Review on Nxt by Olugbenga Ajayi
NXT, a secure cryptocurrency project
NXT is a crypto currency project that was developed about seven years ago, 2013 to be specific. It was designed as a developers platform for developing dapps and financial applications. The project has many features including inbuilt development kits based on Java programming language which is also the language with which it was designed. It also has other features like inbuilt decentralized exchange, financial systems, messaging system and lots more. Users can also create digital currencies on the native coin NXT.
The project uses proof of stake algorithm for voting and that encourages community participation. Also it makes block creation speed to be very fast. Furthermore, it doesn't face problems of coin instability.
However since the NXT is not minable and the initial units were released to only 73 people, the fear is that the entire future of this project might be dictated by these few individuals.
Pros
- NXT is an open source project built from scratch and verifiable on the GitHub
- Being a proof of stake based project, it leaves lots of control in the hand of it's community of users
- Its inbuilt decentralized exchange offers anonymous trading
- The project makes creation of dapps easier for developer as it provided all needed toolsets
- Block creation speed is very fast
- Users can also create their own private keys
Cons
- The project is open to many forms of attacks including the 51 attack
- The future of NXT may be in the hand of a few since all initials units was released tob73! people
