Amsterdam, Netherlands -- (SBWIRE) -- 05/21/2015 -- With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more.
Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt's testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt's versatility, its developers have created a plug-in system that allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt's native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in, an e-commerce plug-in and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt's features can be accessed separately or in combination, using a simple but comprehensive API structure.
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
About Nxt Foundation
The Nxt Foundation is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today at info@nxtfoundation.org.
For more information please go to: http://www.nxt.org
Video: https://vimeo.com/127270358
Media Contact:
Name: Bas Wisselink, Nxt Foundation Director
Email: bas@nxtfoundation.org
Phone: +31 (0)6 13937762
Address: Amsterdam, Netherlands