NXT Coin Guide: More than a blockchain application platform
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Blockchain technology is the backbone of cryptocurrency and NXT has facilitated the cryptocurrencies world with advanced tool-sets. NXT is a blockchain platform enabled with state-of-the-art tech that has made the cryptocurrencies platform user-friendly and reliable. It has transformed the crowdfunding mechanism, economy-based technologies, and other industries by integrating them with the cryptocurrency and the cutting-edge hardware.
What is NXT?
NXT alters the financial technology, crowdfunding, and governance industries by giving the groundbreaking NXT cryptocurrency, as well as a capable, measured toolset to work within any capacity NXT clients can envision. NXT gives clients complete freedom to make their own applications. It’s easy to use and provides a unique experience for each and every one of their users. NXT gives a powerful tool to developers and individuals, combined with an API system which is easy to use, thus easily allowing people to insert NXT into their projects, applications etc.
Jelurida – The Company behind the Creation of NXT
Jelurida is an Amsterdam based company that created the exceptional platform of NXT which provides crypto users with those features that other blockchain based platforms don’t constitute. Lior Yaffe is the founder of Jelurida and Veronica Torras is the Business Development Head who worked along with Lior Yaffe to fulfill the desired strategies and plans which gave a new look to the cryptocurrency platform. For its interface and applications, Jelurida has been chosen among the top ten companies for the 4YFN Awards Mobile World Congress this year which is going to be held in Barcelona.
NXT provides us with many features which are as follows:
- NXT Wallet: A two-factor authentication and multi-signature wallet which increases the usage of the platform as it has made the platform more secure and safe.
- Storage Device: NXT platform enables the users to send or receive the data more easily. It also facilitates the users with 1000 bytes on the permanent basis and 42,000 bytes of data on the temporary basis.
- Exchanging Assets: NXT is a peer-to-peer networking platform which permits the user to trade their crypto assets and shares by simultaneously keeping the record of every transaction. In fact, the coloring of a coin on the platform means that the link is built between the digital and conventional currency.
- Voting Support System: The cryptocurrency shareholders can take part in the decision-making process of the company and can vote in a concealed manner.
NXT interesting features:
- NXT started without announcing any ICO, with a total amount of 1,000,000 coins.
- NXT is coded in Java- It has departed from existing cryptocurrencies as it has been written from scratch, completely different from all of the others.
- While bitcoin utilizes hashing power as evidence for confirming transactions, NXT works with the PoS (Proof of Stake). Block creators are chosen in an essentially irregular way, with more noteworthy measures of stake improving the probability of adding a piece to the chain.
- It can cater for wide range of markets including gambling chains, internet marketing and the start-ups out to build their own cryptocurrency. Revenue records have not been made public but insider information shows that the blockchain is on an upward trend.
What are the NXT future perspectives?
At the initial release, NXT coin supply was kept as one billion tokens in which approximately 998,999,942NXT tokens are in circulation. Even seeing its future perspectives the company has apportioned the amount of 100,000 Euros for listing the tokens on three to five exchanges. NXT is expected to rise to 0.659 dollars within next one year and to 1.958 USD in the five-year period.
What does NXT have to do with Ardor and Ignis?
There is proof-of-stake technology which makes NXT distinctive from other platforms. However, with the use of previous technology (proof-of-stake), there were some issues with NXT as it could not take into account the blockchains versatility and scalability. Thus to solve out this issue Ardor was introduced to cover the loopholes of NXT. This is also the major reason why sometimes NXT is also termed as NXT 2.0. Through Ardor, Ignis also took birth as it is considered to be the first child chain of Ardor which takes on the transaction infinitely. Till now, both Ardor and Ignis have not impacted the importance of NXT but augmented its services.
The NXT coin
The coin supply was set at 1,000,000,000 and it is steady. However, the market value is continuously growing, just as we were researching NXT, it’s valued constantly changed from +2$ to 2,5$, which might be different for you when you check it. That’s the thing with cryptocurrency, it’s constantly changing. NXT coins are treated as any other digital currency- to pay for the transactions on the platform. However, other than the final payments, it is also used as the transaction fee for many of the operations such as creating a poll or storing the data on the blockchain network, taking an ownership of the project etc.
When NXT was launched as an open-source blockchain platform, its ICO was not announced initially. Later on 28th September 2013 a company named “BCNext”, a member of Bitvointalk.org launched its ICO (Initial Coin Offering) in which about one billion tokens were distributed.
How to buy NXT?
To buy NXT, one does not need to worry much as it is available on all the popular exchange platforms such as HitBTC and Poloniex. However, the only thing which needs to be kept in mind is that the NXT currency can’t be directly exchanged with any fiat currency. The user is required to acquire Bitcoins or Ethereum to get it exchanged into NXT on currency exchanging sites such as Changelly. There is also a pre-requisite condition to obtain the NXT tokens and that is to have the desired NXT wallet first.
- NXT client
NXT client is an official NXT coin wallet designed for Mac, Windows, and Linux. This full node wallet includes all the features that are typical for the NXT platform. Some of those features are asset insurance, transfer, multi-signature addresses, coin mixing, phased transaction and so on. In the meantime, it is completely free and open source. NXT Client is customized with Quack as well as decentralized escrow. In contrast to the standard platforms that allow only a limited number of tries to log in, NXT client does not impose any limits and the customers can try as much as they need to. This does not disclose the algorithm of authentication. For this reason, the passwords are usually very complicated and long ones (minimum of 35 completely random characters).
After the launch of the client, the price of NXT went up for around 25% just in a couple of days.
- NXT Demo
Thanks to NXT Demo customers have a chance to try out the wallet for NXT and get an idea of what is it like and how does it work. To get the idea you simply need to follow the link, choose “Launch Demo”, save the passphrases, put them in and get to know the offered features. After taking these steps you will have a chance to see what does the platform look like and how does it work. Please note that you cannot authorize any sorts of transactions without your passphrase. It is also important to mention that the accounts are real and belong to the members of NXT foundation. After taking a glance, you can install the NXT coin wallet and in case of any kind of confusions, you can refer to the NXT Helpdesk, which is always ready to help the users who have questions.
- NXT Freewallet
The NXT Freewallet is a cryptocurrency mobile wallet, which works with various cryptocurrency exchange platforms. The company ensures that the mobile wallet has a cold storage security measure for the NXT funds. The NXT Freewallet supports more than 10 cryptocurrencies such as DOGE, BTC, LTC as well as fiat currencies such as USD. The wallet also provides services such as information about the NXT price statistics and so on. Currently, the NXT Freewallet is available both for iOS and Android devices.
NXT Exchange Platforms
The best exchange platforms and wallets to buy or sell NXT are listed below-
Poloniex >> It is U.S. based currency exchange platform which provides the exchange in many currencies such as BTC, ETH, Dash, and NXT etc. The simple interface of the platform along with two-factor authentication and multi-signature attributes has made it an ultra-secure platform. It is a widely used platform for buying and selling of NXT currency.
Bittrex >> Bittrex is an advanced, next-generation cryptocurrency exchange platform which provides the protection to users’ funds by integrating itself with SSA protocol and two-factor authentication key. It is a platform for exchange and trading of NXT tokens.
NXT is fully decentralized and proof-of-stake technology-based system. The child chain feature that Ardor has added has supplemented its internal toolset as child chain enables the users to create different blockchains as per their requirements. The selection of NXT among the top 10 companies of Barcelona event proves its worth. Hence, many people see NXT’s potential in the cryptocurrency world.
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