Review on Nxt by Stephen Toluwani
NXT is one great Crypto Project
The NXT project is one of the Jelurida first and oldest projects that came to being in the early Crypto days. NXT is said to be the first Crypto project to make use of the Proof of Stake for it's blockchain to be energy efficient. It's coins therefore cannot be mined and it's PoS Blockchain has kept it from being breached since 2013. The use of NXT has been simplified to allow users of whatever devices like Android and Linux access it's rich features
Speaking of its features NXT integrates a lot of features that comes to meet the needs of every Crypto users. These features include;
1. Arbitrary Messaging: This feature of the NXT software allows one to send encrypted messages that cannot be intercepted by a third party unless such has the encryption key. This allows for uncensored messaging and anonymity
2. Data Storage: The NXT Blockchain can be used for data storage and file sharing services (Data Cloud). The process of storing ones data is a very simple procedure which I was able to complete in a matter of seconds using the NXT wallet Android app. The only backdrop in it's data storage is that, it can only store small amounts of
3. Tokenized Assets: On NXT, every user (either full node or light client users) can issue their tokenized assets on the NXT Blockchain. These tokenized assets could be Company shares, work of arts or digital representation of physical
4. A Voting System: The voting system available on NXT allows anyone using the NXT Blockchain to create or participate in a poll. One nice feature of its voting system is that, one could set the voting to be either by account or by number of NXT coins
5. Decentralized Marketplace: With over 170 products available on its decentralized market, every user of NXT can trade tokens and assets in it's inbuilt exchange. There is an added feature for which one could leave a public comment after making a purchase. The decentralized market has a good user interface, it just looks old-fashioned
6. Alias Name Service: This integrated feature of NXT allows one's Account to be easily identified when making transfers or sending messages instead of using long strings of the account address
7. Multi-signature Accounts: On NXT, Multi-signature Accounts can be configured and this is useful for Organizations and companies as this Multi-signature component of NXT allows shareholders of the asset (like tokenized company share) to vote on the company's spending
The major aim one could see in the NXT project is to allow the integration of its Blockchain usage into the every day life of everyone. Considering the value of its coin NXT, one could say, the implications of the fees for every usage of its blockchain needs to be reviewed as this fees may range from cents to dollars. It's really a great project but is yet to achieve popularity and adoption, probably advertising and airdrops could make it more visible to the world today. It's a great project that can be utilized for every Blockchain needs and is therefore highly recommended
Pros
- NXT is an old Crypto project that has never experienced any breach on its software
- The NXT Blockchain can be used to store small amounts of data in a cryptographic manner that ensures encryption
- On NXT, one could issue tokenized assets which can be sold on its Decentralized market
- There is a name service on NXT that allows one's Account to be identified easily
Cons
- Every action that one takes on NXT requires a fee
- It's features are really great but it's not popular despite being an old project
