Invented in November 2013, Nxt is an open-source cryptocurrency, created by BCNext (anonymous software developer). To confirm or verify transactions, Nxt makes use of proof-of-stake as money supply is static. It is a flexible platform that build financial services and applications. Nxt has messaging system, marketplace, and integrated Asset Exchange. With the help of Nxt, users can make new currencies in the system.
BCNext (Bitcointalk.org member) invented a forum thread on 28th September 2013 and announced the Nxt launch as second generation cryptocurrency and asked for Bitcoin donations in order to know the initial stake distribution. The fundraising was closed on 18th November 2013 and around 21 BTC raised. On 3rd January 2014, the code was partially released. Thereafter, under MIT License, on 1st March 2014, the complete source code was revealed.
Coded in Java, Nxt is the first cryptocurrency that rely completely on proof-of-stake. With Nxt, block creation can be done in just one minute. The code of Nxt is completely different from Bitcoin and also in various ways from other digital currencies. Its client features and core structure is focused to provide external development. When Bitcoin makes use of hashing power for confirming transactions, Nxt uses stake-size owned by the miner or user.
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