Nxt is an open source cryptocurrency as well as a decentralized payment system. The protocol uses proof of stake as a consensus to validate transactions. The network allows the exchange of digital assets, communication via encrypted messaging and provides its users with a marketplace of decentralized peer-to-peer shops. Nxt also allows you to create new currencies. The network is revolutionizing traditional exchanges because it allows you to exchange any cryptocurrency in a decentralized manner.
Nxt, a separate cryptocurrency
The code for Nxt was written from scratch, so it is not a modified Bitcoin source code, as was often the case with new digital currencies at the time when Nxt was launched. Nxt differs from already existing cryptocurrencies on several levels. It improves certain aspects of Bitcoin while trying to find solutions to the drawbacks. Nxt eliminates the problem of overloaded blockchain and excessive energy consumption.
The network uses Nxt tokens. 1 billion units have been generated in the first block, there will be no other possibility of creating new tokens. On the Nxt network, there is therefore no mining.
Nxt and Proof of Stake
Nxt was the first virtual currency to rely 100% on the PoS consensus, proof of stake. To validate transactions, Nxt does not use scripts. Transactions are simplified and much faster. Indeed, the method makes it possible to create a new block every minute, each block containing a maximum of 255 transactions.
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