NXT

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NXT

  • Daniel Shafrir

    How much do people here know about NXT? I’m starting to hear more and more about it and am curious to get involved. It’s one of those things that seems really interesting but the lack of participation (or apparent interest) is a bit confusing to me.

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  • Ben Best

    NXT is reportedly the first cryptocurrency to be based on proof-of-stake mining, rather than proof-of-work. This would cut the huge amount of processing (electricity use) that is required for Bitcoin mining. There are other cryptocurrencies that use some proof-of-stake, which may include Ether.

    http://bitcoinmagazine.com/9826/nxt-proof-stake-new-alternative-altcoin/

    https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies#Nxt_.28NXT.29

    https://en.bitcoin.it/wiki/Proof_of_Stake

    I would not say that there is a lack of interest in NXT, which has the third largest market capitalization after Bitcoin and Litecoin:

    https://coinmarketcap.com/

    For trading volume today from Bitcoin on Cryptsy NXT ranks sixth:

    https://www.cryptsy.com/

    I don’t understand the ranking system at CoinGecko (I haven’t put much effort in trying to), but by their system NXT ranks 19 among the cryptocurrencies:

    https://www.coingecko.com/en

    There is an explanation of the ranking system on the CoinGecko website, but the explanation doesn’t explain much to me:

    https://www.coingecko.com/en/methodology

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    Bart Vandalay

    Yeah I think it just doesn’t get as much press because it was just quietly released by an anonymous dude (a la bitcoin) rather than going the route of ethereum, mastercoin, bitshares, maidsafe, etc. and have an official organization to launch it. So with no crowdsale or anything it has had to just start really small and grow organically. To me, that seems like a plus not a minus. I also hear it already can do much of what projects like ethereum is trying to do. But hopefully someone more familiar with it can explain all that as I only have very limited understanding of NXT.

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