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HumanFractal

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What is NXT and why is it Awesome?
« on: June 28, 2014, 11:37:51 am »

What is NXT and why is it Awesome?
by HumanFractal

What is NXT?


NXT is a revolutionary CryptoCurrency.


CryptoCurrency itself is a revolutionary idea, which makes NXT revolutionary twice over!

Don't know much about CryptoCurrency?
Coming Soon: What is CryptoCurrency and why is it Awesome?

NXT - The Basics


       
Coin Type:100% Proof of Stake (PoS)
What is PoS?
Total Coins:1 Billion
Block Time:1 Minute
NXT Fee:1 NXT
Expected Forging APR:
(As of June 2014)
~1.5%
TX Limit / Block: 255 Transactions
Parent Codebase:NONE - NXT was coded from scratch
and is not based on Bitcoin
Code Language:Java





Why is NXT Awesome?


                                                                                                             

Speed
1 Minute blocks means that you don't have to wait for your transaction to be accepted for the 5 minutes or longer that's come to be normal with BitCoin. Coming soon are Instant Transactions which allow a transaction to be verified immediately

Safety
NXT's core functionality (its Proof of Stake system) works nothing like Bitcoin and because of this NXT has no 51% vulnerability
Since NXT's Forging mechanism works based on stored coin value, an attacker would need over 95% of all NXT being forged in order to compromise the NXT system.

Peer To Peer Asset Exchange
NXT's recently released Asset Exchange (AE) allows any NXT user to trade digital assets anonymously. These assets can track the values of real-world assets as well as company stock and coin stake. More and more IPOs of all kinds are being done through the NXT AE.

Flexibility
NXT is by far the most free thinking and open-to-change CryptoCurrency on the market. All the others are too afraid they'll break something to add any new or interesting features! The NXT development community has many lofty goals and has no plans to ever stop improving.

Efficiency
NXT uses a Proof of Stake forging system unlike a Proof of Work mining system like Bitcoin. This means that NXT is very environmentally friendly, using only the small network traffic required to keep the network alive.

Aliases
NXT uses an Alias system which allow users to give their accounts nicknames or to allow for Decentralized DNS

Arbitrary Messages
NXT allows for the sending of messages. This can be used to privately communicate or for "Secure messaging, torrent applications, voting systems, data storage systems and even simple distributed applications have been suggested."


                                                                                                             

Resources



NXT.org
NXT Community

Information / Wiki


NXT Wiki
http://wiki.nxtcrypto.org/wiki/Nxt_Wiki

NXT Wiki - FAQ
http://wiki.nxtcrypto.org/wiki/FAQ

NXT Wiki - Important Links
http://wiki.nxtcrypto.org/wiki/Important_Links

Original Bitcointalk thread
https://bitcointalk.org/index.php?topic=345619.0

MyNXT
Great site for information and
newcomers to NXT

http://mynxt.org/

NXTClients.org
Information about all NXT wallets

http://www.nxtclients.org/

NXT Forger Statistics

Exchanges
(Most to Least Volume)

BTER
https://bter.com/

Cryptsy
https://www.cryptsy.com/markets/view/159

DGEX
https://dgex.com/

Poloniex
https://poloniex.com/
Offline Wallets

NXT Client wallet - by wesleyh
http://nxtra.org/nxt-wallet/

Offspring Wallet - by DGEX
http://offspring.dgex.com/
Online Wallets

MyNXT
https://wallet.mynxt.info/
Forging Pools

NXTCrypto Pool
http://pool.nxtcrypto.org
Multi-Pools

HashRate
http://hashrate.org/

p00l
http://p00l.org/


Blockchain Explorers

MyNXT Block Explorer
http://mynxt.info/blockexplorer/index.php

NXT Blocks
https://nxtblocks.info/

NXTCrypto BlockChain Explorer
http://blocks.nxtcrypto.org/
Asset Exchange

NXT Blocks - Asset Exchange
https://nxtblocks.info/#section/assets_exchange

CryptoAssetCharts
http://www.cryptoassetcharts.info/

DGEX - AE
https://dgex.com/AE/


NXT / BTC Value

CryptoCoinCharts - NXT/BTC 10 Days
Faucets

** NOTE the reliability of certain faucets for NXT (and all coins, really) is not guaranteed.
Give faucets some time to send your FREE coins and don't freak out if they don't work at all.

NXTra - Faucet
http://nxtra.org/faucet/


Forums / Community

This Forum
https://nxtforum.org/

Original Nextcoin Forum
http://nextcoin.org/

NXT Reddit
http://www.reddit.com/r/NXT/
IRC

Server:            irc.freenode.net
Channel:                  #nxtalk

Webchat:                           https://webchat.freenode.net/?channels=nxtalk

Join #nxtalk and talk with other devoted NXT supporters.
The IRC needs more visitors to support people's questions about NXT!
Notifications

MyNXT Alerts - FREE
http://www.mynxt.info/alerts.php

NXT Notify - .02 NXT / Message
https://nxtnotify.appspot.com/
Features

Current Features
http://wiki.nxtcrypto.org/wiki/Current_Features

Planned Features
http://wiki.nxtcrypto.org/wiki/Planned_Features
Current Features

Asset Exchange
Transparent Forging
Account Leasing
Alias System
Arbitrary Messages
Advertising

NXTad
NXT-based banner ad network



Development Resources



Feel free to make suggestions for this page.
This page will be kept up to date.
Thank you all for continuing to support NXT.
« Last Edit: August 11, 2014, 02:27:30 am by HumanFractal »
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hoellinger

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Re: What is NXT and why is it Awesome?
« Reply #1 on: June 28, 2014, 11:46:25 am »

Really good paper! Maybe you could develop the part about instant transactions, which are only one of the many transparent forging properties, i.e. speak about security.
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Damelon

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Tosch110

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Re: What is NXT and why is it Awesome?
« Reply #3 on: June 28, 2014, 11:54:06 am »

Nice paper, bookmarked. I already know I have to use it someday =)

HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #4 on: June 28, 2014, 11:56:16 am »

Really good paper! Maybe you could develop the part about instant transactions, which are only one of the many transparent forging properties, i.e. speak about security.

Thanks! I couldn't find anything like this document so I've been hunting for links and compiling it.

Regarding transparent forging, I did not mention that because AFAIK it's still unfinished, right? Let me know if you can come up with a way we can summarize its potential.

I will develop the section on instant transactions both on the paper and possibly also literally :)
I'm speaking with mczarnek about how Instant TX can be achieved and may end up helping to figure it out & code it ;D

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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #5 on: June 28, 2014, 11:57:40 am »

Nice!

Some more papers: https://nxtforum.org/general-discussion/nxt-papers-whitepapers-academic-and-economic/

Thx damelon but actually I included that link at the bottom  ;D

Cheers
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #6 on: June 28, 2014, 12:37:54 pm »

Updates and:

Safety
NXT's core functionality (its Proof of Stake system) works nothing like Bitcoin and because of this NXT has no 51% vulnerability
Since NXT's Forging mechanism works based on stored coin value, an attacker would need over 95% of all NXT being forged in order to compromise the NXT system.
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Berzerk

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Re: What is NXT and why is it Awesome?
« Reply #7 on: June 28, 2014, 12:40:25 pm »

I stickied it.


nextcoin.org isn't the original nxt forum. It was just the first. ;)
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #8 on: June 28, 2014, 12:46:59 pm »

I stickied it.

Sweet!  ;D Thanks

nextcoin.org isn't the original nxt forum. It was just the first. ;)

Oh my mistake, which was the "original"?
EDIT: I just realized you were joking. I'm gonna blame that lapse on being up all night  ;D
« Last Edit: June 28, 2014, 12:50:38 pm by HumanFractal »
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TheCryptoWoman

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Re: What is NXT and why is it Awesome?
« Reply #9 on: June 28, 2014, 12:55:57 pm »

This is excellent! A great resource for all the newcomers to Nxt and to the forum. Thank you!
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #10 on: June 28, 2014, 01:04:00 pm »

This is excellent! A great resource for all the newcomers to Nxt and to the forum. Thank you!

Thanks! I wrote it to be the perfect link to send to someone who has never heard of NXT (but knows about crypto)

CryptoCurrency paper coming soon hopefully ;)


And to everyone;

I'm open to all suggestions for this document's improvement (and to be kept up to date)
Just know that I am going to be selective with these links (don't be upset if you ask me to add your site and I don't want to)
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Berzerk

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Re: What is NXT and why is it Awesome?
« Reply #11 on: June 28, 2014, 01:08:10 pm »

nextcoin.org isn't the original nxt forum. It was just the first. ;)

Oh my mistake, which was the "original"?
EDIT: I just realized you were joking. I'm gonna blame that lapse on being up all night  ;D

I wasn't joking. ;D

Original is just not fitting. NXT is decentralized, so there is no original/official etc. forum. :)

nextcoin.org was the first forum.
nxtcrypto.org was the second forum.
nxtforum.org was the third forum.
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #12 on: June 28, 2014, 01:13:02 pm »

I wasn't joking. ;D

Haha, I thought it was a backhanded jab at the other forums  ;D

NXTForum is the real NXT Forum. All the other NXT Forums were just immitating.  :P
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ShawnLeary

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Re: What is NXT and why is it Awesome?
« Reply #13 on: June 29, 2014, 03:05:40 am »

Nice work!  :)
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #14 on: June 29, 2014, 03:29:32 am »

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mczarnek

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Re: What is NXT and why is it Awesome?
« Reply #15 on: June 29, 2014, 05:30:52 am »

Very nice summary!  Would be nice to see something like this on the main page or another place advertising Nxt, outside of the forums.

I suspect far more people visit nxtcommunity.org or nxt.org than this forum.
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #16 on: June 29, 2014, 06:24:51 am »

Very nice summary!  Would be nice to see something like this on the main page or another place advertising Nxt, outside of the forums.

I suspect far more people visit nxtcommunity.org or nxt.org than this forum.

Thanks! General Discussion sticky is pretty good, I don't know about front-page material   ;) - I think some of the text can be improved and more graphics would be helpful.

Feel free, for now, to spread this link around.


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mczarnek

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Re: What is NXT and why is it Awesome?
« Reply #17 on: June 29, 2014, 02:11:51 pm »


Thanks! General Discussion sticky is pretty good, I don't know about front-page material   ;) - I think some of the text can be improved and more graphics would be helpful.

Feel free, for now, to spread this link around.

Actually I half take back my first comment.. I haven't checked out the website in a while, I feel like I wasn't happy with their summary and explanations of new features for a while there.  Nxtcommunity.org does seem to have a better summary of Nxt's advantages at this point.
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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #18 on: July 21, 2014, 07:37:51 pm »

Bump

++ Added Link to NXT Forger Statistics http://charts.nxtcrypto.org/cNoOfAwardedForgers.aspx
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cobaltskky

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HumanFractal

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Re: What is NXT and why is it Awesome?
« Reply #20 on: August 11, 2014, 02:24:49 am »

Bump

++ Added NXTad.net - NXT-based banner ad network
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wiserr

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Re: What is NXT and why is it Awesome?
« Reply #21 on: September 16, 2014, 05:00:42 pm »

thats nice man... nxt good for investment
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pontifex

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Re: What is NXT and why is it Awesome?
« Reply #22 on: September 17, 2014, 05:10:50 am »

Are there any video lessons (or discussions) about NXT machanism?
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harvest1st

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Re: What is NXT and why is it Awesome?
« Reply #23 on: September 18, 2014, 03:22:16 am »

good work
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coffeetime

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Re: What is NXT and why is it Awesome?
« Reply #24 on: September 22, 2014, 06:58:29 pm »

Flexibility

NXT is by far the most free thinking and open-to-change CryptoCurrency on the market. All the others are too afraid they'll break something to add any new or interesting features! The NXT development community has many lofty goals and has no plans to ever stop improving.

In your above article flexibility is what struck me the most, with that comes adaptation.
The ability to adapt in a very future uncertain world may prove extremely valuable.

 
 

 
 

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wiserr

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Re: What is NXT and why is it Awesome?
« Reply #25 on: September 26, 2014, 01:43:21 pm »

nice work friend
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KReedlas

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Re: What is NXT and why is it Awesome?
« Reply #26 on: November 05, 2014, 02:59:02 pm »

Can someone explain what the minimum charge per transaction is now 1 nxt. At the current rate it's inexpensive. And what if, let's say the price of NXT will increase by several tens of times, then the fee for the surgery in 1nxt will have a very large Commission. Architecture NXT allows you (in the future, for example) to enter the division of the coins into smaller parts, fractional (0.1, 0.01 NXT...)?

(Может мне кто объяснить, что минимальная плата за транзакцию сейчас составляет 1 nxt. При нынешнем курсе это недорого. А как быть, если, допустим цены на NXT возрастут в несколько десятков раз, тогда плата за операцию в 1nxt будет очень большой комиссией. Архитектура NXT позволяет (в будущем например) ввести деление монеты на мелкие части, на дробные (0.1, 0.01 NXT...)?)
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nxttip:NXT-H67J-BJD9-VR7N-CCAHN

hurrikaani

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Re: What is NXT and why is it Awesome?
« Reply #27 on: November 06, 2014, 04:42:55 pm »

Are there any video lessons (or discussions) about NXT machanism?

http://youtu.be/t45pUYXgB-g

I havent watched this, but it's a recent NXT lecture to university students in Czech. English subtitles.
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Peter2516

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Re: What is NXT and why is it Awesome?
« Reply #28 on: November 06, 2014, 07:13:38 pm »


Can someone explain what the minimum charge per transaction is now 1 nxt. At the current rate it's inexpensive. And what if, let's say the price of NXT will increase by several tens of times, then the fee for the surgery in 1nxt will have a very large Commission. Architecture NXT allows you (in the future, for example) to enter the division of the coins into smaller parts, fractional (0.1, 0.01 NXT...)?

Future transaction fee will be lower than 1 NXT, maybe 0.01 NXT.
Possibly dynamic, depending on the type of transaction.
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wiser

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Re: What is NXT and why is it Awesome?
« Reply #29 on: December 08, 2014, 02:19:49 am »

watching
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Cryptobonds Team

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Re: What is NXT and why is it Awesome?
« Reply #30 on: December 08, 2014, 11:48:04 am »

Well done ::)
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j.jaymes

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Re: What is NXT and why is it Awesome?
« Reply #31 on: January 29, 2015, 11:28:13 pm »

I have to say NXT is awwesome becauze of all the great people that work on it every day. Thanks you to all on the team.

BitcoinBelle

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Re: What is NXT and why is it Awesome?
« Reply #32 on: February 04, 2015, 09:39:26 pm »

Human Fractal,

I liked your "advertisement" but would like to offer some hopefully helpful criticism. First however, I'll tell you that I sort of group people into two groups- 0,1's and 2-9's. Engineer types who are linear, methodical thinkers are structure builders and what I affectionately call "0, 1's" And those who build upon those systems, giving them use, connecting them to others, etc are "2-9's". And then there are some of us weirdos who morph and can bridge the two. I fit into that third category- more out of necessity than natural inclination. I desperately need that structure if I'm to operate in my natural disposition which is like a fucking butterfly. It's all well and good to be colorful and creative but without that structure, I tend to be chaotic. Conversely, 0,1's tend to need to be reminded to eat and change their t-shirt because they can become so focused on their tasks. There is a beautiful interdependence available if we collaborate...a feminine trait. More on this later, if you are up for it.

So to the criticism...Despite being interested and self-motivated, knowing something about crypto, blockchain protocol and disruptive technologies as well as liking the aesthetic of your post, I was nearly frozen when I read: "works nothing like Bitcoin" "Oh for fuck sake! I barely got through Satoshi's White Paper, am behind on my cryptography class, have a book to finish writing and now I have to learn something entirely new? Forget it!" is exactly what I thought. Good thing that I can manually override logic and reason. ;)

I have now posted three times in the last half hour. I am interested to see if they get read in their entirety...women talk alot. If it annoys you, tell me; if it intrigues you, I'd like to know that, as well.

Michele
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Peter2516

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Re: What is NXT and why is it Awesome?
« Reply #33 on: February 05, 2015, 07:37:18 am »


I was nearly frozen when I read: "works nothing like Bitcoin" "Oh for fuck sake! I barely got through Satoshi's White Paper, am behind on my cryptography class, have a book to finish writing and now I have to learn something entirely new?

If I remember correctly, BTC has multiple addresses or keys in a wallet that are used for sending, receiving. When you want to send only some bitcoins, it sends more BTC and then receives the change on a different address in the same wallet. Something like that, I never really understood it. Hard to follow on blockchain.info, all this sending of BTC amounts back and forth. Then there's the business with public and private keys, paper wallets, importing addresses... For average users I think NXT is easier to understand than BTC. You just have one NXT account/address/wallet (unless you create more) that contains your coins, your assets, your aliasses etc. And then of course with (local) BTC there's the need to learn to backup wallet.dat files, encrypt stuff. While NXT (the default 'wallet' anyway) just has a 'main passphrase', where of course you still need to be careful of trojans, use a password manager or something.
And finally, if the average user even wants to know about things like that... I think Proof of Stake, or 'forging' in NXT, is easier to understand than mining. No CPU, GPU, ASICS race, no adjusting difficulties, things like that.

Looking back, BTC feels rather awkward, while NXT feels intuitive to me :)
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capodieci

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Re: What is NXT and why is it Awesome?
« Reply #34 on: March 19, 2015, 06:46:00 pm »

A small draft video with Nino10 explaining why Nxt is awesome.

Link to the tread:

https://nxtforum.org/general-discussion/nino10-to-present-a-serie-on-why-nxt-is-awesome

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yesterdaysgirl

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Re: What is NXT and why is it Awesome?
« Reply #35 on: March 20, 2015, 08:36:50 am »

It is bitcoin 2.0  8)
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tolikkk

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Re: What is NXT and why is it Awesome?
« Reply #36 on: May 13, 2015, 04:20:24 pm »

no - it"s a NexT
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yassin54

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Re: What is NXT and why is it Awesome?
« Reply #37 on: May 13, 2015, 05:38:11 pm »

No, it is Nxt!  ;D

HCLivess

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Re: What is NXT and why is it Awesome?
« Reply #38 on: June 09, 2015, 12:02:07 pm »

It is bitcoin 2.0  8)

Autodiv, is that you?
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Producing, Lending, Mining, Trading, Forging, Staking

coffeetime

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Re: What is NXT and why is it Awesome?
« Reply #39 on: August 18, 2015, 07:36:35 pm »

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NXT-XQ76-5XRL-EEEW-BHRCQ

SafeFund

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Re: What is NXT and why is it Awesome?
« Reply #40 on: September 07, 2015, 05:46:07 pm »

It will probably be the NEXT cryptocurrency after the 1st generation ones like : BTC,LTC,DOGE.

It offers so much more than just a spendable currency, it's a whole mini-economy+ stock market built in it. We all love it!
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mamagenit

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Re: What is NXT and why is it Awesome?
« Reply #41 on: August 26, 2016, 11:43:13 am »

its so helpful,,,thanks ;D
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GrossBit

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Re: What is NXT and why is it Awesome?
« Reply #42 on: October 29, 2016, 11:17:27 am »

it is awesome because the price is a roller coaster !
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cryptAnalyzer

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Re: What is NXT and why is it Awesome?
« Reply #43 on: January 05, 2017, 02:38:57 am »

Wow that was a pretty good paper. Well done. It is absolutely better than a spendable currency.
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janbacon

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Re: What is NXT and why is it Awesome?
« Reply #44 on: May 11, 2017, 01:35:37 pm »

I have to say NXT is awwesome becauze of all the great people that work on it every day.
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AntRib

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Re: What is NXT and why is it Awesome?
« Reply #45 on: May 26, 2017, 03:45:19 am »

Nxt can still be adopted by projects, so its value can also shoot up. NXT has value because one needs it to use the features on Nxt. NXT is the token and Nxt is the platform. More projects on Nxt, more transactions, more NXT demanded.
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Pasquale91

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Re: What is NXT and why is it Awesome?
« Reply #46 on: June 05, 2017, 06:11:21 pm »

Hello to all. I have a problem, I sent the coins by mistake in an Ardor wallet created with the version of Ardor. How can I recover coins?
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lurker10

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Re: What is NXT and why is it Awesome?
« Reply #47 on: June 05, 2017, 07:25:06 pm »

Hello to all. I have a problem, I sent the coins by mistake in an Ardor wallet created with the version of Ardor. How can I recover coins?

Install Nxt wallet: https://nxtforum.org/nrs-releases/nrs-v1-11-5/
and use the same passphrase you used for the Ardor wallet.
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Run a node - win a prize! "Lucky node" project jar: NXT-8F28-EDVE-LPPX-HY4E7

AntRib

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Re: What is NXT and why is it Awesome?
« Reply #48 on: June 17, 2017, 08:55:12 pm »

It is awesome for its future undisclosed power  ;D
In real estate, for instance. The system will speed things up
For buyers able to find the right property, secure a mortgage and save a deposit, they must also pay for a range of so-called “hidden costs”. These are additional payments associated with the transaction over the cost of the home itself. Many legal and title-related costs would become near-obsolete in a blockchain system. (tranio.com)
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PiltonSamy

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Re: What is NXT and why is it Awesome?
« Reply #49 on: November 18, 2017, 05:07:44 pm »

Good level of safety
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TaylorMsd

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Re: What is NXT and why is it Awesome?
« Reply #50 on: November 22, 2017, 01:30:38 pm »

Block Time:1 Minute - thank's for this. It's really conviente
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TaylorMsd

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Re: What is NXT and why is it Awesome?
« Reply #51 on: December 04, 2017, 12:59:25 pm »

NXT, thank's for safety!
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FlycryCrypto

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Re: What is NXT and why is it Awesome?
« Reply #52 on: December 04, 2017, 01:47:10 pm »

instant transactions is your advantage, NXT
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varsham

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Re: What is NXT and why is it Awesome?
« Reply #53 on: March 20, 2018, 08:13:53 am »

When will NXT be available on Bittrex?
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Varsham
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