NXT Coin Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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Most cryptocurrencies are based on Bitcoin in some way, with some even using the Bitcoin source code as their jumping-off point. But there's another altcoin out there that does things its own way, with its own network and its own framework, and some are saying that it could be the next step in the evolution of blockchain technology. It's called Nxt, and it's something you're going to want to know about.

Use our guide below and to get started, and find out who's behind Nxt, what it does, and how the ideas behind it could change the way blockchains workAnd more potentially revolutionary altcoins are on the way in 2018, along with Nxt. Click here to read our new 2018 list of best altcoin investment opportunities.

What Is Nxt?

Nxt is a blockchain service that has a host of different features that adhere the principles of anonymity, individuality, and direct peer-to-peer interaction. Rather than being just another cryptocurrency, Nxt is an entire platform that also includes its own storage, its own marketplace, and features that people can use to keep their activity private and even coordinate larger numbers of people who can jointly run an account on the service.

What Does Nxt Have To Offer?

Here's a rundown of the features Nxt has implemented.

First, there's how they treat assets. On the Nxt service, anything from currency to bonds to theater tickets can be classified as “assets” and traded like on any other platform.

Next, there's the ability to create your own cryptocurrency via Nxt and trade it immediately – and not just on Nxt, but on all platforms that support the Nxt Monetary System.

Their marketplace is direct and peer-to-peer, meaning there are no third parties involve. You offer a digital asset, someone buys it, they get a link to download it. Simple. Done. Since no one oversees the exact nature of what's being sold, it's possible that it could be used as a way to transmit illegal material, something which Nxt should address at some point.

There's also a “voting” option, something other services don't offer. You can set an account to require votes from a number of different people before any transaction can be made. If you want to use your account for buy things for an organization, for example, you can make sure that everyone agrees on what's being purchased before it can go through.

It also offers something called “coin shuffling,” an action that anonymises your coins and where they came from – you. It does require you to create a new account so your funds can be processed through multiple users, but it's there if you prefer it.

Another thing other services don't offer is its own data cloud, which you can use instead of Dropbox or Google Drive. Due to its decentralized nature, it could be a great place to store sensitive documents like wills, contracts, or licenses. Other great altcoins that offer similar features can be found on our new list of our choices for best altcoins of 2018.

Who's Behind Nxt?

At first, Nxt was being developed by an anonymous individual, or group of individuals, before it was taken over by Jelurida, a blockchain developer that now owns the rights to Nxt and is steering its development.

Jelurida is run by Kristina Kalcheva, a specialist in law, and Lior Yaffe, a software developer from Israel and the senior developer for Jelurida.

This company isn't just working on Nxt, but also on a project called Ardor, a platform that's supposed to use the blockchain principles of Nxt and make them scalable so that the technology can be used on larger scales without compromising security.

The Nxt Coin

Like many other services, Nxt has its own token, called the Nxt Coin. This coin is used to pay the fees for transactions performed on the Nxt platform. It's based on proof-of-stake, rather than proof-of-work (like Bitcoin), making it less energy-consuming and therefore better for individuals and the environment.

When Nxt has its ICO (initial coin offering) in 2013, they dispersed 1 billion Nxt coins to buyers, and that's all there's going to be. That means that the price could probably remain more stable than other coins that can inflate or decrease in value as more are put on the market.

You can buy Nxt coins at Bittrex and Poloniex if you want to pay with Bitcoin, but you can also pay for them with Ethereum at the HitBTC exchange service.

Where are Nxt coins stored? That's another thing that makes the Nxt service different. The Nxt coin is stored not in a wallet, but in the Nxt Client, making it different from other tokens and coins like NeoGAS or Binance Coin.

The “Nxt” Step

Technically, the development of Nxt has been going on since 2013, and as of 2018 there are definite signs of progress as Jelurida has publically advertised intentions of developing not only the possibilities of their decentralized blockchain tech, but to revitalize the brand and to expand the development team across multiple countries.

In other words, they're getting serious.

Where To Buy Nxt

You can buy Nxt coins at Bittrex and Poloniex if you want to pay with Bitcoin, but you can also pay for them with Ethereum at the HitBTC exchange service. These exchanges carry a host of different coins, some of which you can also see on our list of recommended altcoins of 2018.

Nxt vs Ethereum

It's hard to compare these two platforms, despite the similarities. Both are based on blockchain technology, and both encompass a number of services and technologies that include cryptocurrency. While Nxt's coin seems to be mainly intended for use in paying the fees across the Nxt ecosystem of services, Ethereum is more wide-ranging, accepted and used as a currency to exchange for goods, services, or transactions across a number of different platforms – not just the Ethereum network itself. Nxt as a service is also more private and centralized, and is also much younger in its development stage, while Ethereum is robust, trusted, and rivals Bitcoin in popularity, with multiple platforms and wallet technologies being specialized for the Ethereum blockchain system.

Nxt vs Ardor

These aren't very different, to be honest. Ardor is a blockchain system that's based off Nxt, but is specialized for scalability so that it can be used in larger, more complex ways by bigger entities. All the same, Ardor has its own currency, Ignis, which was given to holders of Nxt free of charge, and Ardor's release boosted the value of Nxt coins, showing the true interconnectedness of both platforms. It's possible that Ardor may eclipse some of the usefulness of Nxt, and so Nxt right now may be the larval version of what Ardor may end up being.

Nxt vs XRP

These coins are pretty similar to each other. Nxt coin is a token that's used to power the in-house economy of fees and transactions for the Nxt platform, and XRP is likewise the currency used for the Ripple exchange system during trades. The difference is how the currency operates: Nxt coin circulates throughout the system as it's used, while XRP is destroyed the moment it's spent, so no one gets to collect it. Unlike Nxt coin, XRP has an extremely high value, and at one point was the second-biggest cryptocurrency in the world.

Frequently Asked Questions

  1. What is the current Nxt block height?
    As of the writing of this article, the block height for Nxt looks to be 1679550.
  2. Where can I read news about Nxt Coin?
    You can keep up with the latest news and trends with Nxt via Jelurida's Twitter, blogs, and websites that keep up-to-the-minute news on cryptocurrency.
  3. Is there an Nxt coin wallet?
    Not as such. Nxt coin is kept in something called the Nxt Client, which for all intents and purposes is a wallet of sorts. Right not it's not clear if Nxt coins can be transferred to other services or wallets.
  4. How do I buy Nxt coin?
    You can buy it on Bittrexx or Poloniex if you want to pay in Bitcoin, or you can pay in Ethereum on HITBTC.
  5. Who would win in a fight of Nxt vs Ethereum?
    If you'd like to know our take, check out the section above where we go into some of the similarities and differences between these services.
  6. Can I get information about Nxt coin on Reddit?
    Yes, you'll find a subreddit dedicated to Nxt where users are discussing it.
  7. What's the difference between Nxt and Ignis?
    Ignis is the coin for Ardor, the next-stage development of Nxt that uses Nxt's code and features.
  8. What is the price prediction for Nxt coin?
    It's tough to say. The price has gone up and down over the years, so you'll have to keep up with market trends to get an idea of where Nxt is going.
  9. Where can I read a review of Nxt coin?
    You'll find reviews of people's experiences with Nxt coin on Reddit, as well as cryptocurrency blogs.
  10. What is the future of Nxt coin?
    That depends on the development of Nxt. The bigger Nxt gets, the higher the value of Nxt will be, which will likely only happen if Jelurida continues to focus on developing Nxt and its features.
  11. When was the Nxt ICO?
    The ICO ended late November, 2017.
  12. Is Nxt considered “crypto”?
    Technically yes, since it does have a value. It's not useable as a cryptocurrency to the same extent that Bitcoin and Ethereum are, however.

Conclusion

Despite the proliferation of cryptocurrencies and blockchain platforms, most of them seem to be based on the same principles, the same approach, and even the same code. Nxt is different, offering a hyper-decentralized platform that has features not found on any other blockchain service, offering alternatives to typical storage options and – unlike any other platform – offering users the opportunity to create their own currency and tokens, as well as the ability to trade them.

It's been in development for a few years, but if Jelurida can make good on their promises, Nxt could influence the way other blockchain services operate and ignite a new revolution in blockchain technology and cryptocurrency. Nxt has a lot of challengers when it comes to the best altcoins of 2018 – read our list here and see how it measures up.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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