NXT is a second generation cryptocurrency which aims at providing a complete decentralized system for online exchange. Since this currency is conceived as an online marketplace and not a form of money in strict sense, there is no much significant retailer acceptance for NXT. Most of the NXT exchanges are transacted by individuals and the software performs the mediation.
NXT has solved the problem of a lack of strong network of users which is present in other cryptocurrencies. NXT provides a stable network which can be used for verification of transactions of different types. NXT is an open source cryptocurrency and payment network which was launched in the year 2013 and the developer was anonymous BCNext. Nxt is coded in Java platform.
NXT is the first cryptocurrency to use the Proof of Stake system to reach the consensus for transactions. You don’t need hashing power like Bitcoin in the proof of stake system and therefore its energy is sufficient. Consensus is reached through forging. The right to record the next transactions block goes to the biggest stakeholder in the system which means that the person who has the most coins in the system.
Nxt has a fairly good market capitalization. The designers of this cryptocurrency seem to have made a conscious decision that they want the focus of the currency towards other types of exchange. Although it is a stable currency, it lacks some of the sound economic features of its competitor cryptocurrencies. Thus the Nxt designers have not just set their sights on designing a viable currency in the market but also an entire fiscal ecosystem online. Nxt has a good user base and also a good technology to fight best with the competitors but it remains to be seen that whether Nxt becomes a community of choice for the online exchange amongst the users.
Where to buy NXT Coins?
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NXT Coin Price
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