Published on Feb 21, 2020
Nxt is an advanced blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies such as Bitcoin. Cryptocurrency and financial systems are the first widely used applications of blockchain technology, but the blockchain and its associated technology can be used for so much more.
Nxt revolutionises the financial technology, crowdfunding and governance industries by providing not only the groundbreaking NXT crypto-currency, but also a powerful, modular toolset to build with in any way Nxt users can imagine. Nxt gives users complete freedom to create their own applications.
Decentralized cryptocurrencies have been with us since the launch of Bitcoin in 2009, the first widely-adopted decentralized cryptocurrency. Bitcoin and other cryptocurrencies combine cutting-edge encryption technology with a decentralized peer-to-peer network of users and computer systems.
The advantages that cryptocurrencies can offer over traditional methods of payment are truly remarkable. They allow people to securely and safely store and transfer their money without the need for any external agency. For the first time in the history of finance, an individual can have complete control over their own funds online and can send money anywhere on the planet within a few minutes without relying on any banks, payment companies, or other third parties.
NXT is the digital currency that acts as the fuel for the Nxt ecosystem. In addition to it being used as a transaction fee when transferring NXT from one user to another, it is also used to create assets that can represent things like bonds or ownership of a project, create a decentralized poll on the blockchain, or storing arbitrary data on the blockchain. Of course, it can also be used as an external currency, in the same way that you can spend Bitcoins or dollars to buy goods and services.
Here are some of the decentralized features of Nxt:
Assets and Asset Exchange
Monetary System
Marketplace
Messaging
Voting
Account Control
Coin Shuffling
Data Cloud
Alias System
Future
The NXT Asset Exchange has been used successfully as a crowdfunding platform to kickstart projects and businesses. Crowdfunding examples in the world of cryptocurrency include NEM, SIA, ADEL, and JANUS.
As the creative development team delved deeper into the possibilities of the blockchain they came up with elegant solutions to emerging challenges facing blockchain technology. They made the decision to create an evolution of the NXT blockchain allowing NXT to continue with it's proven and distinct applications. The evolution is called Ardor. The two blockchains will coexist under the leadership and development of Jelurida. Lior Yaffe, a core developer of Ardor and Nxt and a Managing Director of Jelurida has this to say about the future of NXT:
Blockchain Creation Kit
Classic ICO Platform
Crowd Funding Platform
Classic ICO Platform
Jelurida gave the perfect example of a successful ICO conducted on the NXT blockchain using a "controllable currency" called JLRDA as an IGNIS token. Over a period of 3 months more than $15,000,000 was raised. The NXT platform is ready to conduct ICOs in a similar manner for other projects.
NXT, already more than 4 years in production, implements the most common building blocks for decentralized applications into it’s core. For those wanting more, the NXT Blockchain creation kit is available with the provisions that the adapted code will be open-source and 10% of all created tokens will be distributed to NXT accounts holders.
NXT Blockchain Creation Kit
In late 2013 NXT was introduced as one of the first alternative cryptocurrencies to Bitcoin and was the first to introduce a Proof-of-Stake blockchain. It has operated securely since. The technology roadmap that was presented in the beginning was the promise of a feature laden blockchain that would be easy to use and adaptable for broad business applications.
Some of the tested and proven features of the NXT Blockchain include: Asset Exchange, Monetary System, Data Cloud, Voting System, Account Control, Authentication, Third Party Plug-ins, Aliases, Marketplace, Account Ledger and Account Properties. Read more about them on nxtplatform.org
