What is Nxt?
Nxt is an advanced open source application platform which builds on and improves the basic functionality of the first wave of pioneering crypto-currencies. The Nxt platform includes many advanced features, including the NXT digital currency. Nxt gives its users complete freedom in many ways: for example to use the NXT currency as a payment system, or to create advanced blockchain applications using the Nxt API and toolkit. Nxt is a powerful, open and completely decentralized application platform, leading the evolution of crypto-currency into blockchain technology.
NXT: the crypto-currency
Digital or crypto-currencies have been with us for around 5 years now, with the first widely adopted crypto-currency being Bitcoin. Digital currency systems combine cutting-edge encryption technology with a decentralised peer-to-peer network of users and computer systems.
The advantages that crypto-currencies can offer over traditional methods of payment are truly remarkable: they allow people to securely and safely store and transfer their money without any external agency: no banks or middlemen needed. For the first time in the history of finance, an individual can have complete control over their own funds and can send money anywhere on the planet within a few minutes, without relying on any banks, payment companies or other third parties, virtually free of cost.
NXT is the digital currency that acts as the fuel for the Nxt eco-system: it can be used as an external currency, in the same way that you can spend Bitcoins or dollars to buy goods or services. NXT can also be used internally to power Nxt features, for example by creating tokens, paying for data storage or transaction fees for transfers.
NXT, the currency, gives its users complete financial freedom. Some of Nxt features:
Nxt: the blockchain technology
The most important element of Nxt is the blockchain. This is the sequence of data-containing blocks that contain all of the information about the entire history of Nxt, including accounts, transactions, messages……everything.
The first generation of crypto-currencies pioneered the concept of using a blockchain to keep a secure, trustworthy and stable, yet completely decentralised and open, record of transactions. Initially, the blockchain was only used to track financial transactions within crypto-currencies, but the creators of Nxt saw the potential to use blockchain technology for very much more: by adding extra functionality to blockchain systems, they could be used in many other ways, not just as a financial application.
Nxt gives project developers and individuals a powerful toolkit, combined with an easy to use API system, allowing people to integrate and use Nxt blockchain technology in their own applications and projects, with the only limit being the imagination.
Nxt, the application platform, gives its users complete freedom to create.
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