeemed if necessary.

With just a few clicks, the user can create his own cryptocurrency with self-defined properties.

NXT has also integrated a peer-to-peer exchange in its protocol to enable a decentralized exchange.

The advantage over traditional stock exchanges is that the risk of fraud and theft is to be reduced.

Trading fees are also lower as only the regular transaction fees have to be paid.

Currently Nxt is working on a so called Transparent Forging.

This allows Nxt to achieve transaction rates similar to Visa or Mastercard.

This is possible because the transparency provided in the protocol allows each client to determine which node generates the next block.

Other nodes can then send their transactions directly to this node. Another advantage of Transparent Forging is the safety aspect.

Even if 90% of all nxt coins are attacked, the network does not collapse. Further functions of Nxt are its own decentralized marketplace as well as a voting, alias and messaging system.

You can’t buy it directly for fiat on any exchange. You can choose the where to buy bitcoins for your region and buy BTC there, then trade it for NXT on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.

Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and is secure bitcoin service.

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If Coinbase doesn’t support your country, use Cex.io – read about Cex.io here – it is another safe place to buy bitcoins. Coinmama is also legit exchange for buying Bitcoinsclick here to visit Coinmama.

If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is safe and legit), instantly and directly to BTC.

Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our article on how to use Ledger Nano S wallet and what cryptocurrencies it supports or check out other best hardware crypto wallets here. You can also create a paper wallet – learn here more about cryptocurrency wallets.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.

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