Nxt Wiki



What is Nxt?
Introductory video!

Nxt is considered a second-generation cryptocurrency. With all the altcoins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designed this way for a number of reasons:


 * 1) It is not an "alt coin" like coins such as litecoin, peercoin, and others who have their code based on Bitcoin 's source code.  It is brand new from scratch with its own code.
 * 2) It provides built in support for planned extra features such as a decentralized peer-peer exchange, colored coins, messaging/chat, decentralized DNS, and options for instant transactions.
 * 3) It is a 100% proof of stake (PoS) versus the proof of work (PoW) mechanism the vast majority of other coins are based on.  This effectively removes a large security risk inherent in most other coins, as the issue of a 51% attack or other vulnerabilities inherent to PoW coins is gone.  The biggest plus here is how "green" this protocol is in terms of power consumption, since PoS doesn’t require massive amounts of hashing power
 * 4) It was announced weeks in advance, unlike mere hours like most coins.  The 73 stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of bitcoin (donated by them, 21 BTC total) into the genesis block.  This is a requirement for this PoS system to work and this distribution is now in progress.  Nxt is listed on http://coinmarketcap.com/ and people are trading on a 1-on-1 basis in the forums as well as on a temporary (centralized) exchange http://www.dgex.com.
 * 5) When released for production in Jan 2014, Nxt will have a very slick new feature called "Transparent Mining", which will allow each user's client to automatically determine who will generate the next block, so that they can then send their transactions to that node. This will also allow additional fees to be realized for immediate/priority transactions. An equally important feature of Transparent Mining is an outstanding security feature of the protocol to temporarily reduce to zero the mining power of nodes who should generate the next block but don't. This transparent mining feature will prevent against even a 90% majority owner of all NXT branching out and forcing a fork. So if a node that has 90% of all NXT, and doesn't generate a block when scheduled, the system will reduce its mining power to zero temporarily to prevent a bad fork from being forced.

'''Next: Learn more about Nxt's history, its current features and its planned features ... or jump right to getting started!'''





