Transcript of video lesson
NXT – Crypto Currency Introduction – Not Bitcoin or Litecoin – It’s NXT
Introducing: NXT, the next step in the evolution of cryptocurrency.
What is NXT? Building upon the concepts of Bitcoin but completely revolutionary as well, NXT is a new and innovative approach to cryptocurrency. It is not a fork of Bitcoin and was built from scratch using an entirely original code base which in turn addresses many issues found with Bitcoin and other cryptocurrencies.
For instance, the bloated blockchains, not to mention, NXT solves a huge environmental issue presented by many other cryptocoin and the arms raised to mine coins with power-hungry GPUs or warehouses full of asic miners.
No mining? In a sense, that is correct. At least not the type of mining you are accustomed to. There will never be a NXT new generating. They were all generated in the genesis of the currency totalling one billion. The generated NXT were then dispersed amongst the early adopters known as stakeholders. These individuals took the risk of putting small investments of Bitcoin towards the creation of NXT. In return, they were all rewarded according to their original investment and are not dispersing NXT by giveaway, bounties and exchanges.
Time between blocks is one minute. This does increase the rate of orphan blocks, however it makes it more convenient for users of NXT. NXT does not use scripts either which simply accelerates transaction process.
You might be saying to yourself, hold on a second, I get it, a new coin. What’s so great about that? Please allow me to present a whole new generation of cryptocurrencies and the features that are and will be built into. Here are some of the features I’m really excited to present:
One hundred per cent proof of stake.
Reduced security risks such as fifty-one per cent attack and other vulnerabilities inherent to proof of work coins.
One hundred per cent green foraging, not mining. There is no mining, NXT do not need power-hungry GPUs or asic miners, just a regular PC and NXT to start foraging for coins today. Basically, you earn coins via transaction fees. The percentage of NXT you will potentially forage is based on the amount of NXT you have in your account.
Decentralized peer-to-peer exchange – no need to pay high fees on exchange websites when you can trade among trusted peers.
Decentralized DNS, not to mention a myriad of other anonymous solutions such as anonymous websites, payments, messaging and more to be build upon its core.
Coloured coins, also known as small properties. In simple terms, you can assign your coins to represent a physical or intellectual property; perhaps a business, investment or any other entity that has a monetary value.
Instant transactions while still being secure. That’s right. You don’t have to worry about the bloated blockchain. Trading between known and trusted peers can be done instantly.
Alias system – allowing for the assignment of aliases via an account to a website, an entity, phone number and more.
Let’s not forget multi-sig and other features to be developed by the community.
NXT is in its early stages and people are adopting it as their currency of choice at an ever-increasing rate. To learn more about the beginnings of this project, it’s current state and its rapidly approach in the future, visit us at the forums and other links below to learn more.
NXT – it’s next.