Current Features

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Current features of Nxt include:

  • A true descendant of Bitcoin
    • Unlike many other cryptocurrencies, Nxt was written from scratch and is based on all-new code.  Nxt improves upon many of the features of Bitcoin, removes some disadvantages (e.g. bloated blockchain) and its pure Proof-of-Stake algorythm resolves a big environmental issue.
  • Limited supply
    • 1 billion NXT were generated in the first block, and no new NXT will be created.  Coins are not mined like they are with other currencies.
  • 100% Proof-of-Stake currency
    • Nxt is the first 100% Proof-of-Stake (PoS) currency.  Coins are earned solely by collecting transaction fees.  Unlike other currencies with Proof-of-Stake mining, however, Nxt's Proof of Stake mining, often referred to as Forging, does not cause monetary inflation.
  • Asset Exchange
    • To exchange cryptocurrencies and other digital assets until now, you had to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bter/etc, transfer your assets to them and then pay them transaction fees. This brings in a large concern: a centralized exchange could just bail with everyone's deposits. Nxt has developed a peer-to-peer exchange into the software to allow for decentralized trading which eliminates this trust point. It also eliminates trading fees.
    • The same technology that allows you to trade NXT for many other digital assets can allow you to trade NXT for almost any commodity.
    • This feature is based on the "colored coins" concept. Since the blockchain provides a trustworthy record of transactions, it can be leveraged to provide a record of trade of items other than NXT. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodites, or even concepts. As a result, the Nxt network could be used to trade almost anything.
  • Marketplace
    • A protocol for decentralized, peer-to-peer stores for any kind of digital goods.
  • Voting System
    • The secure, encrypted, consensus-based nature of the Nxt network allows the implementation of a voting system that guarantees anonymity and security, without relying on a central authority to tally votes.
  • Phasing
    • Allows transactions with deferred execution, with or without conditions. For example "I will give you 100 Nxt now, and another 100 once your project is finished."
  • Transparent Forging (Partially implemented)
    • Nxt will implement a novel "transparent forging" system that will temporarily penalize accounts that do not participate in the proof-of-stake block verification process.  This will encourage holders of non-trivial amounts of Nxt to actively participate in the network, instead of merely holding a balance in order to collect transmission fees.  More information about this feature can be found in this Bitcointalk thread .
  • Account Leasing
    • Account Leasing allows a user to lease its forging power to another account for a fixed period of time, without having to send coins anywhere. This allows for the creation of secure forging pools.
  • Brain wallet
    • All Nxt account information is stored on the network.  Using a secret passphrase, an account can be accessed from any instance of the Nxt software. (This is not very different from Bitcoin; the difference is that there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file)
    • Note: future clients may allow the offline storage of account keys in a wallet.dat-like file. Accounts are secured with a 256-bit key as soon as one outgoing transaction is made from an account.
  • Alias System
    • Nxt implements an alias system that translates alphanumeric text into almost anything: Nxt account addresses, email addresses, URLs, phone numbers, SKU codes, and more. This not only gives Nxt the ability to function as a Decentralized DNS system, but adds additional possibilities for mapping short names to other entities.
  • Arbitrary Messages
    • Implemented at a block height of 40,000 blocks, this feature allows Nxt users to send small amounts of data through the decentralized network. Since version 1.2.0, these data can be encrypted. The term "message" is loose: this feature can be used to send simple text messages, but can also be used to send up to 1000 bytes of any data. As a result, it can be used to build file-sharing services, decentralized applications, and higher-level Nxt services.
  • Fast transaction processing
    • Nxt does not use "scripts" (or predicates), which simplifies and accelerates transaction processing.  Advanced features that require them are created on top of the Nxt core as third-party services.
  • Target block generation time is one minute, and there is a currently a cap of 255 transactions per block.

Next: Learn about Nxt's planned features – or jump to our getting started page!