Review on Nxt by Saloote Sakai
This is my favorite project in cryptocurrencies
This cryptocurrency uses the Proof-Of-Stake (POS) algorithm to reach collective bargaining for transactions; therefore, its supply rate is fixed and, unlike bitcoin, it does not have any extraction process. Specifically, it is a flexible platform designed to build applications and financial services, and users can create new currencies in the system. Has been activated.
Because Nxt has an unchanged initial public offering, no new coins are created for block rewards on the network. After having Nxt for about a day (1440 approvals), Nxt software starts to complete the block generation process and the user can potentially earn coins as long as the account is unlocked.
Future versions of Nxt will include "Transparent Forging" as stated in the release statement; A feature that allows the software to predict which accounts will create future blocks. This feature speeds up transaction processing, as the account that creates the next block is known.
The Nxt monetary system allows you to create and trade new tokens. These tokens are called "Currencies". Currencies are a special class of assets that have several additional parameters, such as the ability to support them with NXT to stabilize their value. The monetary system allows a person or project that needs digital currency to create it quickly and then use it immediately.
Updated 3 years ago
Rating has not been changed
In my new update, I did more research on this project. I did not write about the transactions of this network in the review. But the cost of the transactions surprised me. Many cryptocurrencies now have high transaction fees to transfer. But with nxt currency we no longer have to pay a lot of money. This platform performs transactions at a cost of less than $ 0.1 and also the time of sending transactions is very short. Compared to Bitcoin, this platform is a great leap.
Pros
- Nxt was written entirely from scratch and used several existing encryption methods
- Instead of storing keys in a wallet file, NXT provides security through a secret password; This means that it can be accessed from any instance of Nxt software, which I think is much better than Bitcoin.
- NXT messaging system allows us to send and receive information in Blockchain, which is a very new feature for 2013
- Ability to create new digital currency
Cons
- The maker is unknown and it is inconceivable that they are still working on the project and are optimistic
