Review on Nxt by Olukayode Oyelami
NXT OPEN SOURCE CRYPTOCURRENCY AND PAYMENT NETWORK
It is digital currency that make use of proof of stake for it transactions. The project make it possible for the user to create new currencies. It is one of the currency that depends on proof of stake which means it requires user to show ownership of certain amount of currency. The platform is secured to some extent. it has structured the security in the way that if anyone wants to attack NXT it will automatically reduce the value of the cons of the attacker. Note that attack is possible if the person has above 50 percent of the coin supply that is forging. It exchange known as Asset exchange. There are many services on the exchange which includes, colored coin, peer to peer exchange, and you can even chat on it. It allows the currency holders to cast vote which contribute to the development of the platform. NXT is stored in NXT crypto network not on phisical device.
Pros
- It uses proof of stake which requires little computation and energy
- You don't need central service to access the APL
- It works in mobile device.
- Holder of the coins can vote
Cons
- High risk of attack if Coins not distributed
