I've been trying to explain NXT to newcomers to bitcoin and the altcoin space and so far I've come up with the following. Feel free to rehash it if needed. I mean nxt has alot of moving parts and its kind of hard to explain it all without users diving into the application to try it themselves.
Nxt crypto-currency platform shares many similarities with the Linux operating system, particularly in its support of the open-source ethos.The Nxt core code was written in Java by the developer 'BCNext', with the Nxt system going live on November 2013, utilising its own native blockchain separate from Bitcoin.
It's a '2nd gen' crypto-currency and platform, which means that in addition to the basic features of '1st generation' systems such as Bitcoin, Nxt has been designed to be a modular system with a group of core features that can be used as a foundation for 3rd party projects. Think of it more of a platform, than a currency.
The current Nxt core features are:
-Decentralized Messaging, both encrypted and unencrypted.
-Decentralized Data Storage
-Decentralized DNS system. Think of it as a "decentralized domain registrar" like godaddy, but without a central authority.
-Decentralized Marketplace for all goods (think ebay/silkroad without a server).
-Decentralized Stock Market (Asset Exchange). Allows the issue and trading of Assets (stocks/shares).
-Monetary System. Allows the creation of a sub-currency on top of the NXT blockchain running in parallel.
For more info:
http://jnxt.org/nxt -Actual Live wallet (click the 'man' icon and sign in with alias 'nxt' for a live demo)
