$ 0.03220 right now
Trade name: NXT
Year of Foundation: 2013
NXT coin in details
The advent of blockchain has seen many kinds of cryptocurrencies crop up, each with its own purpose. Among these is the NXT.
Being one of the oldest cryptocurrencies, NXT was developed as a way of improving the blockchain technology. The developers of NXT wanted a platform that provides more than just transaction record keeping. In their mind, the NXT platform was to allow other projects to be developed on it. Also, this cryptocurrency was developed to provide a new way of for crowdfunding, governance as well as revolutionize existing financial technology.
The NXT coin was launched on November 24th, 2013 and updated in 2016 to its new version “NTX 2.0”. Unlike other similar smart contract based on blockchain, however, the NXT has not received a lot of coverage since the update in 2016.
There is no mining involved in NXT, unlike bitcoin and other coins. This is because this coin is a proof-of-stake blockchain. It is worthwhile to note that the supply of the coin is static at the initial 1 billion coins.
The NXT coin is unique from all other blockchains, partly because it was developed from scratch, thus giving it several technological features that cannot be found in other coins.
This platform was created to be multi-functional thus has had many other features added t it over the years since its inception. Among the notable features that have been added to this platform include the following:
- Asset exchange
- Monetary system
- Data cloud
- Voting system
- Account control
The working of NXT coin
NXT token is the transaction fee that one is required to pay when making transfers from one user to another. Also, the token can be used to create colored coins or assets which can represent other assets. Put simply, everything done on the NXT platform is fueled by the NXT token.
NXT can also be used for other purposes such as paying for goods and services or exchanges, in the same way, other cryptos work.
How to get NXT
The only way to get NXT is through exchanges. Among the best exchange platforms that you can get NXT to include the following: