This episode of Blockchain Token – What is it? covers NXT! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
Nxt is an open source blockchain platform. Using the Bitcoin blockchain as their main inspiration, they have labeled themselves “blockchain 2.0.” They have identified some problems with Bitcoin’s blockchain, and have created a platform in response.
Blockchain technology was primarily used to track the transaction and creation of cryptocurrencies. But, the creators of NXT saw the potential to use blockchain technology for something much more by adding multiple core-level features.
NXT is both a blockchain and a cryptocurrency. The platform has several built-in core features, such as a decentralized exchange and voting system where users can determine which community proposals to accept. Like most blockchain-based currencies, they aim to transcend economic borders through peer-to-peer technology.
The NXT blockchain is not just limited to the NXT token. The platform allows you to create your own asset based on the NXT chain. NXT uses an open API that encourages developers to work off of their platform and build new chains off of the main platform. This flexibility allows tokens developed off of the main chain, NXT to actually be their own blockchain stemming from NXT, known as child chains. One of the first and most popular assets on NXT is Ardor, which we covered previously on this series!
NXT has several competitors in the “functional” blockchain space that encourages development, the most well known being Ethereum.
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