For up to date info on my Next Coin Project, please visit this portion of my blog, http://www.coinwith.me/category/alt-coins/next-coin-alt-coins/
This project will focus around a newly discovered called Next Coin – aka as NXT. I cam across this project on the Bitcoin Talk Forums about a month ago and it’s implementation peaked my interest. My only regret is I did not realize the thread was not locked, but I was unable to reply to any posts on the Bitcoin Talk forum as my new account had not reached a level where I could interact with other users/posts.
So, just a side note, if you are on Bitcointalk Forums and you are unable to reply to any posts it is most likely due to the fact that you are still considered a newbie, here’s a link to the thread https://bitcointalk.org/index.php?board=39.0
Now let’s get back to NXT.
So what is NXT?
NXT is a cryptocurrency (aka alt coin) that uses a brand new software, it is not a fork of Bitcoin, which basically means it does not build upon the same core code. Nxt is the first 100% Proof-of-Stake (PoS) currency. Unlike Bitcoin, where coins are earned by mining, NXT coins are earned via transaction fees by those who already own some NXT and run their NXT Client.
NXt improves different features of Bitcoin, removes some disadvantages (e.g. bloated blockchain) and resolves a big environmental issue (say goodbye to those hight electric bills from mining). Time between blocks is one minute, which increases the rate of orphaned blocks but makes it more convenient for the users.
Nxt doesn’t use so-called ‘scripts’ aka predicates. This simplifies and accelerates transaction processing. Advanced features like multisig will be created on top of the core as 3rd party services.
Excerpt from Bitcoin Talk:
Nxt will have the following distributed features integrated into the client:
- Currency Exchange
- Stock Exchange
- Colored Coins Implementation (This allows Nxt accounts to function as Gateways for other currencies.)
Nxt Bounty Thread
Earn Nxt by performing tasks for the community.
Please be aware, this is a newly launched currency and all the bugs are being worked out as all new adopters come on board. I will be donating some next to my site visitors in the next weeks, so please check this project often as I will be providing updates here.