Review on Nxt by francis fernandez
NXT: a blockchain solution for multiple services on the network
NXT is a digital currency that serves as the main engine for the global commercialization of services and applications based on blockchain technology; such as: storage of documents in the cloud, exchange of assets under a peer-to-peer mode, minting of cryptocurrencies and other decentralized functions.
The NXT platform constitutes a monetary ecosystem that links buyers and sellers in a network of commercial transactions resulting from the exchange of blockchain services through the use of their digital currency.
Token:
The chain uses the NXT token as the executing arm of operations on the platform and as a means of monetizing exchanges, rewards or fees.
The asset can be stored in the chain's wallet after configuring the account.
Operation of the commercial exchange:
The commercial exchange between buyer and seller is carried out in the chain safely without the intervention of any third party. Once the buyer makes the payment to the seller, they receive a link to download the product. Utilities:
• Serves for the secure backup of documents and confidential immutable files in the cloud of the platform.
• Allows the design of a monetary system through the minting of cryptocurrencies and their immediate incorporation into the NXT platform or any compatible exchange chain.
• Allows private financial operations and difficult to trace. This requires the random distribution of funds in a new account.
Technology-Consensus:
The NXT platform is a chain of blocks of P2P network operation; In other words, its infrastructure is intended for communication between applications.
This mechanism has the advantage of allowing people or servers to share files and information from one to another without the intervention of third parties.
The chain forms a network of nodes that behave as equals to each other, regardless of fixed servers. Regarding the consensus protocol, it uses the Proof of Stake system.
This voting system maintains control of the account only with the authorization of the majority of the members.
Pros
- It is an open source platform.
- Allows the exchange of crypto assets in a peer-to-peer network.
- Offers decentralized document storage service
- It allows to develop a trading system within a secure and decentralized platform.
Cons
- There are no disadvantages in its use.
