Im the first one to admit if there's a new currency that Is somewhat better than the rest. I just don't trust a coin that you can't back up. I created the start.bat file added trusted peers. And was placed for payment with the faucet. The only problem is there is no blockchain or block explorer to verify that transaction and It says that they are moving the blockchain to a different server? Coins are forged not mined. Proof of stake Only Currency?? What is this. Someone enlighten me. Please. I would like to understand.
NXT is a departure from traditional cryptocurrency in several ways.
1. There is no mining for new coins. New coins are awarded probabilistically according to the amount of coins you already have. It's like getting interest at unpredictable intervals, adding up to an "average" that's fairly consistent.
2. There is no way for a person who does not have coins to get coins. The only ways in are to have gotten them in the preannounce period, get them from a faucet, buy them from someone else, or steal them.
3. It is not based on Bitcoin sources. The source code is a completely new implementation, and is rumored to be in Java and PHP. Also, it is not available to the public yet, although several people have disassembled the publicly available JARs for the client. It is claimed that the sources will be available on Jan 2 2014. I am curious to discover whether this is true, and if it is, whether it contains security flaws that someone will immediately exploit.
4. It is not a full peer-to-peer network. There is a central server without which the entire system does not function.
5. The majority of NXT is held by the 75 or so people who got them during the preannounce period.
6. Because the code has not been reviewed much, it is not clear whether there is any anonymity at all, or whether transactions are unlinkable.
