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'''Nxt''' is an [[open source]] [[cryptocurrency]] and [[payment network]] launched in November 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 was specifically conceived as a flexible platform around which to build applications and financial services.
'''Nxt''' is an [[open source]] [[cryptocurrency]] and [[payment network]] launched in 2013 by anonymous software developer ''BCNext''.<ref name="DeMartino2016">{{cite book |last=DeMartino |first=Ian |date=2016 |title=The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency |url=https://books.google.com/books?id=_LGJDAAAQBAJ&pg=PT194 |location=New York |publisher=[[Skyhorse Publishing]] |isbn=978-1-63450-524-6 |accessdate=2018-11-21 }}</ref> It uses [[proof-of-stake]] to reach consensus for transactions—as such there is a static money supply and, unlike [[bitcoin]], no mining.<ref name="Prypto2016">{{cite book |author=Prypto |date=2016 |title=Bitcoin for Dummies |url=https://books.google.com/books?id=xw0lCgAAQBAJ |location=Hoboken, New Jersey |publisher=[[John Wiley & Sons]] |page=170 |isbn=978-1-119-07613-1 |accessdate=2018-11-21 }}</ref><ref name="Ciaiana2018">{{cite journal |last1=Ciaiana |first1=Pavel |last2=Rajcaniova |first2=Miroslava |last3=Kancs |first3=d'Artis |date=January 2018 |title=Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets |url=https://www.sciencedirect.com/science/article/pii/S1042443117302858 |journal=Journal of International Financial Markets, Institutions and Money |publisher=[[Elsevier]] |issn=1042-4431 |volume=52 |pages=173–195 |doi=10.1016/j.intfin.2017.11.001 |accessdate=2018-11-21 }}</ref> Nxt was specifically conceived as a flexible platform around which to build applications and financial services.


Nxt has been covered extensively in the "Call for Evidence" report by [[European Securities and Markets Authority|ESMA]].
Nxt has been covered extensively in the "Call for Evidence" report by [[European Securities and Markets Authority|ESMA]].


== History ==
== History ==
NXT was created without announcing any ICO ([[Initial coin offering]]) with total 1,000,000,000 coins amount. On 28 September 2013 Bitcointalk.org member BCNext created a forum thread announcing the proposed launch of Nxt as a second generation cryptocurrency and asking for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013 fundraising for Nxt was closed.
NXT was created with a total of one billion coins.<ref name="Franco2015">{{cite book |last=Franco |first=Pedro |date=2015 |title=Understanding Bitcoin: Cryptography, Engineering and Economics |url=https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA203 |location=Chichester, West Sussex |publisher=[[John Wiley & Sons]] |pages=203–204 |isbn=978-1-119-01916-9 |accessdate=2018-11-21 }}</ref> On 28 September 2013 Bitcointalk.org member BCNext created a forum thread announcing the proposed launch of Nxt as a second generation cryptocurrency and asking for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013 fundraising for Nxt was closed.

The [[initial coin offering]] collected 21 [[bitcoin]]s that were worth USD$17,000.<ref name="Lee2018">{{cite book |last1=Lee |first1=David Kuo Chen |last2=Low |first2=Linda |date=2018 |title=Inclusive FinTech: Blockchain, Cryptocurrency and ICO |url=https://books.google.com/books?id=HCpjDwAAQBAJ&pg=PA90 |location=New York |publisher=[[World Scientific]] |page=90 |isbn=978-981-3272-76-7 |accessdate=2018-11-21 }}</ref>


On November 9, 2015 Farla Webmedia launched a project on the NXT Asset Exchange. In July 2016 NXT launched Smart Transaction templates. Meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.
On November 9, 2015 Farla Webmedia launched a project on the NXT Asset Exchange. In July 2016 NXT launched Smart Transaction templates. Meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.
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==References==
==References==
{{reflist}}
{{reflist|colwidth=30em}}


== External links ==
== External links ==

Revision as of 02:08, 26 November 2018

For other uses, see NXT.
Nxt
Nxt Logo
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolNXT‎
NicknameNxtcoin (also incorrectly referred to as Nextcoin)
Denominations
Subunit
 1NXT
 10−8nxtQuant
(smallest unit)
Demographics
Date of introduction24 November 2013
User(s)Global
Issuance
AdministrationDecentralized
peer-to-peer consensus.
 Websitenxt.org
Valuation
InflationDisinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013).

Nxt is an open source cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext.[2] It uses proof-of-stake to reach consensus for transactions—as such there is a static money supply and, unlike bitcoin, no mining.[3][4] Nxt was specifically conceived as a flexible platform around which to build applications and financial services.

Nxt has been covered extensively in the "Call for Evidence" report by ESMA.

History

NXT was created with a total of one billion coins.[5] On 28 September 2013 Bitcointalk.org member BCNext created a forum thread announcing the proposed launch of Nxt as a second generation cryptocurrency and asking for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013 fundraising for Nxt was closed.

The initial coin offering collected 21 bitcoins that were worth USD$17,000.[6]

On November 9, 2015 Farla Webmedia launched a project on the NXT Asset Exchange. In July 2016 NXT launched Smart Transaction templates. Meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.

Features

The core infrastructure of Nxt is complex. This adds risks as compared to the more lean bitcoin, but makes it easier for external services to be built on top of the blockchain.

A peer-peer exchange allowing decentralized trading of shares, crypto assets. Since the blockchain is an unalterable public ledger of transactions, the Asset Exchange provides a trading record for items other than Nxt. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodities, or even concepts.

Arbitrary Messages enable the sending of encrypted or plain text, which can also function to send and store up to 1000 bytes of data permanently, or 42 kilobytes of data for a limited amount of time. As a result, it can be used to build file-sharing services, decentralized applications, and higher-level Nxt services.

Allowing holders of the currency or Nxt-Assets to vote in a cryptographically proven and externally verifiable way. This can be used for future development decisions, or for shareholder voting. It can also be applied to public elections and community based decision-making.

This makes it possible for external developers to add features or usability enhancements. The plug-ins are not contained in a sandbox.

See also

References

  1. ^ Cite error: The named reference Nxt-MIT-License was invoked but never defined (see the help page).
  2. ^ DeMartino, Ian (2016). The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency. New York: Skyhorse Publishing. ISBN 978-1-63450-524-6. Retrieved 2018-11-21.
  3. ^ Prypto (2016). Bitcoin for Dummies. Hoboken, New Jersey: John Wiley & Sons. p. 170. ISBN 978-1-119-07613-1. Retrieved 2018-11-21.
  4. ^ Ciaiana, Pavel; Rajcaniova, Miroslava; Kancs, d'Artis (January 2018). "Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets". Journal of International Financial Markets, Institutions and Money. 52. Elsevier: 173–195. doi:10.1016/j.intfin.2017.11.001. ISSN 1042-4431. Retrieved 2018-11-21.
  5. ^ Franco, Pedro (2015). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex: John Wiley & Sons. pp. 203–204. ISBN 978-1-119-01916-9. Retrieved 2018-11-21.
  6. ^ Lee, David Kuo Chen; Low, Linda (2018). Inclusive FinTech: Blockchain, Cryptocurrency and ICO. New York: World Scientific. p. 90. ISBN 978-981-3272-76-7. Retrieved 2018-11-21.

External links

Wikimedia Commons has media related to Nxt.
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