Nxt (NXT) | Decentralizing the Future

Nxt (NXT) | Decentralizing the Future

By NassiroV | CryptoPlanet360 | 11 Feb 2020


351665157-4cdbd1559c3a2cf7c0422b1847c3f0b38957cc7f39db8457eac893595e79b18b.jpeg

Image Source

The Nxt network

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.

Nxt tokens

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.

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.


Do not forget to subscribe to CryptoPlanet360 on Youtube to get the latest videos about Crypto projects and Blockchain
Subscribe here: https://bit.ly/2NSkrOU

 


NassiroV
NassiroV

Hi, and welcome to my blogs! ​I’m Nassir, a thirty-something American/Moroccan guy who loves to travel and write, especially about Crypto world. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial.


CryptoPlanet360
CryptoPlanet360

Get to know the most important and promising Crypto projects.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.