What is Nxt (NXT)?
Nxt is a blockchain service that has a host of different features that adhere the principles of anonymity, individuality, and direct peer-to-peer interaction. Rather than being just another cryptocurrency, Nxt is an entire platform that also includes its own storage, its own marketplace, and features that people can use to keep their activity private and even coordinate larger numbers of people who can jointly run an account on the service. Buy Nxt (NXT) India – BuyBitcoin
The following are some of the main features built into the Nxt platform:
- Assets and Asset Exchange: You can have an asset represent anything (such as bonds, reservations, movie tickets, trademarks etc) on this platform and trade them through the peer-to-peer exchange.
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- Monetary System: The Monetary System allows you to create your own cryptocurrency and immediately start trading it on the Nxt platform or on any exchange that supports the Nxt Monetary System.
- Marketplace: You can safely sell digital goods on the marketplace without the use of typical middlemen. Once a purchase is made, you receive a link to download the digital good. It’s unclear what the ramifications would be for Nxt if people sold illegal material on the marketplace, as the decentralized nature of the platform would prevent the item from being removed.
- Messaging: All transactions can include a message, and the platform encrypts the message by default.
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- Voting: Nxt highlights their voting feature. Through this, you can have an account require the approval of multiple parties in order to make a transaction. This could be useful within organizations such as cooperatives or charities.
- Coin Shuffling: Coin Shuffling is meant to anonymise where your coins came from. However, the Nxt blockchain system is not designed for every day shuffling. Traditionally “every transaction can be seen and traced.” However, through the Coin Shuffling feature, you need to create a new account and then have your funds randomly distributed through multiple user accounts before entering the new account.
Who’s Behind Nxt?
At first, Nxt was being developed by an anonymous individual, or group of individuals, before it was taken over by Jelurida, a blockchain developer that now owns the rights to Nxt and is steering its development.
Jelurida is run by Kristina Kalcheva, a specialist in law, and Lior Yaffe, a software developer from Israel and the senior developer for Jelurida.
This company isn’t just working on Nxt, but also on a project called Ardor, a platform that’s supposed to use the blockchain principles of Nxt and make them scalable so that the technology can be used on larger scales without compromising security.
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