Nxt
Cryptocurrency
From Wikipedia, the free encyclopedia
NXT is an open source[citation needed] cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext.[1] It uses proof-of-stake to reach consensus for transactions—as such, there is a static money supply. Unlike Bitcoin, there is no mining.[2][3] NXT was specifically conceived as a flexible platform around build applications and financial services, and serves as basis for ARDR (Ardor), a blockchain-as-a-service multichain platform developed by Jelurida, and IoTeX (cryptocurrency)[4] the current steward of NXT as of 2021.[5] NXT has been covered extensively in the "Call for Evidence" report by ESMA.[6]
Nxt Logo | |
| Denominations | |
|---|---|
| Symbol | NXT |
| Nickname | Nxtcoin (also incorrectly referred to as Nextcoin) |
| Subunits | |
| 1 | NXT |
| 10−8 | nxtQuant |
| Demographics | |
| Official user | Global |
| Administration | |
| Issuing authority | Administration Decentralized peer-to-peer consensus. |
| Date of introduction | 24 November 2013 |
| Inflation_rate | Disinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013). |
| Website | |
| Authority website | www |
History
Nxt was developed by an anonymous software developer and released in November 24, 2013. It was developed to be used as a financial tool and application platform, which used a built in asset exchange system dependent on proof-of-stake instead of proof-of-work.[7]
NXT was created with a total of one billion coins.[8] On 28 September 2013, BCNext created a forum thread announcing the proposed launch of NXT as a second generation cryptocurrency and asked for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013, fundraising for NXT was closed.
The initial coin offering collected 21 bitcoins that were worth US$17,000.[9]
In 2014, the Danish virtual currency exchange CCEDK began allowing the trading of NXT for fiat currency. At the time, according to Reuters, NXT was the fourth largest cryptocurrency with a market cap of $45 million. It had a user base of around 20,000 active users.[10]
In 2015, the developers of the game Voxelnauts planned to use Nxt to provide ownership rights of items in the game.[7]
In July 2016, NXT launched Smart Transaction templates, which were meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.[11]
