| Nxt | Blockchain Platform | Proof of Stake | Official

[ozboom]

FXT = Forging Xchange Token ?
FNX = Forging N*** X*** ?
I confess a profound dislike for acronyms...
Elon Musk hates them too, btw.

[1715672566]

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[fritzi]

This is a clear vision for the future of Nxt!
That's the way we can go forward. What we need next is a new catchy name for Nxt 2.0! 

A major rebranding might help NXT get back on track.

[moonfrog]

Will there be actual BTC ICO crowdsale in NXT 2.0? If not, should I buy old NXT 1.0 for taking participation in NXT 2.0?

[Damelon]

FXT = Forging Xchange Token ?
FNX = Forging N*** X*** ?
I confess a profound dislike for acronyms...
Elon Musk hates them too, btw.

The acronyms are just placeholders for now and not final.
There is quite some support for a rebrand in the community, so this is being seriously considered.

[Damelon]

Will there be actual BTC ICO crowdsale in NXT 2.0? If not, should I buy old NXT 1.0 for taking participation in NXT 2.0?

FXT is only distributed to people holding Nxt, so the only way to get those tokens is by holding Nxt in your account during the snapshot phase (which starts when Nxt 1.9 is released and will run for about 3 months).
After the snapshot phase, everyone will receive FXT Assets, which can be traded freely. When the Nxt 2.0 Genesis block is created, FXT will be allocated based on FXT Asset balance.

FNX will be created in the Genesis block of Nxt 2.0. At the moment Nxt holders will get 50% FNX of their Nxt balance. The other 50% will be reserved for the devs, for instance to do an ICO with, or something else. As this is still one year in the future, the exact method of this is still being debated.

[farl4web]

Will there be actual BTC ICO crowdsale in NXT 2.0? If not, should I buy old NXT 1.0 for taking participation in NXT 2.0?

Yes, that's the best way to do it. Price is still very low. But looks like it's coming up hard:

https://nxtforum.org/general-discussion/price-speculation/msg217772/#msg217772

[Damelon]

The Nxt Foundation is proud to announce a strategic partnership with Civic Tech Amsterdam.

Nxt Foundation, one of the pioneers of the emerging blockchain industry, has formed an alliance with the internationally oriented Civic Tech, which specialises in technology business acceleration and international funding.

Civic Tech has worked with such institutions as the World Bank, the European Union's Horizon program and the Amsterdam IoT Living Lab.
The Nxt Foundation believes that together Civic Tech and Nxt can form a successful strategic partnership to expand the uses of the Nxt blockchain technology, as well as secure funding for further research and development into blockchain/cryptocurrency based systems.

CivicTech has a strong background in urban development, and according to Katalin Gallyas, CivicTech founder: “Nxt offers a great mix of disruptive features that can be incorporated into the Smart City urban experience of the future:  voting, funds control, value transfer. Blockchain can offer a lot to us and to our other projects across Europe.”

Download this PR here.

[KLONE]

The Nxt Foundation is proud to announce a strategic partnership with Civic Tech Amsterdam.

Nxt Foundation, one of the pioneers of the emerging blockchain industry, has formed an alliance with the internationally oriented Civic Tech, which specialises in technology business acceleration and international funding.

Civic Tech has worked with such institutions as the World Bank, the European Union's Horizon program and the Amsterdam IoT Living Lab.
The Nxt Foundation believes that together Civic Tech and Nxt can form a successful strategic partnership to expand the uses of the Nxt blockchain technology, as well as secure funding for further research and development into blockchain/cryptocurrency based systems.

CivicTech has a strong background in urban development, and according to Katalin Gallyas, CivicTech founder: “Nxt offers a great mix of disruptive features that can be incorporated into the Smart City urban experience of the future:  voting, funds control, value transfer. Blockchain can offer a lot to us and to our other projects across Europe.”

Download this PR here.

More good news

[farl4web]

Again good stuff, Nxt is getting more and more professional. We are very much ahead of the competition. 

[nzminer]

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

[Attack.of.the.Clones]

Will there be actual BTC ICO crowdsale in NXT 2.0? If not, should I buy old NXT 1.0 for taking participation in NXT 2.0?

FXT is only distributed to people holding Nxt, so the only way to get those tokens is by holding Nxt in your account during the snapshot phase (which starts when Nxt 1.9 is released and will run for about 3 months).
After the snapshot phase, everyone will receive FXT Assets, which can be traded freely. When the Nxt 2.0 Genesis block is created, FXT will be allocated based on FXT Asset balance.

FNX will be created in the Genesis block of Nxt 2.0. At the moment Nxt holders will get 50% FNX of their Nxt balance. The other 50% will be reserved for the devs, for instance to do an ICO with, or something else. As this is still one year in the future, the exact method of this is still being debated.

when will we know more concrete details on the plans for the dev's 50%? It's a critical issue. Personally I think 25% (half the 50%) should go in an ICO to get some USD and/or btc, and the rest used as bounties

[CryptKeeper]

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

Yes but it's additional to your NXT, which you keep because the NXT 1.x chain will go on.

[nzminer]

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

Yes but it's additional to your NXT, which you keep because the NXT 1.x chain will go on.

OK so i will get the same amount of FNX as is the amount of NXT I currently hold?

[CryptKeeper]

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

Yes but it's additional to your NXT, which you keep because the NXT 1.x chain will go on.

OK so i will get the same amount of FNX as is the amount of NXT I currently hold?

No, you'll get the same amount of FXT as your NXT (1:1) and 50% as FNX (1:2). The other half of FNX will be held by the devs to fund further development.

[nzminer]

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

Yes but it's additional to your NXT, which you keep because the NXT 1.x chain will go on.

OK so i will get the same amount of FNX as is the amount of NXT I currently hold?

No, you'll get the same amount of FXT as your NXT (1:1) and 50% as FNX (1:2). The other half of FNX will be held by the devs to fund further development.

OK, so i will have FXT, NXT and half that amount in FNX?

I take it that once the transition is made that NXT will eventually phase out?

[MrCluster87]

Nope,

you will receive the forging token (FXT) based on your amount of NXT at 1:1 ratio + 50% of that in the child chain token (FNX).

So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?

[Damelon]

I take it that once the transition is made that NXT will eventually phase out?

I'd say that this is an assumption and may well be wrong.

Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).

Personally, I think it still has plenty of options and could probably be useful.

Discarding old stuff is not always a good idea.

Conversely, it might even be taken over by a completely new set of devs.

To say it's going to just fade out is premature.

[martismartis]

https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071

[durerus]

Going on to support 1.x while keeping 50% of transactional token of 2.0 is a genius idea. By that you get funding and avoid expropriation. It's like squaring the circle. Strange that this great and simple idea didn't come up in the big discussions of the last months.

[yassin54]

Russia’s National Settlement Depository Successfully Tests Blockchain-Based E-Voting System

https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071


"Rymanov explained that the NSD’s e-proxy voting proof-of-concept (PoC) project specifications required setting up a private permissioned blockchain where every node participating in the network is known, and included a number of specific challenges related to processing capacity and permission-based access to the data. According to Rymanov, other blockchain technologies such as Bitcoin and Ethereum couldn’t meet the project’s requirements with an out-of-the-box solution, which motivated the choice of the NXT platform."

“Using the proof-of-work (PoW) Bitcoin blockchain would have potentially created a situation where a particular node with a superior computing power could gain an unfair advantage over its peers, thus jeopardizing the security of the network and, if being a malicious actor, could rig the results of the vote,” said Rymanov. “Furthermore, we see PoW systems as an unnecessary drain on resources in private permissioned blockchains.”

“With regards to Ethereum, our team has been in touch with the Ethereum core developers and has been informed that the current limit on processing is around 60 transactions per second,” added Rymanov. “However, even though Ethereum offered a huge improvement both in functionality and processing speed over Bitcoin blockchain, it did not match the NSD requirements.”

“After a careful consideration we have selected NXT,” Rymanov said. “The proof-of-stake (PoS) blockchain has provided us with enough flexibility to architect a solution that is scalable, stable and with processing capabilities well in the range of NSD expectations. In the lab environment we have pushed DSX fork of NXT to process up to 800 transactions per second. With the custom developed e-proxy voting module running on top of the NXT fork we have stabilized the system at 80 votes per second, which is 160 transactions per second reaching a notable result in line with NSD expectations.”

https://twitter.com/NxtCommunity/status/735538901859860481