Watch Video
01:54

NXT

Watch Video
01:54

Description

What does NXT do?

Built by development company Jelurida, NXT is a well known project in the crypto space that launched in November of 2013. The project differentiates itself by offering a wide variety of features to its users. it provides a peer-to-peer asset exchange, messaging system, data storage, voting system, and creation of custom tokens that can be used for crowdfunding.

NXT’s desktop client is the easiest way for users to take advantage of the cryptocurrency’s vast array of features.

What are NXT coins used for?

NXT coins are used as a payment method for various services on of the platform. For example, if a user wishes to launch a new token, store data on NXT’s blockchain, or create a poll which other users can vote on, they’ll need to spend NXT coins to pay for these services.

NXT coins are also important for supporting the network as it uses a Proof of Stake consensus mechanism. Users with 1,000 NXT coins or more can participate in consensus by verifying transactions and creating new blocks. Users that choose to do this receive forging rewards (which are reported to be quite low).

Holders of NXT receive a 10% airdrop from every project which launches as a clone of the NXT blockchain.

How can NXT coins appreciate?

ICOs are extremely popular ways for projects to launch their new cryptocurrencies. NXT provides a great platform for this purpose by providing easy custom token creation and peer-to-peer exchange. Since NXT coins are used for creating new tokens, demand for them will rise as more new projects choose NXT for launching their ICOs.

The staking mechanism used by NXT encourages holders of its coins to lock them up for forging rewards, even if they are reportedly low. This means that some amount of the tokens will always be locked out of circulation. Scarcity created by staking may increase the price of NXT coins over time.

What is the difference between NXT and its competitors?

NXT launched relatively early (in 2013) with the main purpose of giving its users more functionality than simpler cryptocurrencies like Bitcoin. Since then, there have been a number of new entries into the crypto space, with projects like Ethereum, EOS, TRON, NEO and WAVES addressing the same set of problems that NXT is trying to solve.

The main advantage of NXT is its simple and user-friendly interface. While developing new applications, services, and custom tokens on competing projects is notoriously difficult, these tasks are significantly easier on NXT.

NXT is also the first blockchain platform to rely 100% on the proof-of-stake consensus protocol

  • Mainnet Launch: November 24, 2013
  • Open Source: Yes
  • Consensus Type: POS
  • Technology: Blockchain
  • Total Coin Supply: 998,999,942
Reward
+ ?
REWARD
REWARD
score: 0 /100
Risk
+ ?
RISK
RISK
score: 0 /100

Our opinion

lorem ipsum dolor sit amet consectetur adipiscing elit.

Overall Rating 0.00

Idea
+ ?

Innovativeness

Is the project solving a new problem?

Feasibility

Is the project’s solution realistic?

Clarity

Does the project’s message make sense?

0.00

Team
+ ?

Core Members

How experienced and skilled are the team members?

Commitment

Are any key members involved in other projects?

Advisory Board

Is the project advised by anyone notable?

0.00

Market & Competition

0.00

Awareness
+?

Attention

Is the project on the public’s radar?

Hype

Is the general opinion of the project positive or negative?

Community

Is the project supported by a large number of crypto enthusiasts?

0.00

Coin Utility
+ ?

Usefulness

Is the project’s native currency needed for key features?

Versatility

Does the native currency have a number of different uses?

0.00

Our opinion

lorem ipsum dolor sit amet consectetur adipiscing elit

Sign up for free

Description

What does NXT do?

Built by development company Jelurida, NXT is a well known project in the crypto space that launched in November of 2013. The project differentiates itself by offering a wide variety of features to its users. it provides a peer-to-peer asset exchange, messaging system, data storage, voting system, and creation of custom tokens that can be used for crowdfunding.

NXT’s desktop client is the easiest way for users to take advantage of the cryptocurrency’s vast array of features.

What are NXT coins used for?

NXT coins are used as a payment method for various services on of the platform. For example, if a user wishes to launch a new token, store data on NXT’s blockchain, or create a poll which other users can vote on, they’ll need to spend NXT coins to pay for these services.

NXT coins are also important for supporting the network as it uses a Proof of Stake consensus mechanism. Users with 1,000 NXT coins or more can participate in consensus by verifying transactions and creating new blocks. Users that choose to do this receive forging rewards (which are reported to be quite low).

Holders of NXT receive a 10% airdrop from every project which launches as a clone of the NXT blockchain.

How can NXT coins appreciate?

ICOs are extremely popular ways for projects to launch their new cryptocurrencies. NXT provides a great platform for this purpose by providing easy custom token creation and peer-to-peer exchange. Since NXT coins are used for creating new tokens, demand for them will rise as more new projects choose NXT for launching their ICOs.

The staking mechanism used by NXT encourages holders of its coins to lock them up for forging rewards, even if they are reportedly low. This means that some amount of the tokens will always be locked out of circulation. Scarcity created by staking may increase the price of NXT coins over time.

What is the difference between NXT and its competitors?

NXT launched relatively early (in 2013) with the main purpose of giving its users more functionality than simpler cryptocurrencies like Bitcoin. Since then, there have been a number of new entries into the crypto space, with projects like Ethereum, EOS, TRON, NEO and WAVES addressing the same set of problems that NXT is trying to solve.

The main advantage of NXT is its simple and user-friendly interface. While developing new applications, services, and custom tokens on competing projects is notoriously difficult, these tasks are significantly easier on NXT.

NXT is also the first blockchain platform to rely 100% on the proof-of-stake consensus protocol

text