Nxt is an advanced blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies such as Bitcoin. Cryptocurrency and financial systems are the first widely used applications of blockchain technology, but the blockchain and its associated technology can be used for so much more.
Nxt revolutionises the financial technology, crowdfunding and governance industries by providing not only the groundbreaking NXT crypto-currency, but also a powerful, modular toolset to build with in any way Nxt users can imagine. Nxt gives users complete freedom to create their own applications.
Digital or crypto-currencies have been with us for around 5 years now, with the first widely adopted crypto-currency being Bitcoin. Digital currency systems combine cutting-edge encryption technology with a decentralised peer-to-peer network of users and computer systems.
The advantages that crypto-currencies can offer over traditional methods of payment are truly remarkable: they allow people to securely and safely store and transfer their money without any external agency: no banks or middlemen needed. For the first time in the history of finance, an individual can have complete control over their own funds and can send money anywhere on the planet within a few minutes, without relying on any banks, payment companies or other third parties, virtually free of cost.
NXT is the digital currency that acts as the fuel for the Nxt eco-system: it can be used as an external currency, in the same way that you can spend Bitcoins or dollars to buy goods or services. NXT can also be used internally to power Nxt features, for example by creating tokens, paying for data storage or transaction fees for transfers.
The most important element of Nxt is the blockchain. This is the sequence of data-containing blocks that contain all of the information about the entire history of Nxt, including accounts, transactions, messages……everything.
The first generation of crypto-currencies pioneered the concept of using a blockchain to keep a secure, trustworthy and stable, yet completely decentralised and open, record of transactions. Initially, the blockchain was only used to track financial transactions within crypto-currencies, but the creators of Nxt saw the potential to use blockchain technology for very much more: by adding extra functionality to blockchain systems, they could be used in many other ways, not just as a financial application.
Nxt gives project developers and individuals a powerful toolkit, combined with an easy to use API system, allowing people to integrate and use Nxt blockchain technology in their own applications and projects, with the only limit being the imagination.
Nxt, the application platform, gives its users complete freedom to create.