| Image Title 1: | Nxt Logo |
| Issuing Authority Title: | Administration |
| Issuing Authority: | Decentralized peer-to-peer consensus. |
| Date Of Introduction: | 24 November 2013 |
| Using Countries: | Global |
| Inflation Rate: | Disinflationary. All coins were distributed after IPO (28 September 2013 - 26 November 2013). |
| Symbol: | NXT |
| Nickname: | Nxtcoin (also incorrectly referred to as Nextcoin) |
| Subunit Ratio 1: | 1 |
| Subunit Name 1: | NXT |
| Subunit Ratio 2: | 10−8 |
| Subunit Name 2: | nxtQuant |
| Subunit Inline Note 2: | (smallest unit) |
NXT is an open source cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext.[1] It uses proof-of-stake to reach consensus for transactions—as such, there is a static money supply. Unlike Bitcoin, there is no mining.[2] [3] NXT was specifically conceived as a flexible platform around build applications and financial services, and serves as basis for ARDR (Ardor), a blockchain-as-a-service multichain platform developed by Jelurida, and IoTeX (cryptocurrency)[4] the current steward of NXT as of 2021.[5] NXT has been covered extensively in the "Call for Evidence" report by ESMA.[6]
NXT was created with a total of one billion coins.[7] On 28 September 2013, BCNext created a forum thread announcing the proposed launch of NXT as a second generation cryptocurrency and asked for small bitcoin donations to determine how to distribute the initial stake. On 18 November 2013, fundraising for NXT was closed.
The initial coin offering collected 21 bitcoins that were worth US$17,000.[8]
In July 2016, NXT launched Smart Transaction templates, which were meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems.[9]
The basic unit of account of the crypto platform is a cryptocurrency, which has the designation NXT. On July 29, 2014, Danish cryptocurrency exchange service CCEDK began offering NXT to fiat money for exchange.[10] [11]
On September 15, 2014, a tweet by one of Bitcoin's developers, Jeff Garzik has been vocal about the vulnerability of Nxt technology and the closed nature of the development process.[12] [13]