Nxt

For other uses, see NXT.
Nxt
Nxt Logo
Denominations
SymbolNXT
NicknameNxtcoin (also incorrectly referred to as Nextcoin)
Subunits
 1NXT
 10−8nxtQuant
Demographics
Official user(s)Global
Administration
Issuing authorityAdministration Decentralized
peer-to-peer consensus.
Date of introduction24 November 2013
Inflation_rateDisinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013).
Website
Authority websitewww.jelurida.com/nxt

NXT is an open source[citation needed] cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext.[1] It uses proof-of-stake to reach consensus for transactions—as such, there is a static money supply. Unlike Bitcoin, there is no mining.[2][3] NXT was specifically conceived as a flexible platform around build applications and financial services, and serves as basis for ARDR (Ardor), a blockchain-as-a-service multichain platform developed by Jelurida, and IoTeX (cryptocurrency)[4] the current steward of NXT as of 2021.[5] NXT has been covered extensively in the "Call for Evidence" report by ESMA.[6]

History

NXT was created with a total of one billion coins.[7] On 28 September 2013, BCNext created a forum thread announcing the proposed launch of NXT as a second generation cryptocurrency and asked for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013, fundraising for NXT was closed.

The initial coin offering collected 21 bitcoins that were worth US$17,000.[8]

In July 2016, NXT launched Smart Transaction templates, which were meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.[9]

NXT cryptocurrency

The basic unit of account of the crypto platform is a cryptocurrency, which has the designation NXT. On July 29, 2014, Danish cryptocurrency exchange service CCEDK began offering NXT to fiat money for exchange.[10][11]

Critique

On September 15, 2014, a tweet by one of Bitcoin's developers, Jeff Garzik has been vocal about the vulnerability of Nxt technology and the closed nature of the development process.[12][13]

References

  1. ^ DeMartino, Ian (2016). The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency. New York: Skyhorse Publishing. ISBN 978-1-63450-524-6. Retrieved 2018-11-21.
  2. ^ Prypto (2016). Bitcoin for Dummies. Hoboken, New Jersey: John Wiley & Sons. p. 170. ISBN 978-1-119-07613-1. Retrieved 2018-11-21.
  3. ^ Ciaiana, Pavel; Rajcaniova, Miroslava; Kancs, d'Artis (January 2018). "Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets". Journal of International Financial Markets, Institutions and Money. 52. Elsevier: 173–195. arXiv:1706.07216. doi:10.1016/j.intfin.2017.11.001. ISSN 1042-4431. S2CID 113405558.
  4. ^ "Ardor - Getting started". Jelurida.
  5. ^ "About Jelurida | Jelurida". www.jelurida.com. Retrieved 2021-03-10.
  6. ^ "Call for evidence, Investment using virtual currency or distributed ledger technology" (PDF). ESMA.
  7. ^ Franco, Pedro (2015). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex: John Wiley & Sons. pp. 203–204. ISBN 978-1-119-01916-9. Retrieved 2018-11-21.
  8. ^ Lee, David Kuo Chen; Low, Linda (2018). Inclusive FinTech: Blockchain, Cryptocurrency and ICO. New York: World Scientific. p. 90. ISBN 978-981-3272-76-7. Retrieved 2018-11-21.
  9. ^ "Nxt Core Team launches full suite of Smart Transactions". EconoTimes. 2016-07-26. Retrieved 2021-03-11.
  10. ^ "Bitcoin Is Challenged as Danish Bourse Offers NXT Trading". www.bloomberg.com. 18 July 2014. Retrieved 2024-04-20.
  11. ^ "Bitcoin competitor NXT in modest start to trade vs the dollar". www.reuters.com. Retrieved 2024-04-20.
  12. ^ "Bitcoin Pioneer Skeptical of the Latest Satoshi Nakamoto". www.bloomberg.com. 19 August 2019. Retrieved 2024-04-20.
  13. ^ "Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto". www.pcworld.com. Retrieved 2024-04-20.
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