Review on Nxt by Benaiah A. Akinlade
Nxt: Breaking the monopoly of Bitcoin with a brand new self sustaining code
Nxt is another chain service that is available on the Jelurida website. It is an open source blockchain, crypto and payment network platform that functions primarily on the principle of the PoS (proof-of-stake) consensus protocol. The code for Nxt was created from scratch in Java programming language by BCNext.
NXT is the native token of Nxt and it was created with a total of 1 billion coins. The token is a second generation cryptocurrency. This means that NXT is not an altcoin because Altcoin’s codes are based on Bitcoin's source code, while NXT’s code is generated from scratch without any iota of forking from Bitcoin.
The token is available for trading in pairs with these tokens; BTC, CNC, IDR, USD, ETH, USDT, etc.
Nxt comes with with a variety of simple modular in-built features that covers virtually all of the digital Application use cases which is also adaptable and suitable for implementing private blockchains. The Nxt platform comes with up to 14 different features as mentioned; Asset Exchange, Voting System, Data Cloud, Coin Shuffling, Monetary System, Balance leasing, Marketplace, Messaging, Aliases, Conditional transactions, Multi-Signature Accounts, Funding monitors, Plugins and Add-ons, and Account properties.
Nxt marketing strategy should be improved through active presence on social media. I see it only active on twitter. There should be more integration with other social media platforms to make Nxt a household name in the cryptospace.
Pros
- It’s PoS mechanism eliminates the security risks usually attributed to other coins that utilises PoW
- ‘Transparent Forging’ is a new feature and synonymous with Nxt. It enables Nxt to have to cards rates of transactions (such as Visa and Mastercard)
Cons
- Nxt is not very active on many social media platforms
- NXT token trading value is low
- Nxt is yet to be available on popular crypto exchanges
