If you have any questions or additions for this page, please post them here and they will be followed up on.
See Two Factor Authentication.
See Asset Exchange.
Each NXT has a corresponding AntiNXT. These are a special type of NXTs that have negative values and exist only in the Genesis Account. Any NXTs sent to the Genesis Account are destroyed by interacting with their AntiNXT counterparts. This is logical in that -1 + 1 = 0, or in words AntiNXT + NXT = Nothing. Also see Genesis Account.
4 Asset Exchange
Asset Exchange is the decentralised marketplace of Nxt. It is where any any asset, digital or physical, can be traded peer to peer without the need for a centralised third party. The Asset Exchange concept is often generally referred to as Coloured Coins in the cryptocurrency world.
See Automated Transactions.
6 Attack of the Clones
See Clone Attack.
7 Automated Transactions
In simple terms, Automated Transaction will be trustless Escrows. Work is being done on a Turing-complete scripting layer that can operate on top of the Nxt blockchain. "Turing-complete" is a term that means the scripting language is not limited in scope and can compute anything. This Nxt application will allow for the creation of Distributed Autonomous Corporations (DACs) that can issue transactions automatically, based on a set of rules.
8 Autonomous Transactions
See Automated Transactions.
Abbreviation of Bitcointalk, a popular cryptocurrencies website. See bitcointalk.org.
Bitcointalk.org (or BCT as it is sometimes referred to) is a website originally for the discussion of bitcoin that has grown to be the place for discussion of all things in the cryptocurrency world. As Bitcoin is the grand-daddy of all crypto currencies, this is most often the place new cryptocurrencies go to announce their arrival and it was no different for Nxt in the Autumn of 2013. It was also the host for the Nxt Megathread until it was locked on the 14th April 2014 after amassing 2763 pages. See Megathread.
To have borked something is to ruin it completely, usually by doing something silly such as putting the wrong fuel in your car or copying and pasting translation tags in Wiki entries so much that they no longer work. Usually used when talking about technology.
A Bot in general is an automated computer program. In the case of Nxt, the bots have been programmed to find the account numbers to all accounts associated with Weak Passphrases (such as ‘Dog’, ‘12345’ and ‘opensesame’). They continuously scan the Blockchain looking for Transactions happening in these accounts. Once a Transaction is detected, the Bots then automatically log into the account and move the NXT to an account they control. This often only takes a matter of minutes from the transaction into the account and nothing can be done to retrieve the stolen NXT. It is therefore VERY IMPORTANT to use a Strong Passphrase to ensure that your NXT is not stolen. Also see Brainwallet.
Bounties are rewards for completing specific tasks. The Bounty in Nxt may be paid for writing an article, uploading an instructional video on YouTube, carrying out translation work and many other things. Bounties are offered by anyone with the money and desire to see something implemented in Nxt. The Nxt Committees that control the Unclaimed Funds regularly have bounties on offer. At the time of writing, there is currently approximately 8 million NXT available in bounties.
A Brainwallet is the concept of all accounts being accessible at all times to everyone in any location, provided you know the passphrase of the account. For example, everybody can find out the account number associated the passphrase ‘dog’ by inputting it into any Client when prompted (it unlocks account number 14484691315565383597 and has already been used) . If you are of an evil disposition, you may think you could enter all the words in the dictionary to find the associated account numbers, store them in a database and then wait for transactions in these account to appear in the Blockchain. You could then swoop in and steal any amounts transferred in. And you would be right as this is what Bots do very efficiently, if given the chance. It is therefore VERY IMPORTANT to use a Strong Passphrase to ensure that your NXT is not stolen. Your Passphrase IS your account. If someone has your Passphrase, they have your Account. Also see Bots.
Abbreviation used to mean Bitcointalk, a popular cryptocurrencies website. See bitcointalk.org.
When something is canonized, it can be thought of as being put into a standard form. If something can be expressed in multiple forms then one of these forms is chosen which is known as the canonical form. It can be thought of as loosely as a 'house style' in publishing. You could submit a piece that has two fonts, 3 font sizes and two colours and this would be canonized to '10pt Ariel Black' prior to publication. However, in computer programming, there is often benefits in lower memory use and faster calculation times so a canonical form is often favoured by developers.
See Cross Chain Transactions.
A Client is a computer program used to access the Nxt Platform core features and other services added by Service Providers. Nxt has Clients for Windows, Mac and more so you should find one that is suitable for your intended use. A full selection of Client’s can be found at http://www.nxtclient.org.
A clone refers to a new crypto currency that copies the Source Code of an existing crypto, often making small changes and sometimes not changing anything at all. Fork is used to mean the same thing but this also has a specific meaning relating to the Blockchain. You must use a different passphrase in any Nxt clone you choose to get involved with. The danger in using the same passphrase in a clone as that it is possible to begin a transaction in a clone but then broadcast the transaction in Nxt (or vice versa) and steal your NXTs. Also see Clone Attack and Fork.
21 Clone Attack
Clone Attack is a scheme for stealing NXTs through the use of a Nxt Clone and can only be successful if you use the same passphrase on Nxt and on a Nxt Clone that uses the same transaction format. Very Important: Do not use your Nxt Account passphrase for anything but your Nxt account. The Clone Attack is a very simple attack so could become common if people are reluctant to generate new Strong Passphrases and reuse their Nxt Passphrase in any Clone. It is described below using a fictitious clone named NEX:
- You use the same account passphrase in NEX as you have in Nxt.
- The attacker sends you an amount, say 10000NEX, perhaps at the launch of the Clone, as a giveaway or as part of day to day transactions.
- Later, the attacker offers to buy 5000NEX from you for 0.01 BTC (this will always be a generous offer for the Clone).
- The Attacker sends you the Bitcoins in advance and you send him 5000NEX.
- The attacker then broadcasts the NEX transaction you sent them onto Nxt network, .
Result: 5000NXT is removed from your Nxt account and you only received a small percentage of its value. Again, very important: Do not use your Nxt Account passphrase for anything but your Nxt Account. Anyone can broadcast transactions from a Clone into Nxt and vice versa, if the clone doesn't change the transaction format used in Nxt. So anyone who uses the same Account Passphrase in both can lose NXTs.
22 Coloured Coins
See Asset Exchange. This is the Nxt implementation of coloured coins.
Come-from-Beyond was an important contract developer for the initial implementation of Nxt and is a continuing forum member and Nxt development contributer. (S)he was employed on contract directly from BCNext from the start of Nxt in late 2013 and was the conduit through which BCNext communicated once (s)he chose to become anonymous and stop posting from the BCNext account. Come-from-Beyond’s contract came to an end on the 3rd April 2014, the day before the beginning of George Orwell’s book ‘1984’. (S)he now works as freelance developer to complete the ideas BCNext passed on so as to build his/her own projects on top of the Nxt Platform. Also See BCNext and Genesis Account Passphrase.
24 Cross Chain Transactions
This is simply a transaction that involves more than one blockchain. This might be done on a forum trading thread or through an exchange, but both of these methods require you to invest trust in either the trading partner or the exchange. Ideally, cross-chain transactions could be "trustless", meaning that they are handled by automated agents or systems that verify assets and balances between traders, and then broker those trades between them so that trust is not required.
Occasionally, someone sends Nxt to an account that nobody is using. Since these Nxt are "locked" until the passphrase for that account is discovered and used, the Nxt in the account is referred to as "DarkNXT".
If randomness is not involved in determining a condition in the future, it can be said to be deterministic. Deterministic systems are useful as they give the same result each time they are repeated. Hash Functions are Deterministic, meaning you get the same result each time if you use the same input data. An illustrative example: when you break at the start of a pool game, the pool balls end up in certain positions on the table. They will end up next to a cushion, one might go down a pocket and some may barely move at all. This might appear random but if you could reverse time to before you broke and were able replay the exact same shot you played previously again, the balls would end up in the same positions. So the rules that determine how the balls collide with each other, lose momentum and come to rest are deterministic. Alternatively, if you broke three times in exactly the same way as before and one ball didn’t come to rest at all on the first break, one ball vanished and reappeared on a six pack in the fridge on the second break and all the balls floated off the table the third break then the rules governing their movement couldn’t be called deterministic.
Definitive, unambiguous fanaticism. It is the opposite of FUD, used to describe anyone who has blind, unwavering faith in a crypto often in the face of overwhelming evidence to the contrary. No doubt we have all been guilty of some level of DUF as a crypto enthusiasts.
The act of selling, usually in a large amounts and in a sort space of time. As you might expect, Dumping frequently causes prices to drop. Examples of use are: "There is a lot of dumping going on today" and "I have just dumped my LiteCoin".
29 Effective stake
All transactions must be confirmed 1440 times before they can be used for forging. Your effective stake, then, is the balance in your account that has at least 1440 confirmations.
An escrow is a trusted person or entity (such as an exchange) that assists with a trade by holding and processing transactions for others. Escrows are usually used when people do not meet face to face and where no trust exists between those wanting to trade. For example, Bob has digital music that he wishes to sell for NXT and Alice has NXTs and wants to buy digital music. If Alice sends her payment, Bob could walk away with her money and never seen again. So Alice asks and Bob agree to use Jim as an escrow. Alice and Bob both send their sides of the trade to Jim and once Jim has received both the music and the NXT, he gives Bob his money and Alice her music. Both sides have to trust an escrow. Nxt is developing trustless escrows using the Asset Exchange and Automated Transfers that would make traditional escrows obsolete.
An Exchange usually refers to one of many centralised places where you can go to convert one form of currency into another. Examples in Nxt are DGEX, Bter and even the humble trading thread. Part of the Nxt Platform is the Asset Exchange that is a decentralised exchange that aims to make centralised Exchanges redundant. People will be able to trade with each other directly, securely and cheaply and not just currencies but any other assets users choose to create (shares, bonds or contracts). As there are no centralised servers to attack, the Asset Exchange can’t be shut down. You don’t have to store your money in a third parties account so disasters like Mt. Gox will become a thing of the past. You money is secured directly by the Nxt Blockchain inside your own account.
See Transaction Fees.
Nxt's founders are the 73 people who invested Bitcoin to help fund Nxt's creation. All of Nxt's coins were generated on November 25, 2013 and distributed to the founders according to the size of their initial investment.
34 Forge (or forging)
Similar to Mining in other cryptocurrencies. The term "forge" is used in Nxt to describe the process by which nodes on the network bundle transactions into blocks, which are then added to the blockchain. An account that forges a block gets a reward.
Fear, Uncertainty and Doubt. Also see FUDster.
A FUDster is someone who spreads Fear, Uncertainty and Doubt (abbreviated to FUD), often in an emotive and hysterical fashion. The implication is that a FUDster is trying to have a negative effect on the price of an asset and/or derail or delay important discussion and decisions. Therefore it is seen as a serious insult to be labelled as a FUDster.
37 Genesis Account
This is the first Nxt account created. Its purpose was to issue Nxt to the initial Nxt investors (known as Founders, which are distinct from Stakeholders). The initial balance was zero so once all 1 billion tokens were issued, the balance of the Genesis Account became negative 1 billion. Any NXT that is now sent to the Genesis Account interacts with its negative counterpart (known as AntiNXT) and both are destroyed. The Genesis Account no longer has a balance of exactly 1 billion negative, as some users have sent some of their NXT there (for unknown reasons, perhaps curiosity). Nxt is Hardcoded so that no more coins can be issued from the Genesis Account (Transactions from Accounts with negative balances are rejected). Any NXT sent to the Genesis Account cannot be recovered and is gone forever. The Genesis Account Password has been published. See Genesis Account Passphrase.
38 Genesis Account Number
The Genesis Account Number is: 1739068987193023818 (NXT-MRCC-2YLS-8M54-3CMAJ). Also see Genesis Account.
39 Genesis Account Passphrase
The passphrase that gives any user access to the Genesis Account. The passphrase is “It was a bright cold day in April, and the clocks were striking thirteen.” It was taken from the opening line of George Orwell’s book ‘1984’, which begins on the 4th April 1984. This is considered by many to be the release date of the third and final part of BCNext’s essay on the future vision of Nxt. BCNext has also stated that the community does not have to follow his plan. His essay so far can be found here
To Grok something is to have a deep understanding of it, usually one that is intuitive. It is taken from the 1961 science-fiction novel, "Stranger in a Strange Land".
Data of a fixed length that is the output from a Hash Function.
42 Hash Function
A Hash Function is a step by step mathematical procedure that converts data of any length into data of a fixed length. The data could be the combined works of all human literature and a hash function could convert it into a unique string of 32 digits, for example. There are many different kinds of Hash Functions used in cryptography. As an illustrative example, “It was a bright cold day in April, and the clocks were striking thirteen.” creates the hash “8ea71671a6edd987ad9e9097428fc3f169decba3ac8f10da7b24e0ca16803bf0” using the Hash Function SHA-256. Try the example above yourself at http://www.xorbin.com/tools/sha256-hash-calculator. What happens if you add a space after the full stop/period? You will see hash becomes completely different. Remove the space and re-hash it and what do you get? It will be the same Hash that you had before, the one written above. Hash Functions are Deterministic, meaning you get the same Hash each time with the same input data. Also see Hash and Deterministic.
InstantDEX is a service built on top of Nxt’s Multigateway service and Nxt Asset Exchange and has been shown in a proof of concept to have achieved ~5 second transaction times prior to any optimization. The goal of InstantDEX is to allow for real time trading of any Nxt Asset against any other Nxt Asset, not just Multigateway assets, and also NXT itself.
After optimization, the goal is to achieve transactions in the ~3 second timeframe. The Multigateway will need to be trusted to redeem assets but almost all of InstantDEX will be decentralized. Due to the nature of the transactions, those with good internet connections will get better performance than those with bad internet connections. InstantDEX is still in development and the discussion thread can be found at here.
45 Judgement System
The Judgement System is a Reputation System but it also includes a mechanism for Judges to make decisions on the conduct of users. Users will form Agreements (written in plain English and encrypted). If one of the parties violates an agreement, then the judges can be asked to judge. Users can choose the Judges they trust and the reputation of users' accounts will depend on decisions made by these judges.
46 Leased Forging
Leased Forging allows you to lease your forging balance to another Account for a limited amount of time. Your Account must have had one outgoing transaction so that your account has a Public Key to be eligible to lease your forging balance. The Public Key must be at least 1440 Blocks old (approx. 24 hours). You choose the length of the lease, in blocks (i.e. 2880 blocks for 48 hours). The maximum lease length is 32767 blocks. Once you agree a Lease, there is a waiting period of 1440 blocks before the lease begins that you must take account of. If you spend some of the balance in the waiting period and the balance is reduced, the leased balance is calculated based on the new balance.
The account that receives the lease does not acquire any rights to do anything with your NXT, for example spend, transfer or re-lease it to others. Once a lease has begun, you can’t end it before the agreed time has elapsed. There is no monetary advantage to Leased Forging, you will get the same Return on Investment that you would if you forged on your own. However, it means you can let someone else keep their computer on and account forging on your behalf. Useful if you can’t or don’t want to leave your computer on 24 hours a day and monitor for software updates, being on a fork etc. Smaller NXT Accounts will also get more regular payments with Leased Forging. Forged coins with your leased balance are not returned to your Account automatically, you have to trust who you lease t that they will give you what you are owed. Leased Forging can be done on a charitable basis, where you don’t expect any additional NXT at the end of the lease and the charity account keeps the forged NXT.
49 Marketing Committee
See NXTmarketingfund Committee.
MC is the abbreviation of Marketing Committee. Also see NXTmarketingfund Committee.
The Nxt Megathread refers to the 2763 pages of discussion about Nxt hosted on bitcointalk.org. On the 14th April 2014, the thread was locked and all discussion moved to nxtforum.org to allow better organisation of the myriad of projects ongoing throughout the Nxt ecosystem. The thread can be found at https://bitcointalk.org/index.php?topic=345619.0. This was once referred to infrequently as the Nxt Pub Thread but since the 23rd March 2014 when nxtforum.org was launched, this most often is referring to the Nxt Pub Thread on nxtforum.org. See Pub Thread.
Mining is the process of using computer power to solve complex mathematical problems. Those using their computer to try and solve these problems are known as miners and this is the basis for Bitcoin and most crypto currencies (as they are based on Bitcoin). Only one miner can solve the problem and is rewarded with a number of the coins being mined. The process then repeats with miners racing to solve a new problem. Success in mining is directly proportional to the amount of computing power available to the miner, which has led to a mining arms race to create the most powerful mining computer systems to successfully mine more frequently. It has also led to the rise of Mining Pools.
53 Mining Pool
Members of a Mining Pool club together to combine their computing power to increase their chances of the group being a successful miner. The members of the pool then share any coins that the Mining Pool is rewarded with in proportion to the computer power they add to the pool. E.G. if your computer accounts for 20 percent of the pools power, you get 20 percent of the rewards. There are currently two NXT Mining Pools (Hashrate.org and Nxtp00l.com) but these do not mine NXTs directly. Also see NXT Mining and Mining.
54 Monetary System
Monetary System will allow you to create currencies backed by NXT. New coins are created by "locking" NXTs. This could be thought as similar to “burning” Nxt but this is inaccurate as the process can be reversed. If you destroy 7% of the supply the created coins then you get 7% of the locked NXTs back. You are unable to lock more NXTs into the coin once it is created so the supply can’t be inflated. Transaction fees for coins created in the Monetary System can only be paid in NXT. To join the discussion, see the Nxtforum.org dedicated subforum at https://nxtforum.org/monetary-system/.
See Monetary System.
nextcoin.org was established early on in the life of Nxt for the use of the community by Graviton, one of the Founders of Nxt and owner of the dgex.com exchange. nextcoin.org is one of two main discussion forums for news and development of Nxt, the other being nxtforum.org, and both are playing important roles in the success of Nxt.
See Nxt Improvement Proposal.
A system that is running the Nxt server software
Nodecoin is a proof of concept coin and the first coin to be built on top of the Nxt Platform. After initial testing, full implementation was postponed to allow other higher priority projects to progress and allow a full discussion. The concept: Nodeminer, the computer program supporting Nodecoin, runs alongside your Nxt Forging Account. For each Block it reports the Peers it is connected to back to the Nodecoin pool server. The pool server then tabulates the results and allocates Nodecoins based on the number of times your Node was listed as a Peer. The more people connected to your Node, the more you get reported to the pool server and the more Nodecoins you get. The Nodeminer would also get an extra share bonus for having reported to the pool server.
Nodecoins cannot be mined and only one share is allocated per IP address/Nxt Account. There are 100 Nodecoins distributed per block. Nodeminer can embed a NXT health monitor, which will allow the detection of when the network is in a fork, or under attack. Nodeminer has potential as a method for users to sell their computer resources in exchange for Nodecoins. There are many things that a user's computer is uniquely qualified to do such as decentralized source of CPU, bandwidth and storage.
See Nxt Reference Software.
62 Null Account
The "Null" account is the account that the Client unlocks when you press enter without entering a passphrase at the prompt. It is called the “Null” Account as it has no passphrase, or more correctly, the passphrase is defined as what is between the following square brackets thus . Nothing, not even a a space. It opens account 3791936988034107349 which has had many transactions in its history as people have used the account to test Nxt and some have used it by mistake. As with all accounts with Weak Passphrases (or no passphrase in this case), the Nxt transferred there are more often than not stolen by Bots. This is a distinctive attribute of a Brainwallet and it is therefore VERY IMPORTANT to use a Strong Passphrase to ensure that your NXT is not stolen. Also See Brainwallet and Bots.
Nxt usually refers to the Nxt Platform. The use and meaning of Nxt and NXT is not universal so you should check the context and with the user if unsure.
NXT usually refers to the currency/tokens used on the Nxt Platform (notice the use of capitals). An illustrative example to demonstrate common usage would be, “Bob used his Nxt Client to transfer 100NXT to Alice”. The use and meaning of Nxt and NXT is not universal so you should check the context and with the user if unsure.
65 Nxt Account Miner
The Nxt Account Miner is a computer program that attempts to find a Passphrase match to Nxt Accounts that don’t have any outgoing transactions or haven't forged a block. These are referred to as DarkNXT accounts. An outgoing transaction in a Nxt account increases the encryption from 64 bit to 256 bit (as a Public Key for the account is registered on the Blockchain) and makes it practically impossible for an Account with a Public Key and 256bit encryption to be cracked by this software.
When you start the program, it begins searching from a random point. If you restart the program, it will begin from a different point in search space. The chances are always equal in finding an account so there is no need to begin from the last point that was checked.
It is currently a bad use of resources to mine accounts as it would take more resources than you would get in return. With the code attempting to crack the top 310 accounts simultaneously and is able to do 1 billion searches per second, the average would be close to one year to find one of the 310 accounts passphrases. Two years if the speed is 500 million per second. Four years if it's 250 million per second and so on. However this will change as the Nxt price increases as it may be worthwhile if the average account contains, for example, $5000 and as average computing power increases. One Account identified as a DarkNXT Account contains 500 Bitcoins.
As the NXT Account Miner software is unable to tell if an account is DarkNXT or just an account someone is using that hasn’t had an outgoing transaction, it is very important to ensure each new account you open has had an outgoing transaction (transfer NXT, create an Alias or forge a block) to give it a Public Key and 256 bit protection. This would put you beyond the reach of the NXT Account Miner.
66 Nxt Core
See Nxt Platform.
67 Nxt Ecosystem
See Nxt Platform.
68 Nxt Improvement Proposal
Anyone can suggest improvements to Nxt through a Nxt Improvement Proposal (abbreviated to NIP) that will be considered by the relevant developers and/or Nxt committees. Suggestions then have a chance of being implemented within Nxt. The Nxt Improvement Proposal sub forum can be found at: https://nxtforum.org/nxt-improvement-proposals/
69 NXT Indirect Mining
See Nxt Multipool.
70 NXT Mining
You can't mine NXTs directly. However there is a method to accumulate NXTs using mining hardware, see NXT Indirect Mining.
71 NXT Multipool
The NXT Multipool is the process of using existing mining hardware to mine the most profitable crypto currencies and then periodically selling them and using the proceeds to buy NXTs on the open market. In this way, crypto currency miners can use their existing hardware to transition to Nxt's second generation platform. Nxt remains 100% Proof of Stake as it is profit from mining other coins that is used to buy NXTs on the open market. If the profit was used to buy US dollars, that wouldn't make US dollars Proof of Work so neither can Nxt be. This process has a downward pressure on the price of the coins mined and an upward pressure on the price of NXTs. Also see Mining Pool.
72 Nxt Platform
Nxt Platform refers to the ‘ecosystem’ of Nxt core features. This includes Asset Exchange (AE), Automated Transactions (AT), Arbitrary Messages (AM) and Transparent Forging (TF) as examples. These are distinct from Service Providers who do not form part of the core of Nxt.
73 Nxt Reference Software
The Nxt Reference Software (NRS), which consists of the server software and a simple client. Support for the client will be discontinued eventually, once 3rd party clients are available across many platforms.
nxtforum.org was set up to allow better organisation of the various Nxt projects being worked on simultaneously in the Nxt Megathread and a few weeks after the launch the Megathread was locked. nxtfroum.org is one of two main discussion forums for news and development of Nxt, the other being nextcoin.org, and both are playing important roles in the success of Nxt. Also see Megathread.
The NXTinfrastructurefund represents the proportion of the Unclaimed Funds allocated for the use of support of the Nxt Infrastructure. At the formation of the fund, there were around 2,900,000 NXT available for allocation to infrastructure projects. Also see Unclaimed Funds and NXTinfrastructurefund Committee.
76 NXTinfrastructurefund Committee
The job of the elected NXTinfrastructurefund Committee is to review the infrastructure proposals of anyone who requests them to do so, for example running public nodes or paying for servers. If approved, the desired funds for the proposal are transferred to the requester from the NXTinfrastructurefund. The NXTinfrastructurefund Committee are not intended to provide the direction of Nxt but only to shepherd the NXTinfrastructurefund and support Nxt until they have allocated all of the NXT in the fund. The NXTinfrastructurefund subforum, where you can make a request for funds for your project, can be found at https://nxtforum.org/infrastructure-committee.
The NXTmarketingfund represents the proportion of the Unclaimed Funds allocated for the use of marketing Nxt. At the formation of the fund, there were around 2,900,000 NXT available for allocation to marketing projects. Also see Unclaimed Funds and NXTmarketingfund Committee.
78 NXTmarketingfund Committee
The job of the elected NXTmarketingfund Committee is to review the marketing proposals of anyone who requests them to do so. If approved, the desired funds for the proposal are transferred to the requester from the NXTmarketingfund. The NXTmarketingfund Committee are not intended to provide the direction of Nxt but only to shepherd the NXTmarketingfund and support Nxt until they have allocated all of the NXT in the fund. The NXTmarketingfund Committee often just refer to themselves as “Marketing Committee” or just “MC”. The NXTmarketingfund subforum, where you can make a request for funds for your project, can be found at https://nxtforum.org/marketing-committee.
This is the name given to 0.00000001 NXT (or 10^-8 in mathematical shorthand) in the Nxt code and abbreviated to NQT. nxtQuants are equivalent to satoshis in Bitcoin and allows NXTs to be highly divisible, making them tradable with coins that have values many decimal places higher or lower than Nxt. nxtQuant is currently a temporary name.
The NXTtechfund represents the proportion of the Unclaimed Funds allocated and private donations for supporting the technical development of Nxt. At the formation of the fund, there were around 3,900,000 NXT available for allocation to technical development projects (2,900,000 from the Unclaimed Funds and 1,000,000 from a private donation). Also see Unclaimed Funds and NXTtechfund Committee.
81 NXTtechfund Committee
The job of the elected NXTtechfund Committee is to review the technical development proposals of anyone who requests them to do so, for example if you wish to have monetary support for the service you wish to build on top of Nxt. If approved, the desired funds for the proposal are transferred to the requester from the NXTtechfund. The NXTtechfund Committee are not intended to provide the direction of Nxt but only to shepherd the NXTtechfund and support Nxt until they have allocated all of the NXT in the fund. The NXTtechfund subforum, where you can make a request for funds for your project, can be found at https://nxtforum.org/technical-development-committee.
NXTventure is a virtual company that is listed on the Asset Exchange and is akin to a Venture Capital/Investment bank hybrid. It makes investments in companies and then offers the assets of them via Asset Exchange. NXTventure plans to have about one new company offered per month and at the end of the month, the leftover assets after the Asset Exchange sales are given out as a dividend to the assetholders.
In the first month, NXTautoDAC was the company invested in and the dividend was 1 NXTautoDAC for every 4 NXTventure assets.
Peerexplorer gives live information on the Nxt network including the number of nodes online, the version being used, the estimated cost of running the network, the top known peers, the average network ping time, a world map of node locations and other more detailed information on each node.
Phasing splits the processing of transactions into phases and this is a big step to true decentralization. Phasing will implement Account Control and will make cold storage, escrow and few other things obsolete. Full details due to be released in April.
85 Private node
An instance of Nxt, running on a computer or device, that is only intended for use by a single account holder. Most "home computer" installations are of this type.
86 Pub Thread
The Nxt Pub Thread is the general, anything goes discussion thread hosted on nxtforum.org. It can be found atː https://nxtforum.org/general-discussion/nxt-pub-thread-2500-pages-on-nxtforum-org-or-bust/ It was intended to move the Megathread from page 2500 onwards from bitcointalk.org to a dedicated Nxt forum but users still use both threads for pub gossip and hanging out. See Megathread.
87 Public node
A node that is available on the Internet. These nodes are heavily relied-upon to support and reinforce the Nxt network.
88 Reed Solomon
Reed Solomon is an error correction method used in coding theory. It is specifically used in Nxt to display your original account ID in the Reed Solomon format. As an example, the Reed Solomon format for the Genesis Account Number of 1739068987193023818 is "NXT-MRCC-2YLS-8M54-3CMAJ".
The Reed Solomon format isn't a new account, just a different way of displaying your account number but it has two big advantages.
First, it is easier to read and check if it is correct. Sort sections of letters are more human readable than a string of up to twenty numbers.
Secondly, it can detect if you input up to two digits of the Reed Solomon address incorrectly and will even suggest corrections. This will reduce the likelihood of sending your NXT to the wrong account.
Users who have only used NRS v1.1.3 or later will only know the Reed Solomon format of addresses.
A Service is a feature built on top of Nxt but does not form part of the Nxt core, in the same way that email is built on top of the internet. Gmail is not integral to the internet, it is built on top of it. Services are built by third party developers known as Service Providers who are often not directly linked to the development of Nxt. By virtue of a Service being built on top of Nxt, they often make use of the Nxt core features. Examples of Services are InstantDex and NXTCash. Other examples are limited by people’s time and inclination and could include shops, financial exchanges, email, twitter and facebook. Also see Nxt Platform and Service Providers.
90 Service Providers
Service Providers are developers who make use of Nxt to provide Services ‘on top’ of the Nxt Platform. See Services.
A sockpuppet is an account that appears to be speaking independently but is actually an additional account of the same person. It comes from the idea of a sockpuppet on my hand could appear to speak as someone else but it is of course controlled by me. Sockpuppets are used to abuse votes and IPOs, sway the mood of discussions or help in Sybil Attacks.
Anyone who holds any amount of Nxt.
A Swarm is an organised activity involving as large a number of people as possible, usually for promotional purposes. The Swarm will have a goal that may be to get listed on a new Exchange, upvote a reddit article, comment on a news item or cast a vote in a poll. The Swarm is usually only successful if a large number of people take part as it shows the strength of the community.
94 Sybil Attack
A Sybil attack is when someone creates more than one user/account for themselves and uses it to their own advantage. Examples might be creating many bitcointalk accounts to be able to sway votes or claim additional stakes of a cryptocoin IPO. In Nxt, any caps to forging power or punitive measures to large accounts would just result in those effected creating more accounts to reduce the amounts in each, which can also be considered a Sybil Attack to avoid the punitive measures.
95 Time Warp
Time Warp is a feature of Transparent Forging that will support very high transactions per second within Nxt. Full details will be released in April.
Transactions are anything that causes your Account to interact with the Nxt Blockchain. As examples these include sending/receiving Nxt, assigning an alias and asset exchange transactions. Interactions with the Nxt Blockchain require that a Transaction Fee is paid and this can only be paid in NXT. Also see Transaction Fees.
97 Transaction Fees
A Transaction Fee is paid in Nxt for each transaction that is recorded in the Nxt Blockchain. The prime purpose of Transaction Fees is to prevent spamming of the Blockchain. The Transaction fees in each Block are also given to the Forger of the Block.
The fees are currently set atː
Send any amount of NXTː 1 NXT
Receive any amount of NXTː 0 NXT
Registering an Aliasː 1 NXT
Send an Arbitrary Messageː 1 NXT
Issue an Asset on the AEː 1000 NXT
Early in 2014, the community voted to drop the standard fee of 1 NXT to 0.1 NXT. This will be completed once nxtQuants have been fully implemented on the Nxt Platform. 1000 NXT to issue an Asset is designed to limit Squatting of asset names when the the Asset Exchange is launched on the MainNet. A technical fix is being discussed so this fee may drop shortly before the Asset Exchange is launched or, if not, shortly after once the likelihood of squatting has been diminished.
Future changes to the Transaction Fee are planned and the Fee will be based on the the size of the transaction. This make the fee directly proportional to the space it will occupy on the Blockchain. This will also solve the problem of preventing Spamming of the Blockchain.
98 Two Factor Authentication
As the name suggests, two pieces of information (factors) are required for an action to be carried out (authenticated). This can be seen in practice on some exchanges that require two passwords. Usually, one of the password must be related to a physical object that the user can carry with her. For instance, Two Factors Authentication could entail an ATM card and a PIN number or a password and a SMS received on the user's phone.
The purpose of Two Factor Authentication is to give extra protection against hackers, as they would have to crack two passwords to be able to move your money out of your account.
100 Unclaimed Funds
Once the Genesis Block was created, the Founders were asked to claim the NXT that they were due. Eventually, 73 founders came forward but some of those who had initially expressed an interest in Nxt didn’t so the remaining NXT were referred to as Unclaimed Funds. On the 8th February 2014, there were approximately 9 million unclaimed coins remaining under the control of Come-from-Beyond. Come-from-Beyond stated that (s)he will destroy the unclaimed NXT on the 3rd April 2014 by sending them back to the Genesis Block unless the NXT community organised and agreed to a use for the Unclaimed Funds. The outcome was the formation of the NXTtechfund, NXTmarketingfund and NXTinfrastructurefund, their elected committees and the transfer of the Unclaimed Funds to the three new funds for the development, promotion and support of Nxt. See NXTtechfund, NXTmarketingfund and NXTinfrastructurefund.