With its 100% original codebase, instant transaction confirmations, decentralized trading, 100% green mining or forging, and utility for creating smart property - NXT is a new Bitcoin descendant to watch closely.
December 23rd, 2013 / ACCESSWIRE / Second generation digital currency NXT possesses a 100% original code base, eliminates transaction confirmation wait times, utilizes 100% green (or low energy) mining, decentralizes trading, and enables the creation of smart property via “colored” coins. NXT currently possesses an entirely original code base, instant transactions and green mining; the rest of these features and more will be introduced in January 2014 when the new NXT client launches, with some believing NXT is poised to overtake Bitcoin within two years.
Unlike all other alt coins which are really just variations of Bitcoin, NXT is a completely original design built from scratch with an entirely new code base. NXT supports instant transactions while still being extremely secure; ending the endless confirmation wait times. NXT transaction speeds are almost as fast as the VISA and Mastercard transactions of the debt based economy which make buying and selling so convenient. But with NXT, those instant transactions can be just as anonymous as Bitcoin, bringing to its users the best of both the fiat and crypto worlds.
NXT is currently traded on the Bitcoin-Next Exchange with a current value of 0.00001000 BTC/NXT. However, the Bitcoin-Next Exchange is only temporary. Soon, centralized exchanges with their ever present risk of the operators suddenly disappearing and making off with the users’ funds, will be a thing of the past. The NXT wallet client is currently rolling out a new feature which will enable decentralized peer to peer trading between NXT and BTC, once and for all eliminating the need to place trust in whoever is behind the centralized exchange. Furthermore, those trades can be conducted completely anonymously.
Decentralized trading is only the beginning. Next comes decentralized DNS (significantly enhancing Namecoin’s current offering), decentralized instant messaging and chat, completely anonymous websites with no additional plugins required to browse them, decentralized stock exchanges, and peer to peer transactions of all kinds which are 100% green, secure, encrypted and irreversible.
NXT was initially brought into circulation by 71 stakeholders who donated a total of 21 Bitcoins in exchange for a stake in the NXT genesis block which generated one billion NXT. In other words, all the NXT has already been mined. However, transaction fees will continue to be distributed to all NXT wallet clients based on the portion of total NXT each client holds. This proof of stake mining, or more accurately, forging, completely eliminates the need to secure the network with vast amounts of hashing power. It also eliminates any incentive to control 51 percent of the network. Finally, it is a truly green network because the amount of energy required to “forge” transaction fees is minimal. Any ordinary computer with the client installed can forge; which means anyone worldwide can participate in and get rewarded for maintaining the NXT network.
NXT’s code supports the creation of “colored” coins, a way to designate specific coins and tie them to physical property. This concept has been attempted with Bitcoin but so far those attempts have been unsuccessful. The ability to “color” or designate specific coins serves as a bridge between the cryptoworld and the physical world. It also provides a way for cryptocoins to be tied to some kind of physical asset. This ability is already being built into the very foundation of the NXT code base.
One result expected to take off is a multitude of profitable decentralized autonomous corporations (DACS) which will be 100% backed by shareholders and which will pay out profits to shareholders in dividends. These will be decentralized and anonymous.
For the first time in alt coin history, we will have a currency and infrastructure which is based on a 100% original code base, 100% green, accessible to anyone on the planet, truly secure, and fast. With NXT, anyone worldwide can participate in securing the network of this emerging next gen digital currency which is positioned to explode; the high barriers to entry which are characteristic of Bitcoin today will be a thing of the past.
This press release is for informational purposes only.
Visit http://nextcoin.org/ for more information.