What is Nxt?

Nxt is an advanced open source blockchain platform that builds on the functionality of the first wave of pioneering cryptocurrencies like Bitcoin. The Nxt platform includes many core-level features, such as a Decentralized Asset Exchange, Marketplace, and Voting system, all in additional to the NXT digital currency itself. Nxt is easy-to-use, permissionless and gives its users complete freedom in many ways. For example, using the NXT currency as a payment system cannot be restricted, creating a marketplace listing cannot be denied, and, for developers, neither is creating advanced blockchain-based applications through the Nxt Application Program Interface (API).

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NXT: cryptocurrency value

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:


Cable car blockchain

One of the most essential elements of Nxt is arguably the blockchain itself. This is the sequence of blocks that contain the complete transaction history since the creation of Nxt in 2013. New transactions are recorded as part of new blocks processed in a decentralized manner into the chain, thus incorporating those new transactions into the Nxt blockchain.

The first generation of cryptocurrencies pioneered the concept of using a blockchain to keep a secure, trustworthy, and stable, yet completely decentralized and open record of transactions. Initially, blockchain technology was primarily used to track the transaction and creation of cryptocurrencies. But, the creators of Nxt saw the potential to use blockchain technology for something much more by adding multiple core-level features.

Nxt gives project developers and individuals a powerful toolkit, combined with an easy to use API system, thus allowing people to integrate and use Nxt blockchain technology in their own applications and projects.

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