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NXT (NXT) is a payments focused blockchain project that was launched in 2013. The project was started by an anonymous software developer called BCNext. The developer first announced the start of a second generation cryptocurrency on the BitcoinTalk forum, asking for donations in Bitcoin to fund the project.
Although NXT has similar intentions as Bitcoin, unlike the former, it uses a Proof-of-Stake consensus algorithm, and there is a total supply of 1 billion tokens compared to Bitcoin’s 21 million.
However, NXT also wants to be more flexible than Bitcoin, permitting multiple applications and services. This offers some stark contrast with Bitcoin, as the latter is more secure but less versatile. But this is the direction the team has taken, as they want to see multiple applications built on top of the NXT blockchain.
With this, the project hopes to “revolutionize the financial technology, crowdfunding and governance industries” through the NXT blockchain and “a powerful, modular toolset to build with in any way.” The key features of the platform are its decentralized exchange, its token launch platform, cloud storage services and voting system. The NXT token is at the heart of all these features, fueling activity on the ecosystem.
NXT eventually evolved into NXT 2.0, also called Ardor. Both projects are overseen by parent company Jelurida. Ardor has its own blockchain and uses the idea of child chains to further upon NXT’s ideas.
Jelurida has said that NXT is still being developed, but very few details have been released on any progress that has been made.