Nextcoin, or commonly known as NXT, is a relatively new altcoin having been released in December of 2013. Arguably one of the most important features brought by NXT is the implementation of a 100% PoS coin. A coin without a proof-of-work mining period, and being solely distributed through a PoS phase.
The total amount of NXT in circulation is 1 billion, and it is resistant to 90% attacks thanks to its forging algorithm. Yet, NXT excels due to the innovation they bring to the cryptocurrency world. Currently, features integrated include a Decentralized Alias System, and Arbitrary Messaging. They also launched a decentralized exchange a couple weeks ago.
A mixing service, decentralized marketplace, and automatic transactions are all in development by the Nextcoin team. In regards to the automatic transatctions, work is being done on a Turing-complete scripting layer that can operate on top of the Nxt blockchain. "Turing-complete" is a term that means the scripting language is not limited in scope and can compute anything. The vision is to make NXT one of the most complete forms of cryptocurrency there is, if not the most complete. Two important factors when speaking about any cryptocurrency are the developers and the community backing the coin.
A community backing is guaranteed when we speak of a 100% PoS coin. The distribution of a coin in such a way is great as it instantly creates a community to hold the coins, and not only that, but to show trust in the coin as well. However, the work by developers cannot be underestimated as they are the most important part in terms of cryptocurrency. Innovation is what keeps coins alive, and NXT is no different. The work executed by the developers is certainly having a positive effect on the coin. A quote that stands out by the developers of NXT:
“There will always be a space for more players, since each crypto aims for specific users. Nxt is to Bitcoin probably like Android to Nokia or Tesla Model S is to a Volkswagen Beetle. So people will still use Nokia or drive Volkswagen”.
Something I find rather interesting by NXT as well, is their assets exchange where, as the name says, you can trade assets. Recently, the assets exchange has been used to sell stakes for both NEM, knows as the New Economy Movement, and Smokecoin. Personally, I believe NXT is as good as it gets when we speak of innovation and a great development team for a coin. It is, however, underestimated and unknown to many due to the outrageous amount of coins being released.
We see so many full PoS coins these days and its hard not to think back to the pioneer of that idea. Yet, NXT has been able to expand itself even further than just being PoS. It has integrated anonymous techniques, added to the many merchants accepting NXT. It is a very interesting coin which should definitely be watched due to the amount of work being done in order to reach the goal in mind.
NXT Team update
1. What is you strategy for future growth?
Nxt is hiring a lot of developers, they are working on innovative core features. Basically the most important strategy is delivering those features that have no other crypto. Nxt marketing is now also actively approaching the business world.
2. Are you planning to introduce your coin to any new exchanges?
Nxt has been recently added into the CCEDK, Coinomat and Hitbtc. We are working on getting into more asian exchanges.
3. Are you working on any new features (crypto 2.0) on top of your blockchain?
Yes. Nxt just released a multigateway with asset exchange, so Nxt now has its own decentralized exchange. Instantdex will allow 1-second trades. Soon will be released a decentralized digital goods store, for selling shop-vouchers, songs, games, software, ebooks... anything via Nxt's blockchain. Nxt released a dividends feature for asset issuers. There will be a NXT-BTC bridge, so NXT is accepted everywhere BTC is. Transactions will have encrypted notes. In next months, there will be smart contracts, automated transactions, all those turing complete features that people are waiting for.
Nxt will release Voting and Monetary System in September. Monetary system will allow building new cryptocurrencies on top of the Nxt blockchain, it will also include mixing, coinshuffle that is helpful for privacy. With Nxt phasing, is will be possible to have a Nxt cold storage, but much safer, it will also allow the Multisignature Transactions and Escrow, that is also related to the Atomic Cross-Chain Trading project with Smart Leasing. Nxt is also slowly getting onto next steps of Transparent forging, it is just starting with Economic Clustering. Othere steps will include Anti-Deflation and a Time Warp. To make it all running smoother, Nxt's blockchain is awaiting a pruning.
4. For what type of transactions is your coin most suited for?
Nxt is just a platform for developers, it will allow all kinds of transactions. You can really build anything on top of Nxt - payment infrastructure, messaging systems, blogging, games, patents, contracts... there are no limits. Right now it is the best platform for issuing assets, thanks to the high speed and volume.