Nxt

NXT is an open source[citation needed] 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]

## Contents

* 1 History
* 2 NXT cryptocurrency
* 3 Critique
* 4 References
* 5 External links

## History

Nxt was developed by an anonymous software developer and released in November 24, 2013. It was developed to be used as a financial tool and application platform, which used a built in asset exchange system dependent on proof-of-stake instead of proof-of-work.[7]

NXT was created with a total of one billion coins.[8] 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.[9]

In 2014, the Danish virtual currency exchange CCEDK began allowing the trading of NXT for fiat currency. At the time, according to Reuters, NXT was the fourth largest cryptocurrency with a market cap of $45 million. It had a user base of around 20,000 active users.[10]

In 2015, the developers of the game Voxelnauts planned to use Nxt to provide ownership rights of items in the game.[7]

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.[11]

## NXT cryptocurrency

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.[12][13]

## Critique

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.[14][15]

## References

1. ↑ DeMartino, Ian (2016). The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency. New York: Skyhorse Publishing. ISBN 978-1-63450-524-6. https://books.google.com/books?id=_LGJDAAAQBAJ&pg=PT194. Retrieved 2018-11-21.
2. ↑ Prypto (2016). Bitcoin for Dummies. Hoboken, New Jersey: John Wiley & Sons. p. 170. ISBN 978-1-119-07613-1. https://books.google.com/books?id=xw0lCgAAQBAJ. Retrieved 2018-11-21.
3. ↑ Ciaiana, Pavel; Rajcaniova, Miroslava; Kancs, d'Artis (January 2018). "Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets". Journal of International Financial Markets, Institutions and Money (Elsevier) 52: 173–195. doi:10.1016/j.intfin.2017.11.001. ISSN 1042-4431.
4. ↑ "Ardor - Getting started" (in en). Jelurida. https://ardordocs.jelurida.com/Getting_started.
5. ↑ "About Jelurida | Jelurida". https://www.jelurida.com/about.
6. ↑ "Call for evidence, Investment using virtual currency or distributed ledger technology" (in en). ESMA. https://www.esma.europa.eu/sites/default/files/library/2015/11/2015-532_call_for_evidence_on_virtual_currency_investment.pdf.
7. ↑ 7.0 7.1 "Kickstarter: Voxelnauts MMO plans to use NXT-based blockchain virtual property management". 9 June 2025. https://siliconangle.com/2015/06/09/kickstarter-voxelnauts-mmo-plans-to-use-nxt-based-blockchain-virtual-property-management/.
8. ↑ Franco, Pedro (2015). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex: John Wiley & Sons. pp. 203–204. ISBN 978-1-119-01916-9. https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA203. Retrieved 2018-11-21.
9. ↑ Lee, David Kuo Chen; Low, Linda (2018). Inclusive FinTech: Blockchain, Cryptocurrency and ICO. New York: World Scientific. p. 90. ISBN 978-981-3272-76-7. https://books.google.com/books?id=HCpjDwAAQBAJ&pg=PA90. Retrieved 2018-11-21.
10. ↑ "Danish virtual bourse to trade NXT 'cryptocurrency' for real money". 18 July 2014. https://www.reuters.com/article/markets/danish-virtual-bourse-to-trade-nxt-cryptocurrency-for-real-money-idUSL2N0PT0RV/.
11. ↑ "Nxt Core Team launches full suite of Smart Transactions" (in en). 2016-07-26. https://www.econotimes.com/Nxt-Core-Team-launches-full-suite-of-Smart-Transactions-240721.
12. ↑ "Bitcoin Is Challenged as Danish Bourse Offers NXT Trading". www.bloomberg.com. 18 July 2014. https://www.bloomberg.com/news/articles/2014-07-18/bitcoin-dominance-challenged-as-danish-bourse-offers-nxt-trading.
13. ↑ "Bitcoin competitor NXT in modest start to trade vs the dollar". www.reuters.com. https://www.reuters.com/article/2014/07/21/us-denmark-bitcoin-idUSKBN0FQ1AZ20140721/.
14. ↑ "Bitcoin Pioneer Skeptical of the Latest Satoshi Nakamoto". www.bloomberg.com. 19 August 2019. https://www.bloomberg.com/news/articles/2019-08-19/bitcoin-pioneer-skeptical-of-the-latest-satoshi-nakamoto-claim.
15. ↑ "Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto". www.pcworld.com. https://www.pcworld.com/article/451943/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html.

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