Why Nxt is the future?

[+]

Why Nxt is the future?

[ShroomsKit_Disgrace]

Just an introduction:

Nxt is considered a second-generation cryptocurrency, and it provides a new platform for a full de-centralized economy.  With all the alternative coins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designed this way from the ground up.

It is not an "alt coin" like litecoin, peercoin, and other variants whose code is based on Bitcoin's source code.  It is written from scratch, in all-new source code. The Nxt Source Code was first partially released in January 3d, 2014 and fully released by Jean-Luc, the main developer, in March 1st, 2014. You can evaluate it here.
It provides built-in support for robust features such as a decentralized peer-to-peer exchange, voting system, messaging/chat, decentralized DNS, and options for instant transactions. Many Bitcoin-based currencies implement one or two of these features on top of the existing Bitcoin network. Nxt implements all of them on an improved network model that is built for speed and scale.

It is 100% Proof of Stake (PoS), versus the proof of work (PoW) mechanism the vast majority of other coins are based on.  Instead of using powerful computers to "mine" new coins, Nxt leverages the balances of existing accounts to "forge" blocks, rewarding forgers with transaction fees. The Proof-of-Stake algorithm is efficient enough to run on smartphones and small devices like the Raspberry Pi platform. In addition, this method effectively removes a large security risk inherent in most other coins: the issue of a 51% attack and many of the other vulnerabilities inherent to Proof-of-Work coins are gone. However, currently there's also mining pools available that deliver payout in Nxt if you want to mine, such as Hashrate.org and NxtPool.org.

The energy efficiency of Nxt network makes it a green cryptocurrency, not sharing the negative ecological impact of proof-of-work. Several extensive calculations have been made showing Nxt is, at least, several hundred times more energy and cost efficient than Bitcoin. You can read the Nxt Network Energy and Cost Efficiency Analysis document.

It was announced weeks in advance, unlike mere hours like most coins.  Based on an injection of 21BTC by 73 original stakeholders, 1 billion Nxt coins were ejected from the Nxt genesis block and are currently being distributed to thousands of account holds through giveaways, trades, and bounties for ongoing development of the platform. Nxt is listed on CoinMarketCap and it can be traded in multiple exchanges, such as BTER, DGEX, Cryptsy, Poloniex or Bittrex, among others.

Soon, Nxt will have a very slick feature called "Transparent Forging", which will allow each user's client to automatically determine which server node will generate the next block. This allows clients to send their transactions directly to that node, minimizing transaction times. Immediate and high-priority transactions can be processed for additional fees. An equally important feature of Transparent Forging is an outstanding security feature of the protocol, which can temporarily reduce to zero the forging power of nodes who should generate the next block but do not – penalizing accounts that do not actively support the network, and distributing that power to nodes that do. With transparent forging, even a 90% majority owner of all Nxt will be prevented from branching out and forcing a forked blockchain: if a node has 90% of all Nxt, and doesn't generate a block when scheduled, the system will reduce its forging power to zero temporarily to prevent a bad fork from being forced.

[zvs]

Because I'm not done making OppaiCoin yet

[Orgazmo]

NXT is scum.You need to put in 5 or more BTC's to forge something.In two months i forged 0 NXT with 19000 NXT in my wallet,and generated two blocks( 0 NXT each) Now I sold all my NXT and bought Yin & Yang coins!

[bitcoinpaul]

NXT is scum.You need to put in 5 or more BTC's to forge something.In two months i forged 0 NXT with 19000 NXT in my wallet,and generated two blocks( 0 NXT each) Now I sold all my NXT and bought Yin & Yang coins!

That's forging in a POS currency. You can 'mine' NXT with hashrate.org, if you want POW experience.

[lopalcar]

NXT is scum.You need to put in 5 or more BTC's to forge something.In two months i forged 0 NXT with 19000 NXT in my wallet,and generated two blocks( 0 NXT each) Now I sold all my NXT and bought Yin & Yang coins!

That's forging in a POS currency. You can 'mine' NXT with hashrate.org, if you want POW experience.

Don't bother, if he can't see what nxt is and only care about mining, let him do what he want, is like talking to the wall... he is comparing another shitclone to nxt again 

[ShroomsKit_Disgrace]

NXT is scum.You need to put in 5 or more BTC's to forge something.In two months i forged 0 NXT with 19000 NXT in my wallet,and generated two blocks( 0 NXT each) Now I sold all my NXT and bought Yin & Yang coins!

I bet my left arm you've never got any NXTs.

It seems you actually had some NXT. 

I see the problem is you were in NXT to "become rich forging", and that is stupid as hell.

[Huangww]

face the reality

[nextgencoin]

I think the bigger question is not that NXT is the future but the major things NXT innovated and first brought to the Crypto world are the future. ie Decentralized  trading (MtGox taught us all why that is important), plus ability to trade other things including commodities and fiat, This goes along with privacy but I think Darkcoin is doing more for that than NXT, mining in a green way, ability to send other forms of information along the network etc.

So I think the issue is not about NXT but who brings these things to market first in a way that encourages mass adoption. Why? Because just like banks that actually lose money to get young kids saving at banks with giveaways etc cause they know once they get the average person hooked into a system they tend to stick with it just out of apathy and feelings of familiarity. So NXT might not be the one that everyone ends up using, there are clones that have the same functions like NEM, NXTL, there are new codes with similar functions like EXO and Qora. And there is bound to be more in the future that try to make the best system that brings together all the things people want in a decentralized system.

And so once a person gets comfortable inside a wallet doing all they need to do then I think the race is over. New coins or new systems will simply have to integrate with that main system. While Bitcoin is great I believe it will just be one of hundreds of currencies that will trade within a future system. What we are in is akin to the Microsoft Apple battle of dominance for PC or Android and OS for mobile. In fact Apple or Android are just as likely to be the winners in crypto if you can see a bigger picture cause they have the leverage to buy up innovation and put an Apple/Android logo on it. Though I guess thats gonna be pretty hard with decentralization but I expect big players to want the innovation of NXT without the decentralized bit, Ripple anyone?

[EvilDave]

What NXT is going to become, (if things go as planned) is the 'One Ring' of crypto:
NXT will rule them all.

With AE and gateways in place, all other cryptos can be traded from within the NXT system.......no more need for exchanges, no more MtGox, CryptoRush, etc. situations.
Trustless, decentralised trading will make centralised exchanges obselete in the medium to long term.
Couple this with the ability to issue assets over the AE:  people will able to create pretty much any kind of virtual asset from within NXT.
Why go to the trouble of creating, for example, a new coin from the ground up, when you can issue anything you can imagine on top of the NXT blockchain?  

[+]

Because I'm not done making OppaiCoin yet

What's OppaiCoin?

[nextgencoin]

What NXT is going to become, (if things go as planned) ir the 'One Ring' of crypto:
NXT will rule them all.

With AE and gateways in place, all other cryptos can be traded from within the NXT system.......no more need for exchanges, no more MtGox, CryptoRush, etc. situations.
Trustless, decentralised trading will make centralised exchanges obselete in the medium to long term.
Couple this with the ability to issue assets over the AE:  people will able to create pretty much any kind of virtual asset from within NXT.
Why go to the trouble of creating, for example, a new coin from the ground up, when you can issue anything you can imagine on top of the NXT blockchain? 

But surely NXT has no no more power to be the 'one' than even one of its clones. If everyone gets on board with NEM then why would people need to go to NXT? Plus people might chose different platforms to do the same things. Some NXT, Some NEM, some NXTL. Many might use a few of them.

[MadisonC]

NXT is scum.You need to put in 5 or more BTC's to forge something.In two months i forged 0 NXT with 19000 NXT in my wallet,and generated two blocks( 0 NXT each) Now I sold all my NXT and bought Yin & Yang coins!

Yin & Yang coins is very good coins. Rising quickly these days.

I think the NXT now lack of financial support, obviously weaker

[EvilDave]

What NXT is going to become, (if things go as planned) ir the 'One Ring' of crypto:
NXT will rule them all.

With AE and gateways in place, all other cryptos can be traded from within the NXT system.......no more need for exchanges, no more MtGox, CryptoRush, etc. situations.
Trustless, decentralised trading will make centralised exchanges obselete in the medium to long term.
Couple this with the ability to issue assets over the AE:  people will able to create pretty much any kind of virtual asset from within NXT.
Why go to the trouble of creating, for example, a new coin from the ground up, when you can issue anything you can imagine on top of the NXT blockchain? 

But surely NXT has no more power to be the 'one' than even one of its clones. If everyone gets on board with NEM then why would people need to go to NXT? Plus people might chose different platforms to do the same things. Some NXT, Some NEM, some NXTL. Many might use a few of them.

NEM seems to be heading in a different direction to NXT, concentrating more on first gen features (ie using it like money) whereas NXT is concentrating on its 2nd generation functinality, such as the AE and other advanced applications.

But, yeah, in principle, any NXT clone could become the 'One Ring', providing they can actually implement the advanced feature set. Look at how NAS went: a very badly implemented clone that seems to have been little more than an attempt to cash in on NXT.
Don't forget that there is a hell of a lot of development work and infrastructure creation going into NXT right now, while most NXT clones are still figuring out how to launch.

One of the basic concepts behind NXT is that NXT will offer such a range of features that people simply won't need to look beyond the NXT system.

One thing for sure, the next few months are going to be very interesting in the 2nd gen crypto world.
(Just for clarity: I'm a NEM stakeholder, so I would be quite happy to see NEM succeed.)

[TaunSew]

Currency, even gold, has always been fiat in the literal sense, fiat being faith.  There has been too many scandals in the NxT camp to make it a currency.

NEM will be a contender for a currency based on a combination of innovation and distribution to 3000 stakeholders.  We already have more activity on BTT at our pre-launch stage than NxT had in 2013.

[techboy]

This will be an interesting match up between nxt and nem

[jc2alvarez]

Just an introduction:

Nxt is considered a second-generation cryptocurrency, and it provides a new platform for a full de-centralized economy.  With all the alternative coins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designed this way from the ground up.

It is not an "alt coin" like litecoin, peercoin, and other variants whose code is based on Bitcoin's source code.  It is written from scratch, in all-new source code. The Nxt Source Code was first partially released in January 3d, 2014 and fully released by Jean-Luc, the main developer, in March 1st, 2014. You can evaluate it here.
It provides built-in support for robust features such as a decentralized peer-to-peer exchange, voting system, messaging/chat, decentralized DNS, and options for instant transactions. Many Bitcoin-based currencies implement one or two of these features on top of the existing Bitcoin network. Nxt implements all of them on an improved network model that is built for speed and scale.

It is 100% Proof of Stake (PoS), versus the proof of work (PoW) mechanism the vast majority of other coins are based on.  Instead of using powerful computers to "mine" new coins, Nxt leverages the balances of existing accounts to "forge" blocks, rewarding forgers with transaction fees. The Proof-of-Stake algorithm is efficient enough to run on smartphones and small devices like the Raspberry Pi platform. In addition, this method effectively removes a large security risk inherent in most other coins: the issue of a 51% attack and many of the other vulnerabilities inherent to Proof-of-Work coins are gone. However, currently there's also mining pools available that deliver payout in Nxt if you want to mine, such as Hashrate.org and NxtPool.org.

The energy efficiency of Nxt network makes it a green cryptocurrency, not sharing the negative ecological impact of proof-of-work. Several extensive calculations have been made showing Nxt is, at least, several hundred times more energy and cost efficient than Bitcoin. You can read the Nxt Network Energy and Cost Efficiency Analysis document.

It was announced weeks in advance, unlike mere hours like most coins.  Based on an injection of 21BTC by 73 original stakeholders, 1 billion Nxt coins were ejected from the Nxt genesis block and are currently being distributed to thousands of account holds through giveaways, trades, and bounties for ongoing development of the platform. Nxt is listed on CoinMarketCap and it can be traded in multiple exchanges, such as BTER, DGEX, Cryptsy, Poloniex or Bittrex, among others.

Soon, Nxt will have a very slick feature called "Transparent Forging", which will allow each user's client to automatically determine which server node will generate the next block. This allows clients to send their transactions directly to that node, minimizing transaction times. Immediate and high-priority transactions can be processed for additional fees. An equally important feature of Transparent Forging is an outstanding security feature of the protocol, which can temporarily reduce to zero the forging power of nodes who should generate the next block but do not – penalizing accounts that do not actively support the network, and distributing that power to nodes that do. With transparent forging, even a 90% majority owner of all Nxt will be prevented from branching out and forcing a forked blockchain: if a node has 90% of all Nxt, and doesn't generate a block when scheduled, the system will reduce its forging power to zero temporarily to prevent a bad fork from being forced.

Interesting.

[EvilDave]

Currency, even gold, has always been fiat in the literal sense, fiat being faith.  There has been too many scandals in the NxT camp to make it a currency.

NEM will be a contender for a currency based on a combination of innovation and distribution to 3000 stakeholders.  We already have more activity on BTT at our pre-launch stage than NxT had in 2013.

I'm so not getting into a NXT vs NEM debate, as I have a stake in both......but which scandals ?
Using this reasoning Bitcoin can never make it as a currency.

NXTs original distribution could have been better, but don't forget that NXT was very much a pioneer with its IPO.
After NXT launched last November, an IPO became the flavour of the month and now pretty much every new crypto launches with an IPO-like structure.
But despite all of the effort that various devs have put in to make a "fair" IPO people still complain, and I can bet u all of the money in the universe that NEM will also get hassled for it's IPO/initial distribution.....and, btw, we both know that NEM does not have 3000 unique, individual stakeholders. I'd guess more like a 1000. Remember the guy who claimed to have 100 NEM stakes and was busy selling them off at 0.25 BTC per stake ?

Any other scandals to address ?

[Spoetnik]

nice subtle advertising 

one dummy shell account answering another dummy shell accounts fake question lol

[TaunSew]

Currency, even gold, has always been fiat in the literal sense, fiat being faith.  There has been too many scandals in the NxT camp to make it a currency.

NEM will be a contender for a currency based on a combination of innovation and distribution to 3000 stakeholders.  We already have more activity on BTT at our pre-launch stage than NxT had in 2013.

I'm so not getting into a NXT vs NEM debate, as I have a stake in both......but which scandals ?
Using this reasoning Bitcoin can never make it as a currency.

NXTs original distribution could have been better, but don't forget that NXT was very much a pioneer with its IPO.
After NXT launched last November, an IPO became the flavour of the month and now pretty much every new crypto launches with an IPO-like structure.
But despite all of the effort that various devs have put in to make a "fair" IPO people still complain, and I can bet u all of the money in the universe that NEM will also get hassled for it's IPO/initial distribution.....and, btw, we both know that NEM does not have 3000 unique, individual stakeholders. I'd guess more like a 1000. Remember the guy who claimed to have 100 NEM stakes and was busy selling them off at 0.25 BTC per stake ?

Any other scandals to address ?

There was one troll who claimed 100 and that's your proof that 2000 stakes were fake?  Dubious claim you made and even if it were true (not ) it's still a better distribution than every other alt.

NxT had 73 initial wallets and majority was owned by 20 who each invested 1.5 BTC each, the reason we don't encounter many NxT whales is probably because those 20 wallets were really 5 people at most.

Obscure IPOs like NxT will always have more sockpuppets than smaller distributions involving more people