Bitcoin is the first decentralized cryptocurrency that conquered the industry for a very long and is still counted one of the popular cryptocurrency across the world. However, now there is another cryptocurrency that has made in the top-shelves is NXT. It is also known as cryptocurrency 2.0 which is considered as a revolutionize in the financial technology and governance industries.
In this post, let’s discuss what is NXT and everything you should know about NXT.
It is an open source cryptocurrency and payment network platform which was introduced by BCNext, an anonymous software developer in November 2013. NXT is a flexible platform which is capable of building applications and financial services. NXT uses proof-of-stake which helps to reach an agreement for all the transactions. Unlike bitcoin, it has a static money supply and no mining.
The majority of the blockchain platform of the cryptocurrency projects built on the popular Bitcoin’s source code. However, NXT standout the list by using its own blockchain and source code written in Java.
NXT come into the play because the developer of NXT wanted to explore new technology, wanted to experiment more and want to open a room for the capabilities that can blockchain is capable of. The major motive of this platform to enhance the basic functionality of pioneering cryptocurrencies like Ethereum, BTC Cash and Bitcoin.
Origin of NXT
NXT is a fast, functional and decentralized cryptocurrency, which was initially introduced back in 2013 by BCNext, an anonymous software developer. In the starting, it was presented on bitcointalk.org. This new generation cryptocurrency gained around 21 Bitcoins in financing where the Bitcoin was worth around $250. So, the developer of NXT, released one billion coins to 73 stakeholders in ratio to the amount of Bitcoin they contributed.
Later, all the coins were successfully circulated to people via trades, giveaways and bounties for the ongoing development of the platform. After a while, BCNext walked away from the project and NXT Foundation was moving ahead with new plans and strategies.
Is it possible to mine NXT?
Well, it is not possible to mine NXT. It is an entirely pre-mined cryptocurrency which comes with a limit of 1,000,000,000 NXT coins. So, NXT can’t be mined.
How can NXT be earned?
You can earn NXT via forging and trading. Let’s check them both.
How to earn NXT via Forging?
NXT depend on the transaction fees made on the NXT platform to reward the miners, this process of a transaction is known as Forging. So, NXT can be earned by the miner and the least amount fee for any NXT transaction is 1 NXT.
- A user needs to buy NXT coin from an exchange as your preferred.
- It is required to set up a native NXT wallet & install it on your machine.
- Now, let your wallet to run and forge for the network.
How to earn NXT via Trading?
It is possible to earn NXT via trading. You can earn digital currency via exchanges, all you need to do is earn tokens through trading on different cryptocurrencies and authorization. You can earn the NXT by taking the help of market fluctuations.
From where you can buy NXT?
If you are looking forward to buying NXT or want to take part in upcoming ICOs then possibly you can go with the Bitcoin to trade on well-known exchanges like Poloniex and Bittrex.
Where to store NXT
If you’re one of the cryptocurrency enthusiasts who prefer to keep all the coins and transactions, then you can easily keep your assets here as well. Yes, that’s possible! You can create your account along with a passphrase that means a key to access the data you end up storing on the blockchain. Before going further, you can have a look at the detailed walkthrough of logging in and set up for your better understanding.
Which International Cryptocurrency Exchanges Support NXT?
The new generation cryptocurrency -NXT has a wide range of supporters and available on various websites for trading. Bittrex, Poloniex, CoinEgg, C-CEX, Livecoin, AEX, Stocks. Exchange, Bitcoin Indonesia, HitBTC, Upbit and LiteBit.eu are some of international cryptocurrency exchanges for NXT.
Well, for now, it is not possible to say that whether NXT is going to dry up or going continue its growth. However, it has attempted to provide a solution for scalability and also offer tons of amazing features like Messaging, Voting, monetary system, data cloud and coin shuffling so chances are really high that it might shine like a star.