Review on Nxt by Inioluwa Okedeji
NXT: The Project That Paved Way For The Complete Utilization Of The Proof-of-stake Consensus Protocol.
NXT is one of the very first project developed by the Jelurida company. Launched in 2013, NXT is an open source blockchain platform and also the first cryptocurrency project to solely depend on the proof-of-stake algorithm in its operations. This I see as a landmark achieved in the cryptocurrency world as this has paved way for other projects to follow in making use of the proof-of-stake consensus.
Being a Jelurida project, the success of the NXT project inspired other projects like Ardor to be developed and such projects were then built on the NXT blockchain to show and further prove the success of the project.
The existence of the NXT project has shown that the technology of the blockchain network is embedded with the potential to change and transform important aspects of our day to day lives with the various projects and other decentralized applications that can be built on the blockchain network.
The NXT platform has remained one of the most tested and reliable platforms in the cryptocurrency industry, With its proof-of-stake algorithm ensuring that the project is secured which has been proven over the years since its launch because the platform has never been breached, and other easy to use features available on the platform. This shows that the NXT blockchain is perfectly suitable for implementation by other projects.
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Updated 3 years ago
Rating changed from 5 to 4
In addition to my previous review, apart from its unique pure POS feature, and the fact that it has its own blockchain, NXT also shares quite a number of similar features (such as Assets exchange, voting system, data cloud, marketplace, etc) with some other Ardor child-chain projects, and this doesn't come as a surprise because NXT is a significant part of the Ardor ecosystem.
Also, in the Ardor ecosystem, I found out that NXT is the first blockchain to launch a user-friendly, decentralized assets exchange, that allows any user the opportunity to issue an asset on the NXT blockchain. Being a user-friendly assets exchange, means that users interaction with the platform and several other features of the exchange will be in a nothing but friendly manner, allowing users to freely use the platform and execute different trading activities and assets transfer without any hitch, and all being executed on the NXT blockchain.
I haven't really had much experience or let me say any experience making use of the NXT blockchain, so I'll just make known my perspective on some of the amazing features of this project.
Now, one other significant feature of the NXT blockchain is the free opportunity to issue tokens. This feature allows users to create their own tokens on the NXT blockchain. There are varietes of reasons for issuance of tokens, from the tokenization of company shares and assets to crowdfunding purposes. In short, a feature available for anyone/any user who desires to issue a token for whatever reason. My perspective on this feature is that, it makes it very easy and less stressful for companies to issue and create tokens, and will benefit the NXT blockchain as well in terms of increased integration and utilization which will see more projects flock to the NXT blockchain.
The NXT voting system feature is a proof of its decentralized nature. This is because it allows anyone/user to set up a poll on any topic of consideration, one that can also be configured to different number of options, allowing users to freely express their opinions in form of votes on any topic or development, which is another proof of the transparent nature of the NXT project.
Other features available on the project to ensure user privacy and safety of activities are coin shuffling, encrypted messages, conditional transactions, data cloud, etc. All these features are in existence in accordance with its claim to being a user-friendly platform.
Not forgetting the NXT token as well, which is currently valued at $0.01, a pretty low value which can be attributed to the state of the NXT project itself or the bearish nature of the present cryptocurrency market in general. The NXT token plays a significant role in the voting system by influencing users voting impact on a poll, depending on the amount of tokens and balance.
Also, my point of view on NXT being the first Pure PoS (PPoS) blockchain is that, being the first to launch or develop a particular innovative feature, should tantamountly mean taking the lead on that particular feature, although not in all cases, but it is a surprise that even though NXT is the genesis project for the PPoS function, it isn't being reflected in its popularity in the cryptospace at all, which I also feel is affecting the project in terms of acquiring investors and the prospects of integration with other projects. This is slightly disheartening because to me NXT has really fallen below par in this aspect even though it is the progenitor of the PPoS function, I believe it should live up to that reality and expectation.
My final take on NXT is that, it is an amazing project, no doubt with amazing features and these innovative features are solutions to some of the flaws of the blockchain technology in general. NXT has the potential to be a great project but it mostly needs to up its popularity. Hence, I feel the need to reduce my rating on this project.
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Pros
- The NXT blockchain can be used for storing data and also transfer of files.
- The opportunity for every user to have their assets tokenized
- The security of the platform is top notch for it has never experienced any security compromise or breach since its establishment.
- NXT applications have been made easily accessible for users on Android and Linux devices
Cons
- One can only wonder how such a project could be this old and still have low popularity, this is a flaw on the part of the project.
