Nxt
| Company type | Open source project |
|---|---|
| Industry | Cryptocurrency, Financial technology |
| Founded | 2013 |
| Founder | BCNext (anonymous) |
Area served | Worldwide |
| Products | NXT cryptocurrency, blockchain platform |
| Parent | Jelurida (since 2021) |
| Website | nxt |
NXT is an open source cryptocurrency and payment network that was introduced in 2013 by the anonymous creator known as BCNext. Utilizing a proof-of-stake consensus mechanism, NXT operates with a fixed money supply and does not involve mining, distinguishing it from Bitcoin. The platform was developed to offer a versatile environment for creating applications and financial services. It forms the basis for ARDR (Ardor), a multichain blockchain-as-a-service platform created by Jelurida, which has overseen NXT since 2021. Additionally, NXT has served as an inspiration for projects such as IoTeX (cryptocurrency). The platform has been reviewed in the European Securities and Markets Authority (ESMA) "Call for Evidence" report concerning virtual currencies.
History
NXT was launched with a total issuance of one billion coins. On 28 September 2013, BCNext announced plans to release NXT as a second-generation cryptocurrency and requested small bitcoin contributions to establish the initial stake distribution. The fundraising period concluded on 18 November 2013.
The initial coin offering collected 21 bitcoins, which were worth roughly US$17,000 at that time.
In July 2016, NXT rolled out Smart Transaction templates aimed at providing modular tools for enterprises to construct blockchain-based solutions addressing specific challenges.
NXT cryptocurrency
NXT's native digital currency is called NXT. On July 29, 2014, the Danish exchange CCEDK commenced NXT-to-fiat trading pairs, thereby enhancing the token’s market accessibility.
Critique
On September 15, 2014, Bitcoin developer Jeff Garzik voiced public concerns regarding potential security weaknesses in NXT’s technology and criticized its closed development approach.